Speakers scheduled to speak at this year's Culture Summit Abu Dhabi include Trevor Noah and Frank Gehry. PA Photo
Speakers scheduled to speak at this year's Culture Summit Abu Dhabi include Trevor Noah and Frank Gehry. PA Photo
Speakers scheduled to speak at this year's Culture Summit Abu Dhabi include Trevor Noah and Frank Gehry. PA Photo
Speakers scheduled to speak at this year's Culture Summit Abu Dhabi include Trevor Noah and Frank Gehry. PA Photo

Culture Summit Abu Dhabi postponed as mourning period for Sheikh Khalifa declared


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Culture Summit Abu Dhabi, the annual event bringing together leaders from the fields of art, heritage, museums, media and technology, has been postponed following the death of Sheikh Khalifa, President of the UAE.

New dates for the event, which had been scheduled to take place from Monday to Wednesday at Manarat Al Saadiyat, will be announced soon, the Department of Culture and Tourism — Abu Dhabi, said.

The postponement comes in line with an announcement by the Ministry of Presidential Affairs, stating that there will be an official mourning period of 40 days with flags to fly at half-staff, as well as three days of closure of ministries and official entities at the federal and local levels, and the private sector.

This year’s Culture Summit Abu Dhabi's theme is A Living Culture.

Comedian and The Daily Show host Trevor Noah was one of the guest speakers scheduled to speak at the opening day on Monday. The South African comic is a familiar face in the UAE, having performed stand-up or been a guest at events in Abu Dhabi, Dubai and Sharjah. He was most recently seen hosting last month's Grammy Awards, but is perhaps best known for his political commentary segments on The Daily Show.

Other guests include Malawi's first female president Joyce Banda; renowned architect Frank Gehry; Noura Al Kaabi, the UAE's Minister of Culture and Youth; and DCT Abu Dhabi chairman Mohamed Khalifa Al Mubarak.

Polish artist Agnieszka Kurant, whose installations were exhibited in prestigious venues such as New York's Solomon R Guggenheim Museum and last year's Venice Biennale 12th International Architecture Exhibition, will also be present, joining Grammy Award-winning Panamanian pianist and educator Danilo Perez, who will lead a discussion on cultural diversity and music education.

Some of the topics to be discussed include the growth of digital content during the pandemic, and how cultural and creative industries can play an increasingly powerful role in championing and fostering inclusion in a globalised world.

Updates on the Culture Summit Abu Dhabi can be found on culturesummitabudhabi.com.

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

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Updated: October 17, 2022, 5:09 AM