Cimam representatives visit Sharjah

Last week, Sharjah Art Foundation (SAF) welcomed 53 members of CIMAM (International Committee for Museums and Collections of Modern Art), a group of international museum and art professionals from 22 countries. After being welcomed by Sheikh Dr. Sultan Bin Mohammad Al Qassimi, Member of the Supreme Council and Ruler of Sharjah, the group embarked on a two day tour. The gathering, which included Bartomeu Marí the CIMAM president and the director of Museu d’Art Contemporani de Barcelona (MACBA), visited the Museum of Archaeology, Sharjah Botanical Garden, Arabian Wildlife Centre in Sharjah, Barjeel Art Foundation and concluded with a visit to Sharjah Art Foundation Art Spaces in Al Mureijah and a welcome dinner hosted by Sheikha Hoor Al-Qasimi.

The UAE tour followed the annual CIMAM conference, and was organised by SAF in collaboration with UAE Co-hosts Dubai Culture and Arts Authority, Abu Dhabi Tourism and Culture Authority and the Salama bint Hamdan Al Nahyan Foundation.

“It is with great pleasure that we are able to welcome this group of CIMAM members to the UAE. Along with our other co-hosts in Dubai and Abu Dhabi we look forward to introducing the wide range of cultural institutions and initiatives in the UAE, while opening new possibilities for future collaboration with colleagues and institutions around the world,” said Sheikha Hoor at the beginning of the tour.

Up in the air

Is now a good time to book a cheap flight?

Aviation industry helping UAE fight virus

European airlines receiving assistance

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

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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The bio

His favourite book - 1984 by George Orwell

His favourite quote - 'If you think education is expensive, try ignorance' by Derek Bok, Former President of Harvard

Favourite place to travel to - Peloponnese, Southern Greece

Favourite movie - The Last Emperor

Favourite personality from history - Alexander the Great

Role Model - My father, Yiannis Davos

The Limehouse Golem
Director: Juan Carlos Medina
Cast: Olivia Cooke, Bill Nighy, Douglas Booth
Three stars

UAE currency

While you're here

Con Coughlin: Grandstanding in Turkey leads to terrorism in France

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Sholto Byrnes: After Charlie Hebdo, is religion dividing the world?

Fitness problems in men's tennis

Andy Murray - hip

Novak Djokovic - elbow

Roger Federer - back

Stan Wawrinka - knee

Kei Nishikori - wrist

Marin Cilic - adductor

The Gentlemen

Director: Guy Ritchie

Stars: Colin Farrell, Hugh Grant

Three out of five stars

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On Women's Day

Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action

Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality

The National Editorial: Is there much to celebrate on International Women's Day 2021?

Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'