Sheikh Dr Sultan bin Mohammed Al Qasimi, the Ruler of Sharjah, visited several libraries in the city of Porto this week. The libraries included in his tour were the Municipal Library of Porto and the historical Lello Library. The Municipal library was founded in 1833 and is one of the largest and oldest public libraries in Portugal.
Read more: Sharjah Ruler granted honorary doctorate from University of Coimbra in Portugal - in pictures
Visiting libraries might not seem the obvious activity to pursue whilst on a private holiday, but these libraries held important context and the keys to a project close to the Ruler of Sharjah's heart. Sheikh Dr Sultan is an Arabian Gulf historian.
Of particular interest to Sheikh Dr Sultan was Ahmed Ibn Majid. Ibn Majid (full name Shihab al-Din Ahmad ibn Majid al-Dîn Ahmad) was a navigator and sailor who was born in 1421 in what is now Ras Al Khaimah.
His prowess at navigation brought him renown in the Arab world, and he authored a number of texts covering everything to do with sailing, including the principles of navigation, astronomy, weather, and port locations stretching from East Africa to Indonesia. Two of the hand-written books he authored are on display in the National Library in Paris.
His fame in the West grew only after his death: the reason he became a globally-known figure is that it was said that he was the navigator who led Vasco De Gama from the African East Coast to India in 1498. A move that left Muslim lands exposed to invaders.
Sheikh Dr Sultan disputes this claim, and in his 2002 In Memorandum for Historians on the Innocence of Ibn Majid he provides proof that it was, in fact, a Christian-Gujarati from India who guided da Gama to India. The book, the first official documentation on Ibn Majid's innocence, is based on the original manuscripts from the diaries of the first voyage of da Gama. The manuscripts are housed in the Municipal Library of Porto in Portugal, which explains why the library is special to him.
During this visit, Sheikh Dr Sultan underlined that his interest in historical truths comes from the moral obligation towards finding and communicating true facts - knowledge everyone has a right to.
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Read more:
Sharjah Ruler is 'King of the BBQ' as he celebrates his birthday in style
A sheikh among the sharks: Crown Prince of Dubai's jaw-dropping selfie
On the move: Life lessons from an Arabian navigator
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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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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
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