Sri Lanka prepares for Bollywood's Academy Awards


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An unusual request was made in Sri Lanka some weeks back: a call for 80 stretch limousines to transport some of Bollywood's biggest stars while they are in Colombo. "We don't have limousines of this magnitude, so the organisers made a request to the Sri Lankan public to provide BMWs, Mercedes Benz and other luxury cars," said Srilal Miththapala, the president of the Tourist Hotels Association of Sri Lanka.

In an event akin to greeting several heads of state, the Sri Lankan government is pulling out all the stops in playing host to the 11th edition of the International Indian Film Academy (IIFA) Awards next month. Everywhere you go in the capital of more than a million people, roads are being reconstructed, pavements remodelled and roundabouts spruced up with grass and flowers as Sri Lanka prepares for the event, to be held from June 3 to 5.

"There is huge, huge interest, and this is a tremendous boost for Sri Lanka," says Dileep Mudadeniya, the managing director of the state-owned Sri Lanka Tourism Promotion Bureau, the main local coordinator of the event. Sri Lankans love Hindu movies and are looking forward to seeing their stars. The IIFA Awards are held in a different country every year. They were launched in 2000 at the Millennium Dome in London. Aimed at promoting Indian cinema worldwide, past ceremonies have been held in Malaysia, Singapore, the Netherlands, UAE, England, Thailand, South Africa and Macau. Next year, IIFA moves to Toronto.

The event is expected to draw 3,000 celebrities, guests, businessmen and others from India and around the world, including the Bollywood star Amitabh Bachchan, who will serve as IIFA ambassador, and the former Miss World Aishwarya Rai. Other headliners include Shahrukh Khan and Kajol. There was intensive campaigning for the venue with South Africa, Australia and South Korea vying to host the event, which is expected to be viewed live by 600 million people worldwide.

Bachchan was in Colombo last month to announce the decision to hold this year's ceremony in Sri Lanka. He told reporters that he was moved by the warm welcome he received. "The size of a country is judged by the size of her heart, and Sri Lanka has a big heart." The event has been likened to Sri Lanka hosting the Non Aligned Movement Summit in Colombo in the early 1970s. With dozens of world leaders attending, it is so far the biggest event the country has hosted. "This is as big as that," Miththapala says.

The government is spending $9 million (Dh33m), all of which will come from private sponsorship, but is expecting a return of much more than that from increased tourist traffic, public relations and the promotional value of the event, Mudadeniya says. A special train service that will bring visitors from Colombo's international airport to the city in 30 minutes instead of about two hours by road, will be provided.

A few days after Bachchan returned from his trip to Colombo, Tamil groups protested outside his two homes in Mumbai, urging him to boycott the event and alleging that crimes have been perpetrated against Sri Lankan Tamils by the government. Government troops last year defeated Tamil rebels fighting for autonomy for their minority community, ending a nearly 30-year-long revolt that led to more than 80,000 deaths. The government has rejected allegations that many Tamil civilians died in the crossfire during the last stages of the conflict and is resisting a move by the United Nations to set up a war-crimes tribunal.

Despite the protest, IIFA organisers are going ahead with the event. Sri Lanka hopes the event will result in at least 100,000 more Indian tourists this year. The IIFA weekend includes a high-profile IIFA Global Business Forum, the IIFA Foundation Fashion Extravaganza, the IIFA Foundation Celebrity Cricket Match, world premieres of Indian films and the IIFA Film Workshop in addition to the awards.

More than 200 Indian business leaders are attending the Global Business Forum, while Star TV will broadcast the awards live across the world.

Match info

Who: India v Afghanistan
What: One-off Test match, Bengaluru
When: June 14 to 18
TV: OSN Sports Cricket HD, 8am starts
Online: OSN Play (subscribers only)

Wicked: For Good

Director: Jon M Chu

Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater

Rating: 4/5

MATCH INFO:

Second Test

Pakistan v Australia, Tuesday-Saturday, 10am​​ daily​​​​​ at Zayed Cricket Stadium, Abu Dhabi

Entrance is free

RESULTS

Manchester United 2

Anthony Martial 30'

Scott McTominay 90 6' 

Manchester City 0

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

Cricket World Cup League Two

Oman, UAE, Namibia

Al Amerat, Muscat

 

Results

Oman beat UAE by five wickets

UAE beat Namibia by eight runs

 

Fixtures

Wednesday January 8 –Oman v Namibia

Thursday January 9 – Oman v UAE

Saturday January 11 – UAE v Namibia

Sunday January 12 – Oman v Namibia

Profile Idealz

Company: Idealz

Founded: January 2018

Based: Dubai

Sector: E-commerce

Size: (employees): 22

Investors: Co-founders and Venture Partners (9 per cent)

MATCH INFO

Newcastle United 3
Gayle (23'), Perez (59', 63')

Chelsea 0

IF YOU GO
 
The flights: FlyDubai offers direct flights to Catania Airport from Dubai International Terminal 2 daily with return fares starting from Dh1,895.
 
The details: Access to the 2,900-metre elevation point at Mount Etna by cable car and 4x4 transport vehicle cost around €57.50 (Dh248) per adult. Entry into Teatro Greco costs €10 (Dh43). For more go to www.visitsicily.info

 Where to stay: Hilton Giardini Naxos offers beachfront access and accessible to Taormina and Mount Etna. Rooms start from around €130 (Dh561) per night, including taxes.

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