Visitors walk on the tarmac during the 2019 International Paris Air Show at Le Bourget Airport, near Paris. The 2021 edition of Paris Air Show is cancelled, organisers announced on December 7, 2020. AFP.
Visitors walk on the tarmac during the 2019 International Paris Air Show at Le Bourget Airport, near Paris. The 2021 edition of Paris Air Show is cancelled, organisers announced on December 7, 2020. AFP.
Visitors walk on the tarmac during the 2019 International Paris Air Show at Le Bourget Airport, near Paris. The 2021 edition of Paris Air Show is cancelled, organisers announced on December 7, 2020. AFP.
Visitors walk on the tarmac during the 2019 International Paris Air Show at Le Bourget Airport, near Paris. The 2021 edition of Paris Air Show is cancelled, organisers announced on December 7, 2020. A

Paris Airshow cancelled in 2021 amid Covid-19 uncertainty


Deena Kamel
  • English
  • Arabic

The next edition of the biennial Paris Airshow, one of the largest aviation events in the world, has been cancelled due to the Covid-19 pandemic.

Exhibitors will receive a full refund of any monies already paid for the show, which was due to take place in June next year. The next edition will be held in June 2023, the French Aerospace Industries Association said in a statement on December 7.

“We are obviously disappointed not to be able to hold the 2021 edition of the Paris Air Show," Patrick Daher, chairman of the International Paris Air Show, said. "After many months of all trade show activities being suspended throughout the world, the entire international aerospace and defence community was very much looking forward to being able to meet."

The Paris Airshow, which takes place at Le Bourget airport outside the French capital, is when airlines typically make announcements of major aircraft orders and planemakers showcase their latest models. The decision to scrap the airshow comes after the Covid-19 pandemic hammered the aviation industry, forcing airlines to idle their jets while major planemakers Boeing and Airbus slashed jobs and reduced production.

"We have already started work to ensure that the 2023 edition celebrates the resurgence of the aerospace industry on an international scale," Mr Daher said.

Scrapping the 2021 event is also an indication of the sluggish pace of recovery of the aviation industry as it grapples with the worst crisis in its history.

The cancellation reflects the impracticality of hosting a large event against the backdrop of social distancing rules combined with airlines' limited appetite for aircraft orders as they struggle to survive, aviation analysts say.

"It's a year to take a breather," John Strickland, an independent aviation consultant, said. "Airlines are not in the frame of mind for ordering aircraft – indeed. many of them are not going to survive – and we're seeing orders cancelled or deferred."

Carriers are expected to lose a combined $157 billion in 2020 and 2021, according to the International Air Transport Association (Iata). That’s nearly 60 per cent more than the industry body projected in June and five times the loss suffered during the 2008 financial crisis.

"It's not a time for going into a big sales pitch," Mr Strickland said of the 2021 Paris Airshow. In its last edition, the event recorded more than $140 billion worth of orders, according to the French Aerospace Industries Association. Airbus  presented its new A321XLR, the longest-range version of its single-aisle workhorse, during the show and garnered orders from airlines including Lebanon's Middle East Airlines.

In 2019, the airshow attracted 316,000 visitors, according to the association.

"Even with a vaccine coming along we will not be in a position to have normal freedom of movement in society in the next year, so the logistics and practicality of holding an event like this are – to say the least – challenging, with large numbers of people mingling around parked aircraft, receptions for drinks and lunches and flying displays," Mr Strickland said. "It's just not a practical proposition."

The Paris Airshow typically alternates with the UK's Farnborough airshow, which was cancelled in 2020 and will take place in 2022.

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The seven points are:

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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

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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About Okadoc

Date started: Okadoc, 2018

Founder/CEO: Fodhil Benturquia

Based: Dubai, UAE

Sector: Healthcare

Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth

Funding stage: Series B fundraising round to conclude in February

Investors: Undisclosed