The Central Bank of the UAE will issue 2020 commemorative silver coins that feature Expo 2020 Dubai’s official mascots. Photo: Central Bank of the UAE
The Central Bank of the UAE will issue 2020 commemorative silver coins that feature Expo 2020 Dubai’s official mascots. Photo: Central Bank of the UAE
The Central Bank of the UAE will issue 2020 commemorative silver coins that feature Expo 2020 Dubai’s official mascots. Photo: Central Bank of the UAE
The Central Bank of the UAE will issue 2020 commemorative silver coins that feature Expo 2020 Dubai’s official mascots. Photo: Central Bank of the UAE

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Banking

UAE Central Bank issues commemorative silver coins for Expo 2020

The banking regulator will roll out 2020 souvenirs for $180 each

Deepthi Nair
Deepthi Nair

October 01, 2021

  • English
  • Arabic

The Central Bank of the UAE has issued silver coins that feature Expo 2020’s official mascots.

This is the second commemorative coin produced to mark this event, according to a statement from the banking regulator.

The first gold and silver commemorative coins were issued when the UAE won the bid to host the Expo back in 2013.

“The coins highlight the great importance of this much-awaited event and the UAE’s considerable efforts to make it a success,” the Central Bank said.

The banking regulator will issue 2020 silver coins, each weighing 40 grams.

The front face of the coin will feature Expo 2020 mascots and Dubai’s most prominent landmarks. The coin’s rear will feature the nominal value, surrounded by the name of the UAE in both Arabic and English.

All commemorative coins will be available for sale via Expo 2020 official stores, as well as the New Zealand Mint’s website.

The coins, on sale for Dh662 ($180), will not be available from the Central Bank headquarters or branches, the statement said.

Expo 2020 is now open and runs until March 31. The event houses 191 country pavilions, as well as themed exhibitions at the Opportunity, Mobility and Sustainability pavilions, 200 dining venues and up to 60 shows a day.

Tourists from around the world are expected to attend the world's fair, and Dubai Tourism forecasts 25 million visits during the six-month event.

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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Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

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Updated: October 01, 2021, 9:08 AM
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