"To build a city where it is impossible to build a city is madness in itself, but to build there one of the most elegant and grandest of cities is the madness of genius."
So said the 19th century Russian writer Alexander Herzen.
He was speaking of Venice - the Italian city that stretches across 117 islands where many of the buildings lining the canals were once home to noble Venetian families.
But a number of piano nobile properties - apartments on the principal floor of a palace or large house - are on the market.
One of those is in Palazzo da Mula, located in one of the best sections of the Grand Canal, according to a listing by Sotheby's International Realty. Dating back to the start of the 14th century, the building is one of the oldest on the Grand Canal. But the "second piano nobile" for sale, so called because it was the second built in the palace, was added at the beginning of the 15th century.
The five-bedroom, four-bathroom apartment is being advertised as price on request, suggesting it will not be cheap. But anyone who buys it will be purchasing an important piece of Venetian history. The Da Mula family, who built the palazzo and owned it for almost 600 years, were one of the most respected in Venice. Originally from Rome, the Da Mulas were consistent in their support for the watery city when the Italian capital and Venice were at loggerheads, according to the listing.
However, evidence of their Roman roots can be found in the central courtyard. The property can be accessed from the street or the watergate on the Grand Canal, and has its own mooring. At the entrance there is an original well, which provides further evidence of the family's status as, in general, no one was allowed their own in a bid to prevent the spread of disease.
The apartment can be accessed by a staircase or a lift and is arranged in a "classical style" with a spacious central salon, which features frescoes and opens out to a large balcony with views of the Grand Canal.
In addition to the bedrooms, bathrooms, kitchen and breakfast room there are also three further smaller salons, which all overlook the Grand Canal.
The fabric on the walls of one of the salons is the only example of its kind outside the Ducal Palace, a Unesco World Heritage site, which is said to be one of the most important monuments in Italy.
* source: Sotheby's International Realty
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Jigra
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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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General admission Dh295 (under-three free)
Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free
Buy tickets at: wbworldabudhabi.com/en/tickets
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