The UAE and New Zealand have agreed to work together in seven priority economic sectors over the next two years to further boost trade and investment between the two countries.
Development of trade and mutual investments, advanced technology, innovative industries, agriculture and food security, renewable power, logistics; entrepreneurship and tourism are among the seven tracks identified to help boost investment and commerce, the UAE Ministry of Economy said on Thursday.
The two sides discussed the potential of increasing economic co-operation at the eighth session of the UAE-New Zealand Joint Economic Committee.
The meeting, held on the sidelines of Expo 2020 Dubai, was chaired by Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, who said the economic partnership between the two countries has “constantly evolved towards further progress and prosperity”.
“Non-oil trade between the UAE and New Zealand climbed to nearly Dh2.8 billion [$763 million] by the end of 2021, a 14.2 per cent increase from 2020 and a 13.4 per cent rise from 2019 levels.
“The UAE is New Zealand’s 10th largest trading partner globally, accounting for 2.5 per cent of New Zealand's foreign trade,” Mr Al Zeyoudi said.
“We are also New Zealand’s number one Arab trading partner, accounting for 50 per cent of its trade with the Arab world.”
The UAE’s direct investments in New Zealand hit Dh625m by the end of March last year while New Zealand’s flow of investment into the UAE stood at Dh272.5m, the minister said.
The two sides signed several preliminary agreements during the JEC meeting, including a pact between the UAE’s Etihad Credit Export Insurance and the New Zealand Export Credit Agency to boost trade momentum, export investment and efforts to promote commodity exports.
“We are keen to strengthen our trade and economic relations with the UAE by forging new partnerships with the public and private sectors,” New Zealand’s Minister for Trade and Export Growth Damian O'Connor said.
“We will work to strengthen our co-operation with the UAE in the areas of agricultural technology, innovation and trade facilitation.”
The UAE, the Arab world’s second-biggest economy, has made a strong recovery from the coronavirus-induced economic slowdown and has maintained steady trade momentum despite pandemic-related uncertainty.
The country’s exports are projected to expand at an average annual rate of more than 6 per cent to Dh1.1 trillion by 2030, as it continues to diversify its economy away from oil, Standard Chartered said in a report this month.
We are keen to strengthen our trade and economic relations with the UAE by forging new partnerships with the public and private sectors
Damian O'Connor,
Minister for Trade and Export Growth, New Zealand
The UAE is further strengthening relations with key trading partners.
Last month the country signed a Comprehensive Economic Partnership Agreement (CEPA) with India, which is expected to boost non-oil trade between the two countries to $100bn in five years, from $60bn currently.
The UAE and Israel are also set to sign a trade and economic co-operation agreement this month that could propel Israel on to the list of the UAE’s top 10 trading partners as the two nations continue to boost commerce and investment ties.
“The UAE and Israel are looking forward to conclude the Comprehensive Economic Partnership Agreement before the end of the month,” Mohamed Al Khaja, the UAE’s ambassador to Israel, said on Twitter on Wednesday.
It is also in CEPA negotiations with Indonesia, the biggest South-East Asian economy.
A similar deal is being negotiated with South Korea, which is expected to be finalised by the end of 2022. The agreement with South Korea aims to enhance the economic partnership between the two countries to a minimum of $20bn in the next three to five years.
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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
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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