The UAE's Industry Development Council, which supports the growth of the country's industrial sector, has proposed new initiatives to further boost the business environment in the Emirates.
The fifth meeting of the council tabled a motion to link the data of the economic registry of companies and institutions at the federal and local government levels within the industrial census, the ministry said on Wednesday.
The census, launched in January this year, aims to establish an integrated database that enhances economic resilience and supports decision-making.
The proposal aims to enhance the continuity of periodically obtaining integrated data for the industrial sector, improve the flexibility of investment processes, reduce the investor journey and promote one-time information requests, the ministry said.
This, in turn, would boost investment opportunities, and analysing data can be used to chart a road map for industrial development, it said.
The IDC also aims to boost the circular economy by discussing how to integrate waste management systems and make them more efficient.
A circular economy is a system that focuses on reducing the extraction of natural resources, minimising waste and regenerating natural systems. In it, raw materials, components and products keep their value for as long as possible, while renewable energy sources are used to fuel economic activity.
“We are working to accelerate empowerment, integration and partnership tools in national projects between the public and private sectors,” said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and chairman of the IDC.
“This aims to enhance the competitive business environment for both local and international investors in the industrial sector and reaffirm the UAE's global position as a leader in future industries.”
The UAE is boosting the local industrial sector as part of plans to diversify its economy. The country has launched several initiatives to support this agenda.
One of the landmark programmes is the Operation 300bn strategy launched in 2021, which aims to increase the industrial sector's contribution to the country's gross domestic product to Dh300 billion ($81.6 billion) from Dh133 billion in 2021.
“The UAE continues to develop the industrial sector to increase its contribution to GDP by enhancing the attractiveness of the business ecosystem for local and international investors,” said Dr Thani Al Zeyoudi, Minister of State for Foreign Trade and deputy chairman of the IDC.
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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