Renewed worries over the global economy have weighed down on local stocks this morning, with all of the Gulf's markets falling in early trading.
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The Dubai Financial Market General Index fell 0.3 per cent to 1,383.43 while the Abu Dhabi Securities Exchange slid 0.1 per cent to 2,453.99.
Asian stocks slumped in the early hours of the morning, after Fitch Ratings gave a lukewarm response to European leaders' "gradualist" approach to resolving the eurozone debt crisis. The ratings agency also cut growth estimates.
The Nikkei 225 fell 1.1 per cent to 8,552.81 and the Hang Seng index lost 1.1 per cent to 18,366.67.
In Dubai, Aramex and Emaar Properties slumped, while Arabtec Holdings rose.
Drake & Scull International fell 0.6 per cent to 84 fils per share, even after it announced it had won a Dh142m contract ammonium nitrate plant in Egypt.
Meanwhile in the capital, First Gulf Bank, National Bank of Abu Dhabi and Aldar Properties fell, while Etisalat extended its recent run of declines.
However, commodities markets told a different story to the gloom on equity markets.
Oil prices rose from a two-week low, with Brent crude futures rising 14 cents to $106.86 per barrel.
Gold extended its week-long slump, falling 1.6 per cent to $1,653.26 per troy ounce. The yellow metal, which is viewed by investors as a safe haven in times of market turbulence, has slid $65 in the last three days.
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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
Brief scores:
Southampton 2
Armstrong 13', Soares 20'
Manchester United 2
Lukaku 33', Herrera 39'
