DUBAI // Atlantis The Palm is hoping to set a world record as the clock strikes midnight on New Year’s Eve.
The hotel is “guaranteeing an unforgettable New Year’s Eve” by promising the most spectacular fireworks display the world has seen.
Diners at the hotel’s royal gala dinner will eat under the stars and enjoy entertainment before getting front-row seats to watch the huge display, the cost of which will surpass the estimated Dh11 million Atlantis spent on fireworks for its launch in 2008.
According to the Guinness World Records, the largest firework display in terms of area took place in Kuwait City during celebrations for the 50th anniversary of the constitution on November 10 last year. It consisted of 77,282 pyrotechnics, stretched along 5 kilometres of seafront and lasted for 64 minutes.
Another fireworks record is held by Cebu, in the Philippines, for the most rockets launched in 30 seconds. On May 8, 2010, 125,801 rockets set off from 16 stacks of 8,000 rockets in just 17 seconds.
It is unclear what record Atlantis, The Palm will attempt to break.
The hotel will also host the popular Sandance music festival on New Year’s Eve, featuring international DJs Axwell, Pete Tong and Paul Oakenfold, as well as singer Emeli Sande.
Tickets for Sandance cost Dh450 for regular admission tickets bought in advance, or Dh530 on the night. VIP tickets are Dh600.
For more information, visit sandance.ae.
malkhan@thenational.ae
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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