Algeria's Baghdad Bounedjah lifts the trophy as they celebrate winning the Arab Cup. Image: Reuters
Algeria's Baghdad Bounedjah lifts the trophy as they celebrate winning the Arab Cup. Image: Reuters
Algeria's Baghdad Bounedjah lifts the trophy as they celebrate winning the Arab Cup. Image: Reuters
Algeria's Baghdad Bounedjah lifts the trophy as they celebrate winning the Arab Cup. Image: Reuters

Gulf

Sheikh Mohammed congratulates Algeria on Arab Cup win

UAE Vice President and Ruler of Dubai says tournament in Qatar 'brought people together'

The National

December 18, 2021

  • English
  • Arabic

Sheikh Mohammed bin Rashid offered his congratulations on Saturday to Algeria for a “deserved” victory in the final of the Arab Cup.

The UAE Vice President and Ruler of Dubai hailed a “beautiful historic match” and the “heroic' performance of losing finalists Tunisia.

Algeria were crowned champions of the inaugural Fifa Arab Cup on Saturday night, when they defeated Tunisia 2-0 after extra-time in the final in Qatar.

Sheikh Mohammed offered his congratulations to the hosts Qatar “for the outstanding and successful organisation” which has boosted confidence ahead of the World Cup next year, also to be held in Qatar.

“Congratulations to all the Arabs for meeting in a tournament that brought people together and made everyone happy,” Sheikh Mohammed said.

Qatar secured third place on Saturday by defeating Egypt on penalties in Doha.

Abu Dhabi has been confirmed as host of the 2021 Fifa Club World Cup, which will now be held next year. The UAE has previously staged the Club World Cup four times, with Abu Dhabi hosting in 2009, 2010, 2017 and 2018.

Chelsea qualify for the Club World Cup as reigning European champions, alongside African counterparts Al Ahly of Egypt, and Oceanic champions Auckland City of New Zealand. Jazira, who captured last season’s Arabian Gulf League — the domestic competition has since been renamed the Adnoc Pro League — will contest the event for the second time.

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
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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

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8. Pillar 2 implementation 

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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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A 10-day self-drive in Namibia staying at a combination of the safari camps mentioned – Okonjima AfriCat, Little Kulala, Desert Rhino/Damaraland, Ongava – costs from $7,000 (Dh25,711) per person, including car hire (Toyota 4x4 or similar), but excluding international flights, with The Luxury Safari Company.
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The cooler winter months, from June to September, are best, especially for game viewing. 

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Updated: December 18, 2021, 6:57 PM
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