Boys wave national flags with pictures of Saudi King Salman bin Abdulaziz and his son Crown Prince Mohammed bin Salman during celebrations in Riyadh marking Saudi Arabi's National Day on September 23, 2020. AFP
Boys wave national flags with pictures of Saudi King Salman bin Abdulaziz and his son Crown Prince Mohammed bin Salman during celebrations in Riyadh marking Saudi Arabi's National Day on September 23, 2020. AFP
Boys wave national flags with pictures of Saudi King Salman bin Abdulaziz and his son Crown Prince Mohammed bin Salman during celebrations in Riyadh marking Saudi Arabi's National Day on September 23, 2020. AFP
Boys wave national flags with pictures of Saudi King Salman bin Abdulaziz and his son Crown Prince Mohammed bin Salman during celebrations in Riyadh marking Saudi Arabi's National Day on September 23,

Saudi Arabia gears up for National Day


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Saudi Arabia's Entertainment Authority has released a list of celebrations for its 92nd National Day under the slogan “It is our home”.

They will run until September 26. National Day will fall on a Friday this year.

A new logo has been created with man and a woman in traditional dress and the Saudi flag, with Saudi megaprojects including Diriyah Gate, Neom’s The Line, and Amaala in the background.

Air and marine shows will be performed, featuring fighter jets, helicopters, boats and ships.

Firework displays will take place in 18 cities across the kingdom and local parks will host cultural exhibitions open to the public over the National Day long weekend.

School are off for national day celebrations from Wednesday until Sunday.

“All schools have a long weekend in honour of National Day for four days. We will be going to the corniche to see these amazing celebrations and air shows with my family — my son absolutely loved them last year,” said Ayesha Ahmad, a resident of Jeddah.

The celebrations taking place across the country will include live performances by military bands.

Parades and other musical performances by the Saudi Royal Guard Command will take place in Jeddah and Riyadh.

The Royal Saudi Air Force will perform shows in fourteen cities for 10 days, using Typhoon, F-15 and Tornado fighter jets, the Saudi Press Agency reported.

A special Cirque du Soleil show entitled ‘The Wealth of a Nation’ will be held at Princess Nourah bint Abdulrahman University in Riyadh from Wednesday until Saturday.

Regional musical artists such as Mohammed Abdo, Rabeh Saqr, Ahlam, Majed Al Mohandes, Abadi, Al Jawhar and Angham will also perform.

Residents of Madinah can see a theatrical performance narrating the kingdom’s history at the Prince Muhammad bin Abdulaziz Sports City at the weekend.

Saudi National Day is on September 23 every year. It marks the 1932 decree, issued by King Abdulaziz, which renamed the Kingdom of Hejaz and Nejd as the Kingdom of Saudi Arabia. Schools, fashion stores, restaurants and retailers are hosting National Day-themed events until Sunday.

Saudi National Day hashtags are already trending on Twitter. They include #اليوم_الوطني_السعودي (Saudi National Day) and #اليوم_الوطني_السعودي_92 (92nd Saudi National Day).

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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10. James Rodriguez - to Real Madrid in 2014/15 - €75m

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Updated: September 19, 2022, 10:34 AM