Diwali will fall on November 14 this year, with many in India, the UAE and others parts of the world gearing up to celebrate the festival of lights that symbolises the victory of good against evil.
What is Diwali?
Diwali (or Deepavali) is a Hindu celebration that marks the return of Rama (a demigod and protagonist of the epic Ramayana) to his kingdom of Ayodhya, after he defeated the demon king Ravana. The city was lit up with diyas (lamps) to welcome its ruler, a tradition that continues to this day with households lit up to celebrate the five-day festival.
In the lead up to Diwali, homes are thoroughly cleaned (akin to spring cleaning) and decorated with lamps, fairy lights and rangoli drawings etched out in colourful powders on the threshold, in a bid to entice Lakshmi, the goddess of prosperity.
Fireworks and sweetmeats are other markers of the celebration.
Diwali 2020
Diwali is on Saturday, November 14, this year. The date changes based on the Hindu lunar calendar, but the festival is usually in October or November.
The first day of Diwali is called Dhanteras, which is on Friday, November 13 this year, and is considered an auspicious day to invest in gold coins, silver and jewellery.
The second day is Naraka Chaturdashi, followed by Lakshmi Puja (a homage to the aforementioned goddess and the main day of Diwali), Govardhan Puja (a celebration of the powers of Lord Krishna) and finally Bhai Dooj (a day when siblings celebrate their bond).
Some Hindu communities consider the day after Diwali to be the start of the new year, so it's common to wish celebrators "Happy Diwali" and "Happy New Year".
The festival is dominated by family gatherings to share food and exchange gifts. However, given that we are in the grip of the Covid-19 pandemic, UAE authorities have urged strict adherence to coronavirus safety guidelines.
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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
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The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
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MATCH INFO
Uefa Champions League semi-final:
First leg: Liverpool 5 Roma 2
Second leg: Wednesday, May 2, Stadio Olimpico, Rome
TV: BeIN Sports, 10.45pm (UAE)
Results
STAGE
1 . Filippo Ganna (Ineos) - 0:13:56
2. Stefan Bissegger (Education-Nippo) - 0:00:14
3. Mikkel Bjerg (UAE Team Emirates) - 0:00:21
4. Tadej Pogacar (UAE Team Emirates) - 0:00:24
5. Luis Leon Sanchez (Astana) - 0:00:30
GENERAL CLASSIFICATION
1. Tadej Pogacar (UAE Team Emirates) - 4:00:05
2. Joao Almeida (QuickStep) - 0:00:05
3. Mattia Cattaneo (QuickStep) - 0:00:18
4. Chris Harper (Jumbo-Visma) - 0:00:33
5. Adam Yates (Ineos) - 0:00:39
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