Italian fashion legend Giorgio Armani hinted at succession plans on Monday, saying he was preparing for the label's future with his closest aides after showcasing his latest menswear collection.
Armani, 86, who was the first Italian fashion designer to close his shows to the public as the coronavirus pandemic struck Italy last February, was one of the few to hold live shows during the current Milan fashion week.
A select number of brands, including Moroccan label Casablanca, will also present their spring 2022 collections at Paris Men's Fashion Week, which will take place between Tuesday and Sunday.
"I love doing it here, where I started, this is my home," Armani said from the garden of his Via Borgonuovo headquarters in Milan, where he hosted the show for his spring/summer 2022 menswear collection.
Known as King Giorgio in the fashion world, Armani sent some of his models on the catwalk wearing face masks.
"We must be careful, we could easily fall back into the abyss," he said.
Armani, dressed in his usual dark blue T-shirt and matching trousers, thanked his audience at the end of the show, holding hands with his right-hand man Leo Dell'Orco.
"A large part of the collection is his doing. Leo has worked with me for 67 years, over the years he's become more mature but also more hard-headed," Armani joked.
"He's good with menswear as [Armani's niece] Silvana is with womenswear. I'm preparing my future with people close to me," the designer said.
In April, he rekindled speculation about the future of his group by mentioning the possibility of joining forces with an Italian partner in an interview with Vogue, having previously insisted Armani should remain independent.
Armani also reassured reporters about his health after rumours that he had been hospitalised.
He said he spent two weeks in hospital for breaking his arm after tripping on a step while leaving a cinema after the recent lifting of Covid-19 restrictions.
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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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