enjoy
an appetising mix of cooking masterclasses, demonstrations by celebrity chefs, consumer competitions, food sampling and much more at Treat, the BurJuman World Food Fest. From 4pm to 9pm, Observatory, BurJuman, and various other locations, 04 352 0222, www.burjuman.ae
register to sell unused or unwanted households items at the Charity Flea Market. Sell electronics to clothing, accessories, small furniture, kids' toys or general items, as long as they are second-hand and in good condition. Reserve your table for Dh257 by contacting martina.venus@sheraton.com. June 15, 9am-3pm, Arzanah Ballroom, Sheraton Abu Dhabi Hotel & Resort, Abu Dhabi, 02 677 3333, www.sheratonabudhabihotel.com
create an original SpongeBob-inspired short film in Nickelodeon's SpongeBob SquareShorts: Original Fan Tributes contest, for a chance to win a cash prize and trip for four to a screening in Hollywood. Entries can be submitted in two categories (under 18 years of age, and 18 and over) to
www.spongebobsquareshorts.com now until June 28
escape the world and enjoy any of three treatments on special this month and next at The Spa at The Address Dubai Marina. The Original Beauty Facial, the Citrus Summer Detox and the Spa to Infinity are waiting for you. Make a reservation at 04 436 7424 or email spa.dubaimarina@theaddress.com
head to the Cine Club and enjoy La Vie de Château, a 1966 film by Jean-Paul Rappeneau and the first French film to treat the Second World War with humour. With English subtitles. At 7pm, Paris-Sorbonne University Abu Dhabi, 02 656 9555, www.sorbonne.ae
efortini@thenational.ae
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Bio:
Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour
Favourite Hobby: Serving poor people
Favourite Book: The Alchemist by Paulo Coelho
Favourite food: Fish and vegetables
Favourite place to visit: London
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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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UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
