After 20 years and numerous "best restaurant" awards, the founder of the three-Michelin-starred fine-dining destination Noma has revealed he will be shutting it down at the end of 2024.
Rene Redzepi, the famed Danish chef behind the restaurant, known for its $500 per person tasting menu, has told The New York Times that the high standards required to produce the restaurant’s labour-intensive cuisine was just not workable anymore.
“We have to completely rethink the industry,” he said. “This is simply too hard, and we have to work in a different way."
Opened in 2003 in Copenhagen, Noma's interpretation of Nordic cuisine, as well as its innovative eco-conscious menu based on foraging seasonal ingredients, soon became a huge hit. It has since topped the World's 50 Best Restaurants list a record five times and was ranked the World's Best Restaurant four times by Restaurant magazine. In 2021, Noma received its third Michelin star.
But in the past few years, the restaurant has come under scrutiny for its treatment of foreign workers, as well as its reliance on unpaid interns, according to The New York Times, who interviewed a number of past staff members.
One former intern referred to Noma as a "toxic work environment" alleging that she was required to work in silence by the junior chefs she assisted and was specifically forbidden to laugh.
Redzepi, 45, told the newspaper that the ongoing allegations were not a factor in his decision to close the restaurant.
“It’s unsustainable,” he said. "Financially and emotionally, as an employer and as a human being, it just doesn’t work."
Noma, he said, will instead become a full-time food laboratory, developing new dishes and products for its e-commerce operation, Noma Projects. The dining rooms will be open for periodic pop-ups, he added.
"To continue being Noma, we must change," the restaurant posted on Instagram on Monday. "Therefore, dear guests and friends, we have some exciting news to share. Winter 2024 will be the last season of Noma as we know it. We are beginning a new chapter; Noma 3.0. We hope you’ll join us on this new journey."
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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West Indies v India - Third ODI
India 251-4 (50 overs)
Dhoni (78*), Rahane (72), Jadhav (40)
Cummins (2-56), Bishoo (1-38)
West Indies 158 (38.1 overs)
Mohammed (40), Powell (30), Hope (24)
Ashwin (3-28), Yadav (3-41), Pandya (2-32)
India won by 93 runs