Luxury March 2022: the art of craftsmanship

Heather, the Totality
Matthew Weiner,
Canongate 

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

Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action

Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?

Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality

The National Editorial: Is there much to celebrate on International Women's Day 2021?

• Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
• Premier League-standard football pitch
• 400m Olympic running track
• NBA-spec basketball court with auditorium
• 600-seat auditorium
• Spaces for historical and cultural exploration
• An elevated football field that doubles as a helipad
• Specialist robotics and science laboratories
• AR and VR-enabled learning centres
• Disruption Lab and Research Centre for developing entrepreneurial skills

Name: Samar Frost

Born: Abu Dhabi

Hobbies: Singing, music and socialising with friends

Favourite singer: Adele

Director: Lee Isaac Chung

Starring: Glen Powell, Daisy Edgar-Jones, Anthony Ramos

Rating: 2.5/5

National Editorial: Why is a Muslim Brotherhood-linked app still on Apple and Google Play?

Damien McElroy: Europe's response to Islamist extremism is encouraging but not enough

Con Coughlin: How extremists are using Zoom and other tools to exploit this pandemic

US climate envoy John Kerry to build ties with UAE to boost green agenda

How the Mena region can shape the post-Covid-19 sustainability agenda

Ursula Von der Leyen calls for ‘Paris-style agreement’ on biodiversity

Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.

Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.

Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.

Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.

Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.

Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.

Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.

Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.

Sources: Jayanti Maitra, www.adach.ae

Norwich City 1 (Cantwell 75') Manchester United 2 (Aghalo 51' 118') After extra time.

Man of the match Harry Maguire (Manchester United)

Nov 04-05: v Western Australia XI, Perth
Nov 08-11: v Cricket Australia XI, Adelaide
Nov 15-18 v Cricket Australia XI, Townsville (d/n)
Nov 23-27: 1ST TEST v AUSTRALIA, Brisbane
Dec 02-06: 2ND TEST v AUSTRALIA, Adelaide (d/n)
Dec 09-10: v Cricket Australia XI, Perth
Dec 14-18: 3RD TEST v AUSTRALIA, Perth
Dec 26-30 4TH TEST v AUSTRALIA, Melbourne
Jan 04-08: 5TH TEST v AUSTRALIA, Sydney

Note: d/n = day/night

Women's third round

• 14-Garbine Muguruza Blanco (Spain) beat Sorana Cirstea (Romania) 6-2, 6-2
• Magdalena Rybarikova (Slovakia) beat Lesia Tsurenko (Ukraine) 6-2, 6-1
• 7-Svetlana Kuznetsova (Russia) beat Polona Hercog (Slovenia) 6-4. 6-0
• Coco Vandeweghe (USA) beat Alison Riske (USA) 6-2, 6-4
•  9-Agnieszka Radwanska (Poland) beat 19-Timea Bacsinszky (Switzerland) 3-6, 6-4, 6-1
• Petra Martic (Croatia) beat Zarina Diyas (Kazakhstan) 7-6, 6-1
• Magdalena Rybarikova (Slovakia) beat Lesia Tsurenko (Ukraine) 6-2, 6-1
• 7-Svetlana Kuznetsova (Russia) beat Polona Hercog (Slovenia) 6-4, 6-0

Men's third round

• 13-Grigor Dimitrov (Bulgaria) beat Dudi Sela (Israel) 6-1, 6-1 -- retired
• Sam Queery (United States) beat Jo-Wilfried Tsonga (France) 6-2, 3-6, 7-6, 1-6, 7-5
• 6-Milos Raonic (Canada) beat 25-Albert Ramos (Spain) 7-6, 6-4, 7-5
• 10-Alexander Zverev (Germany) beat Sebastian Ofner (Austria) 6-4, 6-4, 6-2
• 11-Tomas Berdych (Czech Republic) beat David Ferrer (Spain) 6-3, 6-4, 6-3
• Adrian Mannarino (France) beat 15-Gael Monfils (France) 7-6, 4-6, 5-7, 6-3, 6-2

First Person
Richard Flanagan
Chatto & Windus 

Favourite holiday destination: Thailand. I go every year and I’m obsessed with the fitness camps there.

Favourite book: Born to Run by Christopher McDougall. It’s an amazing story about barefoot running.

Favourite film: A League of their Own. I used to love watching it in my granny’s house when I was seven.

Personal motto: Believe it and you can achieve it.

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

October 13-14 KartZone (complimentary trials)

December 14-16 The Gulf 12 Hours Endurance race

March 5 Yas Marina Circuit Karting Enduro event

March 8-9 UAE Rotax Max Challenge

Gavin Esler: Will 2021 be Boris Johnson's worst year?

Thomas Harding: US relations with Europe could change

Brodie Owen: How England’s new lockdown rules work

Abu Dhabi – Call 999 or 8002626 (Aman Service)

Dubai – Call 800243

Sharjah – Call 065632222

Ras Al Khaimah - Call 072053372

Ajman – Call 067401616

Umm Al Quwain – Call 999

Fujairah - Call 092051100 or 092224411

4,872 matches 

1,942 teams

116 pitches

76 nations

26 UAE teams

15 Lebanese teams

2 Kuwaiti teams