Daniel Lee, the British designer best known for breathing new life into Bottega Veneta, will replace Riccardo Tisci as creative director at Burberry.
Italian designer Tisci has held the position at the British house since 2018 and has been widely credited with steering it in a new direction, introducing a new streetwear element that has done well in menswear. However, with the arrival of new Burberry chief executive Jonathan Akeroyd, a shake-up has long been rumoured. And now it has been confirmed that Lee will take over the house from Monday.
"After almost five years, Riccardo Tisci has decided to step down as chief creative officer and leave Burberry at the end of this month. His spring/summer 2023 collection, presented this week in London, was his last for Burberry," the brand posted on social media.
Tisci's spring/summer 2023 collection had been postponed after the death of Queen Elizabeth II and finally took place, sandwiched between the end of Milan Fashion Week and the start of Paris Fashion Week.
Themed on the concept of the beach and the life that evolves around that, while bristling with colour and stripes, the collection felt more akin to the resort collections that thrive in Europe and the Middle East, thanks to better weather, rather than being a show that spoke to Burberry's customers.
Lee, 36, was appointed creative director of the storied Italian house Bottega Veneta in July 2018.
He led the revival of the brand, reworking house styles, but in soft, sensual shapes. Bags and accessories became slouchy and immensely tactile, as clothes became younger and more directional. However, in April last year, he was investigated for possible infringement of social-distancing regulations with regard to an after-party and in November, his departure from the brand was announced as a "joint decision."
With the new appointment, he once again steps into the helm of a major fashion house, with all eyes now on him to see what he can do at Burberry.
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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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE