Rome’s famed Colosseum reopened today, after an expansive restoration project that has brought new parts of the 2,000-year-old structure to light for the first time.
This is the second phase of a wider $30 million restoration project that started in 2013 and is funded by Italian fashion house Tod’s Group. The initiative began with a restoration of the external facade of the Colosseum, which was completed in 2016.
Phase two was initiated in 2018 and focused on the Colosseum’s hypogea – the underground passages, cages and rooms where prisoners, animals and gladiators waited, or were kept, before they entered the arena above.
The project involved more than 80 people, including archaeologists, restorers, architects, engineers, surveyors and construction workers, who renovated the 15,000-square-metre space and established a new 160-metre walkway that opens the hypogea up to visitors for the first time. After 781 days of construction and more than 55,000 hours of works, the hypogea, which was invisible to spectators even in the Colosseum’s hey day, is now on show.
The Colosseum, which could once accommodate between 50,000 and 75,000 spectators, was equipped with a series of technological devices that moved men, animals and stage equipment up to the arena. Among the devices dating back to the Flavian age, it is still possible to see where the elevators were housed in the corridors of the hypogea.
"This is about important pieces for Italy, monuments that are well-known all over the world, and tourism, which is not only entertainment but an important business in Italy which, if cared for properly, has no rival anywhere in the world," said Tod's chairman Diego Della Valle.
Della Valle, who also helps fund Milan's La Scala opera house, called on fellow entrepreneurs to "take a monument each, restore it, let’s be quick".
Next on the agenda is the restoration of the galleries of the Colosseum’s “second order”. And, finally, the monument’s visitor centre will be relocated and moved to the outer area of the Colosseum, allowing visitors to access it more comfortably.
In a separate initiative, the Italian government decided to provide the ancient Roman landmark with new hi-tech flooring, which is expected to be in place by 2023.
The biggest amphitheatre in the Roman Empire, the Colosseum welcomed 7.6 million visitors in 2019, as per Statista data.
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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CHINESE GRAND PRIX STARTING GRID
1st row
Sebastian Vettel (Ferrari)
Kimi Raikkonen (Ferrari)
2nd row
Valtteri Bottas (Mercedes-GP)
Lewis Hamilton (Mercedes-GP)
3rd row
Max Verstappen (Red Bull Racing)
Daniel Ricciardo (Red Bull Racing)
4th row
Nico Hulkenberg (Renault)
Sergio Perez (Force India)
5th row
Carlos Sainz Jr (Renault)
Romain Grosjean (Haas)
6th row
Kevin Magnussen (Haas)
Esteban Ocon (Force India)
7th row
Fernando Alonso (McLaren)
Stoffel Vandoorne (McLaren)
8th row
Brendon Hartley (Toro Rosso)
Sergey Sirotkin (Williams)
9th row
Pierre Gasly (Toro Rosso)
Lance Stroll (Williams)
10th row
Charles Leclerc (Sauber)
arcus Ericsson (Sauber)
Fund-raising tips for start-ups
Develop an innovative business concept
Have the ability to differentiate yourself from competitors
Put in place a business continuity plan after Covid-19
Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.)
Have enough cash to stay afloat for the next 12 to 18 months
Be creative and innovative to reduce expenses
Be prepared to use Covid-19 as an opportunity for your business
* Tips from Jassim Al Marzooqi and Walid Hanna
The biog
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