• Saad-Eddine El Othmani, Morocco's Prime Minister and president of the Islamist Justice and Development Party (PJD) casts his ballot on September 8. AFP
    Saad-Eddine El Othmani, Morocco's Prime Minister and president of the Islamist Justice and Development Party (PJD) casts his ballot on September 8. AFP
  • A man casts his vote at a polling station in Casablanca, Morocco. Reuters
    A man casts his vote at a polling station in Casablanca, Morocco. Reuters
  • The PJD has dominated Morocco's politics for a decade. Reuters
    The PJD has dominated Morocco's politics for a decade. Reuters
  • A voter casts a ballot in the capital Rabat. AFP
    A voter casts a ballot in the capital Rabat. AFP
  • Polls are banned in Morocco. AFP
    Polls are banned in Morocco. AFP
  • Wednesday's elections came as the country grapples with the economic impact of Covid-19 . AFP
    Wednesday's elections came as the country grapples with the economic impact of Covid-19 . AFP
  • Voter turnout in Moroccan elections is usually below 50 per cent. AFP
    Voter turnout in Moroccan elections is usually below 50 per cent. AFP
  • Official figures show that about three million young people between 18 and 22 registered to vote for the first time this year. Reuters
    Official figures show that about three million young people between 18 and 22 registered to vote for the first time this year. Reuters
  • Morocco adopted a new constitution in 2011 in response to the February 20 Movement, the local version of the Arab uprisings. Reuters
    Morocco adopted a new constitution in 2011 in response to the February 20 Movement, the local version of the Arab uprisings. Reuters
  • The step brought the country closer to a system of constitutional monarchy. EPA
    The step brought the country closer to a system of constitutional monarchy. EPA
  • A woman prepares to cast her ballot during Morocco's parliamentary and local elections in the capital Rabat. AFP
    A woman prepares to cast her ballot during Morocco's parliamentary and local elections in the capital Rabat. AFP

Morocco elections: The billionaire tycoon who unseated Islamist incumbents


Ahmed Maher
  • English
  • Arabic

There’s widespread jubilation among the supporters of Morocco’s liberal party National Rally of Independents (RNI) that the future is with them as long-ruling Islamists have suffered a crushing defeat in the parliamentary elections on Wednesday, according to provisional results.

After 10 years of successive governments dominated by the Islamist Justice and Development Party (PJD), the RNI's popularity was already riding high in the months leading up to the vote, analysts told The National, offering the best insight into the race because election polls are banned in the kingdom.

RNI's head Aziz Akhannouch led the party to take 97 seats out of 395, after 96 per cent of the votes were counted. As for the PJD, which has headed governments for a decade since 2011, it suffered a complete rout as its share nosedived from 125 seats in the outgoing parliament to just 12.

The RNI leaders said during campaigning that it is high time they led the next government to make much-needed changes and improve education, health care, employment and welfare in the country.

The PJD doesn't have a big economic or social achievement it can count on as a rallying point in this election
Mohamed Bouden

The PJD has been singled out for sharp criticism by economists and political scientists for failing to galvanise the economy, which shrank by 6 per cent last year, as well as for being unable to tackle corruption and improve living conditions for the majority of the country’s 37 million people.

“The general mood, especially among the swing and angry voters, was 'let’s end the reign of the PJD and try our economic chances with other well-established and pro-king parties like the RNI,' which is led by business tycoon Aziz Akhannouch,” said Mohamed Bouden, head of the Rabat-based Atlas Centre for the Analysis of Political and Institutional Indicators.

“The PJD didn't have a big economic or social achievement it can count on as a rallying point in this election,” he told The National.

Morocco is a constitutional monarchy. The king picks the prime minister from the party that wins most seats in parliament.

King Mohammed VI has unveiled a 15-year development plan to help bridge economic inequality and boost job creation.

“That also endeared voters to the leaders of the pro-palace parties,” Mr Bouden said.

Electoral paintings in Casablanca of political party logos. The lamp represents the Justice and Development Party and the sun the Renaissance and Virtue Party. AP
Electoral paintings in Casablanca of political party logos. The lamp represents the Justice and Development Party and the sun the Renaissance and Virtue Party. AP

'You deserve better'

The RNI has used the slogan “you deserve better” during its campaigns.

Founded in 1978 by Ahmed Osman – prime minister at the time and the son-in-law of King Hassan II who ruled the country between 1961 and 1999 – the party has participated in several Moroccan governments since the 1970s.

After unrest broke out across the Arab world in 2011 the RNI re-emerged as a political force in Morocco, with Mr Akhannouch becoming its president in 2016.

Mr Akhannouch, who has been the Minister of Agriculture since 2007, believes that his party has developed a clear and feasible programme based on travelling widely in the country to speak to voters from different walks of life.

Earlier this year the tycoon launched the 100 Days 100 Cities programme, which he considered to be the best-funded and most ambitious public consultation in Morocco's history.

Mr Akhannouch has promised to increase the monthly salary of teachers, create one million jobs and allocate a monthly salary for those of 65 years and above without an income.

“The citizens' demands revolve around social welfare, the doubling of the health sector's budget as well as the achievement of quality education,” he said in a recent interview with Moroccan media.

Aziz Akhannouch runs a business empire involving about 50 companies, mainly in the fields of oil and communications. He is one of the richest people in the Arab world, according to Forbes. AP
Aziz Akhannouch runs a business empire involving about 50 companies, mainly in the fields of oil and communications. He is one of the richest people in the Arab world, according to Forbes. AP

In the October 2016 legislative elections, his party won just 37 seats.

“The RNI has deep pockets and no party can match the wealth of its leader and his well-funded publicity drive in TV, street billboards or social media. It’s widely known here in Morocco as the party of businessmen. It’s like a money machine and the growing public frustration at the Islamists plays well into their hands,” Saida El Kamel, a political science researcher at the Mohammed V University, told The National.

Mr Akhannouch is one of the richest people in the Arab world, with a net wealth of nearly $1.8 billion, according to Forbes. He runs a business empire that includes about 50 companies, mainly in the fields of energy and communications.

The father of three was born in Tafraout, southern Morocco, in 1961 and studied administrative management at the prestigious Canadian Universite de Sherbrooke in 1986.

  • Saad-Eddine El Othmani, Morocco's Prime Minister and president of the Islamist Justice and Development Party (PJD) casts his ballot on September 8. AFP
    Saad-Eddine El Othmani, Morocco's Prime Minister and president of the Islamist Justice and Development Party (PJD) casts his ballot on September 8. AFP
  • A man casts his vote at a polling station in Casablanca, Morocco. Reuters
    A man casts his vote at a polling station in Casablanca, Morocco. Reuters
  • The PJD has dominated Morocco's politics for a decade. Reuters
    The PJD has dominated Morocco's politics for a decade. Reuters
  • A voter casts a ballot in the capital Rabat. AFP
    A voter casts a ballot in the capital Rabat. AFP
  • Polls are banned in Morocco. AFP
    Polls are banned in Morocco. AFP
  • Wednesday's elections came as the country grapples with the economic impact of Covid-19 . AFP
    Wednesday's elections came as the country grapples with the economic impact of Covid-19 . AFP
  • Voter turnout in Moroccan elections is usually below 50 per cent. AFP
    Voter turnout in Moroccan elections is usually below 50 per cent. AFP
  • Official figures show that about three million young people between 18 and 22 registered to vote for the first time this year. Reuters
    Official figures show that about three million young people between 18 and 22 registered to vote for the first time this year. Reuters
  • Morocco adopted a new constitution in 2011 in response to the February 20 Movement, the local version of the Arab uprisings. Reuters
    Morocco adopted a new constitution in 2011 in response to the February 20 Movement, the local version of the Arab uprisings. Reuters
  • The step brought the country closer to a system of constitutional monarchy. EPA
    The step brought the country closer to a system of constitutional monarchy. EPA
  • A woman prepares to cast her ballot during Morocco's parliamentary and local elections in the capital Rabat. AFP
    A woman prepares to cast her ballot during Morocco's parliamentary and local elections in the capital Rabat. AFP

But experts say his party’s big gains in the elections are also linked to the failure of Islamists in other Arab countries to consolidate their power base, such as Ennhada in neighbouring Tunisia and the Muslim Brotherhood in Egypt.

They have proved out of touch, says Mustafa Menshawy, a post-doctoral fellow at Lancaster University’s sectarianism, proxies and de-sectarianisation project.

He explained: “I believe that the main problem with Islamists in power revolves around a struggle to juggle religion and politics. With the first mostly fixed and immobile and textually sacred, and the second dynamic, shifting, malleable and profane, the Islamists’ rise to power thus exemplifies a moment of tension, incongruity and contradiction between the two paths,” he told The National.

“Members of the parties and many people felt disillusioned as Islamists always propagated their preparedness for a radical full 'overturn' or transformation of power by replacing an old regime with a puritan one, bringing the dream of 'Islamic state and society' closer," he said. "It was more a baptism by fire under which they enter this upper level of politics through immersion and without full preparation.”

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Shipping%20and%20banking%20
%3Cp%3EThe%20sixth%20sanctions%20package%20will%20also%20see%20European%20insurers%20banned%20from%20covering%20Russian%20shipping%2C%20more%20individuals%20added%20to%20the%20EU's%20sanctions%20list%20and%20Russia's%20Sberbank%20cut%20off%20from%20international%20payments%20system%20Swift.%3C%2Fp%3E%0A
Results

5.30pm: Maiden (TB) Dh82,500 (Turf) 1,400m; Winner: Mcmanaman, Sam Hitchcock (jockey), Doug Watson (trainer)

6.05pm: Handicap (TB) Dh87,500 (T) 1,400m; Winner: Bawaasil, Sam Hitchcott, Doug Watson

6.40pm: Handicap (TB) Dh105,000 (Dirt) 1,400m; Winner: Bochart, Fabrice Veron, Satish Seemar

7.15pm: Handicap (TB) Dh105,000 (T) 1,200m; Winner: Mutaraffa, Antonio Fresu, Musabah Al Muhairi

7.50pm: Longines Stakes – Conditions (TB) Dh120,00 (D) 1,900m; Winner: Rare Ninja, Royston Ffrench, Salem bin Ghadayer

8.25pm: Zabeel Trophy – Rated Conditions (TB) Dh120,000 (T) 1,600m; Winner: Alfareeq, Antonio Fresu, Musabah Al Muhairi

9pm: Handicap (TB) Dh105,000 (T) 2,410m; Winner: Good Tidings, Antonio Fresu, Musabah Al Muhairi

9.35pm: Handicap (TB) Dh92,500 (T) 2,000m; Winner: Zorion, Abdul Aziz Al Balushi, Helal Al Alawi

 

WHAT%20MACRO%20FACTORS%20ARE%20IMPACTING%20META%20TECH%20MARKETS%3F
%3Cp%3E%E2%80%A2%20Looming%20global%20slowdown%20and%20recession%20in%20key%20economies%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Russia-Ukraine%20war%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Interest%20rate%20hikes%20and%20the%20rising%20cost%20of%20debt%20servicing%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Oil%20price%20volatility%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Persisting%20inflationary%20pressures%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Exchange%20rate%20fluctuations%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Shortage%20of%20labour%2Fskills%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20A%20resurgence%20of%20Covid%3F%3C%2Fp%3E%0A
INVESTMENT PLEDGES

Cartlow: $13.4m

Rabbitmart: $14m

Smileneo: $5.8m

Soum: $4m

imVentures: $100m

Plug and Play: $25m

The Penguin

Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz

Creator: Lauren LeFranc

Rating: 4/5

Jurassic%20Park
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ESteven%20Spielberg%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Sam%20Neill%2C%20Jeff%20Goldblum%20and%20Richard%20Attenborough%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Profile

Company: Justmop.com

Date started: December 2015

Founders: Kerem Kuyucu and Cagatay Ozcan

Sector: Technology and home services

Based: Jumeirah Lake Towers, Dubai

Size: 55 employees and 100,000 cleaning requests a month

Funding:  The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups. 

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%20%3C%2Fstrong%3EMascotte%20Health%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EMiami%2C%20US%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Bora%20Hamamcioglu%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EOnline%20veterinary%20service%20provider%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20%241.2%20million%20raised%20in%20seed%20funding%3C%2Fp%3E%0A
The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

FA CUP FINAL

Manchester City 6
(D Silva 26', Sterling 38', 81', 87', De Bruyne 61', Jesus 68')

Watford 0

Man of the match: Bernardo Silva (Manchester City)

PROFILE OF HALAN

Started: November 2017

Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga

Based: Cairo, Egypt

Sector: transport and logistics

Size: 150 employees

Investment: approximately $8 million

Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar

The specs
Engine: 2.5-litre, turbocharged 5-cylinder

Transmission: seven-speed auto

Power: 400hp

Torque: 500Nm

Price: Dh300,000 (estimate)

On sale: 2022 

Farage on Muslim Brotherhood

Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.

Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

Tips for taking the metro

- set out well ahead of time

- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines

- enter the right cabin. The train may be too busy to move between carriages once you're on

- don't carry too much luggage and tuck it under a seat to make room for fellow passengers

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

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%3Cp%3EApril%2021-23%3A%20Imola%3Cbr%3EMay%205-7%3A%20Misano%3Cbr%3EMay%2026-28%3A%20SPA-Francorchamps%3Cbr%3EJune%2023-25%3A%20Monza%3Cbr%3EJuly%2021-23%3A%20Paul%20Ricard%3Cbr%3ESept%2029-Oct%201%3A%20Mugello%3Cbr%3EOct%2013-15%3A%20Vallelunga%3C%2Fp%3E%0A
ODI FIXTURE SCHEDULE

First ODI, October 22
Wankhede Stadium, Mumbai

Second ODI, October 25
Maharashtra Cricket Association Stadium, Pune

Third ODI, October 29
Venue TBC

yallacompare profile

Date of launch: 2014

Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer

Based: Media City, Dubai 

Sector: Financial services

Size: 120 employees

Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)

WOMAN AND CHILD

Director: Saeed Roustaee

Starring: Parinaz Izadyar, Payman Maadi

Rating: 4/5

SHALASH%20THE%20IRAQI
%3Cp%3EAuthor%3A%20Shalash%3Cbr%3ETranslator%3A%20Luke%20Leafgren%3Cbr%3EPages%3A%20352%3Cbr%3EPublisher%3A%20And%20Other%20Stories%3C%2Fp%3E%0A

GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

What is blockchain?

Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.

The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.

Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.

However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.

Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.

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

Updated: September 09, 2021, 7:30 AM