Archaeologists found several precious objects and hundreds of silver coins. AFP
Archaeologists found several precious objects and hundreds of silver coins. AFP
Archaeologists found several precious objects and hundreds of silver coins. AFP
Archaeologists found several precious objects and hundreds of silver coins. AFP

Israeli archaeologists find treasures in ancient shipwrecks


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The Israel Antiquities Authority on Wednesday announced the discovery of two shipwrecks off the Mediterranean coast, replete with a sunken trove of hundreds of Roman and medieval silver coins.

The wrecks, made near the ancient city of Caesarea, date to the Roman and Mameluke periods, around 1,700 and 600 years ago, respectively, archaeologists said.

They include hundreds of Roman silver and bronze coins dating to the mid-3rd century as well as more than 500 silver coins from the Middle Ages.

The ships were found during an underwater survey conducted by the IAA’s Marine Archaeology Unit over the past two months, said Jacob Sharvit, head of the unit.

An ancient sculpture recovered from one of the shipwrecks. AFP
An ancient sculpture recovered from one of the shipwrecks. AFP

Among the other artefacts recovered from the site near the ancient city of Caesarea were figurines, bells, ceramics and metal pieces from the ships, such as nails and a shattered iron anchor.

The IAA made its announcement days before Christmas and highlighted the discovery of a Roman gold ring, its green gemstone carved with the figure of a shepherd carrying a sheep on his shoulders.

Robert Cole, head of the authority’s coin department, called the item “exceptional”.

The figure of the Good Shepherd is one of the earliest expressions to refer to Jesus. AFP
The figure of the Good Shepherd is one of the earliest expressions to refer to Jesus. AFP

“On the gemstone is engraved an image of the ‘Good Shepherd’, which is really one of the earliest symbols of Christianity,” he said.

Mr Sharvit said that the Roman ship is believed to have originally come from Italy, based on the style of some of the artefacts.

He said it remained unclear whether any remnants of the wooden ships remained intact beneath the sand.

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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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Updated: December 22, 2021, 5:52 PM