• Majda Al-Riyani, a 29-year-old Libyan woman, teaches Arabic calligraphy to young girls at a training centre in Benghazi, Libya, March 15, 2022. Picture taken March 15, 2022. REUTERS / Esam Omran Al-Fetori
    Majda Al-Riyani, a 29-year-old Libyan woman, teaches Arabic calligraphy to young girls at a training centre in Benghazi, Libya, March 15, 2022. Picture taken March 15, 2022. REUTERS / Esam Omran Al-Fetori
  • Ms Riyani, left, promotes causes close to her heart, despite criticism from a conservative society.
    Ms Riyani, left, promotes causes close to her heart, despite criticism from a conservative society.
  • Ms Riyani hopes to prove women should have no limits to their ambitions.
    Ms Riyani hopes to prove women should have no limits to their ambitions.
  • Ms Al Riyani hosts a health awareness programme on local radio station Jawak FM in Benghazi, Libya.
    Ms Al Riyani hosts a health awareness programme on local radio station Jawak FM in Benghazi, Libya.
  • Ms Al Riyani also hosts calligraphy workshops. She hopes these will help women to either develop new careers or spark a passion for a new hobby.
    Ms Al Riyani also hosts calligraphy workshops. She hopes these will help women to either develop new careers or spark a passion for a new hobby.
  • 'The circle (of people) close to me is very supportive, but criticism is sometimes disturbing for a woman who shows up in programs and interviews, and who interacts with the public,' she says.
    'The circle (of people) close to me is very supportive, but criticism is sometimes disturbing for a woman who shows up in programs and interviews, and who interacts with the public,' she says.
  • 'To co-ordinate (between different careers) is definitely a challenge,' Ms Al Riyani said. 'But if you like what you do, you will find the time and you will manage to do it.'
    'To co-ordinate (between different careers) is definitely a challenge,' Ms Al Riyani said. 'But if you like what you do, you will find the time and you will manage to do it.'
  • Ms Al Riyani paints at a studio in Benghazi, Libya.
    Ms Al Riyani paints at a studio in Benghazi, Libya.

MENA

Libyan woman shares passion for calligraphy, health awareness and art - in pictures

Majda Al Riyani is on a mission to prove there is no limit to ambition

The National

March 25, 2022

  • English
  • Arabic

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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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