The Suez Canal Authority used a crane to recover the tugboat 'Fahd', which sank after colliding with a tanker. Reuters
The Suez Canal Authority used a crane to recover the tugboat 'Fahd', which sank after colliding with a tanker. Reuters
The Suez Canal Authority used a crane to recover the tugboat 'Fahd', which sank after colliding with a tanker. Reuters
The Suez Canal Authority used a crane to recover the tugboat 'Fahd', which sank after colliding with a tanker. Reuters

MENA

Sunken Suez Canal tugboat removed from waterway

One crew member was killed when the boat collided with a Hong Kong-flagged LPG tanker on Saturday

Kamal Tabikha
Kamal Tabikha
Cairo

August 09, 2023

  • English
  • Arabic

A tugboat that sank in the Suez Canal after a collision with a liquefied petroleum gas carrier on Saturday was pulled from beneath its waters on Tuesday night, the canal authority said.

The Suez Canal Authority managed to remove the boat using one its cranes without affecting traffic through the waterway, said Adm Osama Rabie, the authority's chairman.

Adm Rabie thanked officials for completing the salvage effort "in record time" and said that despite the operation, 146 vessels traversed the canal on Monday and Tuesday bearing a total of 8.4 million tonnes of cargo.

The tugboat's hull was damaged after it was struck by the Hong Kong-flagged tanker Chinagas Legend, which was heading to the US from Singapore on Saturday. The boat began taking on water and sank soon afterwards. It was located on Saturday night after a search.

Six of the seven crew members on board were rescued and taken to a nearby hospital for treatment. The remaining crew member, a mechanic from Port Said, was trapped in the boat's living quarters. His body was recovered on Sunday night and handed over to his family.

The canal provides the shortest shipping route between Europe and Asia. The authority has been working to expand southern sections of the waterway after a giant container ship, the Ever Given, ran aground there in 2021, blocking traffic for six days.

Tolls paid by ships using the canal are one of Egypt's main sources of foreign currency.

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Killing of Qassem Suleimani
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

Killing of Qassem Suleimani
Updated: August 09, 2023, 11:47 AM
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