• Workers prepare red seaweed to be planted in the Menzel Jemil lagoon in Tunisia's northern Bizerte region. Red seaweed or algae is used as a gelling, thickening and texturing agent. It is also increasingly a substitute for animal-based products in processed foods, and is finding a place in cosmetics and pharmaceuticals. Tunisia is being called a Mediterranean trailblazer in cultivating the in-demand plant. AFP
    Workers prepare red seaweed to be planted in the Menzel Jemil lagoon in Tunisia's northern Bizerte region. Red seaweed or algae is used as a gelling, thickening and texturing agent. It is also increasingly a substitute for animal-based products in processed foods, and is finding a place in cosmetics and pharmaceuticals. Tunisia is being called a Mediterranean trailblazer in cultivating the in-demand plant. AFP
  • Workers prepare red seaweed to be planted in the Menzel Jemil lagoon in Tunisia's northern Bizerte region. AFP
    Workers prepare red seaweed to be planted in the Menzel Jemil lagoon in Tunisia's northern Bizerte region. AFP
  • Workers prepare red seaweed to be planted in the Menzel Jemil lagoon in Tunisia's northern Bizerte region. Tunisia is being called a Mediterranean trailblazer in cultivating the in-demand plant. AFP
    Workers prepare red seaweed to be planted in the Menzel Jemil lagoon in Tunisia's northern Bizerte region. Tunisia is being called a Mediterranean trailblazer in cultivating the in-demand plant. AFP
  • Workers harvest red seaweed in the Menzel Jemil lagoon in Tunisia's northern Bizerte region. AFP
    Workers harvest red seaweed in the Menzel Jemil lagoon in Tunisia's northern Bizerte region. AFP
  • A worker harvests red seaweed in the Menzel Jemil lagoon in Tunisia's northern Bizerte region. Red seaweed or algae is used as a gelling, thickening and texturing agent. It is also increasingly a substitute for animal-based products in processed foods, and is finding a place in cosmetics and pharmaceuticals. AFP
    A worker harvests red seaweed in the Menzel Jemil lagoon in Tunisia's northern Bizerte region. Red seaweed or algae is used as a gelling, thickening and texturing agent. It is also increasingly a substitute for animal-based products in processed foods, and is finding a place in cosmetics and pharmaceuticals. AFP
  • A worker harvests red seaweed in northern Tunisia. Tunisia is being called a Mediterranean trailblazer in cultivating the in-demand plant. AFP
    A worker harvests red seaweed in northern Tunisia. Tunisia is being called a Mediterranean trailblazer in cultivating the in-demand plant. AFP
  • A worker harvests red seaweed in the Menzel Jemil lagoon in Tunisia's northern Bizerte region. AFP
    A worker harvests red seaweed in the Menzel Jemil lagoon in Tunisia's northern Bizerte region. AFP
  • A worker harvests red seaweed in the Menzel Jemil lagoon in Tunisia's northern Bizerte region. Red seaweed or algae is used as a gelling, thickening and texturing agent. It is also increasingly a substitute for animal-based products in processed foods, and is finding a place in cosmetics and pharmaceuticals. AFP
    A worker harvests red seaweed in the Menzel Jemil lagoon in Tunisia's northern Bizerte region. Red seaweed or algae is used as a gelling, thickening and texturing agent. It is also increasingly a substitute for animal-based products in processed foods, and is finding a place in cosmetics and pharmaceuticals. AFP
  • Workers harvests red seaweed in the Menzel Jemil lagoon in Tunisia's northern Bizerte region. AFP
    Workers harvests red seaweed in the Menzel Jemil lagoon in Tunisia's northern Bizerte region. AFP
  • Workers process drying harvested red seaweed. Tunisia is being called a Mediterranean trailblazer in cultivating the in-demand plant. AFP
    Workers process drying harvested red seaweed. Tunisia is being called a Mediterranean trailblazer in cultivating the in-demand plant. AFP
  • A worker processes drying, harvested red seaweed in Tunisia's northern Bizerte region. AFP
    A worker processes drying, harvested red seaweed in Tunisia's northern Bizerte region. AFP
  • Workers process dried red seaweed at a factory in Bir Kassaa, which is on the outskirts of Tunisia's capital, Tunis. AFP
    Workers process dried red seaweed at a factory in Bir Kassaa, which is on the outskirts of Tunisia's capital, Tunis. AFP
  • Workers process dried red seaweed at a factory in Bir Kassaa, which is on the outskirts of Tunisia's capital, Tunis. Red seaweed or algae is used as a gelling, thickening and texturing agent. It is also increasingly a substitute for animal-based products in processed foods, and is finding a place in cosmetics and pharmaceuticals. AFP
    Workers process dried red seaweed at a factory in Bir Kassaa, which is on the outskirts of Tunisia's capital, Tunis. Red seaweed or algae is used as a gelling, thickening and texturing agent. It is also increasingly a substitute for animal-based products in processed foods, and is finding a place in cosmetics and pharmaceuticals. AFP
  • Workers process liquid obtained from heating red seaweed before transforming it into a culinary powder, at a factory in Bir Kassaa on the outskirts of Tunisia's capital. AFP
    Workers process liquid obtained from heating red seaweed before transforming it into a culinary powder, at a factory in Bir Kassaa on the outskirts of Tunisia's capital. AFP

MENA

Red seaweed harvesting in Tunisia - in pictures

The country is being called a Mediterranean trailblazer in cultivating the in-demand plant

The National

June 28, 2021

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Dominic Rubin, Oxford

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

MENA