Mourners attend a funeral ceremony for the late president Ebrahim Raisi in Tabriz, in Iran's East Azerbaijan province. Reuters
Mourners attend a funeral ceremony for the late president Ebrahim Raisi in Tabriz, in Iran's East Azerbaijan province. Reuters
Mourners attend a funeral ceremony for the late president Ebrahim Raisi in Tabriz, in Iran's East Azerbaijan province. Reuters
Mourners attend a funeral ceremony for the late president Ebrahim Raisi in Tabriz, in Iran's East Azerbaijan province. Reuters

Thousands mourn Iranian President Raisi as Assembly of Experts appoints new head


Holly Johnston
  • English
  • Arabic

The funeral procession for Iranian President Ebrahim Raisi began on Tuesday, with events to be held across the country before he is buried in the north-eastern city of Mashhad on Thursday.

Funeral rites began in the city of Tabriz, in East Azerbaijan province, where a lorry carrying the remains of the president and his entourage were paraded through tightly packed streets as government officials gave speeches to the crowd.

Mourners also gathered in Tehran's Valiasr Square ahead of the cortege arriving in the capital on Wednesday.

The hardline president, 63, died in a helicopter crash in north-western Iran on Sunday night. Foreign Minister Hossein Amirabdollahian, East Azerbaijan provincial Governor Malik Rahmati and Mohammed Ali Ale Hashem, supreme leader Ayatollah Ali Khamenei's representative to East Azerbaijan, were also killed.

State TV broadcast scenes of large crowds of mostly men in Tabriz, where streets were adorned with images of the Mr Raisi and others killed in the crash.

  • Mourners attend the funeral procession of Iran's president Ebrahim Raisi at a Shiite shrine, in Qom. AFP
    Mourners attend the funeral procession of Iran's president Ebrahim Raisi at a Shiite shrine, in Qom. AFP
  • Tens of thousands mourned on Tuesday, as days of funeral ceremonies and processions for Iran’s late president began. AFP
    Tens of thousands mourned on Tuesday, as days of funeral ceremonies and processions for Iran’s late president began. AFP
  • A mourner holds a portrait of Mr Raisi during a funeral procession in Tabriz, the capital of Iran's East Azerbaijan province, where the president died in a crash. AFP
    A mourner holds a portrait of Mr Raisi during a funeral procession in Tabriz, the capital of Iran's East Azerbaijan province, where the president died in a crash. AFP
  • Mourners carrying a portrait of Iran's Supreme leader Ayatollah Ali Khamenei walk in a funeral procession for the late Iranian president Ebrahim Raisi and seven members of his entourage in the northwestern city of Tabriz. AFP
    Mourners carrying a portrait of Iran's Supreme leader Ayatollah Ali Khamenei walk in a funeral procession for the late Iranian president Ebrahim Raisi and seven members of his entourage in the northwestern city of Tabriz. AFP
  • Mourners gather round the coffin carrying Ebrahim Raisi during a funeral procession in Tabriz, the capital of Iran's East Azerbaijan province, on May 21. AFP
    Mourners gather round the coffin carrying Ebrahim Raisi during a funeral procession in Tabriz, the capital of Iran's East Azerbaijan province, on May 21. AFP
  • Mr Raisi was president from 2021 until his death in a helicopter crash two days ago. Seven others were killed alongside him. AFP
    Mr Raisi was president from 2021 until his death in a helicopter crash two days ago. Seven others were killed alongside him. AFP
  • Mourners also gathered in Valiasr Square, Tehran, ahead of the funeral cortege arriving in the capital on Wednesday. AFP
    Mourners also gathered in Valiasr Square, Tehran, ahead of the funeral cortege arriving in the capital on Wednesday. AFP
  • Mr Raisi was travelling to Tabriz when the helicopter crashed in heavy fog, near the village of Tavil. AFP
    Mr Raisi was travelling to Tabriz when the helicopter crashed in heavy fog, near the village of Tavil. AFP
  • Tens of thousands gathered in Tabriz to mourn Mr Raisi and seven members of his entourage who were killed on a fog-shrouded mountainside in north-western Iran. AFP
    Tens of thousands gathered in Tabriz to mourn Mr Raisi and seven members of his entourage who were killed on a fog-shrouded mountainside in north-western Iran. AFP
  • Grief at the funeral procession in Tabriz. AFP
    Grief at the funeral procession in Tabriz. AFP
  • Mr Raisi is to be buried in his hometown of Mashhad this week. AFP
    Mr Raisi is to be buried in his hometown of Mashhad this week. AFP
  • Iranian mourners pay their respects in Tabriz. EPA
    Iranian mourners pay their respects in Tabriz. EPA

The remains were then flown to Tehran's Mehrabad Airport before being transferred to the holy city of Qom, where Mr Raisi studied at a seminary as a teenager.

Some Tabriz mourners held Palestinian flags, while many others held pictures of Mr Raisi with Islamic Revolutionary Guard Corps Quds Force commander Qassem Suleimani, who was killed in a US air strike in January 2020.

Mr Raisi was travelling to Tabriz when the helicopter crashed in heavy fog, near the village of Tavil. On Tuesday night, a “people's farewell” ceremony is to be held at the Imam Khomeini Mosque in Tehran.

About 70 rescue teams searched mountainous terrain on foot overnight before finding the wreckage of their Bell 212 helicopter on Monday morning.

As mourning ceremonies got under way, Iran's Assembly of Experts – a body which appoints the supreme leader – met in Tehran for the first time since elections in March, with a portrait of Mr Raisi placed on an empty seat.

The assembly appointed Ayatollah Mohammad Ali Movahedi Kermani, Tehran's Imam for Friday Prayers, as its new chairman.

Mr Raisi's body will be taken on Wednesday morning from Tehran University towards the city's Azadi Square, before a ceremony is held involving delegation of high-ranking foreign officials. Mr Khamenei will also pray over Mr Raisi's body in Tehran.

Another funeral ceremony will be held in the eastern city of Birjand, before Mr Raisi is buried in his hometown of Mashhad, state news agency Irna reported.

Five days of national mourning were declared by Mr Khamenei following the death of the president, who was widely expected to succeed the 85-year-old as supreme leader.

  • People gather at Valiasr Square in Tehran, following the death of Iranian president Ebrahim Raisi. AFP
    People gather at Valiasr Square in Tehran, following the death of Iranian president Ebrahim Raisi. AFP
  • Wreckage from Mr Raisi's helicopter at the crash site on a mountain in Varzaghan area, north-western Iran. Reuters
    Wreckage from Mr Raisi's helicopter at the crash site on a mountain in Varzaghan area, north-western Iran. Reuters
  • Candles lit to offer condolences over the deaths of Mr Raisi and other leading officials, outside the Iranian embassy, in Baghdad. Reuters
    Candles lit to offer condolences over the deaths of Mr Raisi and other leading officials, outside the Iranian embassy, in Baghdad. Reuters
  • Women mourn the death of Mr Raisi at Valiasr Square in Tehran. AFP
    Women mourn the death of Mr Raisi at Valiasr Square in Tehran. AFP
  • Iran's First Vice President Mohammad Mokhber, next to the empty seat of Mr Raisi, addresses the cabinet in Tehran. AFP
    Iran's First Vice President Mohammad Mokhber, next to the empty seat of Mr Raisi, addresses the cabinet in Tehran. AFP
  • Rrescuers recover bodies at the crash site of in Varzaghan in north-western Iran. AFP
    Rrescuers recover bodies at the crash site of in Varzaghan in north-western Iran. AFP
  • A screengrab shows the crash site of the helicopter that was carrying Iranian President Ebrahim Raisi, in East Azerbaijan province. AFP
    A screengrab shows the crash site of the helicopter that was carrying Iranian President Ebrahim Raisi, in East Azerbaijan province. AFP
  • Iranian President Ebrahim Raisi and Azerbaijan's President Ilham Aliyev visit Qiz Qalasi dam on the Azerbaijan-Iran border on Sunday. Reuters
    Iranian President Ebrahim Raisi and Azerbaijan's President Ilham Aliyev visit Qiz Qalasi dam on the Azerbaijan-Iran border on Sunday. Reuters
  • The helicopter thought to be carrying Mr Raisi takes off from the Iran-Azerbaijan border after the inauguration of the dam on the Aras river. AFP
    The helicopter thought to be carrying Mr Raisi takes off from the Iran-Azerbaijan border after the inauguration of the dam on the Aras river. AFP
  • A screen grab shows the moment a drone locates the crash site using thermal imaging. Getty Images
    A screen grab shows the moment a drone locates the crash site using thermal imaging. Getty Images
  • A screengrab provided by Iranian state television shows President Ebrahim Raisi, left, with a member of his delegation on-board a helicopter in Iran's East Azerbaijan province. AFP
    A screengrab provided by Iranian state television shows President Ebrahim Raisi, left, with a member of his delegation on-board a helicopter in Iran's East Azerbaijan province. AFP
  • People pray for the well-being of Mr Raisi in Tehran after receiving news that his helicopter had crashed. Reuters
    People pray for the well-being of Mr Raisi in Tehran after receiving news that his helicopter had crashed. Reuters
  • People follow the news of the helicopter crash in a shop in Tehran. Reuters
    People follow the news of the helicopter crash in a shop in Tehran. Reuters
  • Iranian Shiite pilgrims pray for Mr Raisi at the Imam Ali shrine in Najaf, Iraq. Reuters
    Iranian Shiite pilgrims pray for Mr Raisi at the Imam Ali shrine in Najaf, Iraq. Reuters
  • Mr Raisi was visiting Azerbaijan before he flew south as part of a convoy of three helicopters. AFP
    Mr Raisi was visiting Azerbaijan before he flew south as part of a convoy of three helicopters. AFP
  • Mr Raisi during a meeting with Mr Aliyev before the inauguration ceremony of the Qiz Qalasi dam. AFP
    Mr Raisi during a meeting with Mr Aliyev before the inauguration ceremony of the Qiz Qalasi dam. AFP
  • Officials said the helicopter carrying Mr Raisi was forced to make a 'hard landing, in Iran's East Azerbaijan province, sparking a massive rescue operation. AP
    Officials said the helicopter carrying Mr Raisi was forced to make a 'hard landing, in Iran's East Azerbaijan province, sparking a massive rescue operation. AP
  • Rescue vehicles in Varzaghan, East Azerbaijan Province. Reuters
    Rescue vehicles in Varzaghan, East Azerbaijan Province. Reuters
  • A screengrab from Iranian state television shows rescuers heading towards the site of the crash. AFP
    A screengrab from Iranian state television shows rescuers heading towards the site of the crash. AFP
  • The forested area in East Azerbaijan province was covered in fog on Sunday. AFP
    The forested area in East Azerbaijan province was covered in fog on Sunday. AFP
  • Heavy rain and fog has made rescue efforts more difficult. Reuters
    Heavy rain and fog has made rescue efforts more difficult. Reuters

Iranian authorities have declared Wednesday to be a national holiday. The second Wednesday in June has also been declared an official holiday from now on.

National exams scheduled for this week have been cancelled and governors may decide to “close” provinces where funeral ceremonies are held, Iran said.

While flags are flying at half-mast and black banners have been raised at shrines in Qom, where Mr Raisi studied in a seminary as a teenager, the mood among the Iranian public has varied.

Mr Raisi was unpopular with many and was known as the “butcher of Tehran” for his role in the execution of about 5,000 political detainees in the 1980s.

More recently, the arrest and killing of demonstrators during the Mahsa Amini protests, and the tightening of restrictions on women's freedoms, also hardened opposition towards the president.

Critics of the regime have held events outside Iranian embassies in the UK and Canada since his death was announced.

Iran's First Vice President Mohammed Mokhber was named interim president, while Ali Bagheri Kani, who lead Iran's nuclear negotiations with western powers, has replaced Mr Amirabdollahian as foreign minister.

Iran is to hold presidential elections on June 28. Iran held parliamentary polls in March that were marred by a record low turnout of voters, with public apathy compounded by crackdowns on critics of the regime and an economy hit hard by sanctions.

UAE Premiership

Results
Dubai Exiles 24-28 Jebel Ali Dragons
Abu Dhabi Harlequins 43-27 Dubai Hurricanes

Fixture
Friday, March 29, Abu Dhabi Harlequins v Jebel Ali Dragons, The Sevens, Dubai

Formula%204%20Italian%20Championship%202023%20calendar
%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
It Was Just an Accident

Director: Jafar Panahi

Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr

Rating: 4/5

UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets

SPECS

Nissan 370z Nismo

Engine: 3.7-litre V6

Transmission: seven-speed automatic

Power: 363hp

Torque: 560Nm

Price: Dh184,500

What you as a drone operator need to know

A permit and licence is required to fly a drone legally in Dubai.

Sanad Academy is the United Arab Emirate’s first RPA (Remotely Piloted Aircraft) training and certification specialists endorsed by the Dubai Civil Aviation authority.

It is responsible to train, test and certify drone operators and drones in UAE with DCAA Endorsement.

“We are teaching people how to fly in accordance with the laws of the UAE,” said Ahmad Al Hamadi, a trainer at Sanad.

“We can show how the aircraft work and how they are operated. They are relatively easy to use, but they need responsible pilots.

“Pilots have to be mature. They are given a map of where they can and can’t fly in the UAE and we make these points clear in the lectures we give.

“You cannot fly a drone without registration under any circumstances.”

Larger drones are harder to fly, and have a different response to location control. There are no brakes in the air, so the larger drones have more power.

The Sanad Academy has a designated area to fly off the Al Ain Road near Skydive Dubai to show pilots how to fly responsibly.

“As UAS technology becomes mainstream, it is important to build wider awareness on how to integrate it into commerce and our personal lives,” said Major General Abdulla Khalifa Al Marri, Commander-in-Chief, Dubai Police.

“Operators must undergo proper training and certification to ensure safety and compliance.

“Dubai’s airspace will undoubtedly experience increased traffic as UAS innovations become commonplace, the Forum allows commercial users to learn of best practice applications to implement UAS safely and legally, while benefitting a whole range of industries.”

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

THE BIO

Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.

Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.

Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.

Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.

 

 

Shubh Mangal Saavdhan
Directed by: RS Prasanna
Starring: Ayushmann Khurrana, Bhumi Pednekar

Results

3pm: Handicap (PA) Dh40,000 (Dirt) 1,000m; Winner: Dhafra, Antonio Fresu (jockey), Eric Lemartinel (trainer)

3.30pm: Maiden (PA) Dh40,000 (D) 2,000m; Winner: Al Ajayib, Antonio Fresu, Eric Lemartinel

4pm: Handicap (PA) Dh40,000 (D) 1,700m; Winner: Ashtr, Abdul Aziz Al Balushi, Majed Al Jahouri

4.30pm: Handicap (TB) Dh40,000 (D) 1,700m; Winner: Falcon Claws, Szczepan Mazur, Doug Watson

5pm: Sheikh Dr Sultan bin Khalifa Al Nahyan Cup – Prestige Handicap (PA) Dh100,000 (D) 1,700m; Winner: Al Mufham SB, Al Moatasem Al Balushi, Badar Al Hajri

5.30pm: Sharjah Marathon – Handicap (PA) Dh70,000 (D) 2,700m; Winner: Asraa Min Al Talqa, Al Moatasem Al Balushi, Helal Al Alawi

UAE v Zimbabwe A, 50 over series

Fixtures
Thursday, Nov 9 - 9.30am, ICC Academy, Dubai
Saturday, Nov 11 – 9.30am, ICC Academy, Dubai
Monday, Nov 13 – 2pm, Dubai International Stadium
Thursday, Nov 16 – 2pm, ICC Academy, Dubai
Saturday, Nov 18 – 9.30am, ICC Academy, Dubai

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Arsenal's pre-season fixtures

Thursday Beat Sydney 2-0 in Sydney

Saturday v Western Sydney Wanderers in Sydney

Wednesday v Bayern Munich in Shanghai

July 22 v Chelsea in Beijing

July 29 v Benfica in London

July 30 v Sevilla in London

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

'Worse than a prison sentence'

Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.

“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.

“They were living in perpetual mystery as to how their futures would pan out, and what that would be.

“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.

“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.

“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”

THE SPECS

Engine: 1.6-litre turbo

Transmission: six-speed automatic

Power: 165hp

Torque: 240Nm

Price: From Dh89,000 (Enjoy), Dh99,900 (Innovation)

On sale: Now

THE BIO

Favourite book: ‘Purpose Driven Life’ by Rick Warren

Favourite travel destination: Switzerland

Hobbies: Travelling and following motivational speeches and speakers

Favourite place in UAE: Dubai Museum

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.”

The biog

Born: near Sialkot, Pakistan, 1981

Profession: Driver

Family: wife, son (11), daughter (8)

Favourite drink: chai karak

Favourite place in Dubai: The neighbourhood of Khawaneej. “When I see the old houses over there, near the date palms, I can be reminded of my old times. If I don’t go down I cannot recall my old times.”

MATCH INFO

Tottenham Hotspur 3 (Son 1', Kane 8' & 16') West Ham United 3 (Balbuena 82', Sanchez og 85', Lanzini 90' 4)

Man of the match Harry Kane

Company%C2%A0profile
%3Cp%3E%3Cstrong%3EDate%20started%3A%20%3C%2Fstrong%3EMay%202022%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EHusam%20Aboul%20Hosn%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDIFC%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%E2%80%94%20Innovation%20Hub%3Cbr%3E%3Cstrong%3EEmployees%3A%20%3C%2Fstrong%3Eeight%3Cbr%3E%3Cstrong%3EStage%3A%20%3C%2Fstrong%3Epre-seed%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3Epre-seed%20funding%20raised%20from%20family%20and%20friends%20earlier%20this%20year%3C%2Fp%3E%0A

Company profile

Name: Oulo.com

Founder: Kamal Nazha

Based: Dubai

Founded: 2020

Number of employees: 5

Sector: Technology

Funding: $450,000

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

MATCH INFO

Everton v Tottenham, Sunday, 8.30pm (UAE)

Match is live on BeIN Sports

Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Director: Venkat Prabhu
Rating: 2/5
Malcolm & Marie

Directed by: Sam Levinson

Starring: John David Washington and Zendaya

Three stars

COMPANY PROFILE
Name: Akeed

Based: Muscat

Launch year: 2018

Number of employees: 40

Sector: Online food delivery

Funding: Raised $3.2m since inception 

The Penguin

Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz

Creator: Lauren LeFranc

Rating: 4/5

The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Power: 268bhp / 536bhp
Torque: 343Nm / 686Nm
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
On sale: Later this year
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

Day 5, Abu Dhabi Test: At a glance

Moment of the day When Dilruwan Perera dismissed Yasir Shah to end Pakistan’s limp resistance, the Sri Lankans charged around the field with the fevered delirium of a side not used to winning. Trouble was, they had not. The delivery was deemed a no ball. Sri Lanka had a nervy wait, but it was merely a stay of execution for the beleaguered hosts.

Stat of the day – 5 Pakistan have lost all 10 wickets on the fifth day of a Test five times since the start of 2016. It is an alarming departure for a side who had apparently erased regular collapses from their resume. “The only thing I can say, it’s not a mitigating excuse at all, but that’s a young batting line up, obviously trying to find their way,” said Mickey Arthur, Pakistan’s coach.

The verdict Test matches in the UAE are known for speeding up on the last two days, but this was extreme. The first two innings of this Test took 11 sessions to complete. The remaining two were done in less than four. The nature of Pakistan’s capitulation at the end showed just how difficult the transition is going to be in the post Misbah-ul-Haq era.

Updated: May 21, 2024, 3:55 PM