President Sheikh Mohamed holds talks with Hungarian President Tamas Sulyok


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President Sheikh Mohamed on Friday visited the Hungarian Parliament in Budapest as part of his official visit to the country.

He was welcomed on arrival by Hungarian President Tamas Sulyok before attending an official reception ceremony at Kossuth Lajos Square, in front of the parliament building.

The UAE leader's motorcade was escorted by a procession of horse riders, before national anthems of both countries were performed.

Sheikh Mohamed inspected the guard of honour and was greeted by senior Hungarian ministers and officials.

Sheikh Mohamed and Mr Sulyok then held talks at the Hungarian Parliament aimed at bolstering ties between the countries, with a focus on the economy, renewable energy, trade, investment, and culture.

Both sides reaffirmed their commitment to strengthening UAE-Hungary relations and exploring new opportunities for collaboration across a variety of sectors.

Sheikh Mohamed wrote an entry in the VIP guestbook at the parliament, in which he expressed his pleasure at visiting Hungary and noted the significant progress made in furthering relations.

The UAE leader and the Hungarian President also exchanged symbolic gifts reflecting the culture and rich heritage of their respective nations.

Following the meeting, Sheikh Mohamed departed Budapest, concluding his official visit to Hungary.

Sheikh Mohamed had on Thursday met Hungarian Prime Minister Viktor Orban in Budapest on the first day of his trip.

The two leaders discussed regional and global issues, including the need to support international efforts aimed at strengthening stability and peace around the world. They emphasised the importance of resolving crises and conflicts through dialogue and diplomacy, state news agency Wam reported.

Sheikh Mohamed stressed the UAE’s commitment to enhancing co-operation with Hungary to help advance development goals and promote further progress and prosperity for both countries.

Sheikh Mohamed in Hungary – in pictures

  • President Sheikh Mohamed is received by President Tamas Sulyok of Hungary, at the Parliament Building in Budapest. All Photos: UAE Presidential Court
    President Sheikh Mohamed is received by President Tamas Sulyok of Hungary, at the Parliament Building in Budapest. All Photos: UAE Presidential Court
  • Sheikh Mohamed and Mr Sulyok inspect a guard of honour
    Sheikh Mohamed and Mr Sulyok inspect a guard of honour
  • The national anthems of the UAE and Hungary are played
    The national anthems of the UAE and Hungary are played
  • Sheikh Mohamed bids farewell to Hungarian officials at the Hungarian Parliament Building
    Sheikh Mohamed bids farewell to Hungarian officials at the Hungarian Parliament Building
  • The UAE President is received by officials at the Hungarian Parliament Building
    The UAE President is received by officials at the Hungarian Parliament Building
  • The UAE President is received by officials at the Hungarian Parliament Building
    The UAE President is received by officials at the Hungarian Parliament Building
  • President Tamas Sulyok of Hungary greets Ali Al Shamsi, Secretary General of the UAE Supreme Council for National Security
    President Tamas Sulyok of Hungary greets Ali Al Shamsi, Secretary General of the UAE Supreme Council for National Security
  • Mr Sulyok greets Khaldoon Khalifa Al Mubarak, Chairman of the UAE Executive Affairs Authority and Managing Director and Group Chief Executive of Mubadala Investment Company
    Mr Sulyok greets Khaldoon Khalifa Al Mubarak, Chairman of the UAE Executive Affairs Authority and Managing Director and Group Chief Executive of Mubadala Investment Company
  • Mr Sulyok greets Sheikh Shakhbout bin Nahyan, UAE Minister of State
    Mr Sulyok greets Sheikh Shakhbout bin Nahyan, UAE Minister of State
  • President Sheikh Mohamed and Mr Sulyok stand for a photograph
    President Sheikh Mohamed and Mr Sulyok stand for a photograph
  • Sheikh Mohamed and Mr Sulyok held talks at the Hungarian Parliament aimed at bolstering ties between the countries
    Sheikh Mohamed and Mr Sulyok held talks at the Hungarian Parliament aimed at bolstering ties between the countries
  • Sheikh Mohamed signs a guest book at the Parliament Building
    Sheikh Mohamed signs a guest book at the Parliament Building
  • Both sides reaffirmed their commitment to strengthening UAE-Hungary relations and exploring new opportunities for collaboration across a variety of sectors
    Both sides reaffirmed their commitment to strengthening UAE-Hungary relations and exploring new opportunities for collaboration across a variety of sectors
  • Sheikh Mohamed and Mr Sulyok during an official reception
    Sheikh Mohamed and Mr Sulyok during an official reception
  • A gift from Hungary is displayed during the reception
    A gift from Hungary is displayed during the reception
  • President Sheikh Mohamed and Prime Minister Viktor Orban of Hungary tour the Carmelite Monastery
    President Sheikh Mohamed and Prime Minister Viktor Orban of Hungary tour the Carmelite Monastery
  • President Sheikh Mohamed and Prime Minister Viktor Orban of Hungary tour the Carmelite Monastery
    President Sheikh Mohamed and Prime Minister Viktor Orban of Hungary tour the Carmelite Monastery
  • Lana Nusseibeh, UAE Assistant Minister for Political Affairs, attends a meeting with Prime Minister Viktor Orban, at Carmelite Monastery
    Lana Nusseibeh, UAE Assistant Minister for Political Affairs, attends a meeting with Prime Minister Viktor Orban, at Carmelite Monastery
  • President Sheikh Mohamed is received by Prime Minister Viktor Orban of Hungary at Carmelite Monastery
    President Sheikh Mohamed is received by Prime Minister Viktor Orban of Hungary at Carmelite Monastery
  • Khaldoon Al Mubarak, Chairman of the UAE Executive Affairs Authority and Managing Director and Group Chief Executive of Mubadala Investment Company, Faisal Al Bannai, Adviser to the UAE President for Strategic Research and Advanced Technology Affairs, Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Managing Director and Group Chief Executive of Adnoc, and Lana Nusseibeh, UAE Assistant Minister for Political Affairs, tour the Carmelite Monastery
    Khaldoon Al Mubarak, Chairman of the UAE Executive Affairs Authority and Managing Director and Group Chief Executive of Mubadala Investment Company, Faisal Al Bannai, Adviser to the UAE President for Strategic Research and Advanced Technology Affairs, Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Managing Director and Group Chief Executive of Adnoc, and Lana Nusseibeh, UAE Assistant Minister for Political Affairs, tour the Carmelite Monastery
  • Sheikh Mohamed and Mr Orban witness the exchange of a Memorandum of Understanding on Investment Co-operation in Food and Agriculture, between the UAE and Hungary. Seen exchanging are Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Managing Director and Group Chief Executive of Adnoc and Chairman of Masdar, and Istvan Nagy, Minister of Agriculture of Hungary
    Sheikh Mohamed and Mr Orban witness the exchange of a Memorandum of Understanding on Investment Co-operation in Food and Agriculture, between the UAE and Hungary. Seen exchanging are Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Managing Director and Group Chief Executive of Adnoc and Chairman of Masdar, and Istvan Nagy, Minister of Agriculture of Hungary
  • President Sheikh Mohamed and Prime Minister Viktor Orban of Hungary at the Carmelite Monastery
    President Sheikh Mohamed and Prime Minister Viktor Orban of Hungary at the Carmelite Monastery
  • The two sides praised the significant progress made in furthering relations
    The two sides praised the significant progress made in furthering relations

He also repeated the UAE’s consistent approach of “building bridges of co-operation with countries around the world and continuing to foster productive partnerships based on collaboration and mutual interests”, Wam said.

Sheikh Mohamed and Mr Orban also witnessed the signing of agreements in areas including data centres and artificial intelligence projects, renewable energy, food and agriculture, family and youth policy, government development, energy storage systems and defence.

Mr Orban later hosted a state dinner in honour of the President and the Emirati delegation, which was attended by Hungarian ministers and senior officials.

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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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.

 

 

Updated: July 18, 2025, 4:20 PM