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
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
Results:
First Test: New Zealand 30 British & Irish Lions 15
Second Test: New Zealand 21 British & Irish Lions 24
Third Test: New Zealand 15 British & Irish Lions 15
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.