Fireworks explode off the Sydney Harbour Bridge during the midnight fireworks display on New Year's Eve on Sydney Harbour. Cameron Spencer / Getty Images
Fireworks explode off the Sydney Harbour Bridge during the midnight fireworks display on New Year's Eve on Sydney Harbour. Cameron Spencer / Getty Images
Fireworks explode off the Sydney Harbour Bridge during the midnight fireworks display on New Year's Eve on Sydney Harbour. Cameron Spencer / Getty Images
Fireworks explode off the Sydney Harbour Bridge during the midnight fireworks display on New Year's Eve on Sydney Harbour. Cameron Spencer / Getty Images

Down Under, there is great optimism about 2015


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The bushfires currently raging in Victoria and South Australia are probably not the way the country wanted to begin its year – and technically, it didn’t. At the stroke of midnight, Sydney lived up to its reputation of laying on the best free party in the world. I know because I was there. For the last three months I’ve been living and working in Australia, and with my final days being spent in a hotel in central Sydney, I saw in the New Year in some style at Sydney Harbour.

The event involved a spectacular firework display above the Opera House at midnight, and ended with a pyrotechnic cascade of fire from the city’s famous old bridge. Similar offerings around the world included London’s nearly 14 tonnes of fireworks around Big Ben and Dubai’s 70,000 LED panels, which transformed the world’s tallest building, the 830-metre Burj Khalifa, into a spectacular light show.

There were signs that Sydney was taking a slightly more pragmatic view of the customary new year’s eve spirit of joyous optimism. The numbers of revellers was considerably down on recent years, even though it was still over a million.

One of the contributory factors of this decline was thought to be the vague but tangible threat of terrorist attack.

The idea that Sydney – or anywhere else in Australia – could be a possible target for an act of extremist violence was, until recently, unthinkable. But then came the Martin Place siege in early December. And with it, everything changed.

Indeed, the news has been sobering here for the past 12 months. In June, the Malaysian passenger aircraft MH17 was shot down in the skies over Ukraine, claiming the lives of 28 Australian nationals. In late December, the country found itself shaken once again by the senseless and horrifying slaying of eight children by their mother in North Queensland.

The massacre, shocking at any time, had added poignancy due to its proximity to Christmas.

Economically too, Australia faces a difficult time. For a decade now the domestic economy has been prospering on the back of a mining boom, and everywhere you look the benefits have been apparent. “If you wish to gauge the prosperity of a nation, look at its restaurants,” said an economist friend of mine, and if his theory is correct then Australia still seemed to me a land of plenty.

Yet with investment shrinking and the price of iron ore falling by 47 per cent in the last 12 months, prime minister Tony Abbott’s current coalition government faces a budget deficit and tough economic choices

Overshadowing everything is the threat posed by climate change to the Australian way of life. Scientists may argue all they like as to whether global warming is a cyclical phenomenon or a man-made catastrophe, but for many who live and work in Australia the debate is already over. The news bulletins chronicle an almost daily digest of drought, soaring temperatures and increasingly savage bushfires.

The inevitable consequence has been economic hardship for farmers, cattlemen and others whose livelihood depends on the great outdoors. Much hope was invested in Mr Abbott being able to express the country’s environmental concerns at the G20 summit in Brisbane last October, but as so often happens at such events, the occasion proved – if you’ll excuse the phrase – so much hot air.

Despite all this, the Sydney celebration, like other new year parties on this poor, beaten-up old planet of ours, from Rio to Moscow, demonstrated humanity’s greatest quality – our infinite capacity for believing, no matter the evidence to the contrary, that the world can become a better place.

“Optimism,” wrote Voltaire, “is the madness of insisting all will be well when we are miserable.” Maybe so, but thank goodness I didn’t have to stand next to him last Wednesday. He might have spoilt all the fun.

Michael Simkins is an actor and writer usually based in London

Brave CF 27 fight card

Welterweight:
Abdoul Abdouraguimov (champion, FRA) v Jarrah Al Selawe (JOR)

Lightweight:
Anas Siraj Mounir (TUN) v Alex Martinez (CAN)

Welterweight:
Mzwandile Hlongwa (RSA) v Khamzat Chimaev (SWE)

Middleweight:
Tarek Suleiman (SYR) v Rustam Chsiev (RUS)
Mohammad Fakhreddine (LEB) v Christofer Silva (BRA)

Super lightweight:
Alex Nacfur (BRA) v Dwight Brooks (USA)

Bantamweight:
Jalal Al Daaja (JOR) v Tariq Ismail (CAN)
Chris Corton (PHI) v Zia Mashwani (PAK)

Featherweight:
Sulaiman (KUW) v Abdullatip (RUS)

Super lightweight:
Flavio Serafin (BRA) v Mohammad Al Katib (JOR)

Meydan racecard:

6.30pm: Al Maktoum Challenge Round 2 (PA) Group 1 | US$75,000 (Dirt) | 2,200 metres

7.05pm: UAE 1000 Guineas (TB) Listed | $250,000 (D) 1,600m

7.40pm: Meydan Classic Trial (TB) Conditions $100,000 (Turf) 1,400m

8.15pm: Al Shindagha Sprint (TB) Group 3 $200,000 (D) 1,200m

8.50pm: Handicap (TB) $175,000 (D) 1,600m

9.25pm: Handicap (TB) $175,000 (T) | 2,000m

10pm: Handicap (TB) $135,000 (T) 1,600m

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 specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
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UAE v United States, T20 International Series

Both matches at ICC Academy, Dubai. Admission is free.

1st match: Friday, 2pm

2nd match: Saturday, 2pm

UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Rameez Shahzad, Amjad Gul, CP Rizwan, Mohammed Boota, Abdul Shakoor, Ahmed Raza, Imran Haider, Sultan Ahmed, Zahoor Khan, Amir Hayat

USA squad: Saurabh Netravalkar (captain), Jaskaran Malhotra, Elmore Hutchinson, Aaron Jones, Nosthush Kenjige, Ali Khan, Jannisar Khan, Xavier Marshall, Monank Patel, Timil Patel, Roy Silva, Jessy Singh, Steven Taylor, Hayden Walsh

Poacher
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COMPANY PROFILE
Name: Akeed

Based: Muscat

Launch year: 2018

Number of employees: 40

Sector: Online food delivery

Funding: Raised $3.2m since inception 

THE BIO

Born: Mukalla, Yemen, 1979

Education: UAE University, Al Ain

Family: Married with two daughters: Asayel, 7, and Sara, 6

Favourite piece of music: Horse Dance by Naseer Shamma

Favourite book: Science and geology

Favourite place to travel to: Washington DC

Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.

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Engine: 4.0-litre twin-turbo V8

Transmission: nine-speed automatic

Power: 542bhp

Torque: 700Nm

Top speed: 291kph

Price: Dh848,000

On sale: Q2, 2020
 

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Tree of Hell

Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla

Director: Raed Zeno

Rating: 4/5

'Ashkal'
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England's lowest Test innings

- 45 v Australia in Sydney, January 28, 1887

- 46 v West Indies in Port of Spain, March 25, 1994

- 51 v West Indies in Kingston, February 4, 2009

- 52 v Australia at The Oval, August 14, 1948

- 53 v Australia at Lord's, July 16, 1888

- 58 v New Zealand in Auckland, March 22, 2018