The web has changed so much about daily life, sometimes in obvious ways – the music industry, for example, has been completely transformed.
The web has changed so much about daily life, sometimes in obvious ways – the music industry, for example, has been completely transformed.
The web has changed so much about daily life, sometimes in obvious ways – the music industry, for example, has been completely transformed.
The web has changed so much about daily life, sometimes in obvious ways – the music industry, for example, has been completely transformed.

How 25 years of the web changed us


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The World Wide Web is a wide-area hypermedia information retrieval initiative aiming to give universal access to a large universe of documents.” Thus ran the description of the very first webpage – written 25 years ago this week. Today, you almost undoubtedly get what it means, but a quarter of a century ago you might have guessed “hypermedia” to be a switch on the bridge of the starship Enterprise. How times have changed.

And indeed, what monumental changes the internet and web have brought. What started as a way to organise and share scientific data has grown into one of the most astonishing and essential inventions of the modern world. Even the idea that there were no websites earlier than 25 years ago seems amazing – for most people born after 1990, the internet has always been there, part of the fabric of existence.

The web has altered so much of daily life, sometimes in obvious ways – the music industry, for example, has been completely transformed. Other elements are less obvious, although they are just as profound. Perhaps even more so.

Among these is the way business treats people. Marketing used to be about finding pockets of potential customers and blasting advertising at them as a group. Today, it is about targeting individuals for a particular brand of marmalade, for instance, based on some complicated, arcane tracking of their habits. Now imagine doing this for every single one of the seven billion people with access to the internet. That’s a mighty powerful tool. To put it in more straightforward terms: people were once seen only as customers – today they are products as well.

Our data, our habits, the websites we visit, how long we spend there, where else we go online, all of these are precious pieces of information that companies mine, aggregrate, research and then sell on. And as the use of the internet has moved to mobile devices, that amount of information has exploded commensurately.

The sum of our lives in the past might be said to equal the collection of faded pictures in a photo album. Today, we still have photos, but they are digital. More importantly, every aspect of our lives has been rendered into data that can be sliced up, joined together or served in any number of ways. And as data, we are as much products to be hawked as the things we buy. After all, how else does Amazon know you need an espresso maker?

GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

Last five meetings

2013: South Korea 0-2 Brazil

2002: South Korea 2-3 Brazil

1999: South Korea 1-0 Brazil

1997: South Korea 1-2 Brazil

1995: South Korea 0-1 Brazil

Note: All friendlies

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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Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

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