Abu Dhabi second last on 2012 Formula One season calendar


  • English
  • Arabic

BARCELONA // Brazil will host the last race next year but the UAE capital continues to be at the business end of the season and could well still see the world champion being decided.

In a packed calendar released today with a record 21 races, Abu Dhabi Grand Prix will be second from last while the Turkish Grand Prix has retained its place, subject to confirmation.

The race at the Istanbul circuit had been called into question when local organisers said it faced the axe because of a disagreement over payments to commercial supremo Bernie Ecclestone.

The calendar issued by the governing International Automobile Federation (FIA) after a meeting of the world motor sport council in Barcelona listed Turkey as the sixth round of the season on May 6.

Bahrain, whose season-opening race was postponed this season but reinstated on Friday to an October 30 slot on a 20-race calendar, will again be the first round of the 2012 championship on March 11.

But in a departure from this season, Korea will move to April 22 from their current October slot.

The United States return with a new race in Austin, Texas, on June 17 and the weekend after the Canadian Grand Prix in Montreal.

The season will end with a string of five long-haul races for the Europe-based teams with Singapore on September 30, followed by Japan, India, Abu Dhabi and Brazil as the finale on November 25.

Calendar:

March 11 - Bahrain

March 18 - Australia

April 1 - Malaysia

April 8 - China

April 22 - South Korea

May 6 - Turkey*

May 20 - Spain

May 27 - Monaco

June 10 - Canada

June 17 - United States

July 1 - Valencia, Spain

July 15 - Britain

July 29 - Germany

Aug 5 - Hungary

Sept 2 - Belgium

Sept 9 - Italy

Sept 30 - Singapore

Oct 14 - Japan

Oct 28 - India

Nov 11 - Abu Dhabi

Nov 25 - Brazil

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