Newmarket// There was no fairytale for rookie trainer Owen Burrows after Sheikh Hamdan bin Rashid’s Massaat had to play second fiddle to the hugely impressive Galileo Gold in the English 2,000 Guineas here on Saturday.
Galileo Gold handed Al Shaqab Racing and British trainer Hugo Palmer with their first English 2,000 Guineas wins with a performance that suggests next month’s Derby at Epsom could well be within his compass.
Guided by the experience of Frankie Dettori, who banked his third victory in the race and the first since Godolphin’s Island Sands in 1999, Galileo Gold cut out much of the running in the early stages. The son of Group 1-winning miler Paco Boy used his prominent position as a springboard two furlongs from home and powered up the hill to beat Massaat and Paul Hanagan by a length and a half.
Godolphin’s Ribchester, ridden by William Buick, ran a huge race to steal third from Air Vice Marshall, stablemate of disappointing favourite Air Force Blue who was 12th of the 13 runners.
“I am chuffed to bits,” said Burrows. “We were just beaten by a better horse.
“Two furlongs (400m) out I thought it would take a good one to get past him and he ran right to the line. I can’t ask for much more than that.”
Massaat was one of four horses entered for the Derby that ran in the race, with Galileo Gold also a possibility for the first Saturday in June. Burrows was unsure of whether Massaat would handle the step up from 1,600 metres to 2,400 metres, a sentiment shared by Dettori regarding his mount.
“I am convinced he stays a mile and a quarter no problem and he is definitely good enough,” the Italian rider said.
“We’ll see. He did it the hard way. He had the worst of the draw, he had to make his own running two out. Golden Horn may have gone to stud, but I have found a replacement. He took my breath away!”
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Naga
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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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First-round leaderbaord
-5 C Conners (Can)
-3 B Koepka (US), K Bradley (US), V Hovland (Nor), A Wise (US), S Horsfield (Eng), C Davis (Aus);
-2 C Morikawa (US), M Laird (Sco), C Tringale (US)
Selected others: -1 P Casey (Eng), R Fowler (US), T Hatton (Eng)
Level B DeChambeau (US), J Rose (Eng)
1 L Westwood (Eng), J Spieth (US)
3 R McIlroy (NI)
4 D Johnson (US)
