KL Rahul and Shreyas Iyer return to India squad for Asia Cup 2023

Batters KL Rahul and Shreyas Iyer recovered from their long-term injuries in time to be selected to the Indian team for the upcoming Asia Cup 50-over tournament.

The selectors picked a 17-member squad which also included returning pacers Jasprit Bumrah and Prasidh Krishna, and young batsman Tilak Varma.

While Bumrah and Krishna proved their fitness following back surgeries during the ongoing T20 series in Ireland, there is uncertainty over the match readiness of Rahul (thigh injury) and Iyer (back), especially in the 50-over format.

The management seems to have taken a chance on the batsmen's fitness, given they have not played any competitive cricket for months.

Fast bowlers Mohammad Shami and Mohammad Siraj have been picked, while leg spinner Yuzvendra Chahal failed to make the cut. Wrist spinner Kuldeep Yadav is the lone specialist, with all-rounders Ravindra Jadeja and Axar Patel named as the other slow bowlers.

The Asia Cup squad is more or less the team that will be selected for the ODI World Cup at home. Given the paucity of matches leading up to the showpiece event, the selection committee headed by Ajit Agarkar has been forced to pick players who are not yet certain to last the distance in a 50-over tournament.

Bumrah and Krishna have only just returned to bowling in T20s. While Agarkar announced Iyer has been declared fully fit, Rahul is still carrying a niggle. Sanju Samson has been named as a travelling reserve, underlining the uncertainty surrounding the Indian team.

"We've picked these 18 guys, it [World Cup squad] will be in and around these guys," Agarkar was quoted as saying by ESPNcricinfo. "Few important guys coming back form injury, hopefully all goes well with them. They have a few games now at the Asia Cup. There's a short camp followed by a couple of games before we announce the World Cup squad, but it's quite obvious it'll be around these guys."

The Asia Cup will be held in Sri Lanka and Pakistan from August 30 to September 17, with India's matches to be held in the island nation.

Asia Cup squad: Rohit Sharma (captain), Hardik Pandya (vice-captain), Shubman Gill, Virat Kohli, Shreyas Iyer, Suryakumar Yadav, Tilak Varma, KL Rahul, Ishan Kishan (wk), Ravindra Jadeja, Shardul Thakur, Axar Patel, Kuldeep Yadav, Jasprit Bumrah, Mohammad Shami, Mohammad Siraj, Prasidh Krishna

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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If you go

The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at.
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.

In post-Saddam Hussein Iraq, hope turned into despair – but wheels are beginning to turn again

Bristol statue provides UK with a 'Saddam Hussein moment' in Black Lives Matter protests

Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.

Based: Riyadh

Offices: UAE, Vietnam and Germany

Founded: September, 2020

Number of employees: 70

Sector: FinTech, online payment solutions

Funding to date: $116m in two funding rounds

Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices

How to wear a kandura

Dos

Wear the right fabric for the right season and occasion
Always ask for the dress code if you don’t know
Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts

Wear hamdania for work, always wear a ghutra and agal
Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying

Sukuk explained

Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.