Delays a cause for concern for Euro 2012 co-hosts Poland


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Poland's top auditing office says delays in preparing to co-host the 2012 European Championship could threaten the running of the event.

The Supreme Audit Office says the most serious delays are in building roads that are needed to move fans among four of the Polish cities hosting games. It also noted delays in building the National Stadium in Warsaw and in modernising train stations.

The report was published yesterday, almost exactly a year before the event, being co-hosted by Poland and Ukraine, opens on June 8, 2012.

The report says: "the scale of the delays, abandoned projects and poorly executed investments is so large that it could endanger the proper course of the event".

Elsewhere, Lionel Messi and his Argentina teammates will travel to India later this year to take on Venezuela in a friendly designed to boost football on the subcontinent.

The Fifa-sanctioned game is scheduled for September 2 in the eastern city of Kolkata. The Argentine team will then travel to Bangladesh, where they will take on Nigeria.

The Argentina squad will arrive in Kolkata on August 30 and will take part in a number of charity events. It was unclear if Fifa World Player of the Year Messi, whose club side Barcelona begin their Primera Liga title defence the day before, would fly out with his Argentina teammates or join the tour later.

Though football is yet to take off in cricket-mad India, the size of its population and the associated commercial potential has long seen it regarded as one of the great untapped markets for the sport.

* Agencies

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Group 1 (Purebred Arabian) 2000m Dubai Kahayla Classic - $750,000
Group 2 1,600m(Dirt) Godolphin Mile - $750,000
Group 2 3,200m (Turf) Dubai Gold Cup – $750,000
Group 1 1,200m (Turf) Al Quoz Sprint – $1,000,000
Group 2 1,900m(Dirt) UAE Derby – $750,000
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Group 1 1,800m (Turf) Dubai Turf –  $4,000,000
Group 1 2,410m (Turf) Dubai Sheema Classic – $5,000,000
Group 1 2,000m (Dirt) Dubai World Cup– $12,000,000

Key developments

All times UTC 4

'The worst thing you can eat'

Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.

Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines: 

Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.

Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.

Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.

Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.

Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

MATCH INFO

Rugby World Cup (all times UAE)

Final: England v South Africa, Saturday, 1pm

Blackpink World Tour [Born Pink] In Cinemas

Starring: Rose, Jisoo, Jennie, Lisa

Directors: Min Geun, Oh Yoon-Dong

Rating: 3/5

India squads

T20: Rohit Sharma (c), Shikhar Dhawan, KL Rahul, Sanju Samson, Shreyas Iyer, Manish Pandey, Rishabh Pant, Washington Sundar, Krunal Pandya, Yuzvendra Chahal, Rahul Chahar, Deepak Chahar, Khaleel Ahmed, Shivam Dube, Shardul Thakur

Test: Virat Kohli (c), Rohit Sharma, Mayank Agarwal, Cheteshwar Pujara, Ajinkya Rahane, Hanuma Vihari, Wriddhiman Saha (wk), Ravindra Jadeja, Ravichandran Ashwin, Kuldeep Yadav, Mohammed Shami, Umesh Yadav, Ishant Sharma, Shubman Gill, Rishabh Pant

Brief scoreline:

Liverpool 2

Mane 51', Salah 53'

Chelsea 0

Man of the Match: Mohamed Salah (Liverpool)

If you go:

 

Getting there:

Flying to Guyana requires first reaching New York with either Emirates or Etihad, then connecting with JetBlue or Caribbean Air at JFK airport. Prices start from around Dh7,000.

 

Getting around:

Wildlife Worldwide offers a range of Guyana itineraries, such as its small group tour, the 15-day ‘Ultimate Guyana Nature Experience’ which features Georgetown, the Iwokrama Rainforest (one of the world’s four remaining pristine tropical rainforests left in the world), the Amerindian village of Surama and the Rupununi Savannah, known for its giant anteaters and river otters; wildlifeworldwide.com

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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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