• Staff from the Ferrari team inside the Yas Marina Circuit grounds ahead of the Formula One Etihad Airways Abu Dhabi Grand Prix. Photo: Abu Dhabi Motorsports Management
    Staff from the Ferrari team inside the Yas Marina Circuit grounds ahead of the Formula One Etihad Airways Abu Dhabi Grand Prix. Photo: Abu Dhabi Motorsports Management
  • Formula One safety cars are transported to Yas Marina Circuit. Photo: Abu Dhabi Motorsports Management
    Formula One safety cars are transported to Yas Marina Circuit. Photo: Abu Dhabi Motorsports Management
  • A forklift truck moves items in the Yas Marina Circuit paddock. Photo: Abu Dhabi Motorsports Management
    A forklift truck moves items in the Yas Marina Circuit paddock. Photo: Abu Dhabi Motorsports Management
  • Trucks transport team equipment on the Yas Marina Circuit. Photo: Abu Dhabi Motorsports Management
    Trucks transport team equipment on the Yas Marina Circuit. Photo: Abu Dhabi Motorsports Management
  • Preparations for the 2021 Abu Dhabi Grand Prix began long before the teams arrived. A painter uses a machine to paint the track in November ahead of the F1 season finale. Khushnum Bhandari / The National
    Preparations for the 2021 Abu Dhabi Grand Prix began long before the teams arrived. A painter uses a machine to paint the track in November ahead of the F1 season finale. Khushnum Bhandari / The National
  • Preparations and clean up at the Yas Marina Circuit, ahead of the Abu Dhabi Grand Prix. Khushnum Bhandari / The National
    Preparations and clean up at the Yas Marina Circuit, ahead of the Abu Dhabi Grand Prix. Khushnum Bhandari / The National
  • Preparations and clean up took place last month to get the Yas Marina Circuit ready for the finale F1 race of the season. Khushnum Bhandari / The National
    Preparations and clean up took place last month to get the Yas Marina Circuit ready for the finale F1 race of the season. Khushnum Bhandari / The National
  • A painter uses a paint machine to get the Yas Marina Circuit race ready. Khushnum Bhandari / The National
    A painter uses a paint machine to get the Yas Marina Circuit race ready. Khushnum Bhandari / The National
  • Yas Marina Circuit saw some upgrades during preparations for the 2021 Abu Dhabi Grand Prix. Khushnum Bhandari / The National
    Yas Marina Circuit saw some upgrades during preparations for the 2021 Abu Dhabi Grand Prix. Khushnum Bhandari / The National

Lewis Hamilton hits back at rival Verstappen in F1 Abu Dhabi GP build-up


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Lewis Hamilton hit back at title rival Max Verstappen to top the time sheets at the end of the first day’s action for Abu Dhabi’s championship showdown Grand Prix.

The young Dutchman had been fastest in the first session earlier in the day while Hamilton was third.

But when the flag fell after dark for second practice, it was the seven-time champion who got his nose in front.

And there was a whopping 0.6 seconds to his Red Bull rival in fourth.

As the title rivals turned up the gas, both had laps deleted for going off the track.

Between the duo was Esteban Ocon in second and Mercedes' second driver Valtteri Bottas in third.

That made it one session apiece on the first day for the pair as they prepare for the final round on Sunday.

But there is plenty more to come from both drivers as the practice days are used to set up the car and get used to the redesigned track.

In the early, hour-long session, Mercedes had admitted that they were struggling to set their car up for the new, faster layout.

After 21 rounds of the world championship, they are dead level in points. But Verstappen has a significant advantage.

If the rivals crash out together, as they have twice already this season, it will make the Red Bull racer the champion as the championship will go to a countback on wins — and Verstappen has one more.

But the stewards have specifically said that dubious tactics could be met with a points deduction or even being slapped with a ban for a year or more.

Red Bull boss Christian Horner said on Friday there was everything to play for.

“Mercedes look very competitive here, especially the first two sectors, but we come back to them in the third one.

“But we have 24 hours to come up with a solution.”

And he repeated his plea for consistency in stewarding decisions and punishments because his racer feels he is being unfairly punished by stewards after receiving two time penalties at the last race in Saudi Arabia.

“Again, it just comes back to whether you want consistency of rules” Horner said.

“What happened in Turn 4 [in Brazil], what happened wherever it was, should be applied to this race.

“You can't just go and pluck something out of the air and say, ‘yep, that's what will now apply’. That would make a mockery of the policing of the championship.

“This championship has been a pressure cooker and that’s why we go racing. Max has been just amazing. Let’s see if we can do something a bit magic on Sunday.

“I’ve told the team whatever happens, we can be amazingly proud of what we’ve achieved.”

Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

UAE SQUAD

Ahmed Raza (Captain), Rohan Mustafa, Jonathan Figy, CP Rizwan, Junaid Siddique, Mohammad Usman, Basil Hameed, Zawar Farid, Vriitya Aravind (WK), Waheed Ahmed, Karthik Meiyappan, Zahoor Khan, Darius D'Silva, Chirag Suri

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

The years Ramadan fell in May

1987

1954

1921

1888

Citizenship-by-investment programmes

United Kingdom

The UK offers three programmes for residency. The UK Overseas Business Representative Visa lets you open an overseas branch office of your existing company in the country at no extra investment. For the UK Tier 1 Innovator Visa, you are required to invest £50,000 (Dh238,000) into a business. You can also get a UK Tier 1 Investor Visa if you invest £2 million, £5m or £10m (the higher the investment, the sooner you obtain your permanent residency).

All UK residency visas get approved in 90 to 120 days and are valid for 3 years. After 3 years, the applicant can apply for extension of another 2 years. Once they have lived in the UK for a minimum of 6 months every year, they are eligible to apply for permanent residency (called Indefinite Leave to Remain). After one year of ILR, the applicant can apply for UK passport.

The Caribbean

Depending on the country, the investment amount starts from $100,000 (Dh367,250) and can go up to $400,000 in real estate. From the date of purchase, it will take between four to five months to receive a passport. 

Portugal

The investment amount ranges from €350,000 to €500,000 (Dh1.5m to Dh2.16m) in real estate. From the date of purchase, it will take a maximum of six months to receive a Golden Visa. Applicants can apply for permanent residency after five years and Portuguese citizenship after six years.

“Among European countries with residency programmes, Portugal has been the most popular because it offers the most cost-effective programme to eventually acquire citizenship of the European Union without ever residing in Portugal,” states Veronica Cotdemiey of Citizenship Invest.

Greece

The real estate investment threshold to acquire residency for Greece is €250,000, making it the cheapest real estate residency visa scheme in Europe. You can apply for residency in four months and citizenship after seven years.

Spain

The real estate investment threshold to acquire residency for Spain is €500,000. You can apply for permanent residency after five years and citizenship after 10 years. It is not necessary to live in Spain to retain and renew the residency visa permit.

Cyprus

Cyprus offers the quickest route to citizenship of a European country in only six months. An investment of €2m in real estate is required, making it the highest priced programme in Europe.

Malta

The Malta citizenship by investment programme is lengthy and investors are required to contribute sums as donations to the Maltese government. The applicant must either contribute at least €650,000 to the National Development & Social Fund. Spouses and children are required to contribute €25,000; unmarried children between 18 and 25 and dependent parents must contribute €50,000 each.

The second step is to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 per annum for five years. The third step is to invest at least €150,000 in bonds or shares approved by the Maltese government to be kept for at least five years.

Candidates must commit to a minimum physical presence in Malta before citizenship is granted. While you get residency in two months, you can apply for citizenship after a year.

Egypt 

A one-year residency permit can be bought if you purchase property in Egypt worth $100,000. A three-year residency is available for those who invest $200,000 in property, and five years for those who purchase property worth $400,000.

Source: Citizenship Invest and Aqua Properties

The specs

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Transmission: nine-speed

Power: 542bhp

Torque: 700Nm

Price: Dh848,000

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The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

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Updated: December 11, 2021, 3:19 AM