• Mercedes' British driver Lewis Hamilton arrives ahead of the Bahrain Formula One Grand Prix in Sakhir. AFP
    Mercedes' British driver Lewis Hamilton arrives ahead of the Bahrain Formula One Grand Prix in Sakhir. AFP
  • Lewis Hamilton will start from fifth on the grid. Getty
    Lewis Hamilton will start from fifth on the grid. Getty
  • World champion Max Verstappen of Red Bull arrives at the Bahrain track. Getty
    World champion Max Verstappen of Red Bull arrives at the Bahrain track. Getty
  • Ferrari drivers Carlos Sainz and Charles Leclerc plot their tactics. AFP
    Ferrari drivers Carlos Sainz and Charles Leclerc plot their tactics. AFP
  • Hamilton was leading the championship until the last lap of the final race in Abu Dhabi in 2021 when he was overtaken by Max Verstappen. Getty
    Hamilton was leading the championship until the last lap of the final race in Abu Dhabi in 2021 when he was overtaken by Max Verstappen. Getty
  • Ferrari's Charles Leclerc will be at the front of the grid. AFP
    Ferrari's Charles Leclerc will be at the front of the grid. AFP
  • McLaren's Australian driver Daniel Ricciardo arrives ahead of the Bahrain Formula One Grand Prix. AFP
    McLaren's Australian driver Daniel Ricciardo arrives ahead of the Bahrain Formula One Grand Prix. AFP
  • Ferrari's Spanish driver Carlos Sainz. AFP
    Ferrari's Spanish driver Carlos Sainz. AFP
  • Mercedes' British driver George Russell arrives ahead of the Bahrain Formula One Grand Prix. AFP
    Mercedes' British driver George Russell arrives ahead of the Bahrain Formula One Grand Prix. AFP
  • Pierre Gasly of Alpha Tauri at the Bahrain International Circuit. Getty
    Pierre Gasly of Alpha Tauri at the Bahrain International Circuit. Getty

Sport

F1

Lewis Hamilton and Formula One stars gather for Bahrain Grand Prix - in pictures

Seven-time champion facing a tough task to overhaul faster rivals

Dominic Hart

March 20, 2022

  • English
  • Arabic

Lewis Hamilton knows he is already facing a tough task to reclaim the Formula One crown after finishing down in fifth in qualifying for the opening race of the season in Bahrain.

Hamilton arrived at the track looking determined ahead of the curtain raiser, but his Mercedes was short on pace in Saturday's qualifying – as he feared.

The seven-time champion was denied another title in Abu Dhabi in December when race director Michael Masi wrongly allowed cars between Hamilton and second-placed Max Verstappen through, providing the Dutchman – on fresh tyres – a shot at passing Hamilton, who was on old rubber.

FIA said Masi “acted in good faith and to the best of his knowledge” after he fudged the rules following a late safety car, but all that is now forgotten as we head into the new season in Bahrain.

Ferrari's Charles Leclerc beat Red Bull's Verstappen to pole position on Saturday, with Carlos Sainz, also in a Ferrari, in third.

Hamilton was 0.680 secs off pole and will face an uphill struggle to get on the podium but believes his performance provides him with hope that all is not lost.

“On one side, I generally feel positive. We definitely didn’t expect to be fifth and so I am happy to be in there,” he said.

“The guys ahead are a lot quicker, six tenths is a lot of time, but I do know there is potential and we have to work very, very fast over these next few weeks to close that gap as soon as we can.

“Realistically, we cannot compete with the guys in front of us. But we can fight the guys behind.”

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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UAE'S%20YOUNG%20GUNS
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PREMIER LEAGUE RESULTS

Bournemouth 1 Manchester City 2
Watford 0 Brighton and Hove Albion 0
Newcastle United 3 West Ham United 0
Huddersfield Town 0 Southampton 0
Crystal Palace 0 Swansea City 2
Manchester United 2 Leicester City 0
West Bromwich Albion 1 Stoke City 1
Chelsea 2 Everton 0
Tottenham Hotspur 1 Burnley 1
Liverpool 4 Arsenal 0

Updated: March 20, 2022, 12:29 PM
F1Lewis HamiltonMax Verstappen