Lewis Hamilton said he was remaining optimistic after a disappointing weekend for Mercedes at the Brazilian Grand Prix. Getty Images
Lewis Hamilton said he was remaining optimistic after a disappointing weekend for Mercedes at the Brazilian Grand Prix. Getty Images
Lewis Hamilton said he was remaining optimistic after a disappointing weekend for Mercedes at the Brazilian Grand Prix. Getty Images
Lewis Hamilton said he was remaining optimistic after a disappointing weekend for Mercedes at the Brazilian Grand Prix. Getty Images

Mercedes and Ferrari progress hit setback after 'miserable' Brazilian Grand Prix


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Lewis Hamilton has predicted Max Verstappen’s staggering domination could continue for the next couple of years.

The seven-time champion punctured the dreams of those who could see the shoots of competitive form emerging lately from the champions arch rivals, Mercedes and Ferrari.

Hamilton was speaking after the Dutchman extended his glory run to a record 17th win of the season with an easy victory in Brazil.

At the same time, Mercedes' renaissance in Texas and Mexico fell flat on its face in Sao Paulo with a performance boss Toto Wolff branded “the worst weekend in 13 years”.

Hamilton finished eighth, almost a minute behind the winner, and teammate George Russell retired with a broken engine.

That was on a circuit where Russell triumphed 12 months ago, and just 14 days after the man in the other Mercedes had pushed Verstappen all the way to the flag in Austin before being disqualified, and followed it up with another second place in Mexico.

“All I can do is try to remain optimistic,” said Hamilton in Brazil. “But the Red Bull is so far away they’re probably going to be very clear for the next couple of years.”

Despite his delight at the car’s form at the last race Hamilton now admitted: “I’m not dazzled by where we are.

“I get messages saying ’Oh, it’s looking good’ but I reply ‘It was looking good this time last year too and then we started the season 1.5 seconds behind'.”

The latest blow comes at the end of a week in which former technical boss Mike Elliott, who championed their disastrous so-called ‘zero sidepod’ design, left the team.

Former Ferrari chief James Allison tightened his grip on technical matters.

Ferrari's Charles Leclerc after crashing in the warm-up lap ahead of the Brazilian Grand Prix. EPA
Ferrari's Charles Leclerc after crashing in the warm-up lap ahead of the Brazilian Grand Prix. EPA

Wolff branded their sudden lack of form as “unacceptable” and “baffling”, saying Mercedes appeared to be racing on “three wheels not four” in their “miserable” car.

Hamilton had been running third early in the race and looked set to carve another slice out of Sergio Perez’s grip on second place in the drivers' championship.

But his slump to eighth, while Red Bull's Mexican driver gamely plodded up to fourth, meant Hamilton shipped another 12 points and now trails by 32 with rounds remaining in Las Vegas on November 19 and Abu Dhabi on November 26.

Hamilton’s analysis also rings true for Ferrari, who also suffered badly in Brazil. Having qualified on the front row, Charles Leclerc failed to make it to the start after a hydraulics failure pitched him into the barriers and teammate Carlos Sainz complained publicly about their troublesome clutch.

Bemoaning his misfortune, Leclerc joked he might detour before Vegas to the Christian religious site of Lourdes to try to turn his luck around.

Such is Red Bull’s scorching pace under genius designer Adrian Newey, their nearest rivals in Brackley and Maranello are falling apart just when the foundations of next year’s challenge should be materialising.

The two legendary teams are separated by just 20 points in the battle for second in the constructors' championship.

Neither team are particularly enamoured at the ‘honour’ of such a distant second to Red Bull except that it is tied to tens of millions extra in prize money.

Max Verstappen claimed his 17th win of the season and was joined on the podium by McLaren's Lando Norris in second and Aston Martin's Fernando Alonso in third. EPA
Max Verstappen claimed his 17th win of the season and was joined on the podium by McLaren's Lando Norris in second and Aston Martin's Fernando Alonso in third. EPA

With at least 44 points on offer in each of the last two events, one big race result could prove decisive.

“The gap is still big in the championship and we have to be aggressive,” admitted Ferrari boss Frederic Vasseur.

Meanwhile, F1 bosses have reportedly assured teams the Abu Dhabi Grand Prix will go ahead despite renewed warnings by Britain’s Foreign Office to its citizens to maintain a “high level of security awareness” in the Gulf because of the “high threat of terrorist attack globally affecting UK interests and British nationals”.

The warning by the government in the country where most of the F1 teams are based is a copy of those being issued in Belgium, France and Bahrain who are also involved in F1.

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Three and a half stars

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Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

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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

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

MATCH INFO

Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD

* Second leg in Australia scheduled for October 10

The Settlers

Director: Louis Theroux

Starring: Daniella Weiss, Ari Abramowitz

Rating: 5/5

Essentials
The flights

Return flights from Dubai to Windhoek, with a combination of Emirates and Air Namibia, cost from US$790 (Dh2,902) via Johannesburg.
The trip
A 10-day self-drive in Namibia staying at a combination of the safari camps mentioned – Okonjima AfriCat, Little Kulala, Desert Rhino/Damaraland, Ongava – costs from $7,000 (Dh25,711) per person, including car hire (Toyota 4x4 or similar), but excluding international flights, with The Luxury Safari Company.
When to go
The cooler winter months, from June to September, are best, especially for game viewing. 

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

THE BIO

Bio Box

Role Model: Sheikh Zayed, God bless his soul

Favorite book: Zayed Biography of the leader

Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet

Favorite food: seafood

Favorite place to travel: Lebanon

Favorite movie: Braveheart

Tearful appearance

Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday. 

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow. 

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.

A spokesman said her upset demeanour was due to a personal matter.

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Updated: November 06, 2023, 5:08 AM