Formula One's opening race of 2021 in Bahrain will see Aston Martin end their 60-year absence from the grid.
Four-time world champion and ex-Ferrari driver Sebastian Vettel will be at the wheel when they debut the AMR21 at Bahrain International Circuit on March 28.
Aston Martin’s return came with the acquisition of the Racing Point team last year, taking over the premises across the road from the Silverstone race circuit.
“It's quite inspirational to get a marque like Aston Martin back in to Formula One after so long,” said team CEO and principal Otmar Szafnauer, who ran Racing Point before the buy-out.
“I'm also very excited with the new driver line-up for this year with Sebastian Vettel and Lance Stroll. We’re really hoping to continue on the same path we left off last year when we won the penultimate race and had some good performances towards the end.”
When the flag drops in Sakhir, it will also be the first time British racing green has been on an F1 grid in 17 years, despite six of the 10 teams currently based in the UK.
In keeping with its partial ownership of Aston Martin, Mercedes-Benz will share the same engines that will power seven-time world champion Lewis Hamilton and teammate Valtteri Bottas.
“The name Aston Martin itself will command on-track performance and I can assure you, Sebastian Vettel is only doing this for one reason, to win," added Szafnauer.
"Everything we do is to make sure we can go faster and that's what the Aston Martin name commands.
“One of the reasons we took the opportunity to work with Seb is that he brings experience we can’t replicate. One example is a race restart when leading.
"We had one opportunity last year where we were leading before it was stopped and restarted but we lost our chance to win and finished third. Vettel has been in that situation so many times, nobody overtakes him at the restart.”
Sergio Perez won last year's race at Sakhir - Racing Point's first in F1 - as the team finished fourth in the constructors' title, seven points behind McLaren. Now with Aston Martin's funding, the team will be hoping to challenge for more victories.
McLaren chief Zak Brown expects intense battles and believes Aston Martin will benefit from the arrival of a "highly motivated" Vettel.
"That whole grouping we were fighting with last year, [Racing Point, Ferrari and Renault] we're going to pick up right where we left off in Abu Dhabi," Brown said at the launch of his own team last week.
"Sebastian Vettel is a multiple champion, so while he didn't have a great season last year, I think he'll be on his A-game and highly motivated, so we’ve got to watch all these guys."
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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
