• Spain's Mikel Merino celebrates after scoring his side's winning goal in the Euro 2024 quarter-final against Germany in Stuttgart on July 5. AP
    Spain's Mikel Merino celebrates after scoring his side's winning goal in the Euro 2024 quarter-final against Germany in Stuttgart on July 5. AP
  • Merino celebrates after scoring. AP
    Merino celebrates after scoring. AP
  • Merino leaps high to score. AP
    Merino leaps high to score. AP
  • Thomas Muller of Germany looks dejected after Merino's goal. Getty Images
    Thomas Muller of Germany looks dejected after Merino's goal. Getty Images
  • Germany's head coach Julian Nagelsmann after his team's defeat. AFP
    Germany's head coach Julian Nagelsmann after his team's defeat. AFP
  • Spain's head coach Luis de la Fuente speaks with defender Dani Carvajal after his red card. AFP
    Spain's head coach Luis de la Fuente speaks with defender Dani Carvajal after his red card. AFP
  • Spain's goalkeeper Unai Simon dives in vain as Florian Wirtz equalises. AFP
    Spain's goalkeeper Unai Simon dives in vain as Florian Wirtz equalises. AFP
  • Florian Wirtz celebrates his goal. AFP
    Florian Wirtz celebrates his goal. AFP
  • Dani Olmo of Spain, left, celebrates with teammates after scoring the opening goal. EPA
    Dani Olmo of Spain, left, celebrates with teammates after scoring the opening goal. EPA
  • Daniel Olmo breaks the deadlock. AFP
    Daniel Olmo breaks the deadlock. AFP

Spain v Germany: Kroos positive about team's future despite 'bitter' Euro 2024 exit


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Germany midfielder Toni Kroos said he was optimistic about the national team's future despite their "bitter" Euro 2024 quarter-final loss to Spain in extra time on Friday.

Kroos came out of international retirement for the Euros after a personal request from boss Julian Nagelsmann, and the veteran played a crucial role as the home side impressed in their run to the last eight. He had earlier revealed he would retire from all football after the tournament.

After a goalless first half, Spain took the lead when Dani Olmo swept in a pass from teenage winger Lamine Yamal. Germany levelled in the 89th minute when Florian Wirtz sent the game into extra time.

Germany had a penalty appeal for handball turned down before Spain's Mikel Merino headed in the winner in the 119th minute.

"We threw everything in, to lose when we were so close, is bitter," said Kroos, who won five Champions League titles with Real Madrid.

"The elimination is the main focus right now [rather than retirement], because the goal that we had we were unable to achieve and the dream we had is over.

"We played a good tournament but when you're so close, to be eliminated like that, it's bitter."

The 34-year-old insisted better times lie ahead for German football and said the side had brought optimism back to the fans after numerous failures at major tournaments.

"We can all be proud because of what we did. I was happy to help out, I think we gave German football hope again and we got better as we went along.

"I think the team will do it in future, but today we're extremely sad because we would have liked to stay a little longer."

Spain will now play France in Munich on Tuesday after Les Bleus edged past Portugal on penalties in Hamburg. "Well, I'm dead, really," said match-winner Merino. "The adrenaline is taking its toll on me now. It has been a special moment."

Olmo said he was "exhausted really", adding: "It is a source of pride, what a great team we have, how we have fought until the end."

Spain goalkeeper Unai Simon, who thwarted Joshua Kimmich and Kai Havertz in the first half and produced a big save from Niclas Fullkrug in extra time, added: "What we have achieved is historic, winning this match is like a Euros final. We have already celebrated, but we have to recover because in four days we have a semi-final."

One negative for Spain was an injury to midfielder Pedri, who limped off after a heavy challenge from Kroos after just eight minutes.

Olmo, who replaced the Barcelona man, said he hoped he would make a quick recovery.

"It's wonderful for the whole team, I hope Pedri is feeling better, he's an important player for us and this is a story we are all writing together," said Olmo, who plays his club football in Germany with RB Leipzig.

Pedri was shown with a heavily strapped knee after the match and will be a doubt for Spain's semi-final tie.

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part one: how cars came to the UAE

 

Company%20profile
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Suggested picnic spots

Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City
 
Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes 

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

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EKinetic%207%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Rick%20Parish%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Clean%20cooking%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self-funded%3C%2Fp%3E%0A
UFC%20FIGHT%20NIGHT%3A%20SAUDI%20ARABIA%20RESULTS
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Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

ALRAWABI%20SCHOOL%20FOR%20GIRLS
%3Cp%3ECreator%3A%20Tima%20Shomali%3C%2Fp%3E%0A%3Cp%3EStarring%3A%C2%A0Tara%20Abboud%2C%C2%A0Kira%20Yaghnam%2C%20Tara%20Atalla%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A

Director: Romany Saad
Starring: Mirfat Amin, Boumi Fouad and Tariq Al Ibyari

The%20Afghan%20connection
%3Cp%3EThe%20influx%20of%20talented%20young%20Afghan%20players%20to%20UAE%20cricket%20could%20have%20a%20big%20impact%20on%20the%20fortunes%20of%20both%20countries.%20Here%20are%20three%20Emirates-based%20players%20to%20watch%20out%20for.%0D%3Cbr%3E%20%0D%3Cbr%3E%3Cstrong%3EHassan%20Khan%20Eisakhil%3C%2Fstrong%3E%0D%3Cbr%3EMohammed%20Nabi%20is%20still%20proving%20his%20worth%20at%20the%20top%20level%20but%20there%20is%20another%20reason%20he%20is%20raging%20against%20the%20idea%20of%20retirement.%20If%20the%20allrounder%20hangs%20on%20a%20little%20bit%20longer%2C%20he%20might%20be%20able%20to%20play%20in%20the%20same%20team%20as%20his%20son%2C%20Hassan%20Khan.%20The%20family%20live%20in%20Ajman%20and%20train%20in%20Sharjah.%0D%3Cbr%3E%20%0D%3Cbr%3E%3Cstrong%3EMasood%20Gurbaz%3C%2Fstrong%3E%0D%3Cbr%3EThe%20opening%20batter%2C%20who%20trains%20at%20Sharjah%20Cricket%20Academy%2C%20is%20another%20player%20who%20is%20a%20part%20of%20a%20famous%20family.%20His%20brother%2C%20Rahmanullah%2C%20was%20an%20IPL%20winner%20with%20Kolkata%20Knight%20Riders%2C%20and%20opens%20the%20batting%20with%20distinction%20for%20Afghanistan.%0D%3Cbr%3E%20%0D%3Cbr%3E%3Cstrong%3EOmid%20Rahman%3C%2Fstrong%3E%0D%3Cbr%3EThe%20fast%20bowler%20became%20a%20pioneer%20earlier%20this%20year%20when%20he%20became%20the%20first%20Afghan%20to%20represent%20the%20UAE.%20He%20showed%20great%20promise%20in%20doing%20so%2C%20too%2C%20playing%20a%20key%20role%20in%20the%20senior%20team%E2%80%99s%20qualification%20for%20the%20Asia%20Cup%20in%20Muscat%20recently.%0D%3Cbr%3E%3C%2Fp%3E%0A
The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

The President's Cake

Director: Hasan Hadi

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

Rating: 4/5

Updated: July 05, 2024, 9:51 PM