David Luz has returned to Chelsea two years after leaving for Paris St-Germain in a world record deal. Sergio Perez / Reuters
David Luz has returned to Chelsea two years after leaving for Paris St-Germain in a world record deal. Sergio Perez / Reuters
David Luz has returned to Chelsea two years after leaving for Paris St-Germain in a world record deal. Sergio Perez / Reuters
David Luz has returned to Chelsea two years after leaving for Paris St-Germain in a world record deal. Sergio Perez / Reuters

David Luiz’s Chelsea return and Moussa Sissoko to Tottenham tip Premier League spending over £1 billion


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David Luiz made a surprise return to Chelsea on Wednesday as Premier League clubs splashed out on the final day of a record-breaking, £1 billion transfer window.

In late deals, Brazil defender Luiz, 29, returned after two years at Paris Saint-Germain, while France midfielder Moussa Sissoko left Newcastle United for Tottenham Hotspur.

The two moves took Premier League spending to about £1.17bn (Dh4.83bn), smashing the record of £870 million for a single transfer window set last year.

Enriched by a new £5.14bn domestic TV rights deal, 13 of the 20 Premier League clubs broke their transfer records during the two-month window, in a spree that put Europe’s other top divisions in the shade.

The big leagues of Italy, Spain, Germany and France spent far less. Italy’s Serie A, the next biggest spender, parted with £595m, according to industry website transfermarkt.com.

One beneficiary of the Premier League’s first £1bn spend was Luiz, who is back just two years after he became the world’s most expensive defender with a £50m move to PSG.

More football transfer news:

• From Kante to Sane: The 10 most important Premier League transfers this summer

• Barcelona sign Paco Alcacer: 'To play with Messi, Neymar and Suarez will be a privilege'

• Asamoah Gyan: Ghana captain and ex-Al Ain striker completes loan move to Al Ahli

Luiz has returned to Stamford Bridge for a reported fee of around £34m.

“I’m delighted to return to Chelsea,” Luiz told the Chelsea website after signing a three-year contract.

“We had a fantastic story during my first time at the club and I want to help the team and (manager) Antonio Conte achieve a lot of success.”

Chelsea also signed Spanish leftback Marcos Alonso from Fiorentina for a reported £23m, while Colombian winger Juan Cuadrado left for Juventus on a three-year loan.

Sissoko, 27, looked poised to join Everton for much of the day, only for Tottenham to pip the Merseyside club with a late bid. He signed a five-year contract and is thought to have cost Spurs around £30m.

Tottenham also signed France Under-21 winger Georges-Kevin Nkoudou from Marseille for £11m, with Cameroon forward Clinton Njie going the other way on a season’s loan.

Everton consoled themselves with a loan deal for West Ham United’s Ecuadorean forward Enner Valencia.

At Manchester City, five players left the Abu Dhabi-backed club on season-long loans.

England goalkeeper Joe Hart completed his move to Italian side Torino and French midfielder Samir Nasri joined Europa League champions Sevilla.

Wilfried Bony moved to Stoke City, French centre-back Eliaquim Mangala signed for Valencia and defender Jason Denayer joined Sunderland.

Champions Leicester City broke their transfer record with the £29.7m capture of Sporting Lisbon’s Algerian striker Islam Slimani, who agreed a five-year contract.

Sunderland also broke their club record by signing 22-year-old Gabon midfielder Didier Ndong from French side Lorient for a confirmed fee of £16m.

Burnley were another club to make the biggest purchase in their history, buying Irish midfielder Jeff Hendrick from Derby County for a reported £10m.

Mario Balotelli’s miserable spell at Liverpool is finally over after he joined French club Nice on a free transfer.

The Italian forward scored just four goals in 28 appearances for Liverpool and spent last season on loan at AC Milan.

Arsenal’s injury-prone England international midfielder Jack Wilshere was loaned to Bournemouth after slipping down the pecking order at the Emirates Stadium.

While there was a flurry of activity among English clubs, Europe’s other major leagues saw a relatively quiet deadline day.

In addition to City’s Mangala, Spanish side Valencia signed Argentina international centre-back Ezequiel Garay from Zenit St Petersburg for a reported €20m (Dh81.9m).

Espanyol, who are now under Chinese ownership, signed goalkeeper Diego Lopez on loan from AC Milan and secured a loan deal for Mexico defender Diego Reyes from Porto.

In Germany, Werder Bremen signed German winger Serge Gnabry from Arsenal, and Hamburg landed Brazilian defender Douglas from Atletico Mineiro for €10m.

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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

Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company

Opening day UAE Premiership fixtures, Friday, September 22:

  • Dubai Sports City Eagles v Dubai Exiles
  • Dubai Hurricanes v Abu Dhabi Saracens
  • Jebel Ali Dragons v Abu Dhabi Harlequins
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