• Tiger Woods on the 18th hole after missing the cut during the second round at The Open at St Andrews on Friday, July 15, 2022. EPA
    Tiger Woods on the 18th hole after missing the cut during the second round at The Open at St Andrews on Friday, July 15, 2022. EPA
  • Tiger Woods acknowledges the fans as he walks over the Swilken Bridge. Reuters
    Tiger Woods acknowledges the fans as he walks over the Swilken Bridge. Reuters
  • Tiger Woods plays out of a bunker on the sixth hole during the second round of the The Open. AP
    Tiger Woods plays out of a bunker on the sixth hole during the second round of the The Open. AP
  • Phil Mickelson also failed to make the cut on Friday. Reuters
    Phil Mickelson also failed to make the cut on Friday. Reuters
  • Phil Mickelson at St Andrews, Scotland. Getty
    Phil Mickelson at St Andrews, Scotland. Getty
  • Rory McIlroy during the second round on Friday. EPA
    Rory McIlroy during the second round on Friday. EPA
  • Australian Cameron Smith leads The Open at the halfway stage. EPA
    Australian Cameron Smith leads The Open at the halfway stage. EPA

Golf

Tiger Woods turned down $700m-$800m offer to join LIV Golf, reveals Greg Norman

American has been critical of players who joined the series, accusing them of turning their backs on the PGA Tour

The National

August 02, 2022

  • English
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LIV Golf CEO Greg Norman has revealed that Tiger Woods turned down an offer “somewhere in the neighbourhood” of $700 million to $800m to join the breakaway tour.

During an appearance on Fox News that aired on Monday night, Norman confirmed what he told the Washington Post in a story two months ago, that the offer was “mind-blowingly enormous; we’re talking about high nine digits.”

The 46-year-old Woods, a 15-time major champion, has been opposed to LIV Golf since late last year, and he delivered his strongest comments at the Open Championship last month when he said players who joined the series had “turned their back” on the PGA Tour that made them famous.

“That number was out there before I became CEO. So that number has been out there, yes,” Norman said in the Fox News interview, which took place on Sunday at Trump National in Bedminster, New Jersey, where the third LIV Golf Invitational was held.

“And, look, Tiger is a needle-mover and of course you have to look at the best of the best,” Norman said. “So they had originally approached Tiger before I became CEO. So, yes, that number was somewhere in that neighbourhood.”

Various reports out of the UK have said Phil Mickelson received a $200m signing bonus, while Dustin Johnson received $150m. The 48-man fields, which play 54 holes with no cut, offer $25m in prize money at each event. Norman announced a 14-tournament schedule for next year.

LIV Golf currently has only one player – Johnson at No 18 – ranked in the top 20 in the world.

Asked why his rival tour has caused such an uproar among American golf fans, Norman said: “I don’t know, I really don’t care. I just love the game so much and I want to grow the game of golf and we at LIV see that opportunity not just for the men but for the women.”

The LIV Golf Invitational is off for a month during the FedEx Cup playoffs on the PGA Tour, returning over Labour Day weekend about an hour west of Boston, and then two weeks later plays in the Chicago suburbs.

Henrik Stenson, who was stripped of the Ryder Cup captaincy over his decision to join LIV Golf, won the third event on his debut. That followed Charl Schwartzel's victory at the inaugural event in London and Brendan Grace taking the title at the second tournament in Portland.

The bio

Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.

Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.

Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.

Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.

While you're here
While you're here
Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Mohammed bin Zayed Majlis
Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

Brief scores:

Everton 0

Leicester City 1

Vardy 58'

'The worst thing you can eat'

Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.

Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines: 

Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.

Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.

Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.

Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.

Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.

More on Quran memorisation:
RESULTS

5pm: Maiden (PA) Dh80,000 2,200m
Winner: Arjan, Fabrice Veron (jockey), Eric Lemartinel (trainer).

5.30pm: Maiden (PA) Dh80,000 1,400m​​​​​​​
Winner: Jap Nazaa, Royston Ffrench, Irfan Ellahi.

6pm: Al Ruwais Group 3 (PA) Dh300,000 1,200m​​​​​​​
Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinal.

6.30pm: Shadwell Gold Cup Prestige Dh125,000 1,600m​​​​​​​
Winner: AF Sanad, Bernardo Pinheiro, Khalifa Al Neyadi.

7pm: Shadwell Farm Stallions Handicap (PA) Dh70,000 1,600m​​​​​​​
Winner: Jawal Al Reef, Patrick Cosgrave, Abdallah Al Hammadi.

7.30pm: Maiden (TB) Dh80,000 1,600m​​​​​​​
Winner: Dubai Canal, Harry Bentley, Satish Seemar.

While you're here
While you're here
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

Squads

Australia: Finch (c), Agar, Behrendorff, Carey, Coulter-Nile, Lynn, McDermott, Maxwell, Short, Stanlake, Stoinis, Tye, Zampa

India: Kohli (c), Khaleel, Bumrah, Chahal, Dhawan, Shreyas, Karthik, Kuldeep, Bhuvneshwar, Pandey, Krunal, Pant, Rahul, Sundar, Umesh

UAE currency: the story behind the money in your pockets
Updated: June 09, 2023, 12:14 PM
Golf