Steve Elling
The changes in global golf can be tougher to read than tea leaves in a tidal surge, but once again, it appears that the US PGA Tour’s fortunes are continuing to rise at the expense of its European cousin.
Few envisioned the latest twist.
For the first time, the US circuit this season moved to a wraparound schedule, similar to the model used by the European Tour for several years.
There was rightful concern in the States that, by finally adding valuable FedEx Cup points to the tournaments in the annexed fall portion of the 2013/14 season, it would lessen the allure of the PGA’s West Coast Swing, now in its penultimate week.
Moreover, if top players who are members of both tours skipped a couple of West Coast appearances, it seemed plausible that early events on the European Tour might actually pick up a few prime commitments, too.
It instead resulted in a double-hit for Europe, like Phil Mickelson’s crazy incident in the final round three weeks ago in Abu Dhabi, where he flailed away in the bushes. Already hurt by player defections to the richer US tour, the European events are dealing with more daunting data following the PGA’s move to a calendar straddling the new year.
It is a small sample, but the rip tide continues – and with three of Europe’s biggest events staged in the UAE, the small print has a local impact.
Beyond hard-core devotees, the stars are all that matter. World-ranking points accorded to event winners are the easiest reflection of field firepower and are directly linked to the number of top players entered.
Of the six US events staged so far on the West Coast or in Hawaii, only the weak-sister event in Palm Springs, California, offered fewer ranking points to the champion than in 2013. The other five? The Honolulu, Torrey Pines and Pebble Beach events offered more points than last year; Kapalua and Phoenix remained unchanged.
In what seems to be a direct yin-and-yang result, four of the five European Tour events staged over the same span suffered drops in ranking points from 2013 levels, including the tournaments in Abu Dhabi and Doha, because of weaker fields. The only tournament to offer more points, versus 2013, was the Omega Dubai Desert Classic, which boasted Tiger Woods and spent an estimated US$8 million (Dh29.4m) on the purse, inducements and appearance fees to celebrate its 25th anniversary.
As with Mickelson, sometimes the maddening maths add up painfully.
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
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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
Two-step truce
The UN-brokered ceasefire deal for Hodeidah will be implemented in two stages, with the first to be completed before the New Year begins, according to the Arab Coalition supporting the Yemeni government.
By midnight on December 31, the Houthi rebels will have to withdraw from the ports of Hodeidah, Ras Issa and Al Saqef, coalition officials told The National.
The second stage will be the complete withdrawal of all pro-government forces and rebels from Hodeidah city, to be completed by midnight on January 7.
The process is to be overseen by a Redeployment Co-ordination Committee (RCC) comprising UN monitors and representatives of the government and the rebels.
The agreement also calls the deployment of UN-supervised neutral forces in the city and the establishment of humanitarian corridors to ensure distribution of aid across the country.
Read more from Kareem Shaheen
What are the influencer academy modules?
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