The silver jubilee running of the Dubai World Cup takes place on Saturday at the Meydan Racecourse. Here is all you need to know about the annual horse racing event.
What is it?
The Dubai World Cup is one of the most prestigious and celebrated horse racing events in the world and a key highlight on the UAE sports calendar. This year will be the 25th edition after last year's event was cancelled in response to the coronavirus pandemic. The 2021 event will therefore celebrate the Dubai World Cup's silver jubilee.
The Dubai World Cup meet comprises nine races, culminating in the lucrative Dubai World Cup Group 1 race - one of the richest races in all of horse racing.
When is it?
The 2021 Dubai World Cup takes place March 27.
Where is it?
Meydan Racecourse, Dubai
What races make up the Dubai World Cup?
The Dubai World Cup meeting is set to feature a total of 117 horses from 11 countries for a total prize fund of $26.5m across six Group 1 races, including a race for Purebred Arabians, and three Group 2s.
Here is the list of races with the prize funds and times:
3.45pm: Dubai Kahayla Classic (Purebred Arabians) Group 1 - $750,000
4.15pm: Godolphin Mile Group 2 - $750,000
4.50pm: Dubai Gold Cup Group 2 - $750,000
5.30pm: Al Quoz Sprint Group 1 - $1m
6.05pm: UAE Derby Group 2 - $750,000
6.40pm: Dubai Golden Shaheen Group 1 - $1.5m
7.30pm: Dubai Turf Group 1 - $4m
8.10pm: Dubai Sheema Classic Group 1 - $5m
8.50pm: Dubai World Cup Group 1 - $12m
What is the lineup for the $12m Dubai World Cup?
Displayed is horse's name, trainer, owner:
1. Mystic Guide (USA), Michael Stidham (USA), Godolphin
2. Chuwa Wizard (JPN), Ryuji Okubo (JPN), Shinobu Nakanishi
3. Magny Cours (USA), Andre Fabre (FRA), Godolphin
4. Salute The Soldier (GER), Fawzi Nass (BHR), Victorious
5. Jesus’ Team (USA), Jose Francisco D'Angelo (USA), Grupo 7C Racing Stable
6. Sleepy Eyes Todd (USA) Miguel Angel Silva (USA), Thumbs Up Racing LLC
7. Gifts Of Gold (IRE) Saeed bin Suroor (UAE), Godolphin
8. Hypothetical (IRE), Salem bin Ghadayer (UAE), Sheikh Hamdan bin Mohammed
9. Military Law (IRE), Musabah Al Muhairi (UAE), Nasir Askar
10. Great Scot (GBR), Abdullah Moshrif (KSA), HRH Prince Faisal bin Khaled
11. Thegreatcollection (USA) Doug Watson (UAE), Zaur Sekrekov
12. Title Ready (USA), Dallas Stewart (USA), Charles E Fipke
13. Ajuste Fiscal (URU) Antonio Cintra (URU), Stud La Pomme
14. Capezzano (USA) Salem bin Ghadayer (UAE), Sultan Ali
Can fans attend the 2021 Dubai World Cup?
There will be no fans in attendance at Meydan Racecourse this year, other than a few owners and sponsors' guests, who will adhere to strict social distancing.
How to watch the 2021 Dubai World Cup?
The entire meet can be watched live on the Dubai Racing Channel, while updates, race results and highlights can be found on the @DubaiWorldCup Twitter account and MeydanRacing YouTube Channel.
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
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