Miami are getting hot waiting for Wade's decision

MIAMI // Dwyane Wade is not ready to give any answers, so he decided not to take any questions. His appearance at a news conference yesterday in South Florida was postponed, the latest chapter in a free agency saga that has the Miami Heat on edge about the possibility of losing him to another team. Wade's youth basketball camp started yesterday, and the planned itinerary included a question-and-answer session alongside Alonzo Mourning about a charity weekend they will headline in South Florida later this month. Shortly after midnight, officials for the charity event said the news conference would be rescheduled.

Wade and camp officials reportedly had concerns that free agency would be the only matter discussed. About 150 Heat employees showed up in a caravan of four buses at the camp at Nova Southeastern University in Davie, Florida, just north of Miami. They formed a semicircle around the front entrance, most wearing Wade shirts and jerseys. When Wade came down the stairs and saw the group waiting for him, he broke into a wide smile, then walked through the front door with both hands raised as the employee chanted: "We want Wade! We want Wade!"

"I see I can't get rid of you all," Wade told the group. A free agent for the first time, Wade is torn between staying in Miami and playing elsewhere, most likely Chicago. He has had at least two conversations with the Bulls, and has met with the New York Knicks and New Jersey Nets. He has also talked with the Heat, and he met with Micky Arison, the owner, yesterday, a few hours after arriving back in Miami for the first time since free agency began.

Wade and Chris Bosh, another high-profile free agent, are both represented by Henry Thomas, a Chicago-based agent. "They want to feel like they have evaluated everything about each situation," Thomas wrote in an e-mail to The Associated Press. "It is fair to say, that the decision for both has been harder than either imagined. * AP

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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