Brazil, the holders, will face Spain for the men’s football Olympic gold medal on Saturday after these heavyweight nations of South American and European football saw off the best of Central America and Asia in Tuesday’s semi-finals.
The progress of a strong Spanish side meant heartbreak for the hosts, Japan, beaten by a stunning Marco Asensio goal late in extra-time.
There were 114 goalless minutes on the clock at that stage, and Asensio, with an elegant turn onto his favoured left foot and a curling finish, brought to an end a long day of tense and sometimes attritional duelling.
Brazil and Mexico had earlier cancelled one another through 90 minutes and then extra time without scoring in Kashima, Brazil edging that tie 4-1 on penalties.
Spain, including six of the players who lost last month’s European Championship semi-final in a shoot-out to Italy, at least spared themselves the agony of another lottery from 12 metres and believe they deserve their crack at claiming the top step of the podium.
Japan had weathered some intense pressure towards the end of normal time in Saitama; Spain had most of the possession, and they had been galvanised by Asensio’s introduction as a second half substitute.
But the disappointment for Japan was intense. Captain Maya Yoshida lay flat out on the pitch at the end. On the bench, Takefusa Kubo looked stunned. The winger has been a star of the Olympic run, and was exhausted by the time he was withdrawn, with extra time beckoning. Kubo, a Real Madrid player - though he is usually out on loan - could have warned of the dangers of allowing Madrid’s Asensio to pirouette onto that marvellous left foot.
His was a goal worth waiting for. The wait had been long. This Olympics has not been short of them overall, with some thrilling see-saw matches such as the seven-goal South Africa-France game, the five-goal Saudi Arabia-Germany meeting and some emphatic scorelines in the group phase.
The quarter-finals then gave us Spain 5, Ivory Coast 2, after extra time, and South Korea and Mexico serving up nine goals. But the semis is where tension really rises, even without spectators in the stadiums, and there were symptoms of risk-avoidance.
In the end, experience told. Asensio is only 25 but has two Liga titles and two Champions League wins to his name. He also has points to make after two years where injury and inconsistent form diminished his status both at Madrid and in the senior Spain squad, which did not include him at the Euros.
As for Brazil, they have, wearing the skipper’s armband in Japan, the most worldly of contemporary footballers. Dani Alves won his first senior silverware in 2002, before some of the players taking part at the Games were born. The regulation that allows each Olympic squad three footballers over 24 means the likes of Alves, who accumulated 43 club trophies with Barcelona, Juventus, Paris Saint-Germain and others, and Asensio can impose their sense of hierarchy.
It counted on Tuesday, Asensio smoothing Spain’s path to the Yokohama final, Dani Alves giving Brazil a lead in the penalty shoot-out that seemed to crush Mexico’s confidence.
Both finalists must now combat fatigue. Brazil toiled at times against Mexico and the longer the sides stayed on level teams, with Richarlison heading against the post late in normal time, the more the gold medal holders were made anxious. After all, at the London 2012 Games, Mexico beat Brazil in the final; in senior regional tournaments, they have a modern habit of disrupting the progress of the more celebrated football nation.
More than that, this Mexico team had until Tuesday festooned the competition with goals - four against France and three against South Africa in the group phase; six in that wild quarter-final against South Korea.
In the end it came down to relative coolness in a shoot-out, several generations of Brazilian talent up against the veteran Mexico goalkeeper Guillermo Ochoa. The 36-year-old has a sound reputation facing spot-kicks. Then again, Dani Alves, 38, has an impeccable reputation facing pressure. Having converted the first penalty he was a picture of focussed ambition, rallying his younger team-mates when his goalkeeper, Santos, saved the first Mexican penalty.
The lead in the shoot-out grew to 3-0 after Arsenal’s Gabriel Martinelli converted, Johan Vasquez hit the post with Mexico’s second spot-kick and Bruno Guimaraes scored for the reigning champions. Reinier, the teenager who is half Dani Alves’ age, confirmed Brazil’s place in the final by completing a flawless set of spot-kicks.
Mexico and Japan will now contest the bronze medal on Friday. The following day Dani Alves will seek gold medal number 44 in his career, his first at an Olympic Games.
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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
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
UAE currency: the story behind the money in your pockets
ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
UAE currency: the story behind the money in your pockets
Straightforward ways to reduce sugar in your family's diet
- Ban fruit juice and sodas
- Eat a hearty breakfast that contains fats and wholegrains, such as peanut butter on multigrain toast or full-fat plain yoghurt with whole fruit and nuts, to avoid the need for a 10am snack
- Give young children plain yoghurt with whole fruits mashed into it
- Reduce the number of cakes, biscuits and sweets. Reserve them for a treat
- Don’t eat dessert every day
- Make your own smoothies. Always use the whole fruit to maintain the benefit of its fibre content and don’t add any sweeteners
- Always go for natural whole foods over processed, packaged foods. Ask yourself would your grandmother have eaten it?
- Read food labels if you really do feel the need to buy processed food
- Eat everything in moderation
