The new-look Virgin Racing Formula One team from left, Timo Glock, sponsor Richard Branson, and new driver Lucas Di Grassi.
The new-look Virgin Racing Formula One team from left, Timo Glock, sponsor Richard Branson, and new driver Lucas Di Grassi.
The new-look Virgin Racing Formula One team from left, Timo Glock, sponsor Richard Branson, and new driver Lucas Di Grassi.
The new-look Virgin Racing Formula One team from left, Timo Glock, sponsor Richard Branson, and new driver Lucas Di Grassi.

Di Grassi joins Glock at Virgin Racing


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LONDON // Brazilian rookie Lucas di Grassi will partner Germany's Timo Glock when the new Virgin Racing Formula One team makes its race debut next year. The team, originally entered as Manor Grand Prix, presented both drivers at a launch attended by Virgin owner Richard Branson, whose Virgin Group sponsored champions Brawn GP this season. "We had an incredible season, we loved being the David versus Goliath," said Branson of his involvement with Brawn, who emerged from the ashes of departed Honda and won six of the first seven races.

Brawn have since been taken over by Mercedes. "Brawn were very much the David. At the end of the season they became the Goliath," said Branson. "So we searched around for another great team and we think we have come up with some brilliant engineers and drivers. "They are very much another David and we'll see how it goes." Virgin, billing themselves as "a new team for a new era", will have a car designed by former Simtek owner Nick Wirth using exclusively computational fluid dynamics rather than traditional wind tunnel testing.

Manor founder John Booth will be the sporting director while Alex Tai, formerly director of special projects for the Virgin Group, will be team principal. "I've never had any ambitions to be in Formula One, purely because it was so out of reach," Booth said in a statement. "The FIA in their wisdom quite rightly decided to introduce some sort of cost restriction. At the same time as making Formula One more affordable for its current competitors, it opened up our own horizons and that of other teams."

Etienne de Villiers, the former president of the men's ATP tennis tour, will be non-executive chairman. Glock raced for Toyota last year while Di Grassi, 25, was previously a Renault reserve. * Reuters

Company profile

Date started: December 24, 2018

Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer

Based: Dubai Media City

Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)

Sector: ConsumerTech and FinTech

Cashflow: Almost $1 million a year

Funding: Series A funding of $2.5m with Series B plans for May 2020

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

Company Profile
Company name: OneOrder

Started: October 2021

Founders: Tamer Amer and Karim Maurice

Based: Cairo, Egypt

Industry: technology, logistics

Investors: A15 and self-funded 

Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

Switching%20sides
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Bharat

Director: Ali Abbas Zafar

Starring: Salman Khan, Katrina Kaif, Sunil Grover

Rating: 2.5 out of 5 stars

SPEC%20SHEET%3A%20APPLE%20IPHONE%2015%20PRO%20MAX
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The biog

Name: Greg Heinricks

From: Alberta, western Canada

Record fish: 56kg sailfish

Member of: International Game Fish Association

Company: Arabian Divers and Sportfishing Charters

THE BIO

Bio Box

Role Model: Sheikh Zayed, God bless his soul

Favorite book: Zayed Biography of the leader

Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet

Favorite food: seafood

Favorite place to travel: Lebanon

Favorite movie: Braveheart