Fernando Alonso grimaces after finishing 12th.
Fernando Alonso grimaces after finishing 12th.
Fernando Alonso grimaces after finishing 12th.
Fernando Alonso grimaces after finishing 12th.

Ferrari are left lagging behind


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ISTANBUL // The Turkish Grand Prix ought to have been a memorable event for Ferrari as they participate in their 800th world championship grand prix. The Italian team is the only one to have been present every season since Formula One's creation in 1950, but it will need a sizeable slice of luck to take anything away from their landmark event.

Felipe Massa lines up eighth today, while teammate Fernando Alonso - the Red Bull drivers' closest challenger in the world title race - will start only 12th. "We're not back there because something strange happened," Alonso said. "We're there because we deserve to be. It's very simple: we aren't fast enough and are probably only the fifth fastest team at the moment, behind Red Bull, McLaren, Renault and Mercedes."

Alonso failed to make it into the final part of qualifying yesterday, but denied that a wheel-locking moment on a crucial lap was a significant factor. "At that point, I was already slightly slower than my previous best time," he said. "I was simply pushing a bit too hard in an effort to compensate." Alonso expects Canada - a cocktail of long, fast straights and slow corners - in two weeks' time to suit Ferrari's F10 chassis better, and beyond that a significant upgrade is due in time for the Grand Prix of Europe, in Valencia.

"Hopefully," he said, "that will enable us to start challenging for pole position again. In the meantime, we just have to score as many points as we can and hope that the Red Bulls don't get too far ahead, although that is obviously not something we can control. "We all had high expectations at the start of the year, but obviously there are going to be some weekends when we'll struggle - that seems to be the same for most teams."

Most, that is, bar one. The short-term outlook is mildly brighter for Vitaly Petrov, grand prix racing's first (and, so far, only) Russian. Petrov is driving for Renault, the team Alonso left at the end of last season, and unlike the Spaniard he made it through to the final part of qualifying yesterday - a career first. "That was great to see," said Eric Boullier, the team principal. "He has been close to [teammate] Robert Kubica's pace all weekend and has not put a foot wrong."

Istanbul Park is notorious for empty grandstand seats, but it is a popular event with Russians because the entry visa process is unusually straightforward compared to some other countries they may visit. There is no need to queue at embassies or send letters to government departments - they just pay a small fee at the airport upon arrival. So far Petrov's every passage has been loudly cheered by significant pockets of support within the modest crowd.

He is beginning to get to grips with F1 - and the same is true of his nation. sports@thenational.ae

Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
  • Drones
  • Animals
  • Fireworks/ flares
  • Radios or power banks
  • Laser pointers
  • Glass
  • Selfie sticks/ umbrellas
  • Sharp objects
  • Political flags or banners
  • Bikes, skateboards or scooters
UAE and Russia in numbers

UAE-Russia ties stretch back 48 years

Trade between the UAE and Russia reached Dh12.5 bn in 2018

More than 3,000 Russian companies are registered in the UAE

Around 40,000 Russians live in the UAE

The number of Russian tourists travelling to the UAE will increase to 12 percent to reach 1.6 million in 2023

PREMIER LEAGUE RESULTS

Bournemouth 1 Manchester City 2
Watford 0 Brighton and Hove Albion 0
Newcastle United 3 West Ham United 0
Huddersfield Town 0 Southampton 0
Crystal Palace 0 Swansea City 2
Manchester United 2 Leicester City 0
West Bromwich Albion 1 Stoke City 1
Chelsea 2 Everton 0
Tottenham Hotspur 1 Burnley 1
Liverpool 4 Arsenal 0

MAIN CARD

Bantamweight 56.4kg
Abrorbek Madiminbekov v Mehdi El Jamari

Super heavyweight 94 kg
Adnan Mohammad v Mohammed Ajaraam

Lightweight 60kg
Zakaria Eljamari v Faridoon Alik Zai

Light heavyweight 81.4kg
Mahmood Amin v Taha Marrouni

Light welterweight 64.5kg
Siyovush Gulmamadov v Nouredine Samir

Light heavyweight 81.4kg
Ilyass Habibali v Haroun Baka

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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

Chinese Grand Prix schedule (in UAE time)

Friday: First practice - 6am; Second practice - 10am

Saturday: Final practice - 7am; Qualifying - 10am

Sunday: Chinese Grand Prix - 10.10am

The%20specs
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Key changes

Commission caps

For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:

• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term). 

• On the protection component, there is a cap  of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).

• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated. 

• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.

• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.

Disclosure

Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.

“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”

Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.

Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.

“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.

Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.

Confirmed%20bouts%20(more%20to%20be%20added)
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