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MotoGP champion Rossi had Ferrari talks

Valentino Rossi says he talked with Ferrari about racing in the team's second car at next weekend's Formula One Italian Grand Prix but decided against it.

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Valentino Rossi, the Moto GP drivers championship leader, held talks with Ferrari about racing in the team's second car at next weekend's Formula One Italian Grand Prix, but decided against it. Ferrari then opted for Force India's Italian driver Giancarlo Fisichella, who will race for the world champions for the remainder of the season. "I talked with Ferrari about racing at Monza. But without testing and not being in a fight for the title, it would not have been logical," Rossi said. Fishcichella replaces Ferrari test driver Luca Badoer, who struggled in his two races after coming in for the injured Felipe Massa. Rossi showed no signs of regret as he took pole position for tomorrow's San Marino Grand Prix with a speedy late lap in qualifying. With only minutes remaining, Rossi took a risk by changing his tyres but then produced a time of 1min 34.338secs to leave Spain's Dani Pedrosa in second. "I am very happy to get the pole position here in Misano," he said. "We know that it's going to be a very tough race tomorrow, but we are in good shape."Jorge Lorenzo, second in the overall standings behind Yamaha teammate Rossi, clocked the third fastest time with Spanish compatriot Toni Elias fourth on his Honda. Rossi, 30, has cast doubt on his long-term future at Yamaha after they announced last week that Lorenzo will race for them again next season.He questioned the policy of having two strong MotoGP riders in one team. Veteran Italian Capirossi escaped injury despite an off-track excursion during the session. Hiroshi Aoyama took pole in the 250cc category.

* With agencies

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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

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