Oracle Team USA won the 2013 America's Cup raced on San Francisco Bay. Don Emmert / AFP
Oracle Team USA won the 2013 America's Cup raced on San Francisco Bay. Don Emmert / AFP
Oracle Team USA won the 2013 America's Cup raced on San Francisco Bay. Don Emmert / AFP
Oracle Team USA won the 2013 America's Cup raced on San Francisco Bay. Don Emmert / AFP

Oracle Team USA to practice against Team Australia on Sydney Harbour


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SYDNEY // America's Cup holders Oracle Team USA say they have shipped one of their AC45 catamarans to Australia for the start of their 2014 sailing programme on Sydney Harbour next month.

Oracle Team USA have scheduled a series of practice races against Team Australia, the Challenger of Record for the 2017 America’s Cup representing the Hamilton Island Yacht Club.

“This training session on Sydney Harbour is the first of a series of trials and training sessions for our sailing team and will be the first time our sailors have been together since the America’s Cup,” Oracle Team USA sailing team manager Tom Slingsby of Australia said in a statement Wednesday.

“These sessions will be coordinated with Team Australia and we’re looking forward to sailing against this new Cup team,” the Sydney-born Olympic gold medalist said.

Oracle Team USA skipper Jimmy Spithill, another Australian, announced earlier this month he will remain with the team for the next America's Cup.

Oracle Team USA came back to beat Team New Zealand 9-8 in a thrilling contest for the 34th America’s Cup last year.

“It’s a unique situation in the America’s Cup cycle having a defender coming to a challenger’s country,” Team Australia chief executive Iain Murray told Australian Associated Press. “But it’s a really good moment for us to start our sailing team out there against the best guys in the world.”

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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

Expo details

Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia

The world fair will run for six months from October 20, 2020 to April 10, 2021.

It is expected to attract 25 million visits

Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.

More than 30,000 volunteers are required for Expo 2020

The site covers a total of 4.38 sqkm, including a 2 sqkm gated area

It is located adjacent to Al Maktoum International Airport in Dubai South

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