Sea the Stars may take to the track at Leopardstown

Dry Irish weather yesterday brought hope that Sea the Stars, bidding for his fifth consecutive Group One win, may make it onto the track at Leopardstown today after the turf dried from soft to yielding for the Tattersalls Millions Irish Championship Stakes. His trainer, John Oxx declared the horse for the race on Thursday, but always maintained the superstar colt would not run if the going was soft. Yesterday Leopardstown reported fine weather and barring overnight showers, Oxx is set to make a decision this morning after walking the course.

Across the Irish Sea, Kieren Fallon, who rode competitively in England for the first time in three years at Lingfield yesterday, will today attempt to claim a first Group One success of his comeback campaign in the Haydock Sprint Cup. He rides Shadwell Stakes winner, High Standing for William Haggas. Fallon may find his way blocked by Dubai's Sheikh Hamdan bin Rashid's Finjaan. His trainer, Marcus Tregoning, bids to follow-up on the horse's Glorious Goodwood Lennox Stakes success and jockey, Richard Hills will have added confidence as his ride beat many of this field in that outing.

They face JJ The Jet Plane, former Mike de Kock's inmate, who has his first run for new trainer, Richard Hannon. Hannon, who acquired the South African sprinter after de Kock had a falling out with the owners after the Lennox Stakes, says the horse has been working exceptionally well. Jim Crowley takes the ride. Attention will also be on Sir Michael Stoute's Main Aim, who runs without regular jockey, Ryan Moore, who serves a ban for careless riding picked up at York. Main Aim, with Saudi owner Khalid Abdulla's French jockey, Stephane Pasquier, flying in for the ride today, joined JJ The Jet Plane in a poor show at Goodwood, with the pair following each other home in second last and dead last.

But both could bounce back if they can recapture their Darley July Cup form that saw Main Aim finish second and JJ The Jet Plane snag a good third for then trainer, de Kock. stregoning@thenational.ae

The specs

Engine: 3.9-litre twin-turbo V8

Transmission: seven-speed

Power: 620bhp

Torque: 760Nm

Price: Dh898,000

On sale: now

Saudi National Day

Why the UAE has many reasons to celebrate its closest friend and ally

Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

Abu Dhabi card

5pm: Handicap (TB) Dh100,000 2,400m

5.30pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 2,200m

6pm: Abu Dhabi Fillies Classic Prestige (PA) Dh110,000 1,400m

6.30pm: Abu Dhabi Colts Classic Prestige (PA) Dh110,000 1,400m

7pm: Handicap (PA) Dh85,000 1,600m

7.30pm: Maiden (PA) Dh80,000 1,600m

The National selections:

5pm: Valcartier

5.30pm: AF Taraha

6pm: Dhafra

6.30pm: Maqam

7pm: AF Mekhbat

7.30pm: Ezz Al Rawasi

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