Sri Lanka set India 307 to win

COLOMBO // Sanath Jayasuriya returned to form with 98 off 79 balls and Thilina Kandamby scored a quick-fire 91 as Sri Lanka made a formidable 307 for six in their tri-series match against India. Sri Lanka's captain Kumar Sangakkara won the toss and opted to bat first and Jayasuriya with his opening partner Tillakaratne Dilshan provided an explosive opening partnership of 57 runs. Dilshan was first out, caught behind by Mahendra Singh Dhoni off the seamer Ishant Sharma for 23. Mahela Jayawardene then joined Jayasuriya and the pair took the total to 94 before Jayawardene (17) fell to a sharp stumping by Dhoni off spinner Yusuf Pathan.

Sangakkara (5) was soon out lbw to off spinner Harbhajan Singh, leaving the hosts on a vulnerable 102-3. But Jayasuriya and Angelo Mathews reclaimed the momentum with a crucial 70-run partnership. Jayasuriya (98) fell short of his 29th limited-overs century when he was trapped lbw by seamer Ashish Nehra. Under pressure, after a run of eight innings without a limited-overs half-century, Jayasuriya tore India's bowling apart hitting 13 boundaries.

Mathews (19) soon followed him, stumped by Dhoni off the spinner Suresh Raina. Then Kandamby and Chamara Kapugedera combined in a vital 83-run partnership. Kandamby reached his third limited-overs half-century and finished with an unbeaten 91, including 11 boundaries. Kapugedera (36) was run out by a brilliant direct hit by RP Singh. Harbhajan was the pick of Indian bowlers, returning 1-37 in his 10 overs.

The two teams have already qualified for the series final to be played on Monday after winning their respective matches against the third team New Zealand. Sri Lanka rested Thilan Samaraweera as a precaution against a minor hamstring injury, calling up Kapugedera to replace him. * AP

Which products are to be taxed?

To be taxed:

Flavoured water, long-life fruit juice concentrates, pre-packaged sweetened coffee drinks fall under the ‘sweetened drink’ category

Not taxed

Freshly squeezed fruit juices, ground coffee beans, tea leaves and pre-prepared flavoured milkshakes do not come under the ‘sweetened drink’ band.

Products excluded from the ‘sweetened drink’ category would contain at least 75 per cent milk in a ready-to-drink form or as a milk substitute, baby formula, follow-up formula or baby food, beverages consumed for medicinal use and special dietary needs determined as per GCC Standardisation Organisation rules

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What sanctions would be reimposed?

Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:

An arms embargo
A ban on uranium enrichment and reprocessing
A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
A targeted global asset freeze and travel ban on Iranian individuals and entities
Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods

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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