As the Formula One fraternity goes into its summer break, with 12 of the 21 races in the season completed, Graham Caygill picks his top five drivers from the first half of the campaign.
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1 Max Verstappen, Red Bull Racing
Started the season with Toro Rosso but was promoted to Red Bull Racing after four races, and has made the step up look seamless.
Won on his debut with Red Bull in Spain, but arguably has been more impressive since that Barcelona victory, beating his more experienced teammate Daniel Ricciardo on his way to second place finishes in Austria and Britain.
There is still more to come from the teenager and his duel with Ricciardo to be top dog at Red Bull will be one of the fascinating stories of the second half of 2016.
2 Lewis Hamilton, Mercedes-GP
F1 fans should be glad he had problems with his starts at the beginning of the season and the mechanical unreliability he suffered.
Without it he would be out of sight at the top of the drivers’ championship.
As it is a run of six wins in seven races has turned a 43-point deficit into a 19-point lead and the triple world champion, and when he has a clean weekend, he is pretty much a guaranteed winner.
3 Daniel Ricciardo, Red Bull Racing
An impressive first half of the season for the Australian, and only bad luck and poor strategy calls from Red Bull Racing’s have denied him a victory so far in 2016.
While he has been beaten on a couple of occasions by Verstappen, his strong displays in Hungary and Germany have shown he is determined to remain the No 1 in the team.
With Red Bull establishing themselves as the second best team in F1 he should have plenty more opportunities for podiums and chances to win races.
4 Sergio Perez, Force India
The Mexican’s stock has risen greatly with a fine first half of the season, highlighted by third-place finishes in Monaco and Azerbaijan.
While there was a bit of fortune in mixed conditions in Monaco, Azerbaijan was achieved on merit and was one of the drives of the season.
He is much sought after for 2017, with Renault and Williams reportedly interested in his services, and as long as Force India remains competitive, he will continue to score points consistently.
5 Sebastian Vettel, Ferrari
Has been a frustrating year for the German. Should have won in Australia and Canada, but was let down by bad strategy.
Mechanical failures have also let him down, particularly in practice forcing grid penalties, and with Ferrari’s pace beginning to slip, the four-time world champion’s chances of triumphing at least once are receding.
Has hardly put a wheel wrong on track, and there is no doubt he is getting the maximum out of the Ferrari, which only highlights just how far the Italian team have fallen of late.
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A clear distinction between the residences and the Raffles hotel with the amenities operated separately.
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A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.
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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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- Place a sun reflector in your windshield when not driving
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- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
