2015 will be a year for Serena Williams to be fighting fit

All is well that ends well, and 2014 ended very well for Serena Williams. She finished ranked world No 1 in the world with a lead of more than 1,100 points over No 2 Maria Sharapova, she won the US Open and the year-end championships for the third successive year and added seven titles to her career tally.

Impressive for a woman who celebrated her 33rd birthday in September. But how good was 2014 for her, really? She seemed headed for her worst year at the grand slams, failing to reach the last eight at the Australian Open, French Open or Wimbledon, until the US Open salvaged her season.

The American did win the WTA Finals, but she suffered the worst defeat of her career – a 6-0, 6-2 loss to Simona Halep. The last time she managed to win only two games in a WTA Tour or grand slam match was in 1998, when she was 16 – a 6-1, 6-1 loss to South African Joannette Kruger.

So Williams was not as dominant in 2014 as she generally is, and most pundits would attribute that to her advancing age. That would mean 2015 could be even tougher on her aching limbs, but not many would bet against her adding to her 18 slam titles.

Martina Navratilova won Wimbledon in 1990 at 33 years and eight months. She was 37 when she lost the 1994 final to Conchita Martinez. Navratilova and Williams are the only women to win a slam in three different decades, but can the American keep making it to major finals until the age of 37, like Martina?

This year should provide some answers towards that.

arizvi@thenational.ae

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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