DUBAI // Gitano Hernando, the Dubai World Cup contender, is to transfer to Herman Brown's yard after his second run in the world's richest race on Saturday.
The South African trainer, who saddles Sweet Ducky, another new recruit, in the UAE Derby, said he was looking forward to campaigning Gitano Hernando in Asia with a run in either Hong Kong or Singapore in mind.
The horse, sixth in the World Cup last year, and fourth to World Cup favourite Twice Over in the English Champion Stakes, is a Grade 1 winner in the US. He has been conditioned in all his races to date by Marco Bottithe, the Newmarket-based Italian handler. Responsibility for the care of Gitano Hernando will not transfer to Brown's Dubai stables until after Saturday's race.
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"He's a very nice horse and depending on how he does in the big race we would be looking at Hong Kong or Singapore. I think Hong Kong may come too quickly so Singapore is more likely," Brown said.
"I haven't seen the horse at close quarters but I've watched him on the track and he looks well but he does look very fit. I don't think he could lose another ounce, so we will have to see how he comes out of the race."
Sweet Ducky, the runner-up in the Grade 3 Holy Bull Stakes for Kelly Breen, the American handler, in his last outing, was on the track yesterday morning for his new trainer.
Brown was planning to give his new charge some faster work over 800m this morning ahead of the UAE Derby, when he will take on the might of Mike de Kock's fancied trio, Reem, Mahbooba and Zanzamar.
"He's only been here a week and we don't know too much about him but he has settled well," said Brown. "He's eating and drinking up and has handled the journey very well for such a young horse."
Brown said he was being cautious in the colt's preparation. "He was fit anyway as he was being prepared for a race in the US, but I would rather undercook him and take a chance on Saturday than try and get him any fitter at this stage."
Tom Queally, the jockey who will partner Twice Over in the big race, is riding Sweet Ducky in both track work and the UAE Derby.
Brown's Bankable, who will have another tilt at the Dubai Duty Free, a race in which he finished second last season, is working well. Notoriously fragile, Bankable was worked on the treadmill yesterday morning and is due a final piece of work on the track on tomorrow.
"We are really happy with him," Brown said. "He is down to his racing weight and has been going very well indeed."
sports@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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