Victoire Pisa's win at Dubai World Cup 11th best among thoroughbreds


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Victoire Pisa's emotional victory for Japan in the Dubai World Cup on Saturday was only the 11th best performance by a thoroughbred in the world since October, according to the International Federation of Horseracing Authorities.

Victoire Pisa's defeat of compatriot Transcend at Meydan Racecourse has been rated at the same level as Rocket Man's success in the Dubai Golden Shaheen on the same card.

The World Thoroughbred Rankings (WTR) were released yesterday and they regard the performance of Black Caviar in the Group 1 Lexus Sprint on March 12 at Flemington, Australia, as the best performance in the world.

Black Caviar is unbeaten in 11 runs and the five-year-old was rated at 130. In contrast, Victoire Pisa and Rocket Man were rated at 122, while Rewilding, the Dubai Sheema Classic winner, and Presvis, the Dubai Duty Free winner, were rated at 121.

"Winners at the Dubai World Cup meeting, US Breeders' Cup meeting, Hong Kong International and the Arc have all been rated inferior to Black Caviar," said Greg Carpenter, Australia's representative on the WTR committee.

The rankings are based on performances from October 1 to March 27, and the WTR release updated ratings seven times during one calendar year. The organisation then releases final figures for each year.

The last time a Dubai World Cup-winner topped the annual rankings list was as in 2008 when Curlin, the American horse, was rated alongside New Approach, owned by Princess Haya of Jordan, for his run in the Emirates Airline Champion Stakes in Newmarket, England. Both colts were rated at 130.

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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

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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. 

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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. 

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