A curious sight on the tram on the way to Bordeaux’s Matmut Atlantique stadium: Among the supporters declaring themselves, in song and accent, as proudly Welsh was a young man, probably in his 20s, with a Wales flag draped tight around his shoulders and upper body. But look harder, in the close crush of a crowded carriage, and you could see what he was wearing underneath the big red dragon.
It was a replica England shirt, brand new, the Euro 2016 tournament edition.
Perhaps he was half Welsh, half English, or has a family tree that extends to both sides of the border between these two of Great Britain’s four nations. There are plenty of folk like that, including some who will take the field on Thursday in Lens, for what is being called a ‘derby’, Wales versus England, a match which could well determine what the summit of Group B ends up looking like.
Perhaps he is one of those tournament-enthusiasts who simply takes in whatever game he can find tickets for, and chooses an allegiance for each one. To join the Welsh cavalcade has been a joyous experience so far, and to be among the best grandstand choirs in the tournament.
More from Euro 2016:
• Euro 2016 daily five: Iceland freeze Ronaldo and Co; Pogba carries the hopes of a nation
• Poll: Who has been the standout player of Euro 2016 so far?
• Euro 2016 talking points: Low scoring opening round does not detract from fine spectacle
To be among the England followers ... well, in Marseille on Saturday, it was to be close to violence. Thursday’s fixture has an edginess about it in the wake of events in the south, although Russia’s fans have been punished as the aggressors in the incidents that took place in the Stade Velodrome at the end of England’s 1-1 draw with Russia.
That draw left the English trailing in the British joust for pre-eminence in the group. Wales will take on an England that they have not beaten since 1984 buoyed by the determination they brought to bear on Slovakia in their opening game, a 2-1 win, three points secured by Hal Robson-Kanu’s late, scuffed goal.
“There’s no need for us to change,” Chris Coleman, the Wales manager, said. “We’ll be ready. If we get our game right, it’s enough for us to get what we need and there’s nothing for us to be afraid of.” He was not, he added, interested in “playing any mind games.”
He happily left that to his players. Gareth Bale, excellent against Slovakia, told reporters with a smile that none of England’s squad would merit a place in Wales’s XI, an XI that on Saturday included men employed at Reading, Wolverhampton Wanderers and Milton Keynes Dons, clubs beneath the Premier League, the elite, wealthy home to all of England’s footballers.
A neutral assessment of their relative strengths might decide that, of the Welsh, only Bale, Aaron Ramsey and perhaps Ashley Williams the defender, would merit a place in England’s team, but probably no others.
“They have more players to choose from,” acknowledged Bale, “but we feel we have closed the gap.” And England have no reigning European club champion, as Real Madrid’s Bale is.
But they could leave Jamie Vardy, Premier League Player of the Year and scorer of 24 goals towards Leicester City’s league title among the substitutes against Russia. Wales’s supersub was Robson-Kanu, currently out of contract.
Robson-Kanu, 27, won caps for England, where he was born, at under-19- and under-20 level before switching allegiance to Wales, where his mother has roots. He played alongside England’s Jordan Henderson as an England junior. He played in the Arsenal youth ranks alongside England’s Jack Wilshere. There are many such ties. Before Madrid, Bale was at Tottenham, where his Wales teammate, Ben Davies, has struggled for starts because the England left-back Danny Rose, owns the position there.
But Davies, Robson-Kanu and above all Bale can look down on their friends and club colleagues, past and present, right now. They have three points, England have one. The Principality is closer to the next round of Euro 2016 than the dominant nation of the United Kingdom.
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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
Gulf rugby
Who’s won what so far in 2018/19
Western Clubs Champions League: Bahrain
Dubai Rugby Sevens: Dubai Hurricanes
West Asia Premiership: Bahrain
What’s left
UAE Conference
March 22, play-offs:
Dubai Hurricanes II v Al Ain Amblers, Jebel Ali Dragons II v Dubai Tigers
March 29, final
UAE Premiership
March 22, play-offs:
Dubai Exiles v Jebel Ali Dragons, Abu Dhabi Harlequins v Dubai Hurricanes
March 29, final
MAIN CARD
Bantamweight 56.4kg
Abrorbek Madiminbekov v Mehdi El Jamari
Super heavyweight 94 kg
Adnan Mohammad v Mohammed Ajaraam
Lightweight 60kg
Zakaria Eljamari v Faridoon Alik Zai
Light heavyweight 81.4kg
Mahmood Amin v Taha Marrouni
Light welterweight 64.5kg
Siyovush Gulmamadov v Nouredine Samir
Light heavyweight 81.4kg
Ilyass Habibali v Haroun Baka
MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
More from Aya Iskandarani
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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