BRASILIA // Contrary to popular opinion, there is a time and a place for Mexican waves.
If a football match is dull, by all means wave away. If the game has not yet started or has stopped for a water break: no problem.
However, if a match is underway, fast-paced and brimming with flamboyance, a wave should never be necessary.
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At least that was my opinion in Estadio Mane Garrincha during the opening exchanges of Colombia’s 2-1 win over Ivory Coast.
As the first of two or three circulations approached, the spectators’ obvious desire to create a wave grated. The game was proving engrossing and enjoyable; if vocal support was required, fans merely had to focus on the pitch.
Yet it soon became apparent that a Colombian wave is a different species to its Mexican neighbour up the road.
As the swell neared, the South American fans stamped their feet and banged their seats with their fists to create an increasingly violent tremor.
By the time the wave arrived at the press box, laptops were shaking, TV monitors were vibrating and at least two media members were swept up in the sea of yellow.
If the atmosphere proved intimidating for the fans, it is difficult to fathom how it must have felt for the players.
Pre-match, the Ivory Coast manager had said his team were expecting to face 90 per cent Colombians. He underestimated.
Yellow shirts were everywhere and a few bushy blonde Carlos Valderrama-style wigs were evident too. A man dressed as a blue-and-red bird and swinging precariously from the front of one of the stands brought back fantastic memories of watching similar on TV at the 1990 tournament.
It all inspired the Colombians, who drove forward almost as intensely as the wave that spurred them on.
gmeenaghan@thenational.ae
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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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