Follow the latest updates on Expo 2020 Dubai here
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, met Jean-Yves Le Drian, France’s Minister for Europe and Foreign Affairs, on Saturday.
They attended the French pavilion at Expo 2020 Dubai, which hosted a parade of stilt-walkers dressed as aliens.
Each country represented at Expo 2020 will have a day held in its honour, and the vast Dubai South site came to life to celebrate all things French.
Pupils from French schools in the UAE paraded down the Avenue of the Nations, proudly waving their national flag.
Minutes later, the skies over the site were painted in the French national colours – white, red and blue – by pilots of the Patrouille de France, the aerobatics unit of the French Air and Space Force.
Sheikh Mohammed and Mr Le Drian discussed “ways to enhance constructive co-operation between the two countries, building on the progress made in advancing ties during the recent meeting of Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, with French President Emmanuel Macron in Paris”, according to a statement from the Dubai Media office.
The facade and roof of the French pavilion are made of 2,500 square metres of solar tiles, which produce 60 per cent of the energy it consumes.
Sheikh Mohammed also toured the Oman and Saudi Arabia pavilions on Saturday.
He was accompanied by Sheikh Hamdan, Crown Prince of Dubai, and Sheikh Maktoum bin Mohammed, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance.
Being held for the first time in the Middle East, Africa and South Asia region, Expo 2020 Dubai runs until March 31, 2022.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
MATCH INFO
Manchester United 1 (Rashford 36')
Liverpool 1 (Lallana 84')
Man of the match: Marcus Rashford (Manchester United)
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
ABU DHABI T10: DAY TWO
Bangla Tigers v Deccan Gladiators (3.30pm)
Delhi Bulls v Karnataka Tuskers (5.45pm)
Northern Warriors v Qalandars (8.00pm)
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Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
