Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, meets Tanzania's President Samia Suluhu Hassan in Abu Dhabi. Rashed Al Mansoori / Ministry of Presidential Affairs
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, meets Tanzania's President Samia Suluhu Hassan in Abu Dhabi. Rashed Al Mansoori / Ministry of Presidential Affairs
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, meets Tanzania's President Samia Suluhu Hassan in Abu Dhabi. Rashed Al Mansoori / Ministry of Presidential Affairs
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, meets Tanzania's President Samia Suluhu Hassan in Abu Dhabi. Rashed Al Mansoori / Ministry of Pres

Sheikh Mohamed bin Zayed meets Tanzania's president


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Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, on Friday met Tanzanian President Samia Suluhu Hassan, state news agency Wam reported.

They discussed strengthening ties, particularly in investment and economic and development areas.

The meeting in Abu Dhabi saw Sheikh Mohamed and Ms Hassan exchange views on regional and international issues and the UAE's successful hosting of Expo 2020 Dubai.

Sheikh Mohamed thanked Tanzania for supporting the UAE and its condemnation of the recent Houthi attacks against the country.

Ms Hassan said Tanzania was keen to boost links with the UAE and praised the development and humanitarian support provided by the Emirates' to her country.

Sheikha Fatima bint Mubarak, Chairwoman of the General Women's Union and President of the Supreme Council for Motherhood and Childhood also met Ms Hassan.

Sheikha Fatima and Ms Hassan discussed their cooperation in the areas of the family, childhood and women’s empowerment.

Ms Hassan commended the pioneering role of Sheikha Fatima in empowering women, protecting children and promoting the role of the family.

She also noted the importance of the "Sheikha Fatima bint Mubarak Women, Peace and Security Initiative" held in partnership with UN Women, the United Nations entity for gender equality and the empowerment of women.

The initiative aims to train and build women's capacities in the military, security and peace sectors.

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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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Director: Minkie Spiro

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1) Breast cancer is men is rare but can develop rapidly. It usually occurs in those over the ages of 60, but can occasionally affect younger men.

2) Symptoms can include a lump, discharge, swollen glands or a rash. 

3) People with a history of cancer in the family can be more susceptible. 

4) Treatments include surgery and chemotherapy but early diagnosis is the key. 

5) Anyone concerned is urged to contact their doctor

 

Updated: February 25, 2022, 4:01 PM