President Sheikh Mohamed welcomes rulers on Eid Al Adha

President Sheikh Mohamed welcomed rulers of all the Emirates on the morning of Eid Al Adha.

They exchanged congratulations and best wishes on the holy day and prayed for blessing of good health and happiness for all.

Joining Sheikh Mohamed at Al Mushrif Palace were Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai; Sheikh Dr Sultan bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah; Sheikh Humaid bin Rashid Al Nuaimi, Member of the Supreme Council and Ruler of Ajman; Sheikh Hamad bin Mohammed Al Sharqi, Member of the Supreme Council and Ruler of Fujairah, and Sheikh Saud bin Saqr Al Qasimi, Member of the Supreme Council and Ruler of Ras Al Khaimah.

The President also received Sheikh Hamdan bin Mohammed, Crown Prince of Dubai; Sheikh Rashid bin Saud Al Mualla, Crown Prince of Umm Al Quwain, and Sheikh Mohammed bin Saud Al Qasimi, Crown Prince of Ras Al Khaimah.

Early on Saturday, President Sheikh Mohamed performed Eid Al Adha prayers alongside fellow worshippers at the Sheikh Zayed Grand Mosque in Abu Dhabi.

During the sermon, preacher Abdulrahman Al Shamsi highlighted the religious significance of Eid Al Adha and the importance of taking pride in one's identity and heritage, while also keeping alive the values of compassion and coexistence.

He wished the UAE leadership and people good health, and further progress and continued stability to the UAE.

Following the prayers, Sheikh Mohamed exchanged greetings with worshippers.

He then visited the tomb of UAE Founding Father Sheikh Zayed bin Sultan Al Nahyan.

UAE leaders attend Eid Al Adha prayers: in pictures

Countries recognising Palestine

France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra

COMPANY PROFILE

Name: Kumulus Water

Started: 2021

Founders: Iheb Triki and Mohamed Ali Abid

Based: Tunisia

Sector: Water technology

Number of staff: 22

Investment raised: $4 million

The biog

Name: Salem Alkarbi

Age: 32

Favourite Al Wasl player: Alexandre Oliveira

First started supporting Al Wasl: 7

Biggest rival: Al Nasr

Killing of Qassem Suleimani

National Editorial: Suleimani has been killed, now we must de-escalate

Jack Moore: Why the assassination is such a monumental gamble

Matthew Levitt: Iran retains its ability to launch terror attacks

Damien McElroy: A CEO tasked with spreading Iran's influence

Hussein Ibish: Trump's order on solid constitutional ground

Simon Waldman: Cautious Israel keeping a low profile

While you're here

Johann Chacko: Why Maldives has become a theatre for US-China rivalry

C Uday Bhaskar: What is India's Indo-Pacific strategy?

C Uday Bhaskar: The 'Asian Century' depends on China and India working together

How Beautiful this world is!

The Bio

Name: Lynn Davison

Profession: History teacher at Al Yasmina Academy, Abu Dhabi

Children: She has one son, Casey, 28

Hometown: Pontefract, West Yorkshire in the UK

Favourite book: The Alchemist by Paulo Coelho

Favourite Author: CJ Sansom

Favourite holiday destination: Bali

Favourite food: A Sunday roast

Mina Cup winners

Under 12 – Minerva Academy

Under 14 – Unam Pumas

Under 16 – Fursan Hispania

Under 18 – Madenat

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