Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, has set out the UAE's five key priorities for the new year during the first Cabinet meeting of 2023.
Sheikh Mohammed, who also serves as Vice President, said the Emirates would focus on consolidating its national identity; championing the environment and sustainability; developing the education sector; boosting Emiratisation policies; and expanding economic partnerships across the globe.
The Dubai Ruler hailed the nation's progress during 2022 and looked forward to fulfilling its ambitions in the coming 12 months.
“We have five government priorities during 2023 that we approved today in the Council of Ministers.
“The first: national identity and its consolidation. The second: the environment and enhancing its sustainability. The third: the educational system and the development of its vision, indicators and outputs. The fourth: the localisation process and its acceleration. The fifth: our international economic partnerships and their expansion.”
Sheikh Mohammed said the UAE had “one of the most adaptable governments in the world”.
“We reviewed the outcome of 2022. The Cabinet issued more than 900 decisions. A total of 22 government policies were developed and approved, 68 federal laws were revised and issued, 113 national regulatory regulations were drafted, approved, and implemented.
“International agreements were signed and approved in 2022, preparing our economic, social, infrastructure, and digital sectors for the next stage.
“In 2022, the government formed more than 120 teams from 110 federal and local authorities and 50 private sector agencies to work on updating more than 100 federal social, economic, educational, and regulatory laws to stay current with many changes that have passed us and the world.
“Our teams' efforts have made us one of the most adaptable governments in the world.”
Sheikh Mohammed said the UAE was ranked among the best in the world in a number of developmental, economic and social sectors in 2022.
“Our country was ranked among the top five countries in the world in 339 developmental, economic, and social indicators in 2022.
He said the Emirates would continue to work to achieve its ambition to be the best in the world.
“As we embark on a new journey in 2023, our country will compete with itself and race against time in order to be the first and best in the world, God willing,” he wrote.
“To achieve the vision of my brother, the President of the State, God protect him, and the aspirations of our people to create the best economic, social, and development environment, the Cabinet is the main engine for co-ordinating efforts, unifying energies, and developing policies and strategies.
“The new year brings with it a lot of optimism for us, our work teams, and a brighter future, God willing.”
New strategies given the go-ahead
During the meeting, ministers approved the National Strategy for Desertification which will shape efforts to safeguard the country's natural resources until 2030.
The framework includes 33 initiatives aimed at preserving ecosystems, improving the condition of arid and drylands, and mitigating the impact of climate change.
Desertification involves the human-caused degradation of land in areas with low rainfall.
The Cabinet also agreed to regulate permits for space-related activities in line with efforts to bolster the flourishing sector and stimulate investment.
"The Cabinet approved the issuance of a decision to ensure compensation for damage caused to third parties during space activities," state news agency Wam said.
"The meeting also approved the issuance of the decision to regulate space resource activities in line with the objectives of the national space policy."
Cabinet members also rolled out plans to measure public satisfaction with government services.
The Government Services Observatory is an interactive digital platform that will display customer approval levels and the public's impressions of websites, smart applications and service centres.
Decision-makers also approved the re-formation of the Emirates Council for Food Security and authorised a unified financial procedures guide for donations and money transfers outside the country.
The Cabinet gave the green-light to the issuance of a federal decree ratifying co-operation agreements with the governments of Samoa, Ivory Coast, Serbia and Italy.
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AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
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
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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About Okadoc
Date started: Okadoc, 2018
Founder/CEO: Fodhil Benturquia
Based: Dubai, UAE
Sector: Healthcare
Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth
Funding stage: Series B fundraising round to conclude in February
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Bayern Munich 3 Chelsea 2
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Start-up hopes to end Japan's love affair with cash
Across most of Asia, people pay for taxi rides, restaurant meals and merchandise with smartphone-readable barcodes — except in Japan, where cash still rules. Now, as the country’s biggest web companies race to dominate the payments market, one Tokyo-based startup says it has a fighting chance to win with its QR app.
Origami had a head start when it introduced a QR-code payment service in late 2015 and has since signed up fast-food chain KFC, Tokyo’s largest cab company Nihon Kotsu and convenience store operator Lawson. The company raised $66 million in September to expand nationwide and plans to more than double its staff of about 100 employees, says founder Yoshiki Yasui.
Origami is betting that stores, which until now relied on direct mail and email newsletters, will pay for the ability to reach customers on their smartphones. For example, a hair salon using Origami’s payment app would be able to send a message to past customers with a coupon for their next haircut.
Quick Response codes, the dotted squares that can be read by smartphone cameras, were invented in the 1990s by a unit of Toyota Motor to track automotive parts. But when the Japanese pioneered digital payments almost two decades ago with contactless cards for train fares, they chose the so-called near-field communications technology. The high cost of rolling out NFC payments, convenient ATMs and a culture where lost wallets are often returned have all been cited as reasons why cash remains king in the archipelago. In China, however, QR codes dominate.
Cashless payments, which includes credit cards, accounted for just 20 per cent of total consumer spending in Japan during 2016, compared with 60 per cent in China and 89 per cent in South Korea, according to a report by the Bank of Japan.
'Of Love & War'
Lynsey Addario, Penguin Press
