President Sheikh Mohamed sends Ramadan 2024 greetings to UAE and rest of the world

The Moon-sighting committee met at the Abu Dhabi Judicial Department after maghrib (sunset) prayers on Sunday and announced that they sighted the new crescent moon.

It follows a decision from Saudi Arabia that Ramadan would commence on Monday after its committee sighted the crescent moon there.

"With the start of Ramadan, I extend my best wishes to all those observing the holy month," Sheikh Mohamed wrote on X.

"May this period of reflection and prayer bring us closer together and strengthen our bonds of unity and compassion. I wish you a blessed Ramadan filled with peace, harmony and spiritual growth."

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, shared similar messages on the advent of the holy month.

Sheikh Mohammed also offered his well-wishes to the people of the UAE and the region for Ramadan.

Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, shared similar sentiments to mark the beginning of the holy month.

Ramadan is the holiest month in Islam and observed by more than 1.9 billion Muslims worldwide. It is said to be the month the Quran was revealed to Prophet Mohammed.

Fasting during Ramadan is one of the five pillars of Islam and mandatory for all Muslims in good health.

As well as abstaining from food and drink, Ramadan offers a period of reflection for worshippers, allows them to strengthen their faith, share time with loved ones and take part in charitable acts to help those less fortunate themselves.

Preparations around the world ahead of Ramadan 2024 – in pictures

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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

President Sheikh Mohamed sends Ramadan 2024 greetings to UAE and rest of the world

Nearly two billion Muslims will begin fasting as they mark the holiest month in Islam

Preparations around the world ahead of Ramadan 2024 – in pictures

How does ToTok work?

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