For most employees, the 26th of every month is a special day because it is payday. As a new employee, I was waiting patiently to receive my first salary and couldn't wait to surprise my family with gifts.
This special day started with enthusiasm and ended up in disappointment.
I set out in the morning to interview travel agencies for my upcoming piece. I went to Etihad Airways in Al Wahda Mall and I could barely get the information I needed. I was fine with it because I have become used to companies being uncooperative with the newspaper.
After the interview, I went off happily looking for an ATM. I could not find my bank anywhere in the mall, which was surprising. I asked the security guard and he said to go the new extension building.
When I got there, I saw my best friend whom I haven't seen in five years. You can imagine the scene of two friends meeting after such a long time. Both of us called the other's name in excitement, our facial expressions speaking louder than our words.
When we realised the security guard was watching us, we calmed down after a few minutes and I invited her for lunch. I also told her enthusiastically: "Shaima, I got my salary today, so today is my treat." She smiled.
I went to the bank, inserted my card and pressed Dh1000. To my amazement, I had exactly one dirham in my account. I tried few times, and the same thing happened. It turns out the company did not have all of my bank information and never deposited my salary.
I returned to my friend and told her the story. She cracked up and said I haven't changed even after all these years. We spent some times together talking and laughing.
When I left the mall, I was happy. But, all that happiness was snatched away in a second. I got a violation that cost dh300 for parking in an illegal spot. I did not know it was illegal because there was no sign. Now I know that the yellow colour on the kerb signifies it is "illegal". You might be wondering "who gave her the driving license"?
It seems like I will be paying off fines with my first salary, Great! Next time, I need to be more careful.
Thank you Mawaqif for your efforts, I appreciate it!
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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Engine: 2.0-litre 4cyl turbo
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Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
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The biog
Alwyn Stephen says much of his success is a result of taking an educated chance on business decisions.
His advice to anyone starting out in business is to have no fear as life is about taking on challenges.
“If you have the ambition and dream of something, follow that dream, be positive, determined and set goals.
"Nothing and no-one can stop you from succeeding with the right work application, and a little bit of luck along the way.”
Mr Stephen sells his luxury fragrances at selected perfumeries around the UAE, including the House of Niche Boutique in Al Seef.
He relaxes by spending time with his family at home, and enjoying his wife’s India cooking.
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Mica
Director: Ismael Ferroukhi
Stars: Zakaria Inan, Sabrina Ouazani
3 stars
Section 375
Cast: Akshaye Khanna, Richa Chadha, Meera Chopra & Rahul Bhat
Director: Ajay Bahl
Producers: Kumar Mangat Pathak, Abhishek Pathak & SCIPL
Rating: 3.5/5
HOW TO WATCH
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GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
