Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and Special Envoy for Climate Change, held talks with Sameh Shoukry, Foreign Minister of Egypt. Photo: Office of the UAE Special Envoy for Climate Change
Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and Special Envoy for Climate Change, held talks with Sameh Shoukry, Foreign Minister of Egypt. Photo: Office of the UAE Special Envoy for Climate Change
Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and Special Envoy for Climate Change, held talks with Sameh Shoukry, Foreign Minister of Egypt. Photo: Office of the UAE Special Envoy for Climate Change
Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and Special Envoy for Climate Change, held talks with Sameh Shoukry, Foreign Minister of Egypt. Photo: Office of the UAE Special Envoy

UAE's climate envoy holds talks with Egypt's foreign minister over Cop27


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The UAE's climate change envoy talked of common goals with Egypt's foreign minister as the Middle East neighbours prepare to host a major global environment summit over the next two years.

The UN Climate Change Conference 2022 — known as Cop27 — will be held in Sharm El Sheikh, Egypt, in November, with the UAE staging the event in 2023.

Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and Special Envoy for Climate Change, said he enjoyed encouraging talks with Sameh Shoukry, who will also act as president-designate for Cop27.

"It was a pleasure to meet with Sameh Shoukry, Foreign Minister of Egypt and Cop27 President-designate at Cop27," Dr Al Jaber wrote on Twitter.

"We had a positive discussion on common priorities and cooperation towards a successful Cop27 in Sharm El Sheikh."

The two countries were selected to carry the baton for the global fight to safeguard the planet following Cop26 in Glasgow in November.

Dr Al Jaber said at the time that the UAE's hosting of the event in 2023 was a significant moment.

“The UAE views this trust as a grand responsibility, particularly as the Cop in 2023 will be a juncture and a very important landmark after the Paris Agreement, as it will witness the first stocktake of national contributions,” said Dr Al Jaber.

“As well as pushing forward climate action, we will continue working to build on the achievements made in the previous meetings and conferences, guided by our great leadership that focuses on building bridges and making partnerships, as well as adopting a comprehensive and positive approach.”

Cop26 - in pictures

  • Espen Barth Eide – Norway. Getty Images
    Espen Barth Eide – Norway. Getty Images
  • Dr Jeanne d'Arc Mujawamariya – Rwanda. Rwanda Green Fund / Flickr
    Dr Jeanne d'Arc Mujawamariya – Rwanda. Rwanda Green Fund / Flickr
  • Aminath Shauna – Maldives. Getty Images
    Aminath Shauna – Maldives. Getty Images
  • Dan Jorgensen – Denmark. Getty Images
    Dan Jorgensen – Denmark. Getty Images
  • Yasmine Fouad – Egypt. AFP
    Yasmine Fouad – Egypt. AFP
Key developments

All times UTC 4

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

 

 

If you go…

Emirates launched a new daily service to Mexico City this week, flying via Barcelona from Dh3,995.

Emirati citizens are among 67 nationalities who do not require a visa to Mexico. Entry is granted on arrival for stays of up to 180 days. 

Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

MATCH INFO

Southampton 0
Manchester City 1
(Sterling 16')

Man of the match: Kevin de Bruyne (Manchester City)

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

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Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills

Everton 1 Stoke City 0
Everton (Rooney 45 1')
Man of the Match Phil Jagielka (Everton)

The biog

Year of birth: 1988

Place of birth: Baghdad

Education: PhD student and co-researcher at Greifswald University, Germany

Hobbies: Ping Pong, swimming, reading

 

 

if you go
SERIE A FIXTURES

Saturday Spezia v Lazio (6pm), Juventus v Torino (9pm), Inter Milan v Bologna (7.45pm)

Sunday Verona v Cagliari (3.30pm), Parma v Benevento, AS Roma v Sassuolo, Udinese v Atalanta (all 6pm), Crotone v Napoli (9pm), Sampdoria v AC Milan (11.45pm)

Monday Fiorentina v Genoa (11.45pm)

Company profile

Name: Back to Games and Boardgame Space

Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)

Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)

Based: Dubai and Abu Dhabi 

Industry: Back to Games (retail); Boardgame Space (wholesale and distribution) 

Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space  

Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019

Pakistan Super League

Previous winners

2016 Islamabad United

2017 Peshawar Zalmi

2018 Islamabad United

2019 Quetta Gladiators

 

Most runs Kamran Akmal – 1,286

Most wickets Wahab Riaz –65

The specs

Engine: 6.2-litre V8

Power: 502hp at 7,600rpm

Torque: 637Nm at 5,150rpm

Transmission: 8-speed dual-clutch auto

Price: from Dh317,671

On sale: now

The specs

Engine: Turbocharged four-cylinder 2.7-litre

Power: 325hp

Torque: 500Nm

Transmission: 10-speed automatic

Price: From Dh189,700

On sale: now

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BUNDESLIGA FIXTURES

Saturday, May 16 (kick-offs UAE time)

Borussia Dortmund v Schalke (4.30pm) 
RB Leipzig v Freiburg (4.30pm) 
Hoffenheim v Hertha Berlin (4.30pm) 
Fortuna Dusseldorf v Paderborn  (4.30pm) 
Augsburg v Wolfsburg (4.30pm) 
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)

Sunday, May 17

Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)

Monday, May 18

Werder Bremen v Bayer Leverkusen (9.30pm)

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Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199

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Sunday's Super Four matches

Dubai, 3.30pm
India v Pakistan

Abu Dhabi, 3.30pm
Bangladesh v Afghanistan

Updated: April 24, 2022, 4:25 PM