Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, held talks with Dr Robert Habeck, German Vice Chancellor and Federal Minister for Economic Affairs and Climate Action, in Berlin on Wednesday. Photo: Wam
Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, held talks with Dr Robert Habeck, German Vice Chancellor and Federal Minister for Economic Affairs and Climate Action, in Berlin on Wednesday. Photo: Wam
Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, held talks with Dr Robert Habeck, German Vice Chancellor and Federal Minister for Economic Affairs and Climate Action, in Berlin on Wednesday. Photo: Wam
Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, held talks with Dr Robert Habeck, German Vice Chancellor and Federal Minister for Economic Affairs and Climate Ac

Sheikh Abdullah bin Zayed meets German Vice Chancellor in Berlin


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Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, held talks with Dr Robert Habeck, German Vice Chancellor and Federal Minister for Economic Affairs and Climate Action, in Berlin on Wednesday.

The two men reviewed efforts to bolster bilateral ties between their nations, including in the key fields of trade, investment and climate, as well as ways to broaden economic partnerships.

The two sides also discussed a number of issues of mutual concern, from the stability of global food and energy markets and the importance of accelerating economic growth and the recovery from the Covid-19 pandemic.

Dr Habeck extended his condolences over the death of Sheikh Khalifa and wished the UAE further prosperity under the leadership of the President, Sheikh Mohamed.

  • Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, met his German counterpart Annalena Baerbock in Berlin on Wednesday. Images: Wam
    Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, met his German counterpart Annalena Baerbock in Berlin on Wednesday. Images: Wam
  • The ministers discussed the strategic relationship between the two countries and ways of enhancing ties.
    The ministers discussed the strategic relationship between the two countries and ways of enhancing ties.
  • Ms Baerbock extended her condolences over the death of Sheikh Khalifa and wished the UAE further growth and prosperity under the leadership of President Sheikh Mohamed.
    Ms Baerbock extended her condolences over the death of Sheikh Khalifa and wished the UAE further growth and prosperity under the leadership of President Sheikh Mohamed.

Sheikh Abdullah hailed the continued development of co-operation between the allies and thanked the vice chancellor for his support of the UAE and its people.

The meeting was attended by Mariam Al Mheiri, Minister of Climate Change and the Environment, and Hafsa Abdullah Mohammed Al Ulama, UAE Ambassador to Germany.

Earlier, Sheikh Abdullah met his German counterpart Annalena Baerbock as part of his visit to the German capital.

The ministers discussed the strategic relationship between the two countries and ways of enhancing ties.

They also spoke about regional and international developments, including the crisis in Ukraine, and the importance of strengthening efforts to reach a political solution to avoid prolonging the conflict.

The five new places of worship

Church of South Indian Parish

St Andrew's Church Mussaffah branch

St Andrew's Church Al Ain branch

St John's Baptist Church, Ruwais

Church of the Virgin Mary and St Paul the Apostle, Ruwais

 

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THE BIO

Ambition: To create awareness among young about people with disabilities and make the world a more inclusive place

Job Title: Human resources administrator, Expo 2020 Dubai

First jobs: Co-ordinator with Magrudy Enterprises; HR coordinator at Jumeirah Group

Entrepreneur: Started his own graphic design business

Favourite singer: Avril Lavigne

Favourite travel destination: Germany and Saudi Arabia

Family: Six sisters

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Brief scores:

Manchester United 4

Young 13', Mata 28', Lukaku 42', Rashford 82'

Fulham 1

Kamara 67' (pen),

Red card: Anguissa (68')

Man of the match: Juan Mata (Man Utd)

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

UAE currency: the story behind the money in your pockets
Four reasons global stock markets are falling right now

There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:

1. Rising US interest rates

The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.

Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”

At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.

2. Stronger dollar

High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.” 

3. Global trade war

Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”

4. Eurozone uncertainty

Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.

Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”

The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”

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Secret Nation: The Hidden Armenians of Turkey
Avedis Hadjian, (IB Tauris)
 

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Mica

Director: Ismael Ferroukhi

Stars: Zakaria Inan, Sabrina Ouazani

3 stars

'Panga'

Directed by Ashwiny Iyer Tiwari

Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta

Rating: 3.5/5

The line up

Friday: Giggs, Sho Madjozi and Masego  

Saturday: Nas, Lion Bbae, Roxanne Shante and DaniLeigh  

Sole DXB runs from December 6 to 8 at Dubai Design District. Weekend pass is Dh295 while a one day pass is Dh195. Tickets are available from www.soledxb.com

Updated: May 25, 2022, 6:40 PM