Sheikh Mansour bin Zayed sets out Cop28 higher committee

Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, has announced the reformation of the National Higher Committee to oversee preparations for the 28th UN Climate Change Conference of the Parties (Cop28).

The event, at Expo City Dubai, will be held from November 6 to 17, 2023.

Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, will serve as committee chairman.

Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and the UAE's Special Envoy for Climate Change, is vice chairman, state news agency Wam reported.

The committee includes dozens of officials and ministers, as well as security and police chiefs.

These include Mohamed Al Hussaini, Minister of State for Financial Affairs, Reem Al Hashimy, Minister of State for International Co-operation, Suhail Al Mazrouei, Minister of Energy and Infrastructure; Mariam Al Mheiri, Minister of Climate Change and the Environment, and Minister of State for Food Security; Dr Thani Al Zeyoudi, Minister of State for Foreign Trade; Shamma Al Mazrui, Minister of State for Youth; and Lt Gen Abdullah Al Marri, chief of Dubai Police.

Sheikh Mansour said the minister and officials involved reflected the UAE’s commitment to delivering a successful and inclusive Cop28 that would "advance critical climate negotiations and create equal opportunities for all stakeholders and segments of society to find practical solutions", Wam reported.

The summit will serve as a platform for the UAE to promote its view of climate action as an opportunity that drives sustainable economic and social development for all nations.

Expo City Dubai unveiled: in pictures

Expo City Dubai is set to open in phases from September 2022, with a full relaunch in October. All photos: Pawan Singh / The National
Visitors can take a trip on the Garden in the Sky from September 1 for Dh30.
Later, as residential sectors open, the district will become a '24-hour neighbourhood' in which people live and work, and can visit.
The Expo metro station in June 2022.
Dubai Exhibition Centre in June 2022.
Ahmed Al Khatib, chief development and delivery officer and Marjan Faraidooni, chief visitor experience officer at Expo 2020 Dubai, at a news conference in June 2022 to announce Expo City Dubai.
The entrance gates await new residents and businesses.
Ahmed Al Khatib said the district would be free of single plastics and was built with an emphasis on the environment.
Sheikh Ahmed Bin Saeed, chairman of Dubai Airports, speaking at a press conference welcoming the next chapter at Expo City Dubai.

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MATCH INFO

What: Brazil v South Korea
When: Tonight, 5.30pm
Where: Mohamed bin Zayed Stadium, Abu Dhabi
Tickets: www.ticketmaster.ae

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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

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