Sheikh Khaled bin Mohamed, member of the Abu Dhabi Executive Council and chairman of the Abu Dhabi Executive Office, meets Japanese Prime Minister Fumio Kishida in Tokyo. Hamad Al Kaabi / Ministry of Presidential Affairs
Sheikh Khaled bin Mohamed, member of the Abu Dhabi Executive Council and chairman of the Abu Dhabi Executive Office, meets Japanese Prime Minister Fumio Kishida in Tokyo. Hamad Al Kaabi / Ministry of Presidential Affairs
Sheikh Khaled bin Mohamed, member of the Abu Dhabi Executive Council and chairman of the Abu Dhabi Executive Office, meets Japanese Prime Minister Fumio Kishida in Tokyo. Hamad Al Kaabi / Ministry of Presidential Affairs
Sheikh Khaled bin Mohamed, member of the Abu Dhabi Executive Council and chairman of the Abu Dhabi Executive Office, meets Japanese Prime Minister Fumio Kishida in Tokyo. Hamad Al Kaabi / Ministry of

UAE

Government

Sheikh Khaled bin Mohamed leads UAE delegation to Japan

Nations launch comprehensive partnership and reflect on 50 of trade and friendship

The National

September 26, 2022

  • English
  • Arabic

A UAE delegation has met Japanese leaders in Tokyo to cement economic deals and reflect on more than 50 years of trade and friendship.

Sheikh Khaled bin Mohamed, member of the Abu Dhabi Executive Council and chairman of the Abu Dhabi Executive Office, met Japanese Prime Minister Fumio Kishida.

The two sides witnessed the launch of the comprehensive partnership between the Emirates and Japan, which was agreed to in 2018 when Shinzo Abe, prime minister at the time, visited Abu Dhabi.

Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and the UAE's special envoy to Japan, and Shehab Al Fahim, the UAE's ambassador to Japan, were present.

The visit allowed both sides to reflect on economic ties and friendship over the past 50 years, state news agency Wam reported.

The UAE has been one of Japan's main suppliers of oil for the past half century, today providing 20 per cent of its oil needs.

The 2018 agreement covered co-operation on a diverse range of areas from developing both economies, energy, trade and industry to climate change, education and defence.

The UAE is also Japan's tenth largest trading partner globally, according to 2021 statistics. The value of Japanese investments in the Emirates has exceeded $14 billion.

Japan was one of the first countries to establish diplomatic relations with the UAE in 1971.

This culminated in the opening of the UAE embassy in Tokyo in December 1973 and the Japanese embassy in Abu Dhabi in April 1974, Wam reported.

The specs

Engine: 2.0-litre 4-cyl turbo

Power: 247hp at 6,500rpm

Torque: 370Nm from 1,500-3,500rpm

Transmission: 10-speed auto

Fuel consumption: 7.8L/100km

Price: from Dh94,900

On sale: now

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Brief scores:

Toss: Nepal, chose to field

UAE 153-6: Shaiman (59), Usman (30); Regmi 2-23

Nepal 132-7: Jora 53 not out; Zahoor 2-17

Result: UAE won by 21 runs

Series: UAE lead 1-0

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

UAE%20v%20West%20Indies
%3Cp%3EFirst%20ODI%20-%20Sunday%2C%20June%204%20%0D%3Cbr%3ESecond%20ODI%20-%20Tuesday%2C%20June%206%20%0D%3Cbr%3EThird%20ODI%20-%20Friday%2C%20June%209%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EMatches%20at%20Sharjah%20Cricket%20Stadium.%20All%20games%20start%20at%204.30pm%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EUAE%20squad%3C%2Fstrong%3E%0D%3Cbr%3EMuhammad%20Waseem%20(captain)%2C%20Aayan%20Khan%2C%20Adithya%20Shetty%2C%20Ali%20Naseer%2C%20Ansh%20Tandon%2C%20Aryansh%20Sharma%2C%20Asif%20Khan%2C%20Basil%20Hameed%2C%20Ethan%20D%E2%80%99Souza%2C%20Fahad%20Nawaz%2C%20Jonathan%20Figy%2C%20Junaid%20Siddique%2C%20Karthik%20Meiyappan%2C%20Lovepreet%20Singh%2C%20Matiullah%2C%20Mohammed%20Faraazuddin%2C%20Muhammad%20Jawadullah%2C%20Rameez%20Shahzad%2C%20Rohan%20Mustafa%2C%20Sanchit%20Sharma%2C%20Vriitya%20Aravind%2C%20Zahoor%20Khan%0D%3C%2Fp%3E%0A
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Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra

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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

'The Sky is Everywhere'

Director:Josephine Decker

Stars:Grace Kaufman, Pico Alexander, Jacques Colimon

Rating:2/5

MATCH INFO

Kolkata Knight Riders 245/6 (20 ovs)
Kings XI Punjab 214/8 (20 ovs)

Kolkata won by 31 runs

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

Updated: September 26, 2022, 3:22 PM