Sheikh Khaled bin Mohamed tours Liwa Date Festival

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, witnessed Emirati heritage on full display during a tour of Liwa Date Festival on Tuesday.

Sheikh Khaled led a high-level delegation visiting the 19th instalment of the festival, viewed as one of the most important events in the country's cultural calendar.

He was told how enterprising farmers have embraced cutting-edge technology to help the beloved fruit to thrive.

The annual event features a pop-up market, as well as an auction where large crowds of visitors can purchase a wide variety of date products.

Thousands of farmers turn out in force each year to show off their produce and bid to win their share of a Dh8 million ($2.17 million) prize fund for being best in show.

Sheikh Khaled was briefed on the latest developments and advances in date palm cultivation.

He met a number of participants in the festival, representing both home-grown and international companies, which offered insight into the staple food's treasured place in Emirati life.

The festival, held under the patronage of Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Minister of the Presidential Court, got under way on July 17 and will conclude on Sunday.

Sheikh Khaled was joined by Maj Gen Faris Khalaf Al Mazrouei, commander-in-chief of Abu Dhabi Police and chairman of the Festivals Management Committee and Cultural and Heritage Programmes; Dr Mugheer Khamis Al Khaili, chairman of the Department of Community Development; Mohammed Ali Al Shorafa, chairman of both the Department of Municipalities and Transport and Abu Dhabi Housing Authority; Saif Saeed Ghobash, secretary general of the Abu Dhabi Executive Council; and several senior officials.

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

Feeding the thousands for iftar

Six industrial scale vats of 500litres each are used to cook the kanji or broth

Each vat contains kanji or porridge to feed 1,000 people

The rice porridge is poured into a 500ml plastic box

350 plastic tubs are placed in one container trolley

Each aluminium container trolley weighing 300kg is unloaded by a small crane fitted on a truck

Company Fact Box

Company name/date started: Abwaab Technologies / September 2019

Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO

Based: Amman, Jordan

Sector: Education Technology

Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed

Stage: early-stage startup

Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.

Tips from the expert

Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.

Sellers should focus on providing high-quality used goods at attractive prices to buyers.
It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
Be creative and look around your home for valuable items that you no longer need but might be useful to others.

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Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.

While you're here

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Robin Mills: Importance of China's energy markets clearer

The specs: 2017 GMC Sierra 1500 Denali

Price, base / as tested Dh207,846 / Dh220,000

Engine 6.2L V8

Transmission Eight-speed automatic

Power 420hp @ 5,600rpm

Torque 624Nm @ 4,100rpm

Fuel economy, combined 13.5L / 100km

How Filipinos in the UAE invest

A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.

Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).

Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.

On Women's Day

Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action

Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?

Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'

The National Editorial: Is there much to celebrate on International Women's Day 2021?

Landfill in numbers

• Landfill gas is composed of 50 per cent methane

• Methane is 28 times more harmful than Co2 in terms of global warming

• 11 million total tonnes of waste are being generated annually in Abu Dhabi

• 18,000 tonnes per year of hazardous and medical waste is produced in Abu Dhabi emirate per year

• 20,000 litres of cooking oil produced in Abu Dhabi’s cafeterias and restaurants every day is thrown away

• 50 per cent of Abu Dhabi’s waste is from construction and demolition