• An artist's impression of the UAE pavilion at the Expo 2020 Dubai site. Wam
    An artist's impression of the UAE pavilion at the Expo 2020 Dubai site. Wam
  • The Czech Republic Expo 2020 pavilion
    The Czech Republic Expo 2020 pavilion
  • The Spanish Expo 2020 pavilion
    The Spanish Expo 2020 pavilion
  • The Swiss Expo 2020 Pavilion
    The Swiss Expo 2020 Pavilion
  • Philippines 2020 Expo pavilion. Courtesy: Philippines Expo 2020
    Philippines 2020 Expo pavilion. Courtesy: Philippines Expo 2020
  • The German pavilion. Courtesy: German Pavilion EXPO 2020 Dubai
    The German pavilion. Courtesy: German Pavilion EXPO 2020 Dubai
  • France pavilion Expo 2020
    France pavilion Expo 2020
  • The Saudi pavilion at Expo 2020. Courtesy Expo 2020 Dubai
    The Saudi pavilion at Expo 2020. Courtesy Expo 2020 Dubai
  • The Omani pavilion at Expo 2020 Dubai. Courtesy: Expo 2020
    The Omani pavilion at Expo 2020 Dubai. Courtesy: Expo 2020

Coronavirus: Expo 2020 Dubai will be delayed for one year, governing body confirms


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Expo 2020 Dubai will be held next year due to the coronavirus pandemic.

The world fair's governing body approved plans for the emirate to host the event from October 1, 2021, until March 31, 2022, with the occasion to retain its Expo 2020 title.

The decision was confirmed after two thirds of Bureau International des Expositions member states voted in favour of the delay in light of the challenges posed to the international community by the Covid-19 outbreak.

Sheikh Ahmed bin Saeed, chairman of the Expo 2020 Dubai Higher Committee, said the international extravaganza would play a vital role in shaping the post-pandemic world.

“We welcome the decision of BIE member states to support the delay of Expo 2020 Dubai by one year," Sheikh Ahmed said.

"We are thankful to member states for their continued commitment to contributing to a World Expo in Dubai that will play a pivotal role in shaping our post-pandemic world at a time when it will be most needed.

“We have sought to build over the past 50 years bridges, connections and partnerships around the world because we believe in genuine collaboration to safeguard the future of all.

"This swift and overwhelming vote reflects the strength of our international partnerships and truly reflects the positive role the UAE and Dubai play with all countries around the world.

“This affirmation by the international community of Dubai’s offering and its ability to deliver, further strengthens our commitment to matching ambition with achievement to host an event that will capture the world’s imagination, when the time is right.”

Remote voting was to remain open until May 29, but the two-thirds threshold has been reached weeks in advance.

“I applaud the swift response by BIE member states," Dimitri Kerkentzes, the group's secretary general, said.

"Their support for the postponement of Expo 2020 Dubai – which will be formally approved on 29 May – is a renewed sign of solidarity and demonstrates the shared will to work together in 'creating the future'.

“In their support for the one-year postponement of Expo 2020 Dubai, member states of the BIE are giving the world the opportunity to reconvene in 2021, when together, we can address the challenges facing humanity and celebrate the unity and solidarity that strengthen us."

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

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Formula Middle East Calendar (Formula Regional and Formula 4)
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Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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Founders: Mansour Althani and Abdullah Althani

Based: Business Bay, with offices in Saudi Arabia, Egypt and India

Sector: Technology, digital marketing and e-commerce

Size: 70 employees 

Revenue: On track to make Dh100 million in revenue this year since its 2015 launch

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Title: Assistant dean of students and director of athletics

Favourite sport: soccer

Favourite team: Bayern Munich

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Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates 

 

 

Company: Instabug

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Name: Lamsa

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More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions