Sheikh Hamdan bin Rashid, Deputy Ruler of Dubai, Minister of Finance and Chairman of Dubai Aluminium Company inaugurates DUBAL's twenty-five year anniversary celebrations in Dubai on January 9, 2005. Sheikh Hamdan died on Wednesday, March 24, 2021. Reuters
Chard Hills and Sheikh Hamdan bin Rashid after winning The Coronation Stakes with Ghanaati at the Royal Ascot. The popularity of horseracing in the UAE is widely attributed to Sheikh Hamdan.
Sheikh Hamdan bin Rashid signs an inauguration document at the opening ceremony of the largest power production and water desalination plant in the UAE, in Dubai, on April 8, 2013. Sarah Dea / The National
Sheikh Hamdan bin Rashid pictured at the Meydan Racecourse with winner of the 1,200m race, Muarrab, and rider Paul Hanagan in March 5, 2016. Pawan Singh / The National
Sheikh Hamdan bin Rashid is presented with the Dubai World Cup trophy in 2015 after Prince Bishop won the showpiece race. Pawan Singh / The National
Sheikh Hamdan bin Rashid speaks at the opening session of the Annual Meetings of the Arab Financial Institutions and the Fourth Meeting of the Council of Arab Ministers of Finance on April 2, 2013. Razan Alzayani / The National
Sheikh Hamdan bin Rashid greets Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior, during an iftar reception at Mushrif Palace on July 1, 2014. With them is Sheikh Hamdan bin Zayed, the Ruler's Representative in Al Dhafra Region. Mohamed Al Hammadi / Crown Prince Court - Abu Dhabi
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, speaks with Sheikh Hamdan bin Rashid during an Eid Al Adha reception at Mushrif Palace on September 2, 2017. Mohamed Al Hammadi / Crown Prince Court - Abu Dhabi
Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, Sheikh Mohamed bin Hamad Al Sharqi, Crown Prince of Fujairah, and Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, attend a wedding at then Armed Forces Officers Club on March 23, 2016. Ryan Carter / Crown Prince Court - Abu Dhabi
Sheikh Hamdan bin Rashid distributes the Distinguished Student Awards at Dubai International Convention Centre on April 8, 2008. Jeffrey E. Biteng / The National
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, Sheikh Mansour bin Zayed, UAE Deputy Prime Minister and Minister of Presidential Affairs, and Sheikh Hamdan bin Rashid, attend a UAE Cabinet meeting at Wahat Al Karama on March 5, 2017. Ryan Carter / Crown Prince Court - Abu Dhabi
Sheikh Hamdan bin Rashid greets Sheikh Humaid bin Rashid Al Nuaimi, Ruler of Ajman, during an Eid Al Adha reception at Mushrif Palace on August 11, 2019. Eissa Al Hammadi / Ministry of Presidential Affairs
Sheikh Mohamed bin Zayed and Sheikh Mohammed bin Rashid attend the Determination Retreat, at the Presidential Palace on March 10, 2019. Also present are Sheikh Hamdan bin Rashid and Sheikh Hazza bin Zayed, Vice Chairman of the Abu Dhabi Executive Council. Ryan Carter for the Ministry of Presidential Affairs
Sheikh Hamdan bin Rashid presents an award to Mohammed Ali bin Zayed Al Falasi, Deputy Governor of the UAE Central Bank, on March 11, 2019. Victor Besa / The National
Sheikh Hamdan bin Rashid offers condolences to Sheikh Tahnoon bin Mohamed, Ruler's Representative in Al Ain Region, and Sheikh Mohamed bin Zayed on the death of Sheikh Sultan bin Zayed at Al Mushrif Palace on November 21, 2019. Rashed Al Mansoori / Ministry of Presidential Affairs
Sheikh Hamdan bin Rashid offers condolences to Sheikh Suroor bin Mohamed on the death of Sheikh Sultan, at Al Mushrif Palace on November 21, 2019. Hamad Al Mansoori for the Ministry of Presidential Affairs
Sheikh Mohammed bin Rashid with his father, Sheikh Rashid, and brother Sheikh Hamdan Bin Rashid Al Maktoum in 1963
Sheikh Hamdan bin Rashid attends the Water, Energy, Technology and Environment Exhibition (WETEX) and the Dubai Solar Show 2020 virtually on October 26, 2020. Courtesy Dubai Media Office
Sheikh Hamdan bin Rashid offers condolences to Sheikh Tahnoon bin Mohamed on the death of Sheikh Sultan, at Al Mushrif Palace on November 21, 2019. Hamad Al Mansoori for the Ministry of Presidential Affairs
Sheikh Nahyan Bin Zayed Al Nahyan, Chairman of the Board of Trustees of Zayed bin Sultan Al Nahyan Charitable and Humanitarian Foundation and Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, attend the final day of the 2019 Formula 1 Etihad Airways Abu Dhabi Grand Prix, at Shams Tower. Ryan Carter for the Ministry of Presidential Affairs
Sheikh Maktoum bin Rashid, who became Ruler of Dubai in 1958, Sheikh Hamdan Bin Rashid and Sheikh Mohammed bin Rashid, then Crown Prince of Dubai, attend Eid al Fitr prayers.
Saudi Finance Minister Ibrahim Al Assaf is greeted by Sheikh Hamdan bin Rashid after arriving in Abu Dhabi to attend a GCC finance ministers' meeting on May 7, 2011. AFP
Sheikh Hamdan bin Rashid opens the 27th edition of Gitex in Dubai on September 8, 2007. Bloomberg
Sheikh Hamdan bin Rashid speaks to his Saudi counterpart Ibrahim Al Assaf ahead of a GCC finance ministers' meeting in Abu Dhabi on September 7, 2011. Reuters
The daughter of Sheikh Hamdan bin Rashid paid an emotional tribute to her father, who died this week, on social media.
Sharing four photos of herself and Sheikh Hamdan on Twitter, Sheikha Hissa said: “People lost a father. I lost my best friend.”
The images show the pair together at various stages of their lives and paint a sweet picture of a loving relationship.
On March 24, after the announcement of Sheikh Hamdan's death, she tweeted: “My beloved father is with God.”
Reacting to a video montage of Sheikh Hamdan, who was an avid fan of horse racing, on Racing TV, the grieving daughter wrote: “I couldn’t hold back my tears the moment I saw his watch.”
In another post, Sheikha Hissa shared an image of her three brothers at their father's funeral calling on God to "strengthen their hearts".
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, shared his own tribute on Friday, posting a video montage of his namesake.
It showed images of Sheikh Hamdan bin Rashid throughout his life, including when he was sworn into his government positions.
Sheikh Hamdan bin Rashid's death was announced on Wednesday by his younger brother, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai.
He was the Deputy Ruler of Dubai and Minister of Finance.
A mourning period of 10 days was declared in Dubai.
Flags are being flown at half-staff in Dubai and for three days since Thursday work is suspended in government departments and institutions.
Funeral prayers were led by Sheikh Mohammed at Zabeel Mosque the same day, when he was joined by his son, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, among other members of the royal family and dignitaries.
Sheikha Hissa is the Goodwill Ambassador for the Gulf Region and the author of Tajaarub: From a Horsewoman's Journey, which speaks of the powerful connection between people and horses.
She also supports Voices of Future Generations for the Middle East Region, a Unesco initiative that allows children aged between eight and 12 to share adventure stories on how to create a sustainable future and combat climate change.
Sheikh Hamdan bin Rashid is laid to rest in Dubai
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, at the funeral prayers.
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, performs funeral prayers for the late Sheikh Hamdan bin Rashid at Zabeel Mosque. All photos Courtesy Dubai Media Office
Sheikh Hamdan bin Mohammed and Sheikh Maktoum bin Mohammed carry the body of the late Sheikh Hamdan bin Rashid to his final resting place in Umm Hurair cemetery in Dubai. Dubai Media Office
Sheikh Hamdan bin Mohammed and Sheikh Maktoum bin Mohammed carry the body of the late Sheikh Hamdan bin Rashid to his final resting place in Umm Hurair cemetery in Dubai. Dubai Media Office
Sheikh Mohammed bin Rashid was joined by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and Sheikh Maktoum bin Mohammed, Deputy Ruler.
Sheikh Hamdan bin Rashid spent his life in service of Dubai and the country.
Sheikh Hamdan and Sheikh Maktoum carry the body of the late Sheikh Hamdan bin Rashid to his final resting place in Umm Hurair cemetery in Dubai.
Sheikh Hamdan and Sheikh Maktoum at the final resting place of Sheikh Hamdan bin Rashid in Umm Hurair cemetery in Dubai.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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