Sheikh Khalifa declares start of Year of the 50th

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President Sheikh Khalifa declared 2021 to be the 'Year of the 50th', as the nation celebrates its milestone Golden Jubilee.

The Year of the 50th officially starts on April 6 and will last until March 31 next year.

The declaration was coupled with the announcement of year-long initiatives, activities and grand celebrations.

These will be governed by the UAE Golden Jubilee Committee under the chairmanship of Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, with Sheikha Mariam bint Mohamed bin Zayed as deputy chairwoman, state news agency Wam reported.

Everyone in the UAE has the chance to reach their full potential, and together we will continue to shape new frontiers

The committee has members representing various federal and local departments.

Its activities have the following foundational pillars:

- Launching the Year 50 with a festive spirit that engages all those who consider the UAE their homeland

- Calling upon all UAE citizens to contemplate the values and achievements of the past in acknowledgement of the Founding Fathers

- Inspiring young people to have their vision about the ambitions of the next 50 years, while supporting them to make quality national achievements in furtherance of the March of Development, Progress and Prosperity

'Gearing up for the next journey'

Sheikh Khalifa said: "Year of the 50th represents a historic defining moment in our journey that started immediately after the declaration of the UAE’s union in 1971.

"It’s an acknowledgement of the resolute will and strong determination our Founding Fathers had while building up their nation.

"It also comes in recognition of the sincere efforts made by our citizens for our nation to be what we are seeing today as one of the best growing and fastest developing countries in the world."

Sheikh Khalifa said he valued the efforts made by foreign citizens who have shared with Emirati citizens the same journey and the efforts to build this young nation.

"Year of the 50th is an opportunity to contemplate the achievements made over 50 years at a time we are gearing up for the next journey," he said.

The programme includes a series of initiatives to celebrate the UAE's history, values and achievements as the nation moves towards its centennial in 2071.

In so doing, the nation will remain committed to building its future by relying on its young people and equipping them with all the skills they need to forge ahead with their plans for the future.

Sheikh Khalifa said: "We are living in a rapidly changing world. Amid this change, there are opportunities up for grabs to drive innovation and creativity.

"Therefore, we’ll have to double efforts to generate novel ideas, and quality initiatives to preserve our heritage and values and protect the cultural diversity of our society.

"As such, these initiatives should contribute to creating a better tomorrow with a brighter future for our nation."

The Golden Jubilee Committee was formed in December 2019 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai.

In addition to governing the UAE's Golden Jubilee celebrations, developing a comprehensive preparation plan and forming teams to execute plans to mark the nation's 50th anniversary in 2021, the committee is working on a diverse agenda.

This is built on four strategic pillars that cover several development initiatives aimed at driving change through socio-economic and developmental policies for generations to come.

Sheikh Mohammed bin Rashid said: "A year to celebrate 50 years, which witnessed the fastest construction journey in the history of countries, the best development journey in the region and the most noble journey in human building.

"It is also a year of preparation for the next 50 years, full of goodness, deep in impact and exemplary in building hope for the region and the world."

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, said: "Today, as we launch the UAE Year Of the 50th, we can proudly look back on our achievements as we embark on a new journey with determination and enthusiasm.

"Everyone in the UAE has the chance to reach their full potential, and together we will continue to shape new frontiers."

For further information on the Year of the 50th, please visit the following link: www.UAEyearof.ae

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Best Men's Player of the Year: Kylian Mbappe (PSG)

Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)

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Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)

Best Women's Player of the Year: Alexia Putellas (Barcelona)

Best Men's Club of the Year: Chelsea

Best Women's Club of the Year: Barcelona

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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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