ABU DHABI // The arrival of Singapore’s foreign minister, K Shanmugam, to the UAE tonight heralds a new era of political, diplomatic and economic ties between the two states, according to the country’s ambassador.
Mr Shanmugam, who is also the law minister, will visit the leadership during his two-day official visit and his counterparts, Sheikh Abdullah bin Zayed, the Minister of Foreign Affairs, and Dr Hadef Al Dhaheri, Minister of Justice.
According to Singapore’s ambassador to the UAE, Umej Bhatia, this will be the first visit by a foreign minister from his country since 1996.
“The UAE has seen Singapore as a model and, in the Abu Dhabi 2030 vision, it was highlighted among four nations for the vision to be built on,” Mr Bhatia said. “We, however, believe that it is a two-way street – there is much to learn from the UAE as well – and we are looking to develop long-term economic development ties.”
Mr Shanmugam and Sheikh Abdullah are set to sign a Singapore-UAE Joint Commission memorandum of understanding.
This will set the framework for the commission to enhance relations between the two countries from a political, economic and bilateral perspective, Mr Bhatia said.
“This is about Singapore and the UAE becoming twin hubs for their respective regions,” he said. “If you look around us in the world today geopolitically, Europe has a debt crisis and the US is still resilient but has its own problems.
“The way forward is east – east cooperation, whether it be in the Middle East or Asia.”
Mr Bhatia said the Singapore foreign minister hoped to present the island nation as a window to the East Asian region.
“We want to help the UAE understand the developments of this region, and the UAE can help Singapore within the Middle East,” he said.
“Also, 15 to 17 per cent of Singaporeans are Muslim and some of the currents of radicalism has come to us.
“The UAE is a great, moderate society and cooperation in the future for this particular field is important.”
Mr Bhatia said trade between the two had grown by 25 per cent between 2011 and last year.
“In 2012 two-way trade was Dh76.5 billion, with Dh58.8bn worth of imports to the UAE and Dh17.7bn exports from the UAE,” he said.
“There are a lot of affinities between the UAE and Singapore; they are both small yet highly developed and both are successful and share a lot in common with their principled and pragmatic foreign policies.”
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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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Started: established in 2016 and launched in July 2017
Based: Singapore, with offices in the UAE, Malaysia, Hong Kong, Thailand
Sector: FinTech, wealth management
Initial investment: $500,000 in seed round 1 in 2016; $2.2m in seed round 2 in 2017; $5m in series A round in 2018; $12m in series B round in 2019; $16m in series C round in 2020 and $25m in series D round in 2021
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2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
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May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
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Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
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