• A boy wearing a face mask takes his dogs on a stroll on the Corniche in Abu Dhabi. Victor Besa / The National
    A boy wearing a face mask takes his dogs on a stroll on the Corniche in Abu Dhabi. Victor Besa / The National
  • A Covid-19 safety sign on Al Qahirah street in Abu Dhabi. Victor Besa / The National
    A Covid-19 safety sign on Al Qahirah street in Abu Dhabi. Victor Besa / The National
  • Checkers line up at the entrance of Global Village with masks and face shields. Reem Mohammed / The National
    Checkers line up at the entrance of Global Village with masks and face shields. Reem Mohammed / The National
  • Abu Dhabi residents on their Friday morning fitness ritual. Victor Besa / The National
    Abu Dhabi residents on their Friday morning fitness ritual. Victor Besa / The National
  • Bridal facemask at Contessa Bridal Dubai in City Walk in Dubai. Reem Mohammed / The National
    Bridal facemask at Contessa Bridal Dubai in City Walk in Dubai. Reem Mohammed / The National
  • An employee at The Meydan Hotel in Dubai sanitises the reception area to prevent the spread of Covid-19. Chris Whiteoak / The National
    An employee at The Meydan Hotel in Dubai sanitises the reception area to prevent the spread of Covid-19. Chris Whiteoak / The National
  • A lifeguard at The Meydan Hotel with a mask on to prevent the spread of Covid-19. Chris Whiteoak / The National
    A lifeguard at The Meydan Hotel with a mask on to prevent the spread of Covid-19. Chris Whiteoak / The National
  • Hygiene and Covid-19 safety measures take place at a fitness class at Bare. Chris Whiteoak / The National
    Hygiene and Covid-19 safety measures take place at a fitness class at Bare. Chris Whiteoak / The National
  • A lady works on her laptop while wearing a mask at Times Square in Dubai. Chris Whiteoak / The National
    A lady works on her laptop while wearing a mask at Times Square in Dubai. Chris Whiteoak / The National
  • People wear masks to curb the spread of the coronavirus in Satwa, Dubai. Chris Whiteoak / The National
    People wear masks to curb the spread of the coronavirus in Satwa, Dubai. Chris Whiteoak / The National
  • Coronavirus safety measures are taken at 815 Dance & Performing Arts Training Centre in Silicone Oasis in Dubai. Chris Whiteoak / The National
    Coronavirus safety measures are taken at 815 Dance & Performing Arts Training Centre in Silicone Oasis in Dubai. Chris Whiteoak / The National
  • A lady takes part in an art installation which comes to life via augmented reality with a mask on to prevent the spread of Covid-19 in Dubai. Chris Whiteoak / The National
    A lady takes part in an art installation which comes to life via augmented reality with a mask on to prevent the spread of Covid-19 in Dubai. Chris Whiteoak / The National

Government

UAE forms Covid-19 recovery committee to boost economy

Committee to co-ordinate the country's recovery from the widespread economic effects of the pandemic

The National

November 01, 2020

  • English
  • Arabic

The UAE formed a new committee, tasked with leading the country's economic recovery post-pandemic, on Saturday.

The National Covid-19 Crisis Recovery Management and Governance Committee must develop support programmes for businesses and industries to aid in the country's efficient financial recovery.

This will involve developing a strategic plan that sets out roles, responsibilities and key strategic and operational performance indicators with the end goal of ensuring a safe return to normalcy across society, reported state news agency Wam. Part of this will include identifying the financial and economic resources required for supporting the recovery phase.

It was formed by the Supreme Committee for Covid-19 Crisis Management and will be chaired by Dr Sultan Al Jaber, Minister of Industry and Advanced Technology. Its members include government officials that represent a variety of ministries and federal departments.

The committee will set out key performance indicators for each sector, as part of the "post-Covid-19 phase", to monitor the recovery of businesses and government sectors.

Its responsibilities also include establishing an electronic data link for digital indicator-based statistics.

While developing the strategic recovery plan, the committee will focus on consolidating the UAE's strengths and competitive advantages to ensure the security and sustainability of vital sectors, including food security, energy and pharmaceuticals.

The committee must also support promising sectors that have significant growth prospects in the post-Covid-19 phase, including advanced technologies, healthcare, telecoms and logistical services.

One of its goals will be to meet domestic demand by boosting local value-added content in a way that supports SMEs.

The UAE leads Arab nations and ranks 37th globally in the Covid-19 Economic Recovery Index Ranking, developed by the Horizon Research Group.

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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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