UAE authorities are urging the public to celebrate the New Year safely and help combat a rise in Covid-19 cases.
Dr Saif Al Dhaheri, spokesman for the National Emergency Crisis and Disasters Management Authority, stressed the crucial need to abide by Covid-19 safety measures while ringing in 2021 at public and private gatherings in the Emirates.
He reiterated the importance of wearing masks and adhering to social distancing rules.
"The government has proved professional in dealing with the pandemic," he said.
“In the last few days we have been able to trace an increase in the number of Covid-19 cases in the UAE.
"We would like to call on all people, specifically during the holidays, to adhere to measures put in place by the health sector since the outbreak."
Crowds will gather at firework displays in Dubai and Abu Dhabi to bid farewell to 2020.
“We are on the eve of welcoming a new year and there will be many celebrations so let’s celebrate responsibly," Dr Al Dhaheri said. "Your health and safety is a priority.”
He said fines will be issued to those who flout rules and inspections will be carried out to ensure all are following safety guidelines.
A major safety strategy was drawn up for a spectacular fireworks, laser and lights show at Burj Khalifa.
Members of the public must register to attend, while thousands of police will be on patrol to ensure regulations are being followed.
A dedicated operations room is set up to monitor crowds, while field hospitals were erected in the Downtown Dubai area.
The event will be broadcast on Zoom to allow viewers to watch Dubai's traditional New Year's Eve celebrations from the comfort of their homes.
The official called on households to undergo regular PCR testing – including for domestic helpers – to ensure they stay free of the virus.
The message comes after the UAE recorded its highest number of daily Covid-19 cases on Wednesday.
The latest tally of 1,723 infections brought the country's number of cases since the outbreak began to 206,092.
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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Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets.
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Lightweight
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Catch 74kg
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Featherweight
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Lightweight
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Welterweight
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Bantamweight
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Lightweight
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Lightweight
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Welterweight
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Featherweight title bout
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