The Ruler of Sharjah, Sheikh Sultan bin Mohammed Al Qasimi, has awarded Dh10 million to the members of the UAE national football team for winning the Gulf Cup against Iraq on Friday.
Sheikh Al Qasimi received the football team, including the administrative and technical staff, today at his Al Badea Al A'mer Palace and thanked them for their victory.
According to state news agency, Wam, Sheikh Al Qasimi warned the players to not be complacent after their win and urged them to work harder in the upcoming football competitions, which includes the 2015 Asia Cup qualifying campaign.
The team flies to Guangzhou, China, on January 28 to begin training, with their first match against Vietnam in Hanoi on February 6. The last time the two countries met, in the group stages of the 2007 competition, the UAE lost 2-0.
In the past three days, Dh137 million has been donated to the national team in appreciation of their achievement.
The squad won all its matches in the tournament in Bahrain, which culminated in a dramatic 2-1 extra-time victory over Iraq in the final.
The President, Sheikh Khalifa, was the first to reward the players, giving Dh50m to the team when he met them on Saturday.
His donation was followed by a grant of Dh12m from Sheikh Rashid and Sheikh Saeed, the sons of Sheikh Hamdan bin Rashid, the Minister of Finance and Dubai's Deputy Ruler.
Sheikha Hind bint Maktoum, the wife of Sheikh Mohammed bin Rashid, the Vice President and Ruler of Dubai, donated Dh25m.
On Sunday, Sheikh Mohammed himself donated a further Dh50m.
The money will be shared among the players, coaches and technical staff.
newsdesk@thenational.ae
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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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AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
