UAE migrant Filipinos urged to invest in home country

ABU DHABI // A change of mindset is needed to transform Filipinos abroad from ordinary workers into investors in their home country, a leading diplomat urgedahead of today's celebration of their efforts.

"Migrant Workers' Day is an affirmation by the government of the importance of overseas Filipino workers, and their contribution to the Philippine economy," said Giovanni Palec, the Philippine consul in Dubai. "While the government continues to protect and promote the workers' rights, it is now inviting them to become overseas investors.

"Filipinos should now move away from the mindset of working and staying in the host country and look into coming back home as investors."

June 7 was declared Migrant Workers Day under the Filipino Migrant Workers' Act in 1995.

Mr Palec will be at the launch of the OFW Mag-Impok Magnegosyo Movement, an advocacy project, today as part of the Migrant Workers' Day celebrations in the UAE.

The project addresses the needs of workers and their families by encouraging migrants to set aside some of their monthly remittance, use savings as capital investment and divert it to a profitable business to minimise the overdependence on remittances.

"We will unveil projects and services related to reintegration preparedness," said Delmer Cruz, the labour attache in Dubai.

"Our advocacy campaign is centred on savings, investment and entrepreneurship."

The theme of this year's celebrations is Filipino Migrants: Working Together in Fulfilling Your Dream.

The one-day event will feature products and services provided by the government, private firms and Filipino community organisations.

Manila's trade and industry and agriculture department will offer free livelihood training and discuss ways to venture into agribusiness.

"In the coming months, we will partner with Filipino community organisations in the UAE," Mr Cruz said. "The skills training they provide here should match and be relevant to the livelihood opportunities back home."

The celebrations will take place from 9.30am until 5pm at the Philippine overseas labour office in the Al Ghusais district of Dubai.

rruiz@thenational.ae

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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