Video: 40 historic objects that shaped the UAE: 32. Traditional "talli" embroidery stand

Hussein Ibish: There are reasons for Democrats and Republicans to be happy

Rashmee Roshan Lall: Who are the women driving Joe Biden's success?

Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis

Director: Eli Roth

Rating: 0/5

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

UAE coins

Dh5 note

Dh10 note

Dh20 note

England 322-7 (50 ovs)
India 236 (50 ovs)

England win by 86 runs

Next match: Tuesday, July 17, Headingley 

Uefa Champions League semi-final, second leg result:

Ajax 2-3 Tottenham

Tottenham advance on away goals rule after tie ends 3-3 on aggregate

Final: June 1, Madrid

Engine: 1.5-litre

Transmission: 6-speed automatic

Power: 110 horsepower 

Torque: 147Nm 

Price: From Dh59,700 

On sale: now  

Jaguar F-Pace SVR

Engine: 5-litre supercharged V8​​​​​​​

Transmission: 8-speed automatic

Power: 542bhp​​​​​​​

Torque: 680Nm​​​​​​​

Price: Dh465,071

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

Day 1 at Mount Maunganui

England 241-4

Denly 74, Stokes 67 not out, De Grandhomme 2-28

New Zealand 

Yet to bat

Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part one: how cars came to the UAE

2.30pm Maiden (PA) Dh40,000 1,200m

Winner Lamia, Tadhg O’Shea, Ernst Oertel.

3pm Handicap (PA) Dh40,000 1,000m

Winner Jap Al Afreet, Elione Chaves, Irfan Ellahi.

3.30pm Handicap (PA) Dh40,000 1,700m

Winner MH Tawag, Bernardo Pinheiro, Elise Jeanne.

4pm Handicap (TB) Dh40,000 2,000m

Winner Skygazer, Sandro Paiva, Ali Rashid Al Raihe.

4.30pm The Ruler of Sharjah Cup Prestige (PA) Dh250,000 1,700m

Winner AF Kal Noor, Tadhg O’Shea, Ernst Oertel.

5pm Sharjah Marathon (PA) Dh70,000 2,700m

Winner RB Grynade, Bernardo Pinheiro, Eric Lemartinel.

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

• George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
• Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
• Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
• Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills. 

• Land was originally the Bishop of London's hunting park, hence the name
• The road was laid out in the mid 19th Century, meandering through woodland and farmland
• Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds

Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.

Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50

Mina Al-Oraibi: Iraq is in a fight to show its people who is really in charge

Khaled Yacoub Oweis: Iraq PM goes from shy writer to the political peak

The National Editorial: Iran's 'failed model' should be discontinued

Engine: 6.2-litre supercharged V8

Power: 712hp at 6,100rpm

Torque: 881Nm at 4,800rpm

Transmission: 8-speed auto

Fuel consumption: 19.6 l/100km

Price: Dh380,000

On sale: now 

Director:Anthony Hayes

Stars:Zaf Efron, Anthony Hayes

Rating:3/5

Damien McElroy: Anti-science attitudes in America are proving lethal

Editorial: What makes the UAE such a good place to test vaccines?

Editorial: The fight against Covid-19 should be guided by science

Engine: 3.0-litre six-cylinder MHEV

Power: 360bhp

Torque: 500Nm

Transmission: eight-speed automatic

Price: from Dh282,870

On sale: now

Champions League quarter-final, first leg

Tottenham Hotspur v Manchester City, Tuesday, 11pm (UAE)

Matches can be watched on BeIN Sports

Saturday (UAE kick-off times)

Cologne v Union Berlin (5.30pm)

Fortuna Dusseldorf v Borussia Dortmund (5.30pm)

Hertha Berlin v Eintracht Frankfurt (5.30pm)

Paderborn v Werder Bremen (5.30pm)

Wolfsburg v Freiburg (5.30pm)

Bayern Munich v Borussia Monchengladbach (8.30pm)

Sunday

Mainz v Augsburg (5.30pm)

Schalke v Bayer Leverkusen (8pm)