• Philippines' President Ferdinand 'Bongbong' Marcos Jr, centre, is joined by his mother and former first lady Imelda at his inauguration ceremony in Manila. Getty
    Philippines' President Ferdinand 'Bongbong' Marcos Jr, centre, is joined by his mother and former first lady Imelda at his inauguration ceremony in Manila. Getty
  • The ceremony took place at the National Museum in Manila. Reuters
    The ceremony took place at the National Museum in Manila. Reuters
  • Sara Duterte, the Philippines' new Vice President and daughter of former president Rodrigo Duterte, with Mr Marcos Jr in Manila. Reuters
    Sara Duterte, the Philippines' new Vice President and daughter of former president Rodrigo Duterte, with Mr Marcos Jr in Manila. Reuters
  • Mr Marcos Jr is the son of former president Ferdinand Marcos Sr. Getty
    Mr Marcos Jr is the son of former president Ferdinand Marcos Sr. Getty
  • Mr Marcos Jr is sworn in by Supreme Court Chief Justice Alexander Gesmundo. AP
    Mr Marcos Jr is sworn in by Supreme Court Chief Justice Alexander Gesmundo. AP
  • An activist prepares to protest against the inauguration ceremony in Manila. AP
    An activist prepares to protest against the inauguration ceremony in Manila. AP
  • Supporters of the new president gather in the capital. AP
    Supporters of the new president gather in the capital. AP
  • The inauguration ceremony sparked a demonstration in the city. AP
    The inauguration ceremony sparked a demonstration in the city. AP
  • Supporters watch Mr Marcos Jr and Mr Duterte on a giant screen during the ceremony. AP
    Supporters watch Mr Marcos Jr and Mr Duterte on a giant screen during the ceremony. AP
  • The new Philippines leader arrives at the museum. AP
    The new Philippines leader arrives at the museum. AP
  • Mr Marcos Jr, with his wife Louise Araneta-Marcos and son Ferdinand Alexander Marcos, takes the oath as the next Philippine president in Manila. Getty
    Mr Marcos Jr, with his wife Louise Araneta-Marcos and son Ferdinand Alexander Marcos, takes the oath as the next Philippine president in Manila. Getty
  • Ferdinand 'BongBong' Marcos, the Philippines' president, during the swearing-in ceremony at the Old Legislative Building in Manila. Bloomberg
    Ferdinand 'BongBong' Marcos, the Philippines' president, during the swearing-in ceremony at the Old Legislative Building in Manila. Bloomberg
  • Ferdinand Marcos with his wife and son at the ceremony. Bloomberg
    Ferdinand Marcos with his wife and son at the ceremony. Bloomberg
  • Departing Philippine President Rodrigo Duterte, second from left, shakes hands with incoming President Ferdinand Marcos Jr during the inauguration ceremony for Mr Marcos in Manila. AFP
    Departing Philippine President Rodrigo Duterte, second from left, shakes hands with incoming President Ferdinand Marcos Jr during the inauguration ceremony for Mr Marcos in Manila. AFP
  • Departing Philippine President Rodrigo Duterte, centre left, is escorted as he reviews an honour guard, as incoming President Ferdinand Marcos J looks on, during the inauguration ceremony for Mr Marcos Jr, in Manila. AFP
    Departing Philippine President Rodrigo Duterte, centre left, is escorted as he reviews an honour guard, as incoming President Ferdinand Marcos J looks on, during the inauguration ceremony for Mr Marcos Jr, in Manila. AFP
  • The leaders salute during the inauguration ceremony. AFP
    The leaders salute during the inauguration ceremony. AFP
  • People attend the swearing-in ceremony. Bloomberg
    People attend the swearing-in ceremony. Bloomberg
  • A promotional video for Mr Marcos Jr is displayed on a screen at the Old Legislative Building, in Manila. Bloomberg
    A promotional video for Mr Marcos Jr is displayed on a screen at the Old Legislative Building, in Manila. Bloomberg
  • Supporters attend the inauguration. Mr Marcos Jr was sworn in as president amid protests over his namesake father's rule. Bloomberg
    Supporters attend the inauguration. Mr Marcos Jr was sworn in as president amid protests over his namesake father's rule. Bloomberg
  • A supporter holds the national flag. Mr Marcos Jr received more than 31 million votes and incoming vice president Sara Duterte more than 32 million of the more than 55 million votes cast in the May 9 election. AP
    A supporter holds the national flag. Mr Marcos Jr received more than 31 million votes and incoming vice president Sara Duterte more than 32 million of the more than 55 million votes cast in the May 9 election. AP

World

Ferdinand Marcos Jr sworn in as Philippines president

Inauguration of man known as Bongbong comes 36 years after army-backed revolt removed his namesake father from power

The National

June 30, 2022

  • English
  • Arabic

Ferdinand Marcos Jr was sworn in as president of the Philippines on Thursday amid protests over his namesake father's rule.

The inauguration of Mr Marcos Jr was held at the steps of the National Museum in Manila on Thursday.

The Philippine Congress last month proclaimed his landslide victory, as well as that of his running mate Sara Duterte, daughter of departing president Rodrigo Duterte, in the vice-presidential race.

“I ask you all pray for me, wish me well. I want to do well because when the president does well, the country does well,” Mr Marcos Jr said after his congressional proclamation, without taking any questions.

He received more than 31 million votes and Ms Duterte had more than 32 million of the more than 55 million votes cast in the May 9 election — emphatic victories that will provide them robust political capital as they face tremendous challenges as well as doubts arising from their fathers’ reputations.

It was the first majority presidential victory in the Philippines in decades.

Chinese Vice President Wang Qishan and Doug Emhoff, US Vice President Kamala Harris’s husband, were among foreign dignitaries at the swearing-in ceremony.

The inauguration comes 36 years after an army-backed revolt removed his father Ferdinand Marcos Sr from power.

Activists and survivors of the martial law-era under his father staged protests on the sidelines of the inauguration. Thousands of police officers, including anti-riot contingents, Swat commandos and snipers, were deployed in the bayside tourist district for security.

A public holiday, monuments and the Philippine constitution stand as reminders of his father’s tyrannical rule.

“Wow is this really happening?” Bonifacio Ilagan, 70, an activist who was detained and severely tortured by counterinsurgency forces during the elder Marcos’s rule, told AP.

“For victims of martial law like me, this is a nightmare.”

Such historical baggage and antagonism stand to hound Marcos Jr during a six-year presidency beginning at a time of intense crises.

The Philippines has been among the countries in Asia worst-hit by the two-year coronavirus pandemic, after more than 60,000 deaths and extended lockdowns sent the economy to its worst recession since the Second World War and worsened poverty, unemployment and hunger.

As the pandemic was easing early this year, Russia’s invasion of Ukraine sent global inflation soaring and sparked fears of food shortages.

Last week, Mr Marcos Jr announced he would serve as secretary of agriculture temporarily after he takes office to prepare for possible food supply emergencies. “I think the problem is severe enough,” he said and added he has asked his key advisers to brace for “emergency situations, especially when it comes to food supply.”

He also inherits decades-old Islamist and communist insurgencies, crime, gaping inequality and political divisions inflamed by his election.

Mr Duterte presided over a brutal anti-drugs campaign that left thousands of mostly poor suspects dead in an unprecedented scale of killings the International Criminal Court was investigating as a possible crime against humanity.

  • Philippine President Rodrigo Duterte holds a Galil sniper rifle next to outgoing National Police Chief Ronald Bato Dela Rosa during a handover ceremony in Camp Crame, Quezon City, Manila. Reuters
    Philippine President Rodrigo Duterte holds a Galil sniper rifle next to outgoing National Police Chief Ronald Bato Dela Rosa during a handover ceremony in Camp Crame, Quezon City, Manila. Reuters
  • Rodrigo Duterte speaks during a news conference at the Asean Summit in Manila, the Philippines. Duterte lashed out at Justin Trudeau after the Canadian prime minister raised concerns about human rights abuses under the country’s drug war. Bloomberg
    Rodrigo Duterte speaks during a news conference at the Asean Summit in Manila, the Philippines. Duterte lashed out at Justin Trudeau after the Canadian prime minister raised concerns about human rights abuses under the country’s drug war. Bloomberg
  • Rodrigo Duterte chats with partner Honeylet Avancena while waiting for leaders to arrive to attend the opening ceremony of the ASEAN summit in Manila on April 29, 2017. AFP
    Rodrigo Duterte chats with partner Honeylet Avancena while waiting for leaders to arrive to attend the opening ceremony of the ASEAN summit in Manila on April 29, 2017. AFP
  • Rodrigo Duterte saluting a soldier wounded by an explosion, during a visit to a military camp in Jolo, Sulu province, southern Philippines. Twin bombings hit a Sunday mass at Jolo Cathedral in the Mindanao region of the southern Philippines on January 27. EPA
    Rodrigo Duterte saluting a soldier wounded by an explosion, during a visit to a military camp in Jolo, Sulu province, southern Philippines. Twin bombings hit a Sunday mass at Jolo Cathedral in the Mindanao region of the southern Philippines on January 27. EPA
  • Malaysia's Prime Minister Mahathir Mohamad, Myanmar State Counsellor Aung San Suu Kyi and Philippine President Rodrigo Duterte pose for a group photo on the sidelines of the 33rd ASEAN summit in Singapore, 2018. AFP
    Malaysia's Prime Minister Mahathir Mohamad, Myanmar State Counsellor Aung San Suu Kyi and Philippine President Rodrigo Duterte pose for a group photo on the sidelines of the 33rd ASEAN summit in Singapore, 2018. AFP
  • Rodrigo Duterte salutes at Lieutenant General Rolando Joselito D. Bautista and Major General Macairog Sabeniano Alberto, during a change of command ceremonies of the Philippine Army at a military camp in Taguig, south of Manila, Philippines. EPA
    Rodrigo Duterte salutes at Lieutenant General Rolando Joselito D. Bautista and Major General Macairog Sabeniano Alberto, during a change of command ceremonies of the Philippine Army at a military camp in Taguig, south of Manila, Philippines. EPA
  • Rodrigo Duterte gestures next to Malaysian Prime Minister Mahathir Mohamad after Philippines' Manny Pacquiao beat Argentina's Lucas Matthysse during their world welterweight boxing championship bout at Axiata Arena in Kuala Lumpur. AFP
    Rodrigo Duterte gestures next to Malaysian Prime Minister Mahathir Mohamad after Philippines' Manny Pacquiao beat Argentina's Lucas Matthysse during their world welterweight boxing championship bout at Axiata Arena in Kuala Lumpur. AFP
  • King Abdullah II of Jordan talks with Rodrigo Duterte as they review the guard of honor at the Royal Palace in Amman, Jordan, September 6, 2018. EPA
    King Abdullah II of Jordan talks with Rodrigo Duterte as they review the guard of honor at the Royal Palace in Amman, Jordan, September 6, 2018. EPA
  • Rodrigo Duterte inspects a Catholic church damaged by explosion in Jolo, Sulu province, southern Philippines, 28 January 2019. EPA
    Rodrigo Duterte inspects a Catholic church damaged by explosion in Jolo, Sulu province, southern Philippines, 28 January 2019. EPA
  • Rodrigo Duterte with Japanese Foreign Minister Taro Kono during a meeting in Davao city, Philippines. EPA
    Rodrigo Duterte with Japanese Foreign Minister Taro Kono during a meeting in Davao city, Philippines. EPA

The probe was suspended in November, but the ICC chief prosecutor has asked that it be resumed immediately.

Mr Marcos Jr and Ms Duterte have faced calls to help prosecute her father and co-operate with the international court when they office, a looming political dilemma.

A former governor, congressman and senator, Mr Marcos Jr has refused to acknowledge or apologise for massive human rights breaches and plunder under his father’s rule and has defended his legacy.

He has appealed to be judged “not by my ancestors, but by my actions”.

Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

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The rules on fostering in the UAE

A foster couple or family must:

  • be Muslim, Emirati and be residing in the UAE
  • not be younger than 25 years old
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  • have the ability to support its members and the foster child financially
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While you're here

First Person
Richard Flanagan
Chatto & Windus 

Museum of the Future in numbers
  •  78 metres is the height of the museum
  •  30,000 square metres is its total area
  •  17,000 square metres is the length of the stainless steel facade
  •  14 kilometres is the length of LED lights used on the facade
  •  1,024 individual pieces make up the exterior 
  •  7 floors in all, with one for administrative offices
  •  2,400 diagonally intersecting steel members frame the torus shape
  •  100 species of trees and plants dot the gardens
  •  Dh145 is the price of a ticket
The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

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%3Cp%3E%3Cstrong%3EFeatherweight%20title%3C%2Fstrong%3E%3Cbr%3EAli%20Al%20Qaisi%20by%20Jesse%20Arnett%20by%20submission%2C%20round%203%3Cbr%3E%3Cstrong%3EWelterweight%20title%3C%2Fstrong%3E%3Cbr%3EJosh%20Togo%20bt%20Tahir%20Abdullaev%20by%20unanimous%20decision%3Cbr%3E%3Cstrong%3EFlyweight%3C%2Fstrong%3E%3Cbr%3EIago%20Ribeiro%20bt%20Juan%20Puerta%20by%20unanimous%20decision%3Cbr%3E%3Cstrong%3EMiddleweight%3C%2Fstrong%3E%3Cbr%3EYerkin%20Darmen%20bt%20Tyler%20Ray%20by%20TKO%2C%20round%203%3Cbr%3E%3Cstrong%3EWelterweight%3C%2Fstrong%3E%3Cbr%3EAbdulla%20Al%20Bousheiri%20bt%20John%20Adajar%20by%20submission%2C%20round%201%3Cbr%3E%3Cstrong%3ECatchweight%20232lb%3C%2Fstrong%3E%3Cbr%3EAsylzhan%20Bakhytzhanuly%20bt%20Hasan%20Yousefi%20by%20submission%2C%20round%202%3Cbr%3E%3Cstrong%3ECatchweight%20176lb%3C%2Fstrong%3E%3Cbr%3EAlin%20Chirila%20bt%20Silas%20Robson%20by%20KO%2C%20round%201%3Cbr%3E%3Cstrong%3ECatchweight%20176lb%3C%2Fstrong%3E%3Cbr%3EArvin%20Chan%20bt%20Abdi%20Farah%20by%20TKO%2C%20round%201%3Cbr%3E%3Cstrong%3ELightweight%3C%2Fstrong%3E%3Cbr%3EOle-Jorgen%20Johnsen%20bt%20Nart%20Abida%20by%20TKO%2C%20round%201%3Cbr%3E%3Cstrong%3EBantamweight%3C%2Fstrong%3E%3Cbr%3EOtar%20Tanzilov%20bt%20Eduardo%20Dinis%20by%20TKO%2C%20round%203%3Cbr%3E%3Cstrong%3EStrawweight%3C%2Fstrong%3E%3Cbr%3EColine%20Biron%20bt%20Aysun%20Erge%20via%20submission%2C%20round%202%3Cbr%3E%3Cstrong%3EWelterweight%3C%2Fstrong%3E%3Cbr%3ESoslan%20Margiev%20bt%20Mathieu%20Rakotondrazanany%20by%20unanimous%20decision%3Cbr%3E%3Cstrong%3EBantamweight%3C%2Fstrong%3E%3Cbr%3EBakhromjon%20Ruziev%20bt%20Younes%20Chemali%20by%20majority%20decision%3C%2Fp%3E%0A

SPECS

Toyota land Cruiser 2020 5.7L VXR

Engine: 5.7-litre V8

Transmission: eight-speed automatic

Power: 362hp

Torque: 530Nm

Price: Dh329,000 (base model 4.0L EXR Dh215,900)

Rafael Nadal's record at the MWTC

2009 Finalist

2010 Champion

Jan 2011 Champion

Dec 2011 Semi-finalist

Dec 2012 Did not play

Dec 2013 Semi-finalist

2015 Semi-finalist

Jan 2016 Champion

Dec 2016 Champion

2017 Did not play

 

The specs

Engine: four-litre V6 and 3.5-litre V6 twin-turbo

Transmission: six-speed and 10-speed

Power: 271 and 409 horsepower

Torque: 385 and 650Nm

Price: from Dh229,900 to Dh355,000

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Avengers: Endgame

Directors: Anthony Russo, Joe Russo

Starring: Robert Downey Jr, Chris Evans, Scarlett Johansson, Chris Hemsworth, Josh Brolin

4/5 stars 

Sarfira

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UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
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SPECS
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%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Apple%20M3%2C%208-core%20CPU%2C%20up%20to%2010-core%20CPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2013.6-inch%20Liquid%20Retina%2C%202560%20x%201664%2C%20224ppi%2C%20500%20nits%2C%20True%20Tone%2C%20wide%20colour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208%2F16%2F24GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStorage%3A%3C%2Fstrong%3E%20256%2F512GB%20%2F%201%2F2TB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20Thunderbolt%203%2FUSB-4%20(2)%2C%203.5mm%20audio%2C%20Touch%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%206E%2C%20Bluetooth%205.3%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%2052.6Wh%20lithium-polymer%2C%20up%20to%2018%20hours%2C%20MagSafe%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECamera%3A%3C%2Fstrong%3E%201080p%20FaceTime%20HD%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%20Support%20for%20Apple%20ProRes%2C%20HDR%20with%20Dolby%20Vision%2C%20HDR10%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAudio%3A%3C%2Fstrong%3E%204-speaker%20system%2C%20wide%20stereo%2C%20support%20for%20Dolby%20Atmos%2C%20Spatial%20Audio%20and%20dynamic%20head%20tracking%20(with%20AirPods)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Midnight%2C%20silver%2C%20space%20grey%2C%20starlight%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20MacBook%20Air%2C%2030W%2F35W%20dual-port%2F70w%20power%20adapter%2C%20USB-C-to-MagSafe%20cable%2C%202%20Apple%20stickers%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh4%2C599%3C%2Fp%3E%0A
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

Kathryn Hawkes of House of Hawkes on being a good guest (because we’ve all had bad ones)

  • Arrive with a thank you gift, or make sure you have one for your host by the time you leave. 
  • Offer to buy groceries, cook them a meal or take your hosts out for dinner.
  • Help out around the house.
  • Entertain yourself so that your hosts don’t feel that they constantly need to.
  • Leave no trace of your stay – if you’ve borrowed a book, return it to where you found it.
  • Offer to strip the bed before you go.
QUARTER-FINAL

Wales 20-19 France

Wales: T: Wainwright, Moriarty. Cons: Biggar (2) Pens: Biggar 2

France: T: Vahaamahina, Ollivon, Vakatawa Cons: Ntamack (2)

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

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Huroob Ezterari

Director: Ahmed Moussa

Starring: Ahmed El Sakka, Amir Karara, Ghada Adel and Moustafa Mohammed

Three stars

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Updated: June 30, 2022, 6:21 AM
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