• FILE PHOTO: The eruption of an underwater volcano off Tonga, which triggered a tsunami warning for several South Pacific island nations, is seen in an image from the NOAA GOES-West satellite taken at 05:00 GMT January 15, 2022. CIRA/NOAA/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. TPX IMAGES OF THE DAY/File Photo
    FILE PHOTO: The eruption of an underwater volcano off Tonga, which triggered a tsunami warning for several South Pacific island nations, is seen in an image from the NOAA GOES-West satellite taken at 05:00 GMT January 15, 2022. CIRA/NOAA/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. TPX IMAGES OF THE DAY/File Photo
  • Viengsay Valdes, a Cuban National Ballet prima ballerina, performs 'Giselle' during the Alicia Alonso International Ballet Festival, in Havana, Cuba. Reuters
    Viengsay Valdes, a Cuban National Ballet prima ballerina, performs 'Giselle' during the Alicia Alonso International Ballet Festival, in Havana, Cuba. Reuters
  • The mother and grandmother of Pattanan Mumklang, 4, who was killed in a mass shooting at a day care centre in the town of Uthai Sawan, Thailand, scatter the child's ashes into the sea, in Chonburi province. Reuters
    The mother and grandmother of Pattanan Mumklang, 4, who was killed in a mass shooting at a day care centre in the town of Uthai Sawan, Thailand, scatter the child's ashes into the sea, in Chonburi province. Reuters
  • A boat transports Pirarucu fish to a processing ship, in the San Raimundo settlement lake, in Carauari, Brazil. The giant fish not so long ago nearly vanished. AP
    A boat transports Pirarucu fish to a processing ship, in the San Raimundo settlement lake, in Carauari, Brazil. The giant fish not so long ago nearly vanished. AP
  • Serbia's Novak Djokovic walks out before his round of 16 match against Russia's Karen Khachanov at the ATP Masters 1000, in Paris. Reuters
    Serbia's Novak Djokovic walks out before his round of 16 match against Russia's Karen Khachanov at the ATP Masters 1000, in Paris. Reuters
  • A man swims in a pool at a residential complex, in Bangkok. AFP
    A man swims in a pool at a residential complex, in Bangkok. AFP
  • Members of the elite police take up position on the roof of the Guayas 1 prison during an operative to control a riot in Guayaquil, Ecuador. AFP
    Members of the elite police take up position on the roof of the Guayas 1 prison during an operative to control a riot in Guayaquil, Ecuador. AFP
  • Britain's Alice Kinsella prepares to compete during the floor exercise event of the women's individual all-around final at the World Gymnastics Championships in Liverpool, England. AFP
    Britain's Alice Kinsella prepares to compete during the floor exercise event of the women's individual all-around final at the World Gymnastics Championships in Liverpool, England. AFP
  • Jets of the Italian Air Force's Tricolor Arrows aerobatic unit spread smoke with the colors of the Italian flag as they fly over Rome's Altare della Patria monument as part of celebrations of National Unity and Armed Forces Day, marking the end of the First World War. AFP
    Jets of the Italian Air Force's Tricolor Arrows aerobatic unit spread smoke with the colors of the Italian flag as they fly over Rome's Altare della Patria monument as part of celebrations of National Unity and Armed Forces Day, marking the end of the First World War. AFP
  • Helicopters fly in the distance as the sun sets behind the Statue of Liberty in New York. AFP
    Helicopters fly in the distance as the sun sets behind the Statue of Liberty in New York. AFP

Today's best photos: from a volcanic eruption to a New York sunset


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More from The National:

Thursday's best photos: from a juggling girl to the Pope in Bahrain

Wednesday's best photos: from Day of the Dead to a SpaceX rocket launch

Tuesday's best photos: from Halloween at the White House to election time in Israel

Monday's best photos: from Chhath Puja to Afghan saffron

Sunday's best photos: from a Clone Trooper on the DLR to Day of the Dead parade

Saturday's best photos: from Mexico's iconic Catrina to march of the mummies

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

What are the influencer academy modules?
  1. Mastery of audio-visual content creation. 
  2. Cinematography, shots and movement.
  3. All aspects of post-production.
  4. Emerging technologies and VFX with AI and CGI.
  5. Understanding of marketing objectives and audience engagement.
  6. Tourism industry knowledge.
  7. Professional ethics.
SQUAD

Ali Khaseif, Fahad Al Dhanhani, Adel Al Hosani, Mohammed Al Shamsi, Bandar Al Ahbabi, Mohammed Barghash, Salem Rashid, Khalifa Al Hammadi, Shaheen Abdulrahman, Hassan Al Mahrami, Walid Abbas, Mahmoud Khamis, Yousef Jaber, Saeed Ahmed, Majed Sorour, Majed Hassan, Ali Salmeen, Abdullah Ramadan, Khalil Al Hammadi, Fabio De Lima, Khalfan Mubarak, Tahnoun Al Zaabi, Ali Saleh, Caio Canedo, Muhammed Jumah, Ali Mabkhout, Sebastian Tagliabue, Zayed Al Ameri

The burning issue

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 two: how climate change drove the race for an alternative 

Updated: November 04, 2022, 1:54 PM