• Seen from above, an image of soccer star Pele made from plastic ribbons decorates a street, amid other soccer related symbols, during the World Cup hosted by Qatar, in the Morro da Liberdade neighborhood of Manaus in Amazonas state, Brazil, early Monday, Dec. 5, 2022. Pele has been in the hospital since Tuesday and officials say he is responding well to treatment for a respiratory infection. (AP Photo / Edmar Barros)
    Seen from above, an image of soccer star Pele made from plastic ribbons decorates a street, amid other soccer related symbols, during the World Cup hosted by Qatar, in the Morro da Liberdade neighborhood of Manaus in Amazonas state, Brazil, early Monday, Dec. 5, 2022. Pele has been in the hospital since Tuesday and officials say he is responding well to treatment for a respiratory infection. (AP Photo / Edmar Barros)
  • A close-up of British-US artist Anthony James's art installation titled 90 degree Triacontahedron, on display in Berkeley Square Gardens in London. EPA
    A close-up of British-US artist Anthony James's art installation titled 90 degree Triacontahedron, on display in Berkeley Square Gardens in London. EPA
  • Recyclers cling to a waste lorry in Lujan, the largest open-air dump in Argentina. AFP
    Recyclers cling to a waste lorry in Lujan, the largest open-air dump in Argentina. AFP
  • The sculpted Apollo on his chariot, being lifted as part of the launch of the restoration of the basin of the Chariot of Apollo at the Palace of Versailles outside Paris. AFP
    The sculpted Apollo on his chariot, being lifted as part of the launch of the restoration of the basin of the Chariot of Apollo at the Palace of Versailles outside Paris. AFP
  • Lyudmila surveys her damaged home after recent shelling in Donetsk, Ukraine. Reuters
    Lyudmila surveys her damaged home after recent shelling in Donetsk, Ukraine. Reuters
  • Men stand on a boat at Katara Beach in Doha. AP
    Men stand on a boat at Katara Beach in Doha. AP
  • Revellers wearing devil masks and black sheepskin representing Krampus, the helper of Saint Nicholas, attend the Saint Nicholas parade at Bad Mitterndorf in Austria. AFP
    Revellers wearing devil masks and black sheepskin representing Krampus, the helper of Saint Nicholas, attend the Saint Nicholas parade at Bad Mitterndorf in Austria. AFP
  • Guineafowl near their poultry house in Les Herbiers, France, as about 10 million birds have been culled in France in one of the most widespread outbreaks of bird flu in years. AFP
    Guineafowl near their poultry house in Les Herbiers, France, as about 10 million birds have been culled in France in one of the most widespread outbreaks of bird flu in years. AFP
  • Ukrainian troops Valeriia and Oleksii cuddle puppies found in an abandoned house, near the town of Bakhmut, as fighting with Russia continues. Reuters
    Ukrainian troops Valeriia and Oleksii cuddle puppies found in an abandoned house, near the town of Bakhmut, as fighting with Russia continues. Reuters
  • Indian women and children queue for free food distributed to mark the anniversary of Bhim Rao Ambedkar's death in Mumbai. Ambedkar was the chief architect of the Indian constitution, which outlawed discrimination based on caste. AP
    Indian women and children queue for free food distributed to mark the anniversary of Bhim Rao Ambedkar's death in Mumbai. Ambedkar was the chief architect of the Indian constitution, which outlawed discrimination based on caste. AP
  • US model Kristen McMenamy arrives for the 2022 Fashion Awards at the Royal Albert Hall in London. EPA
    US model Kristen McMenamy arrives for the 2022 Fashion Awards at the Royal Albert Hall in London. EPA
  • Mourners observe three minutes of silence as they pay their respects to former Chinese leader Jiang Zemin, who died on November 30, outside his home in Yangzhou. AFP
    Mourners observe three minutes of silence as they pay their respects to former Chinese leader Jiang Zemin, who died on November 30, outside his home in Yangzhou. AFP

World

Today's best photos: from a Pele tribute to Chinese mourners paying their respects

The National picks the most striking images from around the world

The National

December 06, 2022

  • English
  • Arabic

More from The National:

Monday's best photos: from a roller skate marathon to paddle boards on the Seine

Sunday's best photos: From an erupting volcano to a golf championship win

Saturday's best photos: from a replica World Cup trophy to a zoo light show in Belgium

Friday's best photos: from fog in Kashmir to flooding in Brazil

Thursday's best photos: from horse racing to base jumping

Wednesday's best photos: from a World Cup goal to a helicopter crash

Three trading apps to try

Sharad Nair recommends three investment apps for UAE residents:

  • For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
  • If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
  • Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
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

While you're here
The national orchestra
The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

Updated: December 06, 2022, 2:24 PM
Photography