• A church tower where lava from the Paricutin volcano buried the church decades ago, in San Juan Parangaricutiro, Mexico. All photos: AP
    A church tower where lava from the Paricutin volcano buried the church decades ago, in San Juan Parangaricutiro, Mexico. All photos: AP
  • An altar in the church. The lava from Paricutin eventually covered 18.5 square kilometres
    An altar in the church. The lava from Paricutin eventually covered 18.5 square kilometres
  • Geologists, volcanologists and seismologists follow an old lava flow to the crater of Paricutin
    Geologists, volcanologists and seismologists follow an old lava flow to the crater of Paricutin
  • The volcano's birth in February 1943 and nine-year eruption were a cornerstone in the study of monogenetic volcanos. The crater of the volcano is about 200m across
    The volcano's birth in February 1943 and nine-year eruption were a cornerstone in the study of monogenetic volcanos. The crater of the volcano is about 200m across
  • The ground is still hot atop the crater of Paricutin, the first volcano of its kind to have its full life cycle documented by modern science
    The ground is still hot atop the crater of Paricutin, the first volcano of its kind to have its full life cycle documented by modern science
  • A group from an international vulcanology congress on the crater lip
    A group from an international vulcanology congress on the crater lip
  • Residents of San Juan Nuevo Parangaricutiro celebrate the birth of the volcano in 1943
    Residents of San Juan Nuevo Parangaricutiro celebrate the birth of the volcano in 1943
  • Abel Aguilar, center left, and his wife attend the celebration marking the birth of the Paricutin volcano, in San Juan Nuevo Parangaricutiro, Mexico, Monday, Feb. 20, 2023. Aguilar was 5-years-old when the Paricutin erupted for the first time. He would come with other children to “see the lava walk like that, real slow. ” He said. (AP Photo / Eduardo Verdugo)
    Abel Aguilar, center left, and his wife attend the celebration marking the birth of the Paricutin volcano, in San Juan Nuevo Parangaricutiro, Mexico, Monday, Feb. 20, 2023. Aguilar was 5-years-old when the Paricutin erupted for the first time. He would come with other children to “see the lava walk like that, real slow. ” He said. (AP Photo / Eduardo Verdugo)
  • An exhibition of images from the first day of the Paricutin eruption
    An exhibition of images from the first day of the Paricutin eruption
  • Guadalupe Ruiz, 92, in her home in San Juan Nuevo Parangaricutiro. Ruiz remembers a feeling 'like water rising underground' and, finally, it was 'like a thunderclap or a kick from a horse'
    Guadalupe Ruiz, 92, in her home in San Juan Nuevo Parangaricutiro. Ruiz remembers a feeling 'like water rising underground' and, finally, it was 'like a thunderclap or a kick from a horse'
  • Residents watch a small replica of the eruption. Residents of San Juan left the community and rebuilt their town and church elsewhere. The old town was buried under 15m of lava
    Residents watch a small replica of the eruption. Residents of San Juan left the community and rebuilt their town and church elsewhere. The old town was buried under 15m of lava

World

A party for Paricutin, the 80-year-old volcano in Mexico — in pictures

Paricutin erupted for nine years

The National

March 02, 2023

  • English
  • Arabic

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UAE currency: the story behind the money in your pockets
Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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

Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

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Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
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Updated: March 02, 2023, 12:00 PM
Mexico