• Spain's midfielder Mikel Merino (L) and Spain's midfielder Rodrigo Hernandez celebrate with the trophy during celebrations at the WiZink centre in Madrid on June 19, 2023 one day after Spain won the UEFA Nations League final footbal. (Photo by OSCAR DEL POZO / AFP)
    Spain's midfielder Mikel Merino (L) and Spain's midfielder Rodrigo Hernandez celebrate with the trophy during celebrations at the WiZink centre in Madrid on June 19, 2023 one day after Spain won the UEFA Nations League final footbal. (Photo by OSCAR DEL POZO / AFP)
  • Poppies pictured against the backdrop of a barley field during sunset in Blecourt, France. Reuters
    Poppies pictured against the backdrop of a barley field during sunset in Blecourt, France. Reuters
  • Wuhan University graduates receive their degrees during a ceremony in China's central Hubei province. AFP
    Wuhan University graduates receive their degrees during a ceremony in China's central Hubei province. AFP
  • An MV-22B Osprey makes its approach to land on the USS America carrier off the coast of Brisbane, Australia. EPA
    An MV-22B Osprey makes its approach to land on the USS America carrier off the coast of Brisbane, Australia. EPA
  • A dog looks over the wreckage of its home after a tornado swept through the small community of Louin, Mississippi on Sunday. AP Photo
    A dog looks over the wreckage of its home after a tornado swept through the small community of Louin, Mississippi on Sunday. AP Photo
  • Football teams take to the pitch for an exhibition game in front of New Zealand's Aoraki Mount Cook a month before the country hosts the FIFA Women’s World Cup. AFP
    Football teams take to the pitch for an exhibition game in front of New Zealand's Aoraki Mount Cook a month before the country hosts the FIFA Women’s World Cup. AFP
  • Smoke from a wildfire rises above the steppe near Kazakhstan's capital, Astana. Reuters
    Smoke from a wildfire rises above the steppe near Kazakhstan's capital, Astana. Reuters
  • Employees working at the Shin Textile Solutions factory in Addis Ababa during the launch of the Developing Countries Trading Scheme to support sustainable growth. Reuters
    Employees working at the Shin Textile Solutions factory in Addis Ababa during the launch of the Developing Countries Trading Scheme to support sustainable growth. Reuters
  • Workers load harvested watermelons onto a truck in Datong, Yilan County, Taiwan. AFP
    Workers load harvested watermelons onto a truck in Datong, Yilan County, Taiwan. AFP
  • Muslim pilgrims perform prayers around the Kaaba, Islam's holy shrine, at the Grand Mosque in the Saudi holy city of Mecca ahead of the Hajj pilgrimage. AFP
    Muslim pilgrims perform prayers around the Kaaba, Islam's holy shrine, at the Grand Mosque in the Saudi holy city of Mecca ahead of the Hajj pilgrimage. AFP
  • A Tokyo police officer holds an umbrella at the Metropolitan Police Department's lost and found centre. During the rainy season, it is estimated that some 2,000 umbrellas per rainfall are left on trains. EPA
    A Tokyo police officer holds an umbrella at the Metropolitan Police Department's lost and found centre. During the rainy season, it is estimated that some 2,000 umbrellas per rainfall are left on trains. EPA
  • Palestinian refugees walk through the Al Shati refugee camp in Gaza on World Refugee Day. Reuters
    Palestinian refugees walk through the Al Shati refugee camp in Gaza on World Refugee Day. Reuters
  • Racegoers arrive for day one of the Royal Ascot horse racing event in Berkshire, UK. AP Photo
    Racegoers arrive for day one of the Royal Ascot horse racing event in Berkshire, UK. AP Photo

Today's best photos: from Rodri's delight to Royal Ascot


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More from The National:

Monday's best photos: from a sunset in Dubai to Eid in Pakistan

Sunday's best photos: from Special Olympics in Berlin to Bali art festival

Saturday's best photos: from Mayon volcano to King Charles's birthday parade

Friday's best photos: from a Messi fan to the Pope leaving hospital

Thursday's best photos: from dogs left behind to face a cyclone to a butterfly close up

Wednesday's best photos: from Berlusconi's funeral to Art Basel

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The specs: Rolls-Royce Cullinan

Price, base: Dh1 million (estimate)

Engine: 6.75-litre twin-turbo V12

Transmission: Eight-speed automatic

Power: 563hp @ 5,000rpm

Torque: 850Nm @ 1,600rpm

Fuel economy, combined: 15L / 100km

The specs: Aston Martin DB11 V8 vs Ferrari GTC4Lusso T

Price, base: Dh840,000; Dh120,000

Engine: 4.0L V8 twin-turbo; 3.9L V8 turbo

Transmission: Eight-speed automatic; seven-speed automatic

Power: 509hp @ 6,000rpm; 601hp @ 7,500rpm

Torque: 695Nm @ 2,000rpm; 760Nm @ 3,000rpm

Fuel economy, combined: 9.9L / 100km; 11.6L / 100km

THE%C2%A0SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.4-litre%20four-cylinder%0D%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20210hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20320Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Starting%20from%20Dh89%2C900%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%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

MATCH INFO

Champions League quarter-final, first leg

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

Matches can be watched on BeIN Sports

The President's Cake

Director: Hasan Hadi

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

Rating: 4/5

Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes

How England have scored their set-piece goals in Russia

Three Penalties

v Panama, Group Stage (Harry Kane)

v Panama, Group Stage (Kane)

v Colombia, Last 16 (Kane)

Four Corners

v Tunisia, Group Stage (Kane, via John Stones header, from Ashley Young corner)

v Tunisia, Group Stage (Kane, via Harry Maguire header, from Kieran Trippier corner)

v Panama, Group Stage (Stones, header, from Trippier corner)

v Sweden, Quarter-Final (Maguire, header, from Young corner)

One Free-Kick

v Panama, Group Stage (Stones, via Jordan Henderson, Kane header, and Raheem Sterling, from Tripper free-kick)

Captain Marvel

Director: Anna Boden, Ryan Fleck

Starring: Brie Larson, Samuel L Jackson, Jude Law,  Ben Mendelsohn

4/5 stars

Gulf Under 19s final

Dubai College A 50-12 Dubai College B

HOW TO WATCH

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Updated: June 20, 2023, 2:28 PM