• People line up for Covid-19 tests in a residential community under lockdown in Shanghai, China. EPA
    People line up for Covid-19 tests in a residential community under lockdown in Shanghai, China. EPA
  • Shanghai reported 3,590 new locally transmitted Covid-19 cases and 19,923 local asymptomatic infections on April 16, according to the Shanghai Health Commission. EPA
    Shanghai reported 3,590 new locally transmitted Covid-19 cases and 19,923 local asymptomatic infections on April 16, according to the Shanghai Health Commission. EPA
  • On April 1 the city went into a general lockdown for 4 days. Those 4 days turned into 16 days – and counting. EPA
    On April 1 the city went into a general lockdown for 4 days. Those 4 days turned into 16 days – and counting. EPA
  • Some lockdown restrictions have been lifted. EPA
    Some lockdown restrictions have been lifted. EPA
  • Most delivery services are blocked, making it difficult for people to buy food and groceries. EPA
    Most delivery services are blocked, making it difficult for people to buy food and groceries. EPA
  • A man seen through a fence stands in a residential community under lockdown. EPA
    A man seen through a fence stands in a residential community under lockdown. EPA
  • A man takes a Covid-19 test in Shanghai. EPA
    A man takes a Covid-19 test in Shanghai. EPA
  • A woman wearing a mask for protection sits with her dog after Covid-19 testing. EPA
    A woman wearing a mask for protection sits with her dog after Covid-19 testing. EPA
  • A woman carries a box of supplies at a makeshift hospital in Shanghai. AP
    A woman carries a box of supplies at a makeshift hospital in Shanghai. AP

More Chinese cities impose coronavirus curbs as Shanghai cases rise


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Shanghai reported a record number of symptomatic Covid-19 cases on Saturday, as other areas of China imposed restrictions under its “dynamic clearance” approach to tackling the highly transmissible Omicron coronavirus variant.

The Zhengzhou Airport Economic Zone near Henan, a central Chinese manufacturing area that includes Apple supplier Foxconn, announced a 14-day lockdown on Friday “to be adjusted according to the epidemic situation".

In north-western China, the city of Xian on Friday urged residents to avoid unnecessary trips outside their residential compounds and encouraged companies to have employees work from home or live at their workplace following dozens of Covid-19 infections this month.

A Xian government official, responding to residents' concerns about the possibility of food shortages, said on Saturday that the announcement did not constitute a lockdown and that the city would not impose one.

Shanghai, at the centre of China's recent outbreak, on Saturday reported a record 3,590 symptomatic cases for April 15, as well as 19,923 asymptomatic cases. Shanghai has a population of about 28.5 million people.

The asymptomatic case number was up slightly from 19,872 a day earlier.

The city's tally makes up the vast majority of Covid-19 cases nationwide even as most of its 25 million residents remain under lockdown.

The city of Suzhou, near Shanghai, said on Saturday that all employees capable of working from home must do so, and residential compounds and company campuses should avoid unnecessary entry of people and vehicles.

It has reported more than 500 infections in its latest outbreak.

At the Zhengzhou facility, only personnel with valid passes, health codes and proof of negative Covid tests will be allowed to leave the zone during the period, although special vehicles will be permitted to travel normally for work reasons, economic zone authorities said in a post on an official WeChat instant messaging account.

Overall, China reported 24,791 new coronavirus cases on April 15, of which 3,896 were symptomatic and 20,895 were asymptomatic, the National Health Commission said on Saturday.

That compares with 24,268 new cases a day earlier when there were 3,486 symptomatic and 20,782 asymptomatic infections, which China counts separately.

yallacompare profile

Date of launch: 2014

Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer

Based: Media City, Dubai 

Sector: Financial services

Size: 120 employees

Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

Winners

Best Men's Player of the Year: Kylian Mbappe (PSG)

Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)

TikTok Fans’ Player of the Year: Robert Lewandowski

Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)

Best Women's Player of the Year: Alexia Putellas (Barcelona)

Best Men's Club of the Year: Chelsea

Best Women's Club of the Year: Barcelona

Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)

Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)

Best Coach of the Year: Roberto Mancini (Italy)

Best National Team of the Year: Italy 

Best Agent of the Year: Federico Pastorello

Best Sporting Director of the Year: Txiki Begiristain (Manchester City)

Player Career Award: Ronaldinho

MATCH INFO

What: Brazil v South Korea
When: Tonight, 5.30pm
Where: Mohamed bin Zayed Stadium, Abu Dhabi
Tickets: www.ticketmaster.ae

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Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

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

THE%20SPECS
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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
MISSION: IMPOSSIBLE – FINAL RECKONING

Director: Christopher McQuarrie

Starring: Tom Cruise, Hayley Atwell, Simon Pegg

Rating: 4/5

Updated: April 16, 2022, 9:10 AM