Father of former Olympian killed in Beijing

BEIJING // The fatal stabbing of the father of a former Olympian at a Beijing landmark cast a sad shadow over the first full day of Olympic competition yesterday, just hours after China's jubilant opening of the Summer Games. Todd and Barbara Bachman of Lakeville, Minnesota - parents of the 2004 volleyball Olympian Elisabeth "Wiz" Bachman and in-laws of the US men's volleyball coach Hugh McCutcheon - were attacked by a Chinese man while visiting the 13th-century Drum Tower.

The US Olympic Committee confirmed Mr Bachman died from knife wounds and that Barbara Bachman suffered life-threatening injuries. She and their Chinese tour guide, who was also injured in the attack, were being treated in a Beijing hospital. The US Olympic Committee said today that Mrs Bachman suffered multiple lacerations and stab wounds. She underwent eight hours of surgery and was in critical but stable condition.

The statement said family members were at the hospital and that Mr McCutcheon would "not be on the bench today" for the US men's volleyball team's opening game against Venezuela. Elisabeth Bachman was with them at the time of the attack, but uninjured. Her father was the chief executive officer for Bachman's, a home-and-garden centre based in Minneapolis. The assailant, Tang Yongming, 47, leapt to his death from a 40-metre -high balcony on the Drum Tower, just eight kilometres from the main Olympics site, the official Xinhua News Agency reported.

Relatives said Barbara Bachman had undergone surgery and was in intensive care at a Beijing hospital. "The next 24 hours will be critical," said Dale Bachman, Todd's second cousin. Two of Todd and Barbara Bachman's other adult daughters were flying to China to be with their mother and Elisabeth, Dale Bachman said at a news conference in Minneapolis. According to Dale Bachman, Todd Bachman was walking a few steps behind his wife and daughter at a Beijing tourist site when he was attacked by a knife-wielding stranger.

Barbara Bachman heard the commotion and turned to help her husband. "That's when she was attacked," Dale Bachman said. "To me, that was a strong indication of her love. She is a fabulous person." *AP

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

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