• US President Joe Biden and first lady Jill Biden visit a Covid-19 vaccination facility at NRG Stadium in Houston, Texas. AFP
    US President Joe Biden and first lady Jill Biden visit a Covid-19 vaccination facility at NRG Stadium in Houston, Texas. AFP
  • A police officer holds up a stop sign as a car approaches in an almost-deserted street in Jordan's capital Amman, during a coronavirus lockdown. AFP
    A police officer holds up a stop sign as a car approaches in an almost-deserted street in Jordan's capital Amman, during a coronavirus lockdown. AFP
  • A girl who is infected with Covid-19 receives oxygen in a quarantine ward at a hospital in the holy city of Najaf, Iraq. Reuters
    A girl who is infected with Covid-19 receives oxygen in a quarantine ward at a hospital in the holy city of Najaf, Iraq. Reuters
  • A medical worker measures the temperature of travellers, using a thermal camera, at the arrival hall of Tindouf Airport, in south-west Algeria. AFP
    A medical worker measures the temperature of travellers, using a thermal camera, at the arrival hall of Tindouf Airport, in south-west Algeria. AFP
  • A municipal worker disinfects a classroom before pupils return to school, in Cankaya district, in Turkey's capital Ankara. AFP
    A municipal worker disinfects a classroom before pupils return to school, in Cankaya district, in Turkey's capital Ankara. AFP
  • An airport worker puts Covax labels on Oxford-AstraZeneca Covid-19 vaccines being unloaded at Felix Houphouet Boigny Airport, Abidjan, Ivory Coast. The country has received 504,000 doses from Covax, which provides inoculations for poorer countries. AFP
    An airport worker puts Covax labels on Oxford-AstraZeneca Covid-19 vaccines being unloaded at Felix Houphouet Boigny Airport, Abidjan, Ivory Coast. The country has received 504,000 doses from Covax, which provides inoculations for poorer countries. AFP
  • Women wearing flamenco dresses protest in Seville, Spain, to highlight the difficulties the flamenco fashion sector is facing over coronavirus restrictions. AFP
    Women wearing flamenco dresses protest in Seville, Spain, to highlight the difficulties the flamenco fashion sector is facing over coronavirus restrictions. AFP
  • A health worker administers a Covid-19 vaccine to a resident at Solar das Acacias nursing home, in Guarulhos, near Sao Paulo, Brazil. Reuters
    A health worker administers a Covid-19 vaccine to a resident at Solar das Acacias nursing home, in Guarulhos, near Sao Paulo, Brazil. Reuters
  • Buddhists pray as screens show devotees gathering via Zoom for a ceremony to commemorate Makha Bucha Day at the Wat Phra Dhammakaya temple, following the spread of Covid-19, in Pathum Thani province, Thailand. Reuters
    Buddhists pray as screens show devotees gathering via Zoom for a ceremony to commemorate Makha Bucha Day at the Wat Phra Dhammakaya temple, following the spread of Covid-19, in Pathum Thani province, Thailand. Reuters
  • Steam rises from a vent outside the US Capitol on the day the House of Representatives is expected to vote on legislation to provide $1.9 trillion in new coronavirus relief in Washington, US. Reuters
    Steam rises from a vent outside the US Capitol on the day the House of Representatives is expected to vote on legislation to provide $1.9 trillion in new coronavirus relief in Washington, US. Reuters

World

Coronavirus latest: Abu Dhabi to introduce saliva tests for children aged between 4 and 12

Testing will help schools return to normal, says a top UAE official

The National

March 01, 2021

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Top stories 

More from Firas Maksad
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

Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

Dhadak 2

Director: Shazia Iqbal

Starring: Siddhant Chaturvedi, Triptii Dimri 

Rating: 1/5

Key products and UAE prices

iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229

iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649

iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179

Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.

Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Director: Venkat Prabhu
Rating: 2/5
match info

Southampton 2 (Ings 32' & pen 89') Tottenham Hotspur 5 (Son 45', 47', 64', & 73', Kane 82')

Man of the match Son Heung-min (Tottenham)

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea
Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Killing of Qassem Suleimani
Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

Killing of Qassem Suleimani
While you're here
While you're here
Low turnout
Two months before the first round on April 10, the appetite of voters for the election is low.

Mathieu Gallard, account manager with Ipsos, which conducted the most recent poll, said current forecasts suggested only two-thirds were "very likely" to vote in the first round, compared with a 78 per cent turnout in the 2017 presidential elections.

"It depends on how interesting the campaign is on their main concerns," he told The National. "Just now, it's hard to say who, between Macron and the candidates of the right, would be most affected by a low turnout."

Know your Camel lingo

The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home

Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless

Asayel camels - sleek, short-haired hound-like racers

Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s

Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival

UAE currency: the story behind the money in your pockets
Coronavirus