Britain and the EU continue to negotiate a post-Brexit trade deal as miles of queues form at British ports. EPA/ANDY RAIN
Britain and the EU continue to negotiate a post-Brexit trade deal as miles of queues form at British ports. EPA/ANDY RAIN
Britain and the EU continue to negotiate a post-Brexit trade deal as miles of queues form at British ports. EPA/ANDY RAIN
Britain and the EU continue to negotiate a post-Brexit trade deal as miles of queues form at British ports. EPA/ANDY RAIN

Crunch Brexit talks in stalemate due to fishing rights dispute


Nicky Harley
  • English
  • Arabic

EU and UK negotiators pressed on with talks on Saturday with no sign of them breaking an impasse over post-Brexit fishing rights in time to save a trade deal.

Fishing is now the main obstacle to any pact that could be in place on January 1 to prevent an economic jolt on both sides of the Channel as Britain leaves the single market.

“It remains very blocked,” one EU diplomat said.

Another said Brussels had made Britain its last offer on fishing access and it was down now to UK Prime Minister Boris Johnson to decide whether he wants a deal.

“If Britain doesn’t accept the latest EU offer it will be a ‘no deal’ over fish,” he said.

The EU’s Brexit negotiator, Michel Barnier, has proposed EU fishermen giving up about a quarter of the value of the fish they currently catch in UK waters.

Britain is understood to be holding out for getting back much more than half.

The UK has suggested this compromise should last for three years before it is renegotiated, whereas Europe is holding out for seven.

“It’s all down to numbers now,” another European diplomat said.

Mr Barnier has consulted member states that share fishing waters with Britain but has been told to stand his ground.

The European Parliament has highlighted a deadline of 11pm on Sunday to receive a deal for review if members of the European parliament are to ratify it before the end of the year.

Their UK parliamentary counterparts are in recess, but can be recalled within 48 hours to do likewise.

France’s European affairs minister, Clement Beaune, warned that time left to get a deal was “a matter of hours,” echoing words used by Mr Barnier a day earlier.

The urgency of reaching a deal is being driven home by scenes of long lines of trucks at the freight rail link through the Channel tunnel as British companies frantically stockpile.

A group of UK MPs warned on Saturday that Britain has not installed the complex IT systems and port infrastructure needed to ensure trade with the EU runs smoothly.

Some disruption is inevitable whether a deal happens or not.

Outside the single market, British and European traders will have to fill out import-export, health and tax forms to send and receive goods.

A deal would lighten that burden by removing tariffs, but there would still be traffic snarls as checks on truck loads and drivers’ papers are carried out.

On Saturday there were miles of tailbacks due to queuing lorries at British ports.

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)

Last-16 Europa League fixtures

Wednesday (Kick-offs UAE)

FC Copenhagen (0) v Istanbul Basaksehir (1) 8.55pm

Shakhtar Donetsk (2) v Wolfsburg (1) 8.55pm

Inter Milan v Getafe (one leg only) 11pm

Manchester United (5) v LASK (0) 11pm 

Thursday

Bayer Leverkusen (3) v Rangers (1) 8.55pm

Sevilla v Roma  (one leg only)  8.55pm

FC Basel (3) v Eintracht Frankfurt (0) 11pm 

Wolves (1) Olympiakos (1) 11pm 

The stats

Ship name: MSC Bellissima

Ship class: Meraviglia Class

Delivery date: February 27, 2019

Gross tonnage: 171,598 GT

Passenger capacity: 5,686

Crew members: 1,536

Number of cabins: 2,217

Length: 315.3 metres

Maximum speed: 22.7 knots (42kph)

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

Heather, the Totality
Matthew Weiner,
Canongate 

Name: Peter Dicce

Title: Assistant dean of students and director of athletics

Favourite sport: soccer

Favourite team: Bayern Munich

Favourite player: Franz Beckenbauer

Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates 

 

Like a Fading Shadow

Antonio Muñoz Molina

Translated from the Spanish by Camilo A. Ramirez

Tuskar Rock Press (pp. 310)

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COMPANY%20PROFILE%20
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Remaining Fixtures

Wednesday: West Indies v Scotland
Thursday: UAE v Zimbabwe
Friday: Afghanistan v Ireland
Sunday: Final

Temple numbers

Expected completion: 2022

Height: 24 meters

Ground floor banquet hall: 370 square metres to accommodate about 750 people

Ground floor multipurpose hall: 92 square metres for up to 200 people

First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time

First floor terrace areas: 2,30 square metres  

Temple will be spread over 6,900 square metres

Structure includes two basements, ground and first floor 

The Little Things

Directed by: John Lee Hancock

Starring: Denzel Washington, Rami Malek, Jared Leto

Four stars

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3C%2Fstrong%3E%3A%20ASI%20(formerly%20DigestAI)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Quddus%20Pativada%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Artificial%20intelligence%2C%20education%20technology%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%243%20million-plus%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20GSV%20Ventures%2C%20Character%2C%20Mark%20Cuban%3C%2Fp%3E%0A