Italian Guardia di Finanza officers wearing protective face masks man a checkpoint near Milan. EPA
Italian Guardia di Finanza officers wearing protective face masks man a checkpoint near Milan. EPA
Italian Guardia di Finanza officers wearing protective face masks man a checkpoint near Milan. EPA
Italian Guardia di Finanza officers wearing protective face masks man a checkpoint near Milan. EPA

Italy's factories to reopen first in measures to ease coronavirus lockdown


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Italy will allow factories and building sites to reopen from May 4 and permit limited family visits in a phased end to Europe's longest lockdown, Prime Minister Giuseppe Conte said on Sunday.

More than two months after the first case of Covid-19 appeared in a small town outside Milan, Italy is planning to try to restart the economy without starting a new wave of infections.

Italian Prime Minister Giuseppe Conte has announced a gradual lifting of the country's lockdiown. EPA
Italian Prime Minister Giuseppe Conte has announced a gradual lifting of the country's lockdiown. EPA

"We expect a very complex challenge," Mr Conte said. "We will live with the virus and we will have to adopt every precaution possible."

Manufacturers, building companies and some wholesalers will be allowed to reopen from May 4, followed by retailers two weeks later.

Restaurants and bars will be allowed to reopen fully from the start of June, although takeaways could be earlier.

"The reopening is allowed on condition that all companies involved strictly respect security protocols in the workplace," Mr Conte said.

He said the reopening would lay the ground for deeper economic reforms in the months ahead.

Parks will be allowed to reopen, and limited family visits and funerals with no more than 15 people will be permitted.

But movement between regions remains suspended and people moving about will still have to carry a declaration explaining the reasons for their journeys.

Museums and libraries can reopen from May 18, when sports teams will also be able to resume group training.

But Mr Conte said conditions would have to be assessed before any decision on resuming the top-flight Serie A soccer championship.

Schools will remain shut until the start of the new academic year in September, leaving families to face childcare problems for months to come.

The lockdown has put a strain on the eurozone's third-largest economy, which is headed for its worst recession since the Second World War.

Italian business leaders have called for the restrictions to be eased to avoid economic catastrophe.

Mr Conte said the more limited restrictions would probably remain in place until a vaccine or cure for Covid-19 was discovered. That is not expected for many months.

On Sunday, Italian authorities reported a third consecutive daily fall in coronavirus fatalities, with 260 deaths. It was the lowest number since March 14.

Italy's death toll remains the largest in Europe, with more than 26,644 dead and almost 200,000 confirmed cases of the respiratory disease.

But new cases have been slowing and the number of patients in intensive care has been falling steadily.

Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street

The seven points are:

Shakhbout bin Sultan Street

Dhafeer Street

Hadbat Al Ghubainah Street (outbound)

Salama bint Butti Street

Al Dhafra Street

Rabdan Street

Umm Yifina Street exit (inbound)

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

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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Engine 1,170cc air/oil-cooled flat twin four-stroke engine

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Power 110hp) @ 7,750rpm

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38 days

273,600 calories consumed

28kg of fruit

40kg of vegetables

45 pairs of running shoes

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