Japanese car maker Nissan confirmed it will maintain its operations in Britain in the wake of the post-Brexit trade deal between the country and the European Union. AP.
Japanese car maker Nissan confirmed it will maintain its operations in Britain in the wake of the post-Brexit trade deal between the country and the European Union. AP.
Japanese car maker Nissan confirmed it will maintain its operations in Britain in the wake of the post-Brexit trade deal between the country and the European Union. AP.
Japanese car maker Nissan confirmed it will maintain its operations in Britain in the wake of the post-Brexit trade deal between the country and the European Union. AP.

Nissan chief dismisses Brexit issues as 'peanuts' as firm commits to British car plant


Neil Murphy
  • English
  • Arabic

A Nissan executive said that problems posed by Brexit are "peanuts" compared with coronavirus and described the EU-UK trade deal as an "opportunity".

The Japanese carmaker's chief operating officer Ashwani Gupta said recent issues at British ports – when queues of lorries delivering goods between the UK and the continent were stranded – did not trouble Nissan, with the business now set to expand operations in the north of England.

Prime Minister Boris Johnson said on Friday that the news was a "great vote of confidence in the UK."

As a result of the Brexit deal, the Nissan will now source more batteries from the UK to avoid paying EU tariffs on electric cars.

Nissan's chief operating officer Ashwani Gupta says the company is untroubled by issues at the UK's ports. Getty
Nissan's chief operating officer Ashwani Gupta says the company is untroubled by issues at the UK's ports. Getty

London and Brussels struck a trade accord on December 24 that avoided potential disruption posed by a no-deal Brexit.
The agreement meant car makers would avoid a 10 per cent EU levy on exported vehicles, provided they are made from parts sourced from national suppliers.
Nissan makes about 30,000 Leaf electric cars at its Sunderland factory, most of which use a locally-sourced 40 kilowatt-hour battery and thus remain tariff-free.
But more powerful versions use an imported system, which will now be bought in Britain, avoiding the tariff and potentially creating jobs in the UK.


"It will take a few months," Mr Gupta told Reuters. "Brexit, which we thought is a risk ... has become an opportunity for Nissan."

Asked about trade disruption, Mr Gupta said: "When I look at how Nissan has come out from the crisis of (a) tsunami, earthquake, floods, last week snow, tornadoes..., the start-up problem which we are seeing in the ports is peanuts.

"For a global manufacturer... to have additional documentation to fill a form at the border is nothing. People prepared for it, we have updated our software, we have updated our processes. It's OK."

The effect of Brexit will vary between carmakers.

Nissan opened the Sunderland plant in 1986 and made nearly 350,000 vehicles there in 2019.

In contrast, Ford, which imports everything it sells in Britain, raised some UK prices as it pays the tariff because it uses parts sourced in the US.

Mr Gupta also said the UK government's plan to phase out non-electric cars by 2030 would boost Nissan's British-made models.
"The market will pull more and more electrified cars, which means the return on investment on these kind of technologies will be better and better, day by day."

RESULT

Everton 2 Huddersfield Town 0
Everton: 
Sigurdsson (47'), Calvert-Lewin (73')

Man of the Match: Dominic Calvert-Lewin (Everton)

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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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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

How much do leading UAE’s UK curriculum schools charge for Year 6?
  1. Nord Anglia International School (Dubai) – Dh85,032
  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
  6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
  7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

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MATCH INFO

England 2
Cahill (3'), Kane (39')

Nigeria 1
Iwobi (47')

Details

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How to wear a kandura

Dos

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Don’ts 

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Power: Combined output 920hp

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Transmission: 8-speed dual-clutch automatic

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On sale: Now, deliveries expected later in 2025

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Key facilities
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How to apply for a drone permit
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What are the regulations?
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Brief scoreline:

Tottenham 1

Son 78'

Manchester City 0

Company Profile
Company name: OneOrder

Started: October 2021

Founders: Tamer Amer and Karim Maurice

Based: Cairo, Egypt

Industry: technology, logistics

Investors: A15 and self-funded