British Prime Minister Boris Johnson will detail a path out of Covid-19 lockdown on Monday to gradually reopen the battered £2.1 trillion ($2.94tn) economy, aided by one of the fastest vaccine introductions in the world.
With more than 120,000 deaths, Britain has the world's fifth-highest official toll from the pandemic and suffered its biggest economic crash in more than 300 years.
But a fast start to the vaccine programme and an almost two-month tough national lockdown means Mr Johnson can now set out a phased easing of the restrictions, giving priority to a return to schools and social mixing outdoors.
"Our decisions will be made on the latest data at every step, and we will be cautious about this approach so that we do not undo the progress we have achieved so far," he will say, according to his office.
Under pressure from politicians in his own Conservative Party to restart the economy, and from scientific advisers who fear a resurgence of the virus if he unlocks too quickly, Mr Johnson has a difficult course to chart.
He has appeared much more cautious in recent months and his Health Minister, Matt Hancock, said on Sunday that any easing, such as the reopening of schools on March 8, would be followed by a couple of weeks to detect the effect on the wider population.
Mr Johnson will set out four tests to be considered before each new relaxation is made, including the speed and success of the inoculation programme, the state of infection rates and the effect of any new variants of the virus.
Britain moved faster than much of the West to secure vaccine supplies and has been inoculating people rapidly since December, a strategy that has driven sterling and stock markets higher on the hopes of an economic rebound.
About 17.6 million people, more than a quarter of the 67 million population, have now received a first dose, behind only Israel and the UAE in vaccines per capita.
The government aims to give a first dose to all adults by the end of July.
Mr Hancock also said the country had recently succeeded in driving down cases of the more infectious strain first identified in South Africa.
Overall daily coronavirus cases hovered about 11,000 last week, compared with a high of more than 80,000 in late December.
Parliament will vote on Mr Johnson's roadmap for England after it is revealed on Monday.
Leaders in Scotland, Wales and Northern Ireland will also ease restrictions in coming months.
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
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
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Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
MATCH INFO
Uefa Champions League semi-final, second leg result:
Ajax 2-3 Tottenham
Tottenham advance on away goals rule after tie ends 3-3 on aggregate
Final: June 1, Madrid
COMPANY PROFILE
Name: N2 Technology
Founded: 2018
Based: Dubai, UAE
Sector: Startups
Size: 14
Funding: $1.7m from HNIs
