Britain's Prime Minister Theresa May arrives ahead of the G20 leaders summit in Buenos Aires, Argentina. Reuters
Britain's Prime Minister Theresa May arrives ahead of the G20 leaders summit in Buenos Aires, Argentina. Reuters
Britain's Prime Minister Theresa May arrives ahead of the G20 leaders summit in Buenos Aires, Argentina. Reuters
Britain's Prime Minister Theresa May arrives ahead of the G20 leaders summit in Buenos Aires, Argentina. Reuters

UK prime minister says focused on December Brexit vote and not on alternatives


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British Prime Minister Theresa May said on Thursday she was focused on persuading lawmakers to back her Brexit deal at a vote in parliament on December 11 rather than preparing a plan B.

May secured an agreement with European Union leaders on Sunday that will see Britain leave the bloc in March next year with continued close trade ties, but the odds look stacked against her getting it through a deeply divided British parliament.

The deal has been criticised by both eurosceptics and europhiles among her own Conservative Party lawmakers. Opposition parties and the small Northern Irish party which props up May’s minority government have all said they plan to vote against it.

"The focus of myself and the government is on the vote that is taking place on Dec. 11. We will be explaining to members of parliament why we believe that this is a good deal for the UK," Ms May told reporters on the plane to the G20 summit in Argentina when asked if she had a plan B.

"I ask every member of parliament to think about delivering on the Brexit vote and doing it in a way that is in the national interest and doing it in a way that is in the interests of their constituents because it protects jobs and livelihoods."

Ms May has said that if lawmakers reject the agreement it could see the world’s fifth-largest economy leaving the bloc without a deal, or even not leaving at all.

Asked which of those two options was more likely if her deal does not pass, she said: "We haven’t had the vote yet. Let’s focus on the deal that we have negotiated with the European Union."

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Read more:

UK central bank issues dire warnings of no-deal Brexit

Cautious optimism in Brussels over draft Brexit agreement

G20 needs to act swiftly to avert economic slowdown, Largarde warns

UK worse off under any Brexit scenario warns government

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On Wednesday, the Bank of England warned Britain risked suffering an even bigger hit to its economy than during the global financial crisis 10 years ago if it leaves the EU in the worst-case, no-deal Brexit scenario.

May said that if her plan was voted down by parliament the government and businesses would have to make decisions about implementing preparations for no deal.

Parliament will begin five days of debate on December 4, with the final vote due to be held on December 11. Many lawmakers hope that if the deal is rejected, Ms May will go back to Brussels to seek further concessions, but the EU has been clear there is very little appetite to reopen negotiations.

Ms May has said that if the agreement is rejected by parliament it will lead to greater division and uncertainty.

"I believe as a country we could really prosper outside the European Union, I believe there will be opportunities for us outside the EU that there aren’t as a member of the EU but a divided country is not a country that prospers," she said.

"It is important that we bring the country together and actually look to our future outside the EU."

  • Saudi Arabia's Crown Prince Mohammed bin Salman arrives at Ministro Pistarini in Buenos Aires, Argentina. Reuters
    Saudi Arabia's Crown Prince Mohammed bin Salman arrives at Ministro Pistarini in Buenos Aires, Argentina. Reuters
  • Strong security measures in front of the embassy of Saudi Arabia after the arrival of the Saudi Crown Prince. EPA
    Strong security measures in front of the embassy of Saudi Arabia after the arrival of the Saudi Crown Prince. EPA
  • Members of Argentina's Naval Prefecture stand guard outside the Saudi Arabian embassy. Reuters
    Members of Argentina's Naval Prefecture stand guard outside the Saudi Arabian embassy. Reuters
  • Jounalists wait for the arrival of French President Emmanuel Macron during sunset at Ezeiza airport. AFP
    Jounalists wait for the arrival of French President Emmanuel Macron during sunset at Ezeiza airport. AFP
  • A jet liner flies over the G20 summit venue. AP
    A jet liner flies over the G20 summit venue. AP
  • French President Emmanuel Macron and First Lady Brigitte Macron arrive in Buenos Aires. EPA
    French President Emmanuel Macron and First Lady Brigitte Macron arrive in Buenos Aires. EPA
  • Turkey's President Recep Tayyip Erdogan speaks to the media before his departure for Argentina to attend G-20 meetings, at Ataturk airport in Istanbul. AP
    Turkey's President Recep Tayyip Erdogan speaks to the media before his departure for Argentina to attend G-20 meetings, at Ataturk airport in Istanbul. AP
  • Saudi Arabia's Crown Prince Mohammed bin Salman shakes hands with a Saudi Arabia's embassy official as Argentine Foreign Minister Jorge Faurie watches, at Ministro Pistarini in Buenos Aires, Argentina, November 28, 2018. Argentine G20/Handout via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY.
    Saudi Arabia's Crown Prince Mohammed bin Salman shakes hands with a Saudi Arabia's embassy official as Argentine Foreign Minister Jorge Faurie watches, at Ministro Pistarini in Buenos Aires, Argentina, November 28, 2018. Argentine G20/Handout via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY.
  • Saudi Arabia's Crown Prince Mohammed bin Salman arrives at Ministro Pistarini in Buenos Aires, Argentina, November 28, 2018. Argentine G20/Handout via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY.
    Saudi Arabia's Crown Prince Mohammed bin Salman arrives at Ministro Pistarini in Buenos Aires, Argentina, November 28, 2018. Argentine G20/Handout via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY.
  • A border police officer guards the entrance to the Saudi Embassy in Buenos Aires, Argentina, Wednesday, Nov. 28, 2018. Saudi Crown Prince Mohammed bin Salman arrived to Argentina on Wednesday morning ahead of his participation in the upcoming G20 Leaders' summit. (AP Photo/Natacha Pisarenko)
    A border police officer guards the entrance to the Saudi Embassy in Buenos Aires, Argentina, Wednesday, Nov. 28, 2018. Saudi Crown Prince Mohammed bin Salman arrived to Argentina on Wednesday morning ahead of his participation in the upcoming G20 Leaders' summit. (AP Photo/Natacha Pisarenko)
  • South Korea's President Moon Jae-in (L) and his wife Kim Jung-sook, wave upon arrival at Ezeiza International airport in Buenos Aires province, on November 29, 2018. Global leaders gather in the Argentine capital for a two-day G20 summit beginning on Friday likely to be dominated by simmering international tensions over trade. / AFP / MARTIN BERNETTI
    South Korea's President Moon Jae-in (L) and his wife Kim Jung-sook, wave upon arrival at Ezeiza International airport in Buenos Aires province, on November 29, 2018. Global leaders gather in the Argentine capital for a two-day G20 summit beginning on Friday likely to be dominated by simmering international tensions over trade. / AFP / MARTIN BERNETTI
  • Canada's Prime Minister Justin Trudeau (R) and his wife Sophie Gregoire, wave upon arrival at Ezeiza International airport in Buenos Aires province, on November 29, 2018. Global leaders gather in the Argentine capital for a two-day G20 summit beginning on Friday likely to be dominated by simmering international tensions over trade. / AFP / Martin BERNETTI
    Canada's Prime Minister Justin Trudeau (R) and his wife Sophie Gregoire, wave upon arrival at Ezeiza International airport in Buenos Aires province, on November 29, 2018. Global leaders gather in the Argentine capital for a two-day G20 summit beginning on Friday likely to be dominated by simmering international tensions over trade. / AFP / Martin BERNETTI

Ms May will push the case for reform of the World Trade Organization at the summit of industrialised nations on Friday and Saturday, including increasing transparency, updating dispute settlement processes and promoting trade in services and digital alongside goods.

"We will take our independent seat at the WTO next year when we leave the European Union and we do see the need for reform," she told reporters on the plane.

Ms May is only the second British prime minister to travel to Argentina and the first to visit Buenos Aires, with whom Britain fought a war in 1982 over the British-ruled Falkland Islands in the South Atlantic.

Ms May said relations with Argentina were improving.

"Our position on the sovereignty of the Falklands has not changed but what has changed in recent months is that we have seen better relations with Argentina," she said.

Britain is expected to announce that it will create a post of trade envoy to Buenos Aires following talks between May and Argentine President Mauricio Macri.

The two countries announced this week that they had agreed to provide an additional flight between South America and the Falklands, which Argentina still claims.

'Shakuntala Devi'

Starring: Vidya Balan, Sanya Malhotra

Director: Anu Menon

Rating: Three out of five stars

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

UAE currency: the story behind the money in your pockets
SERIES SCHEDULE

First Test, Galle International Stadium
July 26-30
Second Test, Sinhalese Sports Club Ground
August 3-7
Third Test, Pallekele International Cricket Stadium
August 12-16
First ODI, Rangiri Dambulla International Stadium
August 20
Second ODI, Pallekele International Cricket Stadium
August 24
Third ODI, Pallekele International Cricket Stadium
August 27
Fourth ODI, R Premadasa Stadium
August 31
Fifth ODI, R Premadasa Stadium
September 3
T20, R Premadasa Stadium
September 6

First Person
Richard Flanagan
Chatto & Windus 

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FIXTURES

Saturday, November 3
Japan v New Zealand
Wales v Scotland
England v South Africa
Ireland v Italy

Saturday, November 10
Italy v Georgia
Scotland v Fiji
England v New Zealand
Wales v Australia
Ireland v Argentina
France v South Africa

Saturday, November 17
Italy v Australia
Wales v Tonga
England v Japan
Scotland v South Africa
Ireland v New Zealand

Saturday, November 24
|Italy v New Zealand
Scotland v Argentina
England v Australia
Wales v South Africa
Ireland v United States
France v Fiji

Day 5, Dubai Test: At a glance

Moment of the day Given the problems Sri Lanka have had in recent times, it was apt the winning catch was taken by Dinesh Chandimal. He is one of seven different captains Sri Lanka have had in just the past two years. He leads in understated fashion, but by example. His century in the first innings of this series set the shock win in motion.

Stat of the day This was the ninth Test Pakistan have lost in their past 11 matches, a run that started when they lost the final match of their three-Test series against West Indies in Sharjah last year. They have not drawn a match in almost two years and 19 matches, since they were held by England at the Zayed Cricket Stadium in Abu Dhabi in 2015.

The verdict Mickey Arthur basically acknowledged he had erred by basing Pakistan’s gameplan around three seam bowlers and asking for pitches with plenty of grass in Abu Dhabi and Sharjah. Why would Pakistan want to change the method that has treated them so well on these grounds in the past 10 years? It is unlikely Misbah-ul-Haq would have made the same mistake.

2018 ICC World Twenty20 Asian Western Regional Qualifier

Saturday results
Qatar beat Kuwait by 26 runs
Bahrain beat Maldives by six wickets
UAE beat Saudi Arabia by seven wickets

Monday fixtures
Maldives v Qatar
Saudi Arabia v Kuwait
Bahrain v UAE

* The top three teams progress to the Asia Qualifier

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%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2041mm%2C%20352%20x%20430%3B%2045mm%2C%20396%20x%20484%3B%20Retina%20LTPO%20OLED%2C%20up%20to%201000%20nits%2C%20always-on%3B%20Ion-X%20glass%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Apple%20S8%2C%20W3%20wireless%2C%20U1%20ultra-wideband%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECapacity%3A%3C%2Fstrong%3E%2032GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%201GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20watchOS%209%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EHealth%20metrics%3A%3C%2Fstrong%3E%203rd-gen%20heart%20rate%20sensor%2C%20temperature%20sensing%2C%20ECG%2C%20blood%20oxygen%2C%20workouts%2C%20fall%2Fcrash%20detection%3B%20emergency%20SOS%2C%20international%20emergency%20calling%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20GPS%2FGPS%20%2B%20cellular%3B%20Wi-Fi%2C%20LTE%2C%20Bluetooth%205.3%2C%20NFC%20(Apple%20Pay)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDurability%3A%3C%2Fstrong%3E%20IP6X%2C%20water%20resistant%20up%20to%2050m%2C%20dust%20resistant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%20308mAh%20Li-ion%2C%20up%20to%2018h%2C%20wireless%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECards%3A%3C%2Fstrong%3E%20eSIM%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFinishes%3A%3C%2Fstrong%3E%20Aluminium%20%E2%80%93%20midnight%2C%20Product%20Red%2C%20silver%2C%20starlight%3B%20stainless%20steel%20%E2%80%93%20gold%2C%20graphite%2C%20silver%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20Watch%20Series%208%2C%20magnetic-to-USB-C%20charging%20cable%2C%20band%2Floop%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Starts%20at%20Dh1%2C599%20(41mm)%20%2F%20Dh1%2C999%20(45mm)%3C%2Fp%3E%0A
GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

How to donate

Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
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England 12-man squad for second Test

v West Indies which starts Thursday: Rory Burns, Joe Denly, Jonny Bairstow, Joe Root (captain), Jos Buttler, Ben Stokes, Moeen Ali, Ben Foakes, Sam Curran, Stuart Broad, Jimmy Anderson, Jack Leach

COMPANY PROFILE
Name: Mamo 

 Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua

 Based: Dubai, UAE

 Number of employees: 28

 Sector: Financial services

 Investment: $9.5m

 Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. 

 
Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

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What is blockchain?

Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.

The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.

Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.

However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.

Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.