Migrants onboard an inflatable boat wait to rescued off the coast of Libya, on December 22, 2018 . AFP
Migrants onboard an inflatable boat wait to rescued off the coast of Libya, on December 22, 2018 . AFP
Migrants onboard an inflatable boat wait to rescued off the coast of Libya, on December 22, 2018 . AFP
Migrants onboard an inflatable boat wait to rescued off the coast of Libya, on December 22, 2018 . AFP

Libya coastguard intercepts Europe-bound migrants


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Libya’s coastguard said it intercepted 57 Europe-bound migrants off the country’s Mediterranean coast.

Spokesman Ayoub Gassim said a wooden boat carrying 53 Ethiopian migrants, including 17 women and nine children, and four Egyptian migrants was stopped on Saturday off the coastal town of Zawiya. The town is about 48 kilometres west of the capital, Tripoli.

He said the migrants were given humanitarian and medical assistance before being taken to a detention centre in Zawiya.

Libya’s coastguard says it has intercepted 577 migrants at sea so far in August.

The country slid into chaos after the 2011 uprising that toppled and killed Muammar Qaddafi. It has become a major transit point for migrants fleeing war and poverty in Africa and the Middle East to Europe.

Libya is divided between the UN-backed government in Tripoli and the rival eastern administration in Tobruk.

The eastern Libyan National Army has been battling Tripoli militias in an offensive launched in April to take the capital.

On Sunday, the UN said LNA air strikes had seriously damaged a civilian airport in western Libya.

Last week, the LNA said it had twice bombed the airport of Zuwara, a town west of Tripoli, saying its targets were hangars used by Turkish drones.

In a statement, the UN Libya mission said it had visited Zuwara airport and found no military infrastructure or assets.

The LNA also flew late on Saturday several air strikes against an airbase in the western city of Misurata, whose forces are helping to defend Tripoli, residents said.

“Three massive explosions could be heard,” one said.

The fighting has so far killed hundreds and displaced thousands.

The Porpoise

By Mark Haddon 

(Penguin Random House)
 

THE SPECS

Engine: 4.0L twin-turbo V8

Gearbox: eight-speed automatic

Power: 571hp at 6,000rpm

Torque: 800Nm from 2,000-4,500rpm

Fuel economy, combined: 11.4L/100km

Price, base: from Dh571,000

On sale: this week

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

Our legal advisor

Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.

Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation. 

Education: Sagesse University, Beirut, Lebanon, in 2005.

The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

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Company%20Profile
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The specs

Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder

Power: 220 and 280 horsepower

Torque: 350 and 360Nm

Transmission: eight-speed automatic

Price: from Dh136,521 VAT and Dh166,464 VAT 

On sale: now

Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million