• The exterior of the main dome of Qasr Al Watan in Abu Dhabi, UAE. Victor Besa / The National
    The exterior of the main dome of Qasr Al Watan in Abu Dhabi, UAE. Victor Besa / The National
  • A priest carries a ladder used as a barrier to a chapel during mass at the Church of the Holy Sepulchre, where Jesus Christ is believed to be buried, in the Old City of Jerusalem. AP Photo
    A priest carries a ladder used as a barrier to a chapel during mass at the Church of the Holy Sepulchre, where Jesus Christ is believed to be buried, in the Old City of Jerusalem. AP Photo
  • Palestinian artist Naim Al Khatib paints his sculpture of a woman hugging an olive tree at his workshop in the West Bank village of Dura, southwest of Hebron. AFP
    Palestinian artist Naim Al Khatib paints his sculpture of a woman hugging an olive tree at his workshop in the West Bank village of Dura, southwest of Hebron. AFP
  • Members of Octave Band perform during Amman Jazz Festival in Jordan. EPA
    Members of Octave Band perform during Amman Jazz Festival in Jordan. EPA
  • Duaa Munshid paints with her fellow artist Qasim Sulaiman an artwork depicting an American actor Morgan Freeman, in Basra, Iraq. Reuters
    Duaa Munshid paints with her fellow artist Qasim Sulaiman an artwork depicting an American actor Morgan Freeman, in Basra, Iraq. Reuters
  • A Palestinian worker dries tobacco harvested to produce cigarettes to be sold in the local market, at a field near Jenin in the Israeli-occupied West Bank. Reuters
    A Palestinian worker dries tobacco harvested to produce cigarettes to be sold in the local market, at a field near Jenin in the Israeli-occupied West Bank. Reuters
  • Players of Al Mosul FC practise at the ravaged Al Idara Al Mahalia stadium, which was once used by ISIS as a weapons depot, near the northern Iraqi city of Mosul. AFP
    Players of Al Mosul FC practise at the ravaged Al Idara Al Mahalia stadium, which was once used by ISIS as a weapons depot, near the northern Iraqi city of Mosul. AFP

The Middle East Framed - regional photography for October 23, 2020

We bring you the best images from the Middle East and North Africa

The National

October 23, 2020

  • English
  • Arabic

More galleries from The National:

The Great Oven project: Lebanon's community kitchens cook up message of hope with free meals

Dubai's record-breaking Palm Fountain wows crowd

It's on! Khabib Nurmagomedov and Justin Gaethje both make weight for UFC 254

Election 2020: final debate between Donald Trump and Joe Biden was a muted affair

Tips for SMEs to cope
  • Adapt your business model. Make changes that are future-proof to the new normal
  • Make sure you have an online presence
  • Open communication with suppliers, especially if they are international. Look for local suppliers to avoid delivery delays
  • Open communication with customers to see how they are coping and be flexible about extending terms, etc
    Courtesy: Craig Moore, founder and CEO of Beehive, which provides term finance and working capital finance to SMEs. Only SMEs that have been trading for two years are eligible for funding from Beehive.
'The Batman'

Stars:Robert Pattinson

Director:Matt Reeves

Rating: 5/5

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

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

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Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

Asian Cup 2019

Quarter-final

UAE v Australia, Friday, 8pm, Hazza bin Zayed Stadium, Al Ain

The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

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