• A man pours out a pail of water from a flooded property on a residential street in Carlisle. Phil Noble/Reuters
    A man pours out a pail of water from a flooded property on a residential street in Carlisle. Phil Noble/Reuters
  • Flood water flows over a road near the market town of Appleby as Storm Desmond causes flooding in Appleby, England on December 6, 2015. Christopher Furlong/Getty Images
    Flood water flows over a road near the market town of Appleby as Storm Desmond causes flooding in Appleby, England on December 6, 2015. Christopher Furlong/Getty Images
  • Local residents leave their homes as flood waters rise in Carlisle, England. Jeff J Mitchell/Getty Images
    Local residents leave their homes as flood waters rise in Carlisle, England. Jeff J Mitchell/Getty Images
  • A member of the British army helps a woman carry belongings through a flooded street in Carlisle. Paul Ellis/AFP Photo
    A member of the British army helps a woman carry belongings through a flooded street in Carlisle. Paul Ellis/AFP Photo
  • A rescue team helps to evacuate people from their homes. Jeff J Mitchell/Getty Images
    A rescue team helps to evacuate people from their homes. Jeff J Mitchell/Getty Images
  • A decorated Christmas tree sits in the window of a stricken home as Storm Desmond causes flooding in Carlisle on December 6, 2015. Jeff J Mitchell/Getty Images
    A decorated Christmas tree sits in the window of a stricken home as Storm Desmond causes flooding in Carlisle on December 6, 2015. Jeff J Mitchell/Getty Images
  • The banks of River Eden burst through the market town of Appleby as Storm Desmond brought severe disruption to areas of northern England. Christopher Furlong/Getty Images
    The banks of River Eden burst through the market town of Appleby as Storm Desmond brought severe disruption to areas of northern England. Christopher Furlong/Getty Images
  • People watch as flooding blights the market town of Cockermouth at the confluences of the River Cocker and River Derwent which overflowed. Christopher Furlong/Getty Images
    People watch as flooding blights the market town of Cockermouth at the confluences of the River Cocker and River Derwent which overflowed. Christopher Furlong/Getty Images
  • A woman is helped through flood waters by members of the royal national lifeboat institute and the armed forces following flooding in Carlisle north west England on December 6, 2015. The environment agency declared 130 flood warnings, while residents in some areas were evacuated from their homes. Owen Humphreys/PA via AP
    A woman is helped through flood waters by members of the royal national lifeboat institute and the armed forces following flooding in Carlisle north west England on December 6, 2015. The environment agency declared 130 flood warnings, while residents in some areas were evacuated from their homes. Owen Humphreys/PA via AP

World

Storm Desmond creates havoc in Britain - in pictures

Rob Gurdebeke

December 07, 2015

  • English
  • Arabic

In the wake of Storm Desmond, Britain deployed army personnel, rubber dinghies and a military helicopter to rescue people trapped by floods that have deluged parts of the country

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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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