NY bomb suspect was bound for Pakistan


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DUBAI // A Pakistani-American man accused of trying to detonate a bomb in New York's Times Square was heading for Pakistan when he was pulled off a Dubai-bound flight called back prior to departure, the airline said on today. Asked what Faisal Shahzad's final destination had been, an Emirates Airline spokesman said: "It was Islamabad." Prosecutors charged Mr Shahzad, 30, a naturalised US citizen born in Pakistan, with five counts, including attempting to use a weapon of mass destruction and trying to kill and maim people within the United States. He faces a life sentence if convicted.

Mr Shahzad was arrested on Monday after he was taken off an Emirates plane that was about to depart for Dubai, a major transit hub. Hours later, several of his relatives were arrested in Pakistan, security sources said. Emirates said three people were removed from the flight but two were later cleared and allowed on board. All passengers were taken off the plane and screened before the plane left for Dubai.

US authorities are investigating whether Emirates made a mistake in letting Mr Shahzad on one of its aircraft. The former financial analyst was accused of driving a crude homemade bomb of gasoline, propane gas, fireworks and fertiliser into a busy Times Square on Saturday night. The bomb was in a sport utility vehicle that prosecutors said Shahzad bought for US$1,300 (Dh 4,775) in cash. Prosecutors said Mr Shahzad admitted to the bomb attempt and to receiving training in a Taliban and al Qa'eda stronghold in Pakistan.

Passengers on the New York-to-Dubai flight described the mood on the Emirates plane as calm and controlled as police boarded before take-off to remove several passengers. "Honestly nobody panicked, everybody was so calm, everybody was so quiet. There were a lot of people who had connecting flights, they just wanted to get the hell out of JFK," said Egyptian Azza Abou al Magd, who was on the plane.

She said that one of those removed from the flight was whisked out by armed police officers who confiscated the man's phone and politely and quietly escorted him off the plane. The Taliban in Pakistan claimed responsibility for the bomb attempt, saying it was to avenge the killing of two top al Qa'eda leaders in Iraq and for US interference in Muslim countries. While some US officials were sceptical about the claim, the Pakistani foreign minister Shah Mehmood Qureshi told CBS News he believed the failed attack was a retaliation for the United States targeting Taliban followers.

Passengers on the Emirates flight said they were not informed of the magnitude of what was happening on the plane. "They didn't tell us: 'Hey listen guys we have someone'. We didn't know what was going on, when we went back to the taxi and then we went back to the airport that was when we became somewhat concerned," Faye Roy, a passenger, said. "I called a friend at home and said turn on CNN and tell me what's going on my plane and he told me," she said after the delayed flight arrived in Dubai this morning.

Another passenger, Samir al Ammari, said: "I was worried. I was planning to cancel the flight and take another ... It was very difficult when you hear about something like this." * Reuters

MEYDAN RESULTS

6.30pm Baniyas (PA) Group 2 Dh125,000 (Dirt) 1,400m

Winner ES Ajeeb, Sam Hitchcock (jockey), Ibrahim Aseel (trainer).          

7.05pm Maiden (TB) Dh165,000 (D) 1,200m

Winner  Galaxy Road, Antonio Fresu, Musabah Al Muhairi.

7.40pm Maiden (TB) Dh165,000 (D) 1,400m

Winner  Al Modayar, Fernando Jara, Ali Rashid Al Raihe.

8.15pm Handicap (TB) Dh170,000 (D) 1,900m

Winner  Gundogdu, Xavier Ziani, Salem bin Ghadayer.

8.50pm Rated Conditions (TB) Dh240,000 (D) 1,600m

Winner George Villiers, Tadhg O’Shea, Satish Seemar.

9.25pm Handicap (TB) Dh175,000 (D)1,200m

Winner  Lady Parma, Connor Beasley, Satish Seemar

10pm Handicap (TB) Dh165,000 (D) 1,400m

Winner Zaajer, Fernando Jara, Ali Rashid Al Raihe

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

What is safeguarding?

“Safeguarding, not just in sport, but in all walks of life, is making sure that policies are put in place that make sure your child is safe; when they attend a football club, a tennis club, that there are welfare officers at clubs who are qualified to a standard to make sure your child is safe in that environment,” Derek Bell explains.

Race card

1.30pm: Handicap (PA) Dh 50,000 (Dirt) 1,400m

2pm: Handicap (TB) Dh 84,000 (D) 1,400m

2.30pm: Maiden (TB) Dh 60,000 (D) 1,200m

3pm: Conditions (TB) Dh 100,000 (D) 1.950m

3.30pm: Handicap (TB) Dh 76,000 (D) 1,800m

4pm: Maiden (TB) Dh 60,000 (D) 1,600m

4.30pm: Handicap (TB) Dh 68,000 (D) 1,000m

Sukuk explained

Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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