Tube strikes in London are expected to cause severe travel disruption this week, as 10,000 workers stage a walkout.
Between midnight and 11:59pm on Tuesday and Thursday the London Underground will experience its first strike action since all Covid-19 restrictions were lifted.
Transport for London (TfL) said it expects severe disruption across all Tube lines on strike days.
The planned action is also likely to severely affect services on Wednesday and Friday, particularly in the morning peak.
Members of the Rail, Maritime and Transport (RMT) union will walk out on Tuesday and Thursday in a dispute over jobs, pensions and conditions.
TfL has criticised the industrial action, saying there are no proposals on pensions or terms and conditions, and nobody has or will lose their jobs because of the proposals it has set out.
“TfL will do all it can to provide as many transport options as possible, but customers are advised to check before they travel, consider if their travel is essential and work from home if possible. They should leave more time for journeys and travel at quieter times where possible,” the network said in a statement.
Picket lines will be mounted outside Tube stations across the capital on Tuesday and Thursday.
RMT general secretary Mick Lynch said the financial crisis blighting the Underground network had been “deliberately engineered by the government to drive a cuts agenda which would savage jobs, services, safety and threaten their working conditions and pensions”.
“These are the very same transport staff praised as heroes for carrying London through Covid for nearly two years, often at serious personal risk, who now have no option but to strike to defend their livelihoods,” Mr Lynch added.
“The politicians need to wake up to the fact that transport staff will not pay the price for this cynically engineered crisis.
“In addition to the strike action, RMT is co-ordinating a campaign of resistance with colleagues from other unions impacted by this threat.”
The government announced a new funding deal for TfL last week, which will run until the end of June.
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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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