UK’s Prince William and Kate cancel trip to Belize farm after opposition from villagers

Britain's Prince William and his wife Catherine, Duchess of Cambridge, have cancelled a major visit planned for the start of their Caribbean tour after local residents voiced opposition to a royal trip to their Belize village.

They were due to tour a cacao farm during the first full day of their tour on Sunday, but the royal engagement was removed from the schedule by their office on Friday.

A protest was staged on Friday opposing the royal visit to Akte ‘il Ha cacao farm in Indian Creek village in the foothills of the Maya Mountains, reports said.

The issue threatens to overshadow the start of the couple’s eight-day tour to Belize, Jamaica and the Bahamas in honour of the Queen’s Platinum Jubilee and raises questions about the planning of the trip.

A number of issues have been reported by local Belize media outlet Channel 7, including a claimed dispute between residents of Indian Creek village in Belize’s Toledo District and Flora and Fauna International, the conservation charity William supports as patron.

The landing site for the their helicopter reportedly caused further problems, amid claims residents were not consulted about the location, which is on the local football pitch.

“We don’t want them to land on our land, that’s the message that we want to send. They could land anywhere but not on our land," Sebastian Shol, chairman of Indian Creek village, told the Daily Mail.

“We can confirm that due to sensitive issues involving the community in Indian Creek, the visit has been moved to a different location — further details will be provided in due course," a Kensington Palace spokeswoman said.

The Belize government said: “Indian Creek was one of several sites being considered. Due to issues in the village, the Government of Belize activated its contingency planning and another venue has been selected to showcase Maya family entrepreneurship in the cacao industry.”

The duke and duchess are due to arrive in Belize during the afternoon, local time, and will be welcomed at the airport by the country’s Governor General Froyla Tzalam and later travel to the centre of Belize City for an official meeting with Prime Minister Johnny Briceno.

Highlights of the tour include the couple renewing their friendly sporting rivalry when they take to the waters for a sailing regatta in the Bahamas in honour of the Queen’s Platinum Jubilee.

In Jamaica, they are due to celebrate the island’s musical and sporting heritage, with speculation Usain Bolt may be involved.

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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

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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