• Liz Truss and her new team congregate round the cabinet table. AP
    Liz Truss and her new team congregate round the cabinet table. AP
  • Special adviser Sophie Jarvis arrives for new British Prime Minister Liz Truss's first Cabinet meeting at 10 Downing Street in London on Wednesday. Ms Truss has made sweeping changes to the UK government after becoming leader on Tuesday.
    Special adviser Sophie Jarvis arrives for new British Prime Minister Liz Truss's first Cabinet meeting at 10 Downing Street in London on Wednesday. Ms Truss has made sweeping changes to the UK government after becoming leader on Tuesday.
  • Chancellor of the Exchequer Kwasi Kwarteng arrives for the new Cabinet meeting. AFP
    Chancellor of the Exchequer Kwasi Kwarteng arrives for the new Cabinet meeting. AFP
  • Business Secretary Jacob Rees-Mogg arrives for the new Cabinet meeting. Getty Images
    Business Secretary Jacob Rees-Mogg arrives for the new Cabinet meeting. Getty Images
  • Defence Secretary Ben Wallace, front, arrives for the new Cabinet meeting. AP
    Defence Secretary Ben Wallace, front, arrives for the new Cabinet meeting. AP
  • Culture Secretary Michelle Donelan arrives for the new Cabinet meeting. Reuters
    Culture Secretary Michelle Donelan arrives for the new Cabinet meeting. Reuters
  • Secretary of State for Environment, Food and Rural Affairs Ranil Jayawardena arrives for the new Cabinet meeting. AP
    Secretary of State for Environment, Food and Rural Affairs Ranil Jayawardena arrives for the new Cabinet meeting. AP
  • Deputy Prime Minister and Health Secretary Therese Coffey arrives for the new Cabinet meeting. Reuters
    Deputy Prime Minister and Health Secretary Therese Coffey arrives for the new Cabinet meeting. Reuters
  • Transport Secretary Anne-Marie Trevelyan arrives for the new Cabinet meeting. Reuters
    Transport Secretary Anne-Marie Trevelyan arrives for the new Cabinet meeting. Reuters
  • Foreign Secretary James Cleverly arrives for the new Cabinet meeting. Getty Images
    Foreign Secretary James Cleverly arrives for the new Cabinet meeting. Getty Images
  • Home Secretary Suella Braverman arrives for the new Cabinet meeting. Reuters
    Home Secretary Suella Braverman arrives for the new Cabinet meeting. Reuters
  • Attorney General Michael arrives for the new Cabinet meeting. AP
    Attorney General Michael arrives for the new Cabinet meeting. AP
  • Secretary of State for Scotland, Alister Jack arrives for the new Cabinet meeting. AP
    Secretary of State for Scotland, Alister Jack arrives for the new Cabinet meeting. AP
  • Education Secretary Kit Malthouse arrives for the new Cabinet meeting. AP
    Education Secretary Kit Malthouse arrives for the new Cabinet meeting. AP
  • Kwasi Kwarteng has been appointed chancellor of the exchequer. Reuters
    Kwasi Kwarteng has been appointed chancellor of the exchequer. Reuters
  • Therese Coffey has been appointed deputy prime minister and health secretary. EPA
    Therese Coffey has been appointed deputy prime minister and health secretary. EPA
  • James Cleverly has been appointed foreign secretary. PA
    James Cleverly has been appointed foreign secretary. PA
  • Suella Braverman has been appointed home secretary. AFP
    Suella Braverman has been appointed home secretary. AFP
  • Brandon Lewis has been appointed lord chancellor and justice secretary. PA
    Brandon Lewis has been appointed lord chancellor and justice secretary. PA
  • Ben Wallace has been reappointed defence secretary. Reuters
    Ben Wallace has been reappointed defence secretary. Reuters
  • Jacob Rees-Mogg has been appointed secretary of state for business, energy and industrial strategy. PA
    Jacob Rees-Mogg has been appointed secretary of state for business, energy and industrial strategy. PA
  • Kemi Badenoch has been appointed international trade secretary and president of the Board of Trade. PA
    Kemi Badenoch has been appointed international trade secretary and president of the Board of Trade. PA
  • Nadhim Zahawi has been appointed chancellor of the Duchy of Lancaster. Reuters
    Nadhim Zahawi has been appointed chancellor of the Duchy of Lancaster. Reuters
  • Alok Sharma has been reappointed as Cop26 president. EPA
    Alok Sharma has been reappointed as Cop26 president. EPA
  • Simon Clarke has been appointed secretary of state for levelling up, housing and communities. EPA
    Simon Clarke has been appointed secretary of state for levelling up, housing and communities. EPA
  • Chloe Smith has been appointed work and pensions secretary. PA
    Chloe Smith has been appointed work and pensions secretary. PA
  • Michelle Donelan has been appointed secretary of state for digital, culture, media and sport. AFP
    Michelle Donelan has been appointed secretary of state for digital, culture, media and sport. AFP
  • Penny Mordaunt has been appointed leader of the House of Commons. PA
    Penny Mordaunt has been appointed leader of the House of Commons. PA
  • Ranil Jayawardena has been appointed secretary of state for environment, food and rural affairs. Alamy
    Ranil Jayawardena has been appointed secretary of state for environment, food and rural affairs. Alamy
  • Anne-Marie Trevelyan has been appointed transport secretary. Bloomberg.
    Anne-Marie Trevelyan has been appointed transport secretary. Bloomberg.
  • Wendy Morton has been appointed chief whip. Bloomberg
    Wendy Morton has been appointed chief whip. Bloomberg
  • Chris Heaton-Harris has been appointed Northern Ireland secretary. AFP
    Chris Heaton-Harris has been appointed Northern Ireland secretary. AFP
  • Robert Buckland has been reappointed as Welsh secretary. PA
    Robert Buckland has been reappointed as Welsh secretary. PA
  • Alister Jack has been reappointed Scottish secretary. PA
    Alister Jack has been reappointed Scottish secretary. PA
  • Michael Ellis QC has been appointed attorney general and will attend Cabinet. AFP
    Michael Ellis QC has been appointed attorney general and will attend Cabinet. AFP
  • Tom Tugendhat will attend Cabinet as security minister in the Home Office. PA
    Tom Tugendhat will attend Cabinet as security minister in the Home Office. PA

Liz Truss announces first Cabinet as UK's new prime minister


Tim Stickings
  • English
  • Arabic

British Prime Minister Liz Truss has named her new Cabinet in a reshuffle that instantly put pressure on calls for Conservative unity.

Several of leadership rival Rishi Sunak's supporters were sacked, including Dominic Raab, Grant Shapps, George Eustice and Steve Barclay.

The prime minister’s closest supporters got the greatest rewards, with Kwasi Kwarteng, James Cleverly and Suella Braverman becoming chancellor, foreign secretary and home secretary, respectively.

Work and Pensions Secretary Therese Coffey — regarded as Ms Truss’s closest confidante at Westminster — is the new health secretary and deputy prime minister.

Who is in Liz Truss' Cabinet?

Brandon Lewis has been appointed Lord Chancellor and justice secretary.

Ben Wallace has been re-appointed as defence secretary, Downing Street said.

Jacob Rees-Mogg has been appointed secretary of state for business, energy and industrial strategy.

Simon Clarke becomes secretary of state for levelling up, housing and communities.

Kemi Badenoch has been appointed as international trade secretary and president of the Board of Trade.

Chloe Smith has been appointed work and pensions secretary.

Anne-Marie Trevelyan becomes transport secretary.

Kit Malthouse becomes education secretary.

Michael Ellis QC has been appointed attorney general and will attend Cabinet.

Tom Tugendhat will attend Cabinet as security minister in the Home Office.

Alok Sharma has also been re-appointed as Cop26 president.

Nadhim Zahawi has been appointed Chancellor of the Duchy of Lancaster, minister for intergovernmental relations and minister for equalities.

Michelle Donelan becomes secretary of state for digital, culture, media and sport.

Chris Heaton-Harris has been appointed as Northern Ireland secretary.

Alister Jack has been re-appointed as Scottish secretary.

Robert Buckland has been re-appointed as Welsh secretary.

Penny Mordaunt has been appointed leader of the House of Commons.

Ranil Jayawardena becomes secretary of state for environment, food and rural affairs.

Ms Truss also appointed Wendy Morton as chief whip, Downing Street said.

Lord True has been appointed leader of the House of Lords.

Chris Philp will attend Cabinet as chief secretary to the Treasury.

Political observers suggested it was not the potential “unity Cabinet” that might have ended the bitter infighting witnessed during the Boris Johnson years.

Johnny Mercer, the sacked veterans minister, appeared to sum up the mood in suggesting that he had been ousted to make way for a Truss favourite.

Liz Truss's political career — in pictures

  • New Conservative Party leader and Britain's Prime Minister-elect Liz Truss delivers a speech after being announced the winner of the Tory Party leadership contest in central London on September 5, 2022. Ms Truss is the UK's third female prime minister following Theresa May and Margaret Thatcher. AFP
    New Conservative Party leader and Britain's Prime Minister-elect Liz Truss delivers a speech after being announced the winner of the Tory Party leadership contest in central London on September 5, 2022. Ms Truss is the UK's third female prime minister following Theresa May and Margaret Thatcher. AFP
  • Liz Truss during a hustings event in Darlington in August 2022. Ms Truss and Rishi Sunak are awaiting the results of a poll of Conservative Party members deciding which of them has been selected as the new party leader, and next prime minister. PA
    Liz Truss during a hustings event in Darlington in August 2022. Ms Truss and Rishi Sunak are awaiting the results of a poll of Conservative Party members deciding which of them has been selected as the new party leader, and next prime minister. PA
  • Liz Truss playing pool during a visit to the Onside Future Youth Zone in London in August 2022. PA
    Liz Truss playing pool during a visit to the Onside Future Youth Zone in London in August 2022. PA
  • Boris Johnson and Ms Truss arriving for an extraordinary summit at Nato headquarters in Brussels, in March 2022. AFP
    Boris Johnson and Ms Truss arriving for an extraordinary summit at Nato headquarters in Brussels, in March 2022. AFP
  • Russian Foreign Minister Sergey Lavrov and Ms Truss arrive for talks in Moscow in February 2022. AP
    Russian Foreign Minister Sergey Lavrov and Ms Truss arrive for talks in Moscow in February 2022. AP
  • Ms Truss in Red Square during a visit to Moscow in February 2022. Photo: No. 10, Downing Street
    Ms Truss in Red Square during a visit to Moscow in February 2022. Photo: No. 10, Downing Street
  • Ms Truss meeting European Commission vice-president Maros Sefcovic (not seen) for talks in central London on the Northern Ireland Protocol on 11th February 2022. PA
    Ms Truss meeting European Commission vice-president Maros Sefcovic (not seen) for talks in central London on the Northern Ireland Protocol on 11th February 2022. PA
  • Ms Truss with Marise Payne, the Australian minister of foreign affairs, at Government House in Sydney, Australia, in January 2022. Photo: No. 10, Downing Street
    Ms Truss with Marise Payne, the Australian minister of foreign affairs, at Government House in Sydney, Australia, in January 2022. Photo: No. 10, Downing Street
  • Liz Truss hosts Vice President of the European Commission Maros Sefcovic at Chevening House in January 2022 to discuss the Northern Ireland protocol. Photo: No. 10, Downing Street
    Liz Truss hosts Vice President of the European Commission Maros Sefcovic at Chevening House in January 2022 to discuss the Northern Ireland protocol. Photo: No. 10, Downing Street
  • Ms Truss visits British troops in Estonia as they operate alongside other Nato troops in Tapa in November 2021. Photo: No. 10, Downing Street
    Ms Truss visits British troops in Estonia as they operate alongside other Nato troops in Tapa in November 2021. Photo: No. 10, Downing Street
  • Liz Truss walks through the old town in Tallinn, Estonia, in November 2021. Photo: No. 10, Downing Street
    Liz Truss walks through the old town in Tallinn, Estonia, in November 2021. Photo: No. 10, Downing Street
  • Ms Truss greeting Ukraine's President Volodymyr Zelenskyy at the Cop26 summit in Glasgow, in November 2021. PA
    Ms Truss greeting Ukraine's President Volodymyr Zelenskyy at the Cop26 summit in Glasgow, in November 2021. PA
  • Ms Truss at the Red Fort in New Delhi during a trip to India in October 2021. Photo: No. 10, Downing Street
    Ms Truss at the Red Fort in New Delhi during a trip to India in October 2021. Photo: No. 10, Downing Street
  • The British foreign secretary on the Plaza de la Constitucion in Mexico City, during a trip to Mexico in September 2021. Photo: No. 10, Downing Street
    The British foreign secretary on the Plaza de la Constitucion in Mexico City, during a trip to Mexico in September 2021. Photo: No. 10, Downing Street
  • Queen Elizabeth II greeting Ms Truss at a reception for international business and investment leaders at Windsor Castle in October 2021. PA
    Queen Elizabeth II greeting Ms Truss at a reception for international business and investment leaders at Windsor Castle in October 2021. PA
  • Liz Truss with Antony Blinken, the US secretary of state, in New York, in September 2021. Photo: No. 10, Downing Street
    Liz Truss with Antony Blinken, the US secretary of state, in New York, in September 2021. Photo: No. 10, Downing Street
  • Ms Truss on a morning jog over Brooklyn Bridge in New York in September 2021. Photo: No. 10, Downing Street
    Ms Truss on a morning jog over Brooklyn Bridge in New York in September 2021. Photo: No. 10, Downing Street
  • Former Chancellor Philip Hammond, centre, holding his red ministerial box outside 11, Downing Street, flanked by Treasury colleagues Ms Truss and Mel Stride in October 2018. PA
    Former Chancellor Philip Hammond, centre, holding his red ministerial box outside 11, Downing Street, flanked by Treasury colleagues Ms Truss and Mel Stride in October 2018. PA
  • Ms Truss, then secretary of state for justice, being escorted around HMP Brixton by prison governor David Bamford in November 2016. PA
    Ms Truss, then secretary of state for justice, being escorted around HMP Brixton by prison governor David Bamford in November 2016. PA
  • Ms Truss as she became the first woman ever to hold the role of Lord Chancellor, arriving at the Royal Courts of Justice before being installed in July 2016. PA
    Ms Truss as she became the first woman ever to hold the role of Lord Chancellor, arriving at the Royal Courts of Justice before being installed in July 2016. PA
  • In April 2016, the former environment secretary Liz Truss listening to former chancellor of the exchequer George Osborne (not seen) during his speech at the National Composites Centre in Bristol. PA
    In April 2016, the former environment secretary Liz Truss listening to former chancellor of the exchequer George Osborne (not seen) during his speech at the National Composites Centre in Bristol. PA
  • When she was environment minister, Ms Truss visited the bridge over the River Wharfe in Tadcaster, which collapsed after heavy flooding in December 2015. Getty Images
    When she was environment minister, Ms Truss visited the bridge over the River Wharfe in Tadcaster, which collapsed after heavy flooding in December 2015. Getty Images
  • Addressing the Conservative party conference in Birmingham in 2014 when she was secretary of state for environment, food and rural affairs. Getty Images
    Addressing the Conservative party conference in Birmingham in 2014 when she was secretary of state for environment, food and rural affairs. Getty Images
  • Mr Truss on the Sawnnington Farm to Fork stand at the Norfolk Food Festival at the Houses Of Parliament in October 2011. PA
    Mr Truss on the Sawnnington Farm to Fork stand at the Norfolk Food Festival at the Houses Of Parliament in October 2011. PA
  • Conservative Parliamentary candidate for South-West Norfolk Elizabeth Truss, while canvassing in the village of West Walton during the 2010 General Election campaign. PA
    Conservative Parliamentary candidate for South-West Norfolk Elizabeth Truss, while canvassing in the village of West Walton during the 2010 General Election campaign. PA
  • The former Conservative Shadow Home Secretary, Dominic Grieve, centre, speaking at the launch Reform's Lawful Society report on the nature of crime and the incentives in the criminal justice system while Ms Truss looks on, in September 2008. PA
    The former Conservative Shadow Home Secretary, Dominic Grieve, centre, speaking at the launch Reform's Lawful Society report on the nature of crime and the incentives in the criminal justice system while Ms Truss looks on, in September 2008. PA
  • Former Conservative Leader William Hague meeting conservative candidate for Calder valley Ms Truss, during the General Election Campaign for 2005. PA
    Former Conservative Leader William Hague meeting conservative candidate for Calder valley Ms Truss, during the General Election Campaign for 2005. PA

Two senior Johnson ministers, Nadine Dorries and Priti Patel, pre-empted Ms Truss’s announcements by saying they would step away from the front benches.

Ms Patel said she would resign as home secretary once a successor was in place, while Ms Dorries, the culture secretary, said she was leaving the Cabinet and was widely tipped to move to the House of Lords.

Those who had backed Mr Sunak urged Ms Truss to appoint an “inclusive” Cabinet and not simply surround herself with loyalists in the way that Mr Johnson was accused of doing.

Who is in new UK Prime Minister Liz Truss's first Cabinet — video

Mr Raab, who was justice secretary as well as second-in-command to Mr Johnson, had not expected to continue his run in government, having described Ms Truss’s tax plans as an “electoral suicide note”.

The MP for Esher and Walton announced he would be supporting the government from the backbenches.

“Thanks to the brilliant MoJ [Ministry of Justice] team for all their hard work over the last year,” Mr Raab tweeted.

“Good luck to the new PM and her team.

“I look forward to supporting the government from the backbenches.”

Mr Shapps also tweeted his own exit as transport secretary but did not make the same remarks of support for the new Tory leader.

“It has been a privilege to serve as Transport Secretary; a job I loved,” he said.

“Now I look forward to being a strong, independent voice on the backbenches, developing policies that will further the Conservative cause and the interests of my constituents in Welwyn Hatfield.”

Mr Barclay, the MP for North East Cambridgeshire who had been health secretary for Mr Johnson’s final months in office, tweeted: “Thanks to all colleagues, both political and civil service, for their fantastic support. Wishing @trussliz and her ministerial team every success for the future.”

Earlier on Tuesday, Ms Truss accepted Queen Elizabeth II’s invitation to form a government after Mr Johnson formally resigned at the monarch’s Balmoral estate in Scotland, completing the transfer of power after a two-month leadership contest.

Ms Truss is taking charge during an energy and inflation crisis she is expected to tackle within days with a sweeping plan to freeze fuel bills.

Plans briefed to journalists suggest Ms Truss could freeze household energy bills around their current level of £1,971 ($2,283) per year until at least January, and possibly until the next election expected in 2024.

Halting the looming 80 per cent rise in bills could cost as much as £100 billion ($116bn), and would mark a swift change of tack from Ms Truss after she spent the Tory leadership contest arguing for tax cuts instead of government handouts.

Simon Clarke, a Treasury minister and supporter of Ms Truss, said the new prime minister would make a “decisive intervention” to help people through the crisis unfolding in the shadow of Russia’s invasion of Ukraine.

But there were doubts about how such a freeze would be paid for, with the opposition Labour Party alarmed by suggestions that the money would be recouped through higher bills over a period of 10 to 20 years.

Labour MPs called for a windfall tax on energy companies to fund the freeze, while Paul Massara, the former boss of energy company npower, told LBC radio: “This isn’t a freebie.”

Boris Johnson delivers farewell speech at 10 Downing Street — in pictures

  • Boris Johnson makes a speech outside 10 Downing Street, London, on Tuesday, September 6, 2022, before leaving for Balmoral in Scotland for an audience with Queen Elizabeth II to formally resign as Britain's prime minister. PA
    Boris Johnson makes a speech outside 10 Downing Street, London, on Tuesday, September 6, 2022, before leaving for Balmoral in Scotland for an audience with Queen Elizabeth II to formally resign as Britain's prime minister. PA
  • Mr Johnson paid tribute to his successor Liz Truss, saying with her at the helm of 'this compassionate Conservative government', everything would be done to get people through the cost of living crisis this winter. He added that 'this country will endure it and we will win'. Getty
    Mr Johnson paid tribute to his successor Liz Truss, saying with her at the helm of 'this compassionate Conservative government', everything would be done to get people through the cost of living crisis this winter. He added that 'this country will endure it and we will win'. Getty
  • Mr Johnson highlighted his government’s record on delivering Brexit, supporting Ukraine and the Covid-19 vaccine campaign, watched by a group of loyal Conservative MPs, members of staff and his wife Carrie. PA
    Mr Johnson highlighted his government’s record on delivering Brexit, supporting Ukraine and the Covid-19 vaccine campaign, watched by a group of loyal Conservative MPs, members of staff and his wife Carrie. PA
  • While Mr Johnson urged Conservative Party members to reunite behind the new leader Ms Truss, he could not resist making a dig at those who ousted him, saying 'they changed the rules half way through, never mind that now'. Reuters
    While Mr Johnson urged Conservative Party members to reunite behind the new leader Ms Truss, he could not resist making a dig at those who ousted him, saying 'they changed the rules half way through, never mind that now'. Reuters
  • Mr Johnson and his wife Carrie after the speech. AFP
    Mr Johnson and his wife Carrie after the speech. AFP
  • Mr Johnson and his wife Carrie depart No 10 Downing Street. Photo: No 10 Downing Street
    Mr Johnson and his wife Carrie depart No 10 Downing Street. Photo: No 10 Downing Street
  • Conservative MPs gather to listen to Mr Johnson's speech. AFP
    Conservative MPs gather to listen to Mr Johnson's speech. AFP
  • Mr Johnson joked about his post-prime ministerial future, alluding to plans for a getaway, but pledged to offer Ms Truss's government 'my most fervent support'. Photo: No 10 Downing Street
    Mr Johnson joked about his post-prime ministerial future, alluding to plans for a getaway, but pledged to offer Ms Truss's government 'my most fervent support'. Photo: No 10 Downing Street
  • Britain's former culture secretary Nadine Dorries, centre, and Mr Johnson's sister Rachel, centre right, stand with Conservative MPs and staff as they gather to listen to the speech. AFP
    Britain's former culture secretary Nadine Dorries, centre, and Mr Johnson's sister Rachel, centre right, stand with Conservative MPs and staff as they gather to listen to the speech. AFP
  • Preparations for Mr Johnson's speech take place. PA
    Preparations for Mr Johnson's speech take place. PA
  • Journalists gather before Mr Johnson's speech. The queen will appoint Ms Truss, 47, as the 15th prime minister of her 70-year reign on Tuesday, after Mr Johnson formally tenders his resignation. EPA
    Journalists gather before Mr Johnson's speech. The queen will appoint Ms Truss, 47, as the 15th prime minister of her 70-year reign on Tuesday, after Mr Johnson formally tenders his resignation. EPA
  • Ms Dorries, left, and Mr Johnson's sister Rachel, right, arrive at Downing Street before the prime minister's departure. Getty
    Ms Dorries, left, and Mr Johnson's sister Rachel, right, arrive at Downing Street before the prime minister's departure. Getty

Mr Johnson, forced out by Tory MPs who lost patience after a series of scandals, tendered his resignation at Balmoral after his farewell speech in Downing Street early on Tuesday.

In a speech full of typical rhetorical flourishes, he urged the Conservatives to unite but expressed resentment over his midterm departure, complaining that MPs had “changed the rules halfway through”.

Amid speculation that he will one day attempt a comeback, he left people guessing with an enigmatic reference to the Roman statesman Lucius Quinctius Cincinnatus, said to have come out of retirement for a second stint in power.

Mr Johnson flew to Scotland to offer his resignation after the queen, 96, who has suffered mobility problems and cancelled a number of public appearances in recent months, decided not to return to London for the handover.

Boris Johnson delivers final speech as UK PM — video

Ms Truss travelled separately to Balmoral to be invited to form a government, making her the 15th prime minister of the queen’s 70-year reign in a line stretching back to Winston Churchill.

She is the third woman to become prime minister after fellow Conservative leaders Margaret Thatcher and Theresa May.

Ms Truss was congratulated by world leaders but was urged by some to show cooperation towards the European Union after often stormy UK-EU relations under Mr Johnson's tenure.

“The British people are our friends, the British nation is our ally,” said French President Emmanuel Macron, who was visibly irked by Ms Truss's statement last month that the jury was still out on whether he was a friend or foe.

EXPATS
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
The specs: Lamborghini Aventador SVJ

Price, base: Dh1,731,672

Engine: 6.5-litre V12

Gearbox: Seven-speed automatic

Power: 770hp @ 8,500rpm

Torque: 720Nm @ 6,750rpm

Fuel economy: 19.6L / 100km

THE SPECS

Engine: 1.5-litre turbocharged four-cylinder

Transmission: Constant Variable (CVT)

Power: 141bhp 

Torque: 250Nm 

Price: Dh64,500

On sale: Now

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

Who has lived at The Bishops Avenue?
  • George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
  • Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
  • Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
  • Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills. 
Hunting park to luxury living
  • Land was originally the Bishop of London's hunting park, hence the name
  • The road was laid out in the mid 19th Century, meandering through woodland and farmland
  • Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds

 

Profile

Name: Carzaty

Founders: Marwan Chaar and Hassan Jaffar

Launched: 2017

Employees: 22

Based: Dubai and Muscat

Sector: Automobile retail

Funding to date: $5.5 million

The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%202-litre%204-cylinder%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E153hp%20at%206%2C000rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E200Nm%20at%204%2C000rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E6-speed%20auto%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E6.3L%2F100km%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EDh106%2C900%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
The specs

Price: From Dh180,000 (estimate)

Engine: 2.0-litre turbocharged and supercharged in-line four-cylinder

Transmission: Eight-speed automatic

Power: 320hp @ 5,700rpm

Torque: 400Nm @ 2,200rpm

Fuel economy, combined: 9.7L / 100km

Gorillaz 
The Now Now 

List of UAE medal winners

Gold
Faisal Al Ketbi (Open weight and 94kg)
Talib Al Kirbi (69kg)
Omar Al Fadhli (56kg)

Silver
Zayed Al Kaabi (94kg)
Khalfan Belhol (85kg)
Zayed Al Mansoori (62kg)
Mouza Al Shamsi (49kg women)

Bronze
Yahia Mansour Al Hammadi (Open and 94kg)
Saood Al Hammadi (77kg)
Said Al Mazroui (62kg)
Obaid Al Nuaimi (56kg)
Bashayer Al Matrooshi (62kg women)
Reem Abdulkareem (45kg women)

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%3Cp%3EAverage%20amount%20of%20biofuel%20produced%20at%20DIC%20factory%20every%20month%3A%20%3Cstrong%3EApproximately%20106%2C000%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EAmount%20of%20biofuel%20produced%20from%201%20litre%20of%20used%20cooking%20oil%3A%20%3Cstrong%3E920ml%20(92%25)%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3ETime%20required%20for%20one%20full%20cycle%20of%20production%20from%20used%20cooking%20oil%20to%20biofuel%3A%20%3Cstrong%3EOne%20day%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EEnergy%20requirements%20for%20one%20cycle%20of%20production%20from%201%2C000%20litres%20of%20used%20cooking%20oil%3A%3Cbr%3E%3Cstrong%3E%E2%96%AA%20Electricity%20-%201.1904%20units%3Cbr%3E%E2%96%AA%20Water-%2031%20litres%3Cbr%3E%E2%96%AA%20Diesel%20%E2%80%93%2026.275%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A
Washmen Profile

Date Started: May 2015

Founders: Rami Shaar and Jad Halaoui

Based: Dubai, UAE

Sector: Laundry

Employees: 170

Funding: about $8m

Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures

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Basquiat in Abu Dhabi

One of Basquiat’s paintings, the vibrant Cabra (1981–82), now hangs in Louvre Abu Dhabi temporarily, on loan from the Guggenheim Abu Dhabi. 

The latter museum is not open physically, but has assembled a collection and puts together a series of events called Talking Art, such as this discussion, moderated by writer Chaedria LaBouvier. 

It's something of a Basquiat season in Abu Dhabi at the moment. Last week, The Radiant Child, a documentary on Basquiat was shown at Manarat Al Saadiyat, and tonight (April 18) the Guggenheim Abu Dhabi is throwing the re-creation of a party tonight, of the legendary Canal Zone party thrown in 1979, which epitomised the collaborative scene of the time. It was at Canal Zone that Basquiat met prominent members of the art world and moved from unknown graffiti artist into someone in the spotlight.  

“We’ve invited local resident arists, we’ll have spray cans at the ready,” says curator Maisa Al Qassemi of the Guggenheim Abu Dhabi. 

Guggenheim Abu Dhabi's Canal Zone Remix is at Manarat Al Saadiyat, Thursday April 18, from 8pm. Free entry to all. Basquiat's Cabra is on view at Louvre Abu Dhabi until October

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Bio:

Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour

Favourite Hobby: Serving poor people 

Favourite Book: The Alchemist by Paulo Coelho

Favourite food: Fish and vegetables

Favourite place to visit: London

While you're here
ICC T20 Team of 2021

Jos Buttler, Mohammad Rizwan, Babar Azam, Aiden Markram, Mitchell Marsh, David Miller, Tabraiz Shamsi, Josh Hazlewood, Wanindu Hasaranga, Mustafizur Rahman, Shaheen Afridi

The bio

Favourite food: Japanese

Favourite car: Lamborghini

Favourite hobby: Football

Favourite quote: If your dreams don’t scare you, they are not big enough

Favourite country: UAE

Wicked: For Good

Director: Jon M Chu

Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater

Rating: 4/5

'Munich: The Edge of War'

Director: Christian Schwochow

Starring: George MacKay, Jannis Niewohner, Jeremy Irons

Rating: 3/5

The specs: 2018 Chevrolet Trailblazer

Price, base / as tested Dh99,000 / Dh132,000

Engine 3.6L V6

Transmission: Six-speed automatic

Power 275hp @ 6,000rpm

Torque 350Nm @ 3,700rpm

Fuel economy combined 12.2L / 100km

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%3Cp%3EEncourage%20innovation%20in%20the%20metaverse%20field%20and%20boost%20economic%20contribution%3C%2Fp%3E%0A%3Cp%3EDevelop%20outstanding%20talents%20through%20education%20and%20training%3C%2Fp%3E%0A%3Cp%3EDevelop%20applications%20and%20the%20way%20they%20are%20used%20in%20Dubai's%20government%20institutions%3C%2Fp%3E%0A%3Cp%3EAdopt%2C%20expand%20and%20promote%20secure%20platforms%20globally%3C%2Fp%3E%0A%3Cp%3EDevelop%20the%20infrastructure%20and%20regulations%3C%2Fp%3E%0A

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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TECH%20SPECS%3A%20APPLE%20IPHONE%2014%20PLUS
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%206.1%22%20Super%20Retina%20XDR%20OLED%2C%202778%20x%201284%2C%20458ppi%2C%20HDR%2C%20True%20Tone%2C%20P3%2C%201200%20nits%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20A15%20Bionic%2C%206-core%20CPU%2C%205-core%20GPU%2C%2016-core%20Neural%20Engine%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%206GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECapacity%3A%3C%2Fstrong%3E%20128%2F256%2F512GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20iOS%2016%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%3A%3C%2Fstrong%3E%20Dual%2012MP%20main%20(f%2F1.5)%20%2B%2012MP%20ultra-wide%20(f%2F2.4)%3B%202x%20optical%2C%205x%20digital%3B%20Photonic%20Engine%2C%20Deep%20Fusion%2C%20Smart%20HDR%204%2C%20Portrait%20Lighting%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%20video%3A%3C%2Fstrong%3E%204K%20%40%2024%2F25%2F3060fps%2C%20full-HD%20%40%2025%2F30%2F60fps%2C%20HD%20%40%2030fps%3B%20HD%20slo-mo%20%40%20120%2F240fps%3B%20night%2C%20time%20lapse%2C%20cinematic%2C%20action%20modes%3B%20Dolby%20Vision%2C%204K%20HDR%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%3A%3C%2Fstrong%3E%2012MP%20TrueDepth%20(f%2F1.9)%2C%20Photonic%20Engine%2C%20Deep%20Fusion%2C%20Smart%20HDR%204%3B%20Animoji%2C%20Memoji%3B%20Portrait%20Lighting%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%20video%3A%3C%2Fstrong%3E%204K%20%40%2024%2F25%2F3060fps%2C%20full-HD%20%40%2025%2F30%2F60fps%2C%20HD%20slo-mo%20%40%20120fps%3B%20night%2C%20time%20lapse%2C%20cinematic%2C%20action%20modes%3B%20Dolby%20Vision%2C%204K%20HDR%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%204323%20mAh%2C%20up%20to%2026h%20video%2C%2020h%20streaming%20video%2C%20100h%20audio%3B%20fast%20charge%20to%2050%25%20in%2030m%3B%20MagSafe%2C%20Qi%20wireless%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%2C%20Bluetooth%205.3%2C%20NFC%20(Apple%20Pay)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBiometrics%3A%3C%2Fstrong%3E%20Face%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20Lightning%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECards%3A%3C%2Fstrong%3E%20Dual%20eSIM%20%2F%20eSIM%20%2B%20SIM%20(US%20models%20use%20eSIMs%20only)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Blue%2C%20midnight%2C%20purple%2C%20starlight%2C%20Product%20Red%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20iPhone%2014%2C%20USB-C-to-Lightning%20cable%2C%20one%20Apple%20sticker%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Dh3%2C799%20%2F%20Dh4%2C199%20%2F%20Dh5%2C049%3C%2Fp%3E%0A
Ziina users can donate to relief efforts in Beirut

Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”

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UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

The Voice of Hind Rajab

Starring: Saja Kilani, Clara Khoury, Motaz Malhees

Director: Kaouther Ben Hania

Rating: 4/5

Iran's dirty tricks to dodge sanctions

There’s increased scrutiny on the tricks being used to keep commodities flowing to and from blacklisted countries. Here’s a description of how some work.

1 Going Dark

A common method to transport Iranian oil with stealth is to turn off the Automatic Identification System, an electronic device that pinpoints a ship’s location. Known as going dark, a vessel flicks the switch before berthing and typically reappears days later, masking the location of its load or discharge port.

2. Ship-to-Ship Transfers

A first vessel will take its clandestine cargo away from the country in question before transferring it to a waiting ship, all of this happening out of sight. The vessels will then sail in different directions. For about a third of Iranian exports, more than one tanker typically handles a load before it’s delivered to its final destination, analysts say.

3. Fake Destinations

Signaling the wrong destination to load or unload is another technique. Ships that intend to take cargo from Iran may indicate their loading ports in sanction-free places like Iraq. Ships can keep changing their destinations and end up not berthing at any of them.

4. Rebranded Barrels

Iranian barrels can also be rebranded as oil from a nation free from sanctions such as Iraq. The countries share fields along their border and the crude has similar characteristics. Oil from these deposits can be trucked out to another port and documents forged to hide Iran as the origin.

* Bloomberg

Updated: September 07, 2022, 5:34 AM