A man refuels his car at a Shell gas station in Los Angeles, California. EPA
A man refuels his car at a Shell gas station in Los Angeles, California. EPA
A man refuels his car at a Shell gas station in Los Angeles, California. EPA
A man refuels his car at a Shell gas station in Los Angeles, California. EPA

Californians resigned as petrol prices skyrocket


  • English
  • Arabic

Californians filling up their cars on Friday winced at the spiralling cost of petrol, but largely shrugged as they have long dealt with the highest prices in the US.

California drivers are paying an average of more than $1.34 per litre, said the American Automobile Association (AAA), up more than a third from a year ago, as Russia's invasion of Ukraine sends world oil prices rocketing.

“I'm not really into politics or anything like that, but now that this thing is going on between Russia and Ukraine, it's just that sad,” driver Mike Hernandez told AFP.

Russian President Vladimir Putin's invasion of neighbouring Ukraine has sent financial markets into meltdown.

Prices for crude oil — the raw material for petrol — have been hit hard and are up well above $110 a barrel, with players fretting about the impact on Russian supplies, as sanctions choke Moscow off from the global economy.

While all countries have access to the same petrol, subsidies or taxes imposed locally mean the ultimate cost to consumers varies wildly.

For example, in oil-producing Nigeria, which subsidises fuel, the official price is 40 cents per litre.

In Hong Kong, drivers were already paying $2.50 per litre in 2021, Economist Intelligence Unit reported.

On average, Americans pay about $1 per litre, the AAA said, and even California's $1.34 per litre is well below the prices paid by Europeans.

  • A Ukrainian serviceman stands near captured Russian tanks, one painted in the colours of the Ukrainian national flag and the other marked with the letter 'Z' in the north of the Kharkiv region, Ukraine. Reuters
    A Ukrainian serviceman stands near captured Russian tanks, one painted in the colours of the Ukrainian national flag and the other marked with the letter 'Z' in the north of the Kharkiv region, Ukraine. Reuters
  • Russian military vehicles with the letter 'Z' painted on them. Reuters
    Russian military vehicles with the letter 'Z' painted on them. Reuters
  • French Air Force jets patrol airspace over Poland. Nicolas Tucat / AFP
    French Air Force jets patrol airspace over Poland. Nicolas Tucat / AFP
  • The patrol is part of Nato's surveillance system. Photo by Nicolas Tucat / AFP
    The patrol is part of Nato's surveillance system. Photo by Nicolas Tucat / AFP
  • The German-flagged 'Seacod' oil tanker moored at Birkenhead Docks near the Stanlow Oil Refinery in the UK.
    The German-flagged 'Seacod' oil tanker moored at Birkenhead Docks near the Stanlow Oil Refinery in the UK.
  • A woman holds the hand of a child as they flee Ukraine. AP Photo / Markus Schreiber
    A woman holds the hand of a child as they flee Ukraine. AP Photo / Markus Schreiber
  • A young woman clutches a doll as she crosses the border in Medyka, Poland. AP Photo / Markus Schreiber
    A young woman clutches a doll as she crosses the border in Medyka, Poland. AP Photo / Markus Schreiber
  • A woman weeps after finding a friend at the border crossing in Medyka. AP Photo / Markus Schreiber
    A woman weeps after finding a friend at the border crossing in Medyka. AP Photo / Markus Schreiber
  • People walk with their belongings as they flee Ukraine. AP Photo / Markus Schreiber
    People walk with their belongings as they flee Ukraine. AP Photo / Markus Schreiber
  • Ukrainian refugees arrive at Berlin central station, Germany, from Poland on March 4. EPA / Filip Singer
    Ukrainian refugees arrive at Berlin central station, Germany, from Poland on March 4. EPA / Filip Singer
  • Russian troops entered Ukraine on February 24, prompting the country's president to declare martial law and triggering a series of announcements by western countries to impose severe economic sanctions on Russia. EPA / Filip Singer
    Russian troops entered Ukraine on February 24, prompting the country's president to declare martial law and triggering a series of announcements by western countries to impose severe economic sanctions on Russia. EPA / Filip Singer
  • Military vessels docked at the military harbour of Constanta, Romania, on March 4. Daniel Mihailescu / AFP
    Military vessels docked at the military harbour of Constanta, Romania, on March 4. Daniel Mihailescu / AFP
  • A child plays with a pigeon during a protest in San Jose, Costa Rica, against the Russian invasion in Ukraine. Ezequiel Becerra / AFP
    A child plays with a pigeon during a protest in San Jose, Costa Rica, against the Russian invasion in Ukraine. Ezequiel Becerra / AFP
  • Ukrainian citizens in San Jose, Costa Rica, protest against the Russian invasion in Ukraine on March 4. Ezequiel Becerra / AFP
    Ukrainian citizens in San Jose, Costa Rica, protest against the Russian invasion in Ukraine on March 4. Ezequiel Becerra / AFP
  • People fleeing Ukraine wait to board a bus in Palanca Village, Moldova. EPA / Dumitru Doru
    People fleeing Ukraine wait to board a bus in Palanca Village, Moldova. EPA / Dumitru Doru
  • Ukrainians living in Britain join a protest at Trafalgar Square, London. EPA / Andy Rain
    Ukrainians living in Britain join a protest at Trafalgar Square, London. EPA / Andy Rain
  • Ludmila Shkarupa, 73, from Ukraine, sits on a chair wrapping herself with a sleeping bag to avoid the cold at the border crossing in Medyka, Poland. AP
    Ludmila Shkarupa, 73, from Ukraine, sits on a chair wrapping herself with a sleeping bag to avoid the cold at the border crossing in Medyka, Poland. AP
  • A view shows a thermal power plant destroyed by shelling amid the Russian invasion of Ukraine in the town of Okhtyrka in the Sumy region. Reuters
    A view shows a thermal power plant destroyed by shelling amid the Russian invasion of Ukraine in the town of Okhtyrka in the Sumy region. Reuters
  • People fleeing Russia's invasion of Ukraine use mobile devices in a temporary refugee centre located at a local track-and-field athletics stadium in Chisinau, Moldova. Reuters
    People fleeing Russia's invasion of Ukraine use mobile devices in a temporary refugee centre located at a local track-and-field athletics stadium in Chisinau, Moldova. Reuters
  • A local resident walks past the remains of a house of culture following a night air raid in the village of Byshiv, 40 kilometres west of Kyiv, Ukraine. AP
    A local resident walks past the remains of a house of culture following a night air raid in the village of Byshiv, 40 kilometres west of Kyiv, Ukraine. AP
  • A member of the Ukrainian military guards an evacuation train of women and children who fled fighting in Bucha and Irpin. Getty Images
    A member of the Ukrainian military guards an evacuation train of women and children who fled fighting in Bucha and Irpin. Getty Images
  • A member of the Ukrainian military gives instructions to women and children that fled fighting in Bucha and Irpin before boarding an evacuation train to Kyiv after heavy fighting overnight forced many to leave their homes. Getty Images
    A member of the Ukrainian military gives instructions to women and children that fled fighting in Bucha and Irpin before boarding an evacuation train to Kyiv after heavy fighting overnight forced many to leave their homes. Getty Images
  • A person demonstrates outside the Russian embassy in London following Russia's invasion of Ukraine. Reuters
    A person demonstrates outside the Russian embassy in London following Russia's invasion of Ukraine. Reuters
  • The Danish rescue group Falck A/S has donated 30 ambulances to Ukraine and neighbouring countries, where they will be used by local emergency services. AFP
    The Danish rescue group Falck A/S has donated 30 ambulances to Ukraine and neighbouring countries, where they will be used by local emergency services. AFP
  • An aerial view of the remains of the local house of culture following a night air raid in the village of Byshiv, 40 kilometres west of Kyiv, Ukraine. AP
    An aerial view of the remains of the local house of culture following a night air raid in the village of Byshiv, 40 kilometres west of Kyiv, Ukraine. AP
  • People fleeing Russia's invasion of Ukraine rest in a temporary refugee centre located at a local track-and-field athletics stadium in Chisinau, Moldova. Reuters
    People fleeing Russia's invasion of Ukraine rest in a temporary refugee centre located at a local track-and-field athletics stadium in Chisinau, Moldova. Reuters
  • Ukrainian Oleg, who decided to remain in Irpin, comforts his son, Maksim, and his wife, Yana, before the arrival of an evacuation train to the city of Kyiv. EPA
    Ukrainian Oleg, who decided to remain in Irpin, comforts his son, Maksim, and his wife, Yana, before the arrival of an evacuation train to the city of Kyiv. EPA
  • Yevghen Zbormyrsky, 49, runs in front of his burning house after being shelled in the city of Irpin, outside Kyiv. AFP
    Yevghen Zbormyrsky, 49, runs in front of his burning house after being shelled in the city of Irpin, outside Kyiv. AFP
  • People remove personal belongings from a burning house after being shelled in Irpin. AFP
    People remove personal belongings from a burning house after being shelled in Irpin. AFP
  • Medical workers tend to a Ukrainian serviceman wounded during the fighting with Russian troops near the Ukrainian capital, in a hospital in Kyiv. AFP
    Medical workers tend to a Ukrainian serviceman wounded during the fighting with Russian troops near the Ukrainian capital, in a hospital in Kyiv. AFP
  • A mother of a wounded Ukrainian serviceman waits outside his ward in a hospital in Kyiv. AFP
    A mother of a wounded Ukrainian serviceman waits outside his ward in a hospital in Kyiv. AFP
  • Refugees from Ukraine arrive at an assistance point organised in the sports hall of a primary school in Lubycza Krolewska in Poland. EPA
    Refugees from Ukraine arrive at an assistance point organised in the sports hall of a primary school in Lubycza Krolewska in Poland. EPA
  • A member of Ukraine's Territorial Defence Forces at a checkpoint in Kyiv. Reuters
    A member of Ukraine's Territorial Defence Forces at a checkpoint in Kyiv. Reuters
  • People carry their belongings past the debris of last week's combat in Kyiv. AFP
    People carry their belongings past the debris of last week's combat in Kyiv. AFP
  • Shelves in a supermarket stand empty in Bila Tserkva, Ukraine. Reuters
    Shelves in a supermarket stand empty in Bila Tserkva, Ukraine. Reuters
  • War refugees from Ukraine at the assistance point organised at the Torwar sports hall in Warsaw, Poland. EPA
    War refugees from Ukraine at the assistance point organised at the Torwar sports hall in Warsaw, Poland. EPA
  • Ukrainian servicemen, wounded during the fighting with Russian troops near the Ukrainian capital, rest outside a hospital in Kyiv. AFP
    Ukrainian servicemen, wounded during the fighting with Russian troops near the Ukrainian capital, rest outside a hospital in Kyiv. AFP
  • A 3-year-old boy watches cartoons on a tablet while his mother sews military vests for the Ukrainian army in the western city of Lviv. AFP
    A 3-year-old boy watches cartoons on a tablet while his mother sews military vests for the Ukrainian army in the western city of Lviv. AFP
  • A woman's shock as she stands in front of a house burning after being shelled in Irpin, outside Kyiv. AFP
    A woman's shock as she stands in front of a house burning after being shelled in Irpin, outside Kyiv. AFP
  • People fleeing from Ukraine queue to board on a bus at the border crossing in Medyka, Poland. AP
    People fleeing from Ukraine queue to board on a bus at the border crossing in Medyka, Poland. AP
  • Ukrainian refugees are tested for Covid-19 in a reception centre in Vienna, Austria. AFP
    Ukrainian refugees are tested for Covid-19 in a reception centre in Vienna, Austria. AFP
  • US Secretary of State Antony Blinken and Nato Secretary General Jens Stoltenberg pose with foreign ministers after a meeting at the alliance's headquarters in Brussels, Belgium. Reuters
    US Secretary of State Antony Blinken and Nato Secretary General Jens Stoltenberg pose with foreign ministers after a meeting at the alliance's headquarters in Brussels, Belgium. Reuters
  • People who fled Ukraine wait for a bus to take them to the train station in Przemysl, at the border crossing in Medyka, Poland. AP Photo
    People who fled Ukraine wait for a bus to take them to the train station in Przemysl, at the border crossing in Medyka, Poland. AP Photo
  • The extraordinary meeting of Nato ministers of foreign affairs about Russian aggression in Ukraine at Nato headquarters in Brussels, Belgium. EPA
    The extraordinary meeting of Nato ministers of foreign affairs about Russian aggression in Ukraine at Nato headquarters in Brussels, Belgium. EPA
  • Messages in support of Ukraine on a board in the Ukrainian pavilion at Expo 2020 Dubai. AFP
    Messages in support of Ukraine on a board in the Ukrainian pavilion at Expo 2020 Dubai. AFP
  • Firefighters at a warehouse that caught fire after shelling in the village of Chaiky in the Kyiv region. Reuters
    Firefighters at a warehouse that caught fire after shelling in the village of Chaiky in the Kyiv region. Reuters
  • The wreckage of a missile at a bus terminal in Kyiv. Reuters
    The wreckage of a missile at a bus terminal in Kyiv. Reuters
  • A crater in front of a house damaged by shelling in the village of Hatne. Reuters
    A crater in front of a house damaged by shelling in the village of Hatne. Reuters
  • The damaged administrative building of the Zaporizhzhia nuclear power plant in Enerhodar, a city in the Zaporizhzhia region. Reuters
    The damaged administrative building of the Zaporizhzhia nuclear power plant in Enerhodar, a city in the Zaporizhzhia region. Reuters
  • A bright object lands on the grounds of Zaporizhzhia nuclear power plant in Enerhodar, Ukraine, during heavy shelling by Russian forces. AP
    A bright object lands on the grounds of Zaporizhzhia nuclear power plant in Enerhodar, Ukraine, during heavy shelling by Russian forces. AP
  • Zlata, 3, with her face painted in the colours of the Ukrainian flag, stands on the Romanian side of the border with Ukraine after fleeing the country. AP
    Zlata, 3, with her face painted in the colours of the Ukrainian flag, stands on the Romanian side of the border with Ukraine after fleeing the country. AP
  • Ukrainian President Volodymyr Zelenskyy attends an interview with foreign media in Kyiv. Reuters
    Ukrainian President Volodymyr Zelenskyy attends an interview with foreign media in Kyiv. Reuters
  • Ukrainian artillerymen maintain their position in the Luhansk region. AFP
    Ukrainian artillerymen maintain their position in the Luhansk region. AFP
  • Women and children try to board a train bound for Lviv, at a station in Kyiv. AP
    Women and children try to board a train bound for Lviv, at a station in Kyiv. AP
  • US soldiers on patrol near a military camp in Arlamow, Poland, near the border with Ukraine. AFP
    US soldiers on patrol near a military camp in Arlamow, Poland, near the border with Ukraine. AFP
  • A woman and child look out the window of a train at a station in Kyiv. AP
    A woman and child look out the window of a train at a station in Kyiv. AP
  • A descendant of Ukrainian immigrants attends Mass at a Ukrainian Orthodox church in Canoas, Brazil. Reuters
    A descendant of Ukrainian immigrants attends Mass at a Ukrainian Orthodox church in Canoas, Brazil. Reuters
  • Boxes of donations destined for Ukraine at the St Michael's Ukrainian Catholic Church in Montreal, Canada. AP
    Boxes of donations destined for Ukraine at the St Michael's Ukrainian Catholic Church in Montreal, Canada. AP
  • Firefighters battle a blaze at a damaged building in the Ukrainian city of Chernihiv after a Russian air raid. AP
    Firefighters battle a blaze at a damaged building in the Ukrainian city of Chernihiv after a Russian air raid. AP
  • A woman in Frankfurt, Germany, attends a protest against Russia's military offensive in Ukraine. AFP
    A woman in Frankfurt, Germany, attends a protest against Russia's military offensive in Ukraine. AFP

“It's expensive but it's always been more expensive here in California, so I guess we're used to it,” said driver Harry Lee, as he fuelled up on the way to work in Los Angeles on Friday.

“I'll be happy when it goes down but so far it doesn't impact me too much.

“My cousin, who drives for Uber here in LA, is complaining a lot though. I guess it can be hard on him if gas remains at this level for too long.”

California's relatively high petrol prices are the result of state taxes as well as stricter refining rules that require specific fuel formulas intended to reduce air pollution in the hot summer months.

While many drivers have grumbled about seeing pump prices rise almost daily, some say they are prepared to put up with the extra cost because of the pictures of the war in Ukraine they are seeing on the news.

“I would rather have high gas prices here than an authoritarian regime in the Ukraine,” said Los Angeles resident Jacqueline St-Anne.

“If we have to suffer with a little bit of inflation and gas prices for a while to assure that such a wonderful country as Ukraine has an opportunity to develop its democracy, we should do that.”

For others, there is a simple solution to paying through the nose.

“I just bought a Tesla,” said Matthew Reynl.

“That's my solution to the gas prices going up.”

  • Skid Row in Los Angeles, California, is dotted with plenty of street art, some of it ironic. Photo: Karen Borter
    Skid Row in Los Angeles, California, is dotted with plenty of street art, some of it ironic. Photo: Karen Borter
  • A Skid Row resident has seen better days. Photo: Jessica Jewell Lanier
    A Skid Row resident has seen better days. Photo: Jessica Jewell Lanier
  • A homeless veteran bundles up for a winter in Los Angeles. An encampment outside the VA Hospital in Brentwood was recently bulldozed. Photo: Gilbert Mercier
    A homeless veteran bundles up for a winter in Los Angeles. An encampment outside the VA Hospital in Brentwood was recently bulldozed. Photo: Gilbert Mercier
  • Fire consumed a vacant commercial building a block from the Venice Beach Boardwalk and adjacent to a homeless encampment that was later cleared. Photo: Los Angeles Fire Department
    Fire consumed a vacant commercial building a block from the Venice Beach Boardwalk and adjacent to a homeless encampment that was later cleared. Photo: Los Angeles Fire Department
  • A homeless man in Sherman Oaks, a Los Angeles suburb, takes a rest on the sidewalk. Photo: Gilbert Mercier
    A homeless man in Sherman Oaks, a Los Angeles suburb, takes a rest on the sidewalk. Photo: Gilbert Mercier
  • Los Angeles artist and university professor Christopher Chinn began painting portraits of the city's homeless. This encampment in LA's Echo Park was swept of its 300 residents earlier this year. Holly Aguirre / The National
    Los Angeles artist and university professor Christopher Chinn began painting portraits of the city's homeless. This encampment in LA's Echo Park was swept of its 300 residents earlier this year. Holly Aguirre / The National
  • Christopher Chinn said that documenting the homeless through art is an important part of the city's cultural memory. Holly Aguirre / The National
    Christopher Chinn said that documenting the homeless through art is an important part of the city's cultural memory. Holly Aguirre / The National
  • A homeless man takes a rest at a bus stop outside the Frank Gehry-designed Disney Concert Hall in downtown Los Angeles. Holly Aguirre / The National
    A homeless man takes a rest at a bus stop outside the Frank Gehry-designed Disney Concert Hall in downtown Los Angeles. Holly Aguirre / The National
  • The face of homelessness in Los Angeles has changed drastically over the years. This woman was calling Skid Row home when this photo was snapped. Photo: V.T. Polywoda
    The face of homelessness in Los Angeles has changed drastically over the years. This woman was calling Skid Row home when this photo was snapped. Photo: V.T. Polywoda
  • A homeless woman salvages in Skid Row in downtown Los Angeles. Photo: Russ Allison Loar
    A homeless woman salvages in Skid Row in downtown Los Angeles. Photo: Russ Allison Loar
  • Homeless residents of Los Angeles can be found in almost every neighbourhood. Photo: Creative Commons
    Homeless residents of Los Angeles can be found in almost every neighbourhood. Photo: Creative Commons
  • When you're homeless in Venice Beach and on a movie set, they shoot around you. Photo: Gregory Sotir
    When you're homeless in Venice Beach and on a movie set, they shoot around you. Photo: Gregory Sotir
  • This couple calls Skid Row in Los Angeles their home. Photo: Russ Allison Loar
    This couple calls Skid Row in Los Angeles their home. Photo: Russ Allison Loar
  • This gentleman emigrated to the US from Mexico but could not find reasonably priced housing. Photo: Russ Allison Loar
    This gentleman emigrated to the US from Mexico but could not find reasonably priced housing. Photo: Russ Allison Loar
  • Skid Row in Los Angeles encompasses a 50-block radius and is home to some 6,000 residents sleeping in the rough. Photo: Russ Allison Loar
    Skid Row in Los Angeles encompasses a 50-block radius and is home to some 6,000 residents sleeping in the rough. Photo: Russ Allison Loar
  • It is not uncommon for the homeless in Los Angeles to populate their encampments with possessions from their previously housed lives. Photo: Russ Allison Loar
    It is not uncommon for the homeless in Los Angeles to populate their encampments with possessions from their previously housed lives. Photo: Russ Allison Loar
  • A group of residents sleep in the rough on the banks of Arcadia's El Monte Water Conservation Park in East Los Angeles County. Photo: Creative Commons
    A group of residents sleep in the rough on the banks of Arcadia's El Monte Water Conservation Park in East Los Angeles County. Photo: Creative Commons
  • Los Angeles Mayor Eric Garcetti attended the opening of the YWCA Greater Los Angeles and Target Acts of Kindness Project, which provides temporary housing to the city's houseless. Photo: Los Angeles Mayor's Office
    Los Angeles Mayor Eric Garcetti attended the opening of the YWCA Greater Los Angeles and Target Acts of Kindness Project, which provides temporary housing to the city's houseless. Photo: Los Angeles Mayor's Office
RESULTS

Bantamweight: Jalal Al Daaja (JOR) beat Hamza Bougamza (MAR)

Catchweight 67kg: Mohamed El Mesbahi (MAR) beat Fouad Mesdari (ALG)

Lightweight: Abdullah Mohammed Ali (UAE) beat Abdelhak Amhidra (MAR)

Catchweight 73kg: Mosatafa Ibrahim Radi (PAL) beat Yazid Chouchane (ALG)

Middleweight: Yousri Belgaroui (TUN) beat Badreddine Diani (MAR)

Catchweight 78KG: Rashed Dawood (UAE) beat Adnan Bushashy (ALG)

Middleweight: Sallah-Eddine Dekhissi (MAR) beat Abdel Enam (EGY)

Catchweight 65kg: Yanis Ghemmouri (ALG) beat Rachid Hazoume (MAR)

Lightweight: Mohammed Yahya (UAE) beat Azouz Anwar (EGY)

Catchweight 79kg: Souhil Tahiri (ALG) beat Omar Hussein (PAL)

Middleweight: Tarek Suleiman (SYR) beat Laid Zerhouni (ALG)

Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Hoopla%3Cbr%3E%3Cstrong%3EDate%20started%3A%20%3C%2Fstrong%3EMarch%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Jacqueline%20Perrottet%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2010%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%3Cbr%3E%3Cstrong%3EInvestment%20required%3A%3C%2Fstrong%3E%20%24500%2C000%3C%2Fp%3E%0A
The specs

Engine: 1.5-litre 4-cyl turbo

Power: 194hp at 5,600rpm

Torque: 275Nm from 2,000-4,000rpm

Transmission: 6-speed auto

Price: from Dh155,000

On sale: now

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

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

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Floward%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ERiyadh%2C%20Saudi%20Arabia%0D%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EAbdulaziz%20Al%20Loughani%20and%20Mohamed%20Al%20Arifi%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EE-commerce%0D%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%20%3C%2Fstrong%3EAbout%20%24200%20million%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EAljazira%20Capital%2C%20Rainwater%20Partners%2C%20STV%20and%20Impact46%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E1%2C200%3C%2Fp%3E%0A
ELIO

Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

Bangladesh tour of Pakistan

January 24 – First T20, Lahore

January 25 – Second T20, Lahore

January 27 – Third T20, Lahore

February 7-11 – First Test, Rawalpindi

April 3 – One-off ODI, Karachi

April 5-9 – Second Test, Karachi

GROUPS

Group Gustavo Kuerten
Novak Djokovic (x1)
Alexander Zverev (x3)
Marin Cilic (x5)
John Isner (x8)

Group Lleyton Hewitt
Roger Federer (x2)
Kevin Anderson (x4)
Dominic Thiem (x6)
Kei Nishikori (x7)

What are the GCSE grade equivalents?
 
  • Grade 9 = above an A*
  • Grade 8 = between grades A* and A
  • Grade 7 = grade A
  • Grade 6 = just above a grade B
  • Grade 5 = between grades B and C
  • Grade 4 = grade C
  • Grade 3 = between grades D and E
  • Grade 2 = between grades E and F
  • Grade 1 = between grades F and G
John%20Wick%3A%20Chapter%204
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Chad%20Stahelski%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Keanu%20Reeves%2C%20Laurence%20Fishburne%2C%20George%20Georgiou%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A

The Gentlemen

Director: Guy Ritchie

Stars: Colin Farrell, Hugh Grant 

Three out of five stars

WITHIN%20SAND
%3Cp%3EDirector%3A%20Moe%20Alatawi%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Ra%E2%80%99ed%20Alshammari%2C%20Adwa%20Fahd%2C%20Muhand%20Alsaleh%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

 

 

The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%203.0-litre%20six-cylinder%20turbo%20(BMW%20B58)%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20340hp%20at%206%2C500rpm%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20500Nm%20from%201%2C600-4%2C500rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%20ZF%208-speed%20auto%3Cbr%3E%3Cstrong%3E0-100kph%3A%3C%2Fstrong%3E%204.2sec%3Cbr%3E%3Cstrong%3ETop%20speed%3A%3C%2Fstrong%3E%20267kph%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh462%2C189%3Cbr%3E%3Cstrong%3EWarranty%3A%3C%2Fstrong%3E%2030-month%2F48%2C000k%3C%2Fp%3E%0A
Quick%20facts
%3Cul%3E%0A%3Cli%3EStorstockholms%20Lokaltrafik%20(SL)%20offers%20free%20guided%20tours%20of%20art%20in%20the%20metro%20and%20at%20the%20stations%3C%2Fli%3E%0A%3Cli%3EThe%20tours%20are%20free%20of%20charge%3B%20all%20you%20need%20is%20a%20valid%20SL%20ticket%2C%20for%20which%20a%20single%20journey%20(valid%20for%2075%20minutes)%20costs%2039%20Swedish%20krone%20(%243.75)%3C%2Fli%3E%0A%3Cli%3ETravel%20cards%20for%20unlimited%20journeys%20are%20priced%20at%20165%20Swedish%20krone%20for%2024%20hours%3C%2Fli%3E%0A%3Cli%3EAvoid%20rush%20hour%20%E2%80%93%20between%209.30%20am%20and%204.30%20pm%20%E2%80%93%20to%20explore%20the%20artwork%20at%20leisure%3C%2Fli%3E%0A%3C%2Ful%3E%0A
Updated: March 04, 2022, 9:01 PM