Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, has adopted a five-year, Dh290 billion federal budget during a Cabinet meeting at UAE pavilion at Expo 2020 Dubai.
The UAE budget for the year 2022 was also set, with Dh58.931 billion expenditures.
Sheikh Mohammed said the UAE was sending a message that the country was primed for further success.
“During the meeting, we decided on the federal budget until 2026 with a total of Dh290 billion,” Sheikh Mohammed wrote online.
“We enter the new federal fiftieth with confidence, optimism and global aspirations.”
The meeting was attended by Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior, and Sheikh Maktoum bin Mohammed, Deputy Prime Minister, Minister of Finance and Deputy Ruler of Dubai, as well as members of the Cabinet.
On the agenda was the aim to enable a faster-working government.
“Our work will not be based on individual ministries, but on strategic sectors, and plans and agendas will not be the standard, but field projects and initiatives.”
The largest share of the 2022 budget was allocated to the development and social benefits sector at 41.2 per cent, from which 16.3 per cent is for education, 6 per cent for social development, 8.4 per cent for health, 8.2 per cent for pensions and 2.6 per cent for other services.
Some 3.8 per cent of the budget was allocated to the infrastructure and financial resources sector.
Also established at the meeting was the Emirates Infrastructure and Housing Council, led by Suhail Al Mazrouei, Minister of Energy and Infrastructure, which aims to unify federal and local housing efforts, co-ordinate on road and infrastructure projects, and build an urban and housing road map for the UAE.
Cyber security was also discussed during the meeting with an aim to create a safe and strong cyber infrastructure in the UAE.
“We also approved the adoption of cyber security standards for government agencies and those proposed by the Emirates Cyber Security Council,” Sheikh Mohammed wrote.
“Our borders in cyberspace are sovereign borders that we always need to protect and consolidate their defences.”
Sheikh Maktoum bin Mohammed, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, was named chairman of the General Budget Committee of the Federation and chairman of the Federal Tax Authority.
Sheikh Shakhbut bin Nahyan, Minister of State, was appointed chairman of the Executive Committee of the UAE-Saudi Co-ordination Council, and Abdullah Al Nuaimi, Minister of Justice, was named chairman of the Judicial Co-ordination Council.
Sheikh Mohammed also approved the appointment of Mohamed Al Hussaini, Minister of State for Financial Affairs, as chairman of the General Pension and Social Security Authority and chairman of the Union Export Credit Company.
Ahmad Al Falasi, Minister of State for Entrepreneurship and SMEs, was named chairman of the Higher Colleges of Technology Complex, and Mariam Al Mheiri, Minister of Climate Change and Environment and Minister of State for Food Security, was appointed chairwoman of the Emirates Council for Climate Change and Environment.
Sheikh Mohammed wished them all the best in their new positions.
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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Men:
1. Titus Ekiru(KEN) 2:06:13
2. Alphonce Simbu(TAN) 2:07:50
3. Reuben Kipyego(KEN) 2:08:25
4. Abel Kirui(KEN) 2:08:46
5. Felix Kemutai(KEN) 2:10:48
Women:
1. Judith Korir(KEN) 2:22:30
2. Eunice Chumba(BHR) 2:26:01
3. Immaculate Chemutai(UGA) 2:28:30
4. Abebech Bekele(ETH) 2:29:43
5. Aleksandra Morozova(RUS) 2:33:01
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