Employees and visitors to Morgan Stanley's New York offices will be barred from entering from next month unless they are fully vaccinated against Covid-19, the BBC reported on Wednesday, citing an internal memo.
"Starting July 12 all employees, contingent workforce, clients and visitors will be required to attest to being fully vaccinated to access Morgan Stanley buildings in New York City and Westchester,” the memo said.
Restrictions on face coverings and maintaining physical distancing inside office premises are expected to be removed following the implementation of the policy from July, according to the report.
Many of the US's biggest banks are ramping up the pressure on employees to return to the office as the pace of vaccinations picks up in the world’s biggest economy.
As of Wednesday, the US had administered 319 million doses, covering 49.7 per cent of the total population, according to Bloomberg's vaccine tracker.
Earlier this month, the investment bank’s chief executive called on workers to return to the office.
“If you can go into a restaurant in New York City, you can come into the office,” James Gorman said at a conference.
He said he would be "very disappointed" if US-based workers had not returned by September.
Other banks are also taking a tough position on extending home working, according to the report.
Jamie Dimon, the chief executive of America's biggest bank JP Morgan, recently said he wanted US staff back in the office from July, while a Goldman Sachs memo seen by the BBC strongly encouraged staff to get vaccinated.
"We understand that the choice to get vaccinated is a personal one,” Goldman Sachs said.
In December, the US Equal Employment Opportunity Commission gave the go-ahead for companies to bar unvaccinated staff from workplaces, subject to exceptions for religious and medical reasons.
Barclays is also encouraging staff to resume work at office. The bank’s chief executive Jes Staley said in February that working from home was "not sustainable".
"It will increasingly be a challenge to maintain the culture and collaboration that these large financial institutions seek to have and should have,” Mr Staley told an online event held by the World Economic Forum.
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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
The years Ramadan fell in May
