The UAE and Iran have agreed to bolster economic ties and promote co-operation in sectors including tourism, transport, entrepreneurship and renewable energy.
The two countries held the first session of the Joint Economic Committee meeting in Abu Dhabi, which was chaired by the UAE’s Minister of Economy, Abdulla bin Touq, and Iran’s Minister of Roads and Urban Development Mehrdad Bazrpash.
Both countries also plan to boost economic co-operation in sectors including logistics, agriculture and environment, the UAE’s Ministry of Economy said in a statement on Thursday.
“The convening of the first session of the UAE-Iran JEC reflects our shared aspirations to solidify existing economic ties and expand them to the future sectors,” Mr bin Touq said.
The UAE is continuing to strengthen trade and economic ties with countries across the globe through Comprehensive Economic Partnership Agreements (Cepa) that aim to reduce or remove trade barriers.
This week, it finalised the terms for a new Cepa with Ukraine. So far 11 Cepas have been signed with India, Turkey, Israel, Indonesia, Cambodia, Georgia, Mauritius, Kenya, the Republic of Congo, Colombia and Costa Rica.
The UAE is also holding talks to conclude deals with Serbia, Vietnam, the Philippines, New Zealand and Ecuador, while negotiations with South Korea are complete.
The inaugural UAE-Iran JEC session also discussed new ways to enhance trade and provide support to exporters and importers.
The two countries agreed to establish joint technical task forces to follow up on the implementation of the JEC's recommendations to strengthen economic and trade co-operation.
They also agreed to support the development of small and medium-sized enterprises (SMEs) and export their products to new markets, according to the statement.
On Wednesday, Mr Bazrpash met Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, in Abu Dhabi.
They discussed UAE-Iran co-operation, particularly in terms of expanding bilateral trade, state news agency Wam reported.
Iran imported $20.8 billion of goods from the UAE in its last fiscal year, ending in March 2024, according to the country's customs body.
Iran's real gross domestic growth is projected to grow 3.3 per cent in 2024 after expanding by 4.7 per cent last year, according to the International Monetary Fund's Regional Economic Outlook report for the Middle East and Central Asia, in April. It is forecast to grow 3.1 per cent next year.
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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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
The Word for Woman is Wilderness
Abi Andrews, Serpent’s Tail
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
UAE players with central contracts
Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.
More coverage from the Future Forum
Profile
Co-founders of the company: Vilhelm Hedberg and Ravi Bhusari
Launch year: In 2016 ekar launched and signed an agreement with Etihad Airways in Abu Dhabi. In January 2017 ekar launched in Dubai in a partnership with the RTA.
Number of employees: Over 50
Financing stage: Series B currently being finalised
Investors: Series A - Audacia Capital
Sector of operation: Transport
Like a Fading Shadow
Antonio Muñoz Molina
Translated from the Spanish by Camilo A. Ramirez
Tuskar Rock Press (pp. 310)
