US President Joe Biden spoke about the success of the UAE-US initiative. Wam
US President Joe Biden spoke about the success of the UAE-US initiative. Wam
US President Joe Biden spoke about the success of the UAE-US initiative. Wam
US President Joe Biden spoke about the success of the UAE-US initiative. Wam

Biden hails UAE partnership for advancing agricultural innovation and improving lives


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President Joe Biden on Wednesday emphasised the crucial role agriculture plays in tackling the challenges of the global climate crisis at a UAE-US farm climate summit.

In a recorded address to the Agriculture Innovation Mission for Climate summit, or Aim for Climate, in Washington, Mr Biden spoke about the success of the UAE-US initiative, which this week announced $13 billion in funding from global governments and the private sector.

“Agricultural innovations have successfully safeguarded and enhanced the lives of billions worldwide,” Mr Biden said.

“By working together, we can further strengthen global food supplies, boost farmers' incomes and protect our planet for future generations who rely on our actions today.”

Aim for Climate, which was launched in 2021, seeks to unite nations to cut agricultural emissions, which account for about 10 per cent to 12 per cent of greenhouse gas emissions from sources such as livestock manure, machinery and fertiliser application, according to the Intergovernmental Panel on Climate Change.

About $10 billion of the $13 billion investment has come from governments. The rest is from parties funding initiatives to support smallholder farmers, emerging technology and methane reduction, a US Department of Agriculture representative said.

The initiative's partnerships have expanded to include more than 500 governmental and non-governmental organisations worldwide.

John Kerry said cutting greenhouse gas emissions from agricultural production is essential to the global fight against climate change. Wam
John Kerry said cutting greenhouse gas emissions from agricultural production is essential to the global fight against climate change. Wam

In his address, US climate envoy John Kerry said AIM for Climate was “leading the way on climate-smart agriculture innovation”, and helping to deliver on mitigation, adaptation and agricultural productivity priorities.

“I'm proud that Aim for Climate partners have already exceeded the $10 billion investment commitment goal set last year at Cop27 and know that the collaborations taking place at the AIM for Climate Summit will help catalyse an even greater impact on the road to Cop28 in Dubai and beyond,” he said.

Speaking at the summit, Mr Kerry said cutting greenhouse gas emissions from agricultural production was essential to the global fight against climate change, Reuters reported.

“We can’t get to net zero, we don’t get this job done unless agriculture is front and centre as part of the solution,” Mr Kerry said.

He said that without cutting agricultural emissions, the world may not reach the Paris Agreement’s goal of limiting global warming to 1.5°C above pre-industrial levels.

“A 2°C future could result in another 600 million people not getting enough to eat. You can’t continue to warm the planet while also expecting to feed it,” he said.

More than 190 countries are part of the legally binding Paris Agreement, a global framework to avoid dangerous climate change by limiting the Earth's warming to 1.5°C above pre-industrial levels.

How countries are putting in place measures to meet their targets under the accord and what more needs to be done will be discussed at Cop28 in what is known as a “global stock-take”.

Mariam Al Mheiri, Minister of Climate Change and Environment and Minister of State for Food Security, said the UAE was keen to maintain momentum ahead of Cop28, which will be held in Dubai later this year, by leading discussions on developing global agricultural systems.

“The transformation of food systems will be one of the main topics on the agenda of the global conference, as part of the intensified efforts to modernise our global food systems and enhance their responsiveness to climate challenges, food security, and nutritional concerns worldwide,” she said.

“As Cop28 approaches, we reaffirm our commitment to addressing climate change and food security issues. By working together, we can discover innovative solutions to our challenges and create a more sustainable and equitable future for all.”

Cop28 will take place from November 30 until December 12, 2023, at Expo City Dubai.

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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Engine: 2.0-litre 4-cyl turbo

Power: 247hp at 6,500rpm

Torque: 370Nm from 1,500-3,500rpm

Transmission: 10-speed auto

Fuel consumption: 7.8L/100km

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Tips to avoid getting scammed

1) Beware of cheques presented late on Thursday

2) Visit an RTA centre to change registration only after receiving payment

3) Be aware of people asking to test drive the car alone

4) Try not to close the sale at night

5) Don't be rushed into a sale 

6) Call 901 if you see any suspicious behaviour

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Infiniti QX80 specs

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Power: 450hp

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Price: From Dh450,000, Autograph model from Dh510,000

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Started: 2018

Founder: Aliyah Al Abbar and Hend Al Marri

Based: Dubai

Industry: Technology and talent management

Initial investment: Dh20,000

Investors: Self-funded

Total customers: 40

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MATCH INFO

Rugby World Cup (all times UAE)

Final: England v South Africa, Saturday, 1pm

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Updated: May 11, 2023, 9:27 AM