Live updates: follow the latest news on Covid-19 variant Omicron
Israel will start offering a fourth dose of the coronavirus vaccine to people aged 60 and over, becoming the first country in the world to widely offer the extra shot to fight off the Omicron strain.
The fourth dose will also be made available to medical staff who had their last vaccination at least four months ago, Prime Minister Naftali Bennett said on Sunday.
Last week, Israel approved the extra shot for people who are immunocompromised, as well as residents of nursing homes and patients in geriatric wards.
New daily cases, which topped 5,000 last week in the country of 9.5 million, are expected to quadruple by the end of the week, Mr Bennett said.
The caseload could reach as many as 50,000 cases a day, he said, or nearly five times the previous peak.
Critical cases remain well below previous records but have started to creep up over the past week.
“We must keep our eye on the ball, and act swiftly and decisively if we want to continue engaging and working with the country open as much as possible throughout this pandemic,” Mr Bennett said.
Israel’s vaccination campaigns have been ahead of the curve, with the country the first to inoculate the majority of its population and the most aggressive in administering booster shots last year. But the notion of a fourth dose has run into opposition because of the lack of solid data on Omicron or the efficacy of a fourth dose.
Mr Bennett last month announced a plan to vaccinate everyone 60 and over, but implementation was held up because of resistance from some expert advisers.
At the same time, Israel says it has data suggesting immunity has waned in people in that age group who received boosters beginning in August.
Some advisers say even without the data, Israel should take action because the variant is so contagious.
Tips for SMEs to cope
- Adapt your business model. Make changes that are future-proof to the new normal
- Make sure you have an online presence
- Open communication with suppliers, especially if they are international. Look for local suppliers to avoid delivery delays
- Open communication with customers to see how they are coping and be flexible about extending terms, etc
Courtesy: Craig Moore, founder and CEO of Beehive, which provides term finance and working capital finance to SMEs. Only SMEs that have been trading for two years are eligible for funding from Beehive.
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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
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Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
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