Saudi Arabia welcomes US President Joe Biden's speech

Saudi Arabia welcomed US President Joe Biden's pledge to continue co-operation with the kingdom in defending its sovereignty and confronting threats.

"The Kingdom of Saudi Arabia welcomes the United States' commitment, expressed in President Biden's speech today, to co-operate with the kingdom in defending its security and territory," Saudi Foreign Minister Prince Faisal bin Farhan said on Twitter after Mr Biden made his first foreign policy speech at the State Department on Thursday.

A statement released by the official Saudi Press Agency said the kingdom looked forward to working with the US "to address regional challenges, including advancing the Middle East peace process, resolving conflicts and promoting stability in Lebanon, Syria, Iraq, Afghanistan, the Horn of Africa and the Sahel countries, as well as confronting terrorism and extremism".
Saudi Arabia said it would continue working towards peace in Yemen after Mr Biden announced that the US would end support for the Saudi-led military coalition backing the Yemeni government against Houthi rebels.
"‏The kingdom reiterates its firm stance in supporting efforts to achieve a comprehensive political solution to the crisis in Yemen," the statement said.

Adel Al Jubeir, the Saudi Minister of State for Foreign Affairs, said Mr Biden's speech was historic.

"He confirmed America's commitment to work with friends and allies to resolve conflicts and deal with challenges. We look forward to working with our friends in the US to end conflicts and confront challenges, as we have for over seven decades," Mr Al Jubeir said.

"Our countries have spilt blood in the liberation of Kuwait and in combating Al Qaeda, including in Yemen, and Daesh in Syria, and we will continue to stand together to stand up to our common enemies," Mr Al Jubeir said.

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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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