• Russian contractors work at the Bushehr nuclear reactor site in 2007. The plant opened four years later. Bloomberg
    Russian contractors work at the Bushehr nuclear reactor site in 2007. The plant opened four years later. Bloomberg
  • An Iranian technician at the International Atomic Energy Agency inspects the country's Isfahan plant in 2007. Tehran is no longer co-operating with the agency at nuclear sites across the country. EPA
    An Iranian technician at the International Atomic Energy Agency inspects the country's Isfahan plant in 2007. Tehran is no longer co-operating with the agency at nuclear sites across the country. EPA
  • Workers wait to begin constructing a second reactor at the Bushehr nuclear power plant in 2019. AFP
    Workers wait to begin constructing a second reactor at the Bushehr nuclear power plant in 2019. AFP
  • A metal-encased rod with 20 per cent enriched nuclear fuel is inserted into a reactor in Tehran in 2012. AFP
    A metal-encased rod with 20 per cent enriched nuclear fuel is inserted into a reactor in Tehran in 2012. AFP
  • Fomer Iranian President Hassan Rouhani and the country's Atomic Energy Organisation chief Ali Akbar Salehi speak at the Bushehr nuclear site in 2015. AFP
    Fomer Iranian President Hassan Rouhani and the country's Atomic Energy Organisation chief Ali Akbar Salehi speak at the Bushehr nuclear site in 2015. AFP
  • Iran's Bushehr nuclear plant has been restarted. EPA
    Iran's Bushehr nuclear plant has been restarted. EPA
  • Mehdi Abrichamtchi, chairman of the Peace and Security Committee at the National Council of Resistance of Iran, shows journalists the location of a secret nuclear site in Iran in 2013. AFP
    Mehdi Abrichamtchi, chairman of the Peace and Security Committee at the National Council of Resistance of Iran, shows journalists the location of a secret nuclear site in Iran in 2013. AFP
  • Workers prepare to begin the construction of a second reactor at the Bushehr site. AFP
    Workers prepare to begin the construction of a second reactor at the Bushehr site. AFP

Iran 'has capability to make a nuclear bomb,' says atomic chief


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  • Arabic

Iran has the technical means to make a nuclear bomb but does not intend to do so, the country's head of atomic energy Mohammad Eslami said on Monday.

The comments from Mr Eslami, reported by state news agency Fars, are the second such assertion made by a senior Iranian official in recent weeks about a nuclear bomb.

Kamal Kharrazi, senior adviser to supreme leader Ayatollah Ali Khamenei, made a similar remark in July.

However, his comments were seen as a suggestion that the country may be interested in making weapons using enriched uranium despite a 2003 fatwa ruling by Mr Khamenei forbidding the production of any form of weapon of mass destruction.

Although the US, Israel and other Middle East states have expressed concerns about Iranian nuclear enrichment for military purposes, Tehran denies that intends to build an atomic bomb.

However, it is already enriching uranium to a fissile purity of up to 60 per cent, far above a cap of 3.67 per cent set under the country's now tattered 2015 nuclear deal with world powers.

Uranium enriched to 90 per cent is required to make a nuclear bomb.

In 2018, Donald Trump, US president at the time, ditched the nuclear pact, under which Iran curbed its uranium enrichment work, a potential pathway to nuclear weapons, in exchange for relief from international economic sanctions.

Iran has responded to top EU diplomat Josep Borrell's proposal aimed at salvaging the nuclear accord, and seeks a swift conclusion to negotiations, Tehran's top nuclear negotiator said on Sunday.

On Tuesday, Mr Borrell said he had proposed a new draft text to revive the deal.

“After exchanging messages last week and reviewing the proposed texts, there is a possibility that in the near future, we will be able to reach a conclusion about the timing of a new round of nuclear negotiations,” Iranian foreign ministry spokesman Nasser Kanaani said.

The broad outline of a revived deal was essentially agreed on in March after 11 months of indirect talks in Vienna between Tehran and US President Joe Biden's administration.

But talks then broke down over obstacles such as Iran's demand that Washington should provide guarantees that no US president will abandon the deal in the same way Mr Trump did.

Mr Biden's administration has said it cannot promise this because the nuclear deal is a non-binding political understanding, not a legally binding treaty.

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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Stars:Robert Pattinson

Director:Matt Reeves

Rating: 5/5

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

Lexus LX700h specs

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Quarter-final

UAE v Australia, Friday, 8pm, Hazza bin Zayed Stadium, Al Ain

The specs

Engine: 1.5-litre turbo

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Updated: June 17, 2023, 11:49 AM