UN chief urges Yemen's warring parties to renew truce as deadline approaches

UN Secretary General Antonio Guterres on Friday urged Yemen's warring parties to renew an existing truce, which is set to expire on Sunday, and to expand its terms and duration.

Yemen has been experiencing relative calm and a significant reduction in violence since the UN-brokered truce between Yemen's internationally recognised government and the Iran-backed Houthi rebels took effect on April 2.

It has since been renewed twice in two-month iterations and is set to expire on October 2, as the UN seeks a broader expansion.

“I strongly urge the Yemeni parties not only to renew but also to expand the truce’s terms and duration, in line with the proposal presented to them by my special envoy, Hans Grundberg,” Mr Guterres said.

“Over the past six months, [the truce] has delivered tangible benefits and much needed relief to the Yemeni people, including a significant reduction in violence and civilian casualties countrywide, an increase in fuel deliveries through [Hodeidah] port, and the resumption of international commercial flights to and from Sanaa for the first time in almost six years,” Mr Guterres added.

He called for an agreement that would reopen roads in Taez and other governorates and the payment of civil service salaries, which would further improve the day-to-day life of ordinary Yemenis.

“In parallel, work on long-term political, economic and military issues, as proposed by my special envoy, would signal a significant shift towards finding lasting solutions,” he said.

The UN chief called on the Yemeni parties to seize the opportunity and build on the gains achieved and embark on a path towards the resumption of an inclusive and comprehensive political process to reach a negotiated settlement to end the conflict.

“This is a time for all leaders to prioritise the needs and aspirations of the Yemeni people and act in the national interest of Yemen. This is the time to choose peace for good,” Mr Guterres said.

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

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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