Saudi Arabia's ambassador to Lebanon Walid bin Abdullah Bukhari organised a forum at the Unesco Palace in Beirut on the 33rd anniversary of the conclusion of the Taif Agreement, which ended 15 years of civil war in Lebanon, under Arab and international sponsorship.
Saudi Arabia is one of the major contributors to maintaining the agreement.
Waleed Bukhari confirmed that there is no intention to amend the Taif Agreement and that it reflects the keenness of Saudi Arabia's leadership to preserve Lebanon’s security, unity, and national reconciliation.
“We desperately need to embody the formula of co-existence that was addressed by the Taif Agreement, especially with regard to the preservation of Lebanon’s identity and Arab belonging,” Mr Bukhari said.
The forum on Saturday was attended by 1,000 political, business and academic figures.
He added that the Arab League and the Tripartite Committee were eager, under the patronage of King Fahd, and having benefited from the efforts of the late Lebanese prime minister Rafik Hariri, for the stability of Lebanon.
Hariri was killed by a massive car bomb in Beirut in 2005, an assassination found by the UN to have been committed by Lebanese militia group Hezbollah.
Lebanon's caretaker Prime Minister Najib Mikati said the Taif agreement remains the most important document to implement and that the forum is proof that the kingdom stands with Lebanon.
Algerian envoy Lakhdar Brahimi, who played an important role in reaching the pact, also attended the forum.
He recalled Hariri and the late Saudi foreign minister Prince Saud Al Faisal as the “heroes” of the Taif Agreement.
“The Taif Agreement paved the way for the Lebanese to build their new state. We had pinned hopes on the tripartite committee that was formed to accompany the Taif implementation process, and this was the will of King Fahd bin Abdulaziz and other Arab leaders, but Iraq’s invasion of Kuwait halted the committee’s work,” Mr Brahimi said.
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Sri Lanka-India Test series schedule
1st Test July 26-30 in Galle
2nd Test August 3-7 in Colombo
3rd Test August 12-16 in Pallekele
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
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Du Football Champions
The fourth season of du Football Champions was launched at Gitex on Wednesday alongside the Middle East’s first sports-tech scouting platform.“du Talents”, which enables aspiring footballers to upload their profiles and highlights reels and communicate directly with coaches, is designed to extend the reach of the programme, which has already attracted more than 21,500 players in its first three years.
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
