Iraqi President Barham Salih seeks second term in office

Iraq's President Barham Salih said on Tuesday he will run for a second four-year term in office, and called on his fellow politicians to vote for him in next week's parliamentary session.

Mr Salih is among 25 candidates who have been approved by parliament to stand for the largely ceremonial role. The legislative body is scheduled to meet on February 7 to vote for the republic's next president in an important step towards the formation of a new government after October's general election.

The president of the republic “should be a symbol for the unity of the country and its sovereignty, a guardian to its constitution and a president for all Iraqis … A president, not a subordinate,” Mr Salih said in a televised speech.

“I'm looking forward to assume the honour of the responsibility once again,” he said, listing his efforts since taking office in 2018 in leading initiatives to draft laws and tackling the challenges Iraq has been facing.

During his term, he “didn't allow the humiliation of the position under any circumstances and despite various difficulties and pressures,” he added.

His nomination has raised tension between the country’s two main Kurdish parties. The Patriotic Union of Kurdistan nominated Mr Salih, a decision which was rejected by its rival, the Kurdistan Democratic Party. The KDP instead nominated former foreign and finance minister Hoshyar Zebari for the post.

A long-standing agreement among the Kurds usually sees a PUK nominee installed as president, while the KDP is left to run Iraq's autonomous Kurdish region.

But the KDP is seeking more control after securing 31 seats in the 329-seat parliament in October's election, while the Kurdistan Alliance — led by the PUK — won only 17 seats.

Mr Salih has been among the long-standing members of Iraq’s political class over the past 18 years. He was also a leading figure in the Iraqi opposition before 2003.

He assumed a number of senior posts after the 2003 US-led invasion that toppled Saddam Hussein. He served as deputy prime minister for two terms and as minister of planning, as well as prime minister of the Kurdistan Regional Government.

Electing the president is the second step stipulated by the constitution in forming a new government. In its first session on January 9, parliament elected the new speaker and his two deputies.

Once the president is elected, he will have 15 days to formally request the nominee of the biggest parliamentary bloc to form a government, according to the constitution.

The prime minister-designate will then have 30 days to submit his cabinet to parliament for approval.

An unofficial agreement among Iraq’s political parties means that the post of president is held by a member of the Kurdish community, while the prime minister is a Shiite and the speaker a Sunni. Other government posts are also divided among the political parties based on religious and ethnic backgrounds.

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5

The Byblos iftar in numbers

29 or 30 days – the number of iftar services held during the holy month

50 staff members required to prepare an iftar

200 to 350 the number of people served iftar nightly

160 litres of the traditional Ramadan drink, jalab, is served in total

500 litres of soup is served during the holy month

200 kilograms of meat is used for various dishes

350 kilograms of onion is used in dishes

5 minutes – the average time that staff have to eat

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