Lebanon's Parliament Speaker Nabih Berri has described a draft of the US-brokered deal demarcating a disputed maritime border with Israel as positive.
On Saturday, the Lebanese presidency said Beirut had received a letter from US mediator Amos Hochstein on proposals for demarcation of the boundary.
Mr Hochstein has been attempting to seal a deal that would allow offshore energy exploration and defuse one potential source of conflict between Israel and the Iran-backed Lebanese group Hezbollah.
In a tweet, the US embassy in Beirut said ambassador Dorothy Shea had met President Michel Aoun, Mr Berri and Prime Minister Najib Mikati “to provide the US proposal for a final agreement on the maritime boundary line”.
Mr Berri, a Hezbollah ally and one of Lebanon's most influential politicians, told Asharq Al Awsat newspaper the draft of the final agreement was positive, according a statement circulated by his office.
He said the draft “meets in principle the Lebanese demands”, which reject the maritime boundary deal having any impact on the land border between the two countries, it said.
Mr Berri said the agreement was 10 pages and in English and “would require study before the final response to it is given”.
Hezbollah leader Sayyed Hassan Nasrallah said in a speech on Saturday the receipt of the letter was “a very important step” and the coming days would be crucial.
The heavily armed Hezbollah, which last fought a major war with Israel in 2006, has warned against any Israeli exploration and extraction in the disputed waters.
Israeli Prime Minister Yair Lapid welcomed the US proposal at a Cabinet meeting on Sunday, saying the plan for resolving a long-running dispute would lift Israel’s economy and boost regional security.
Mr Lapid said the proposal, which was delivered to both Israel and Lebanon over the weekend, would strengthen Israel’s northern areas near the Lebanese border, allow Israel to produce additional natural gas and deliver new revenues to the national coffers.
“This is a deal that strengthens Israel’s security and Israel’s economy,” Mr Lapid told his Cabinet.
He also said Israel would not oppose the development of “an additional Lebanese gas field” straddling the maritime border, as long as Israel receives “the share we deserve”.
This would weaken Lebanon’s dependence on Iran, restrain Hezbollah and promote regional stability, Mr Lapid.
He said the deal was being reviewed by legal and defence officials before it is to be voted upon by the government.
Israeli media said a vote could take place Thursday.
— With reporting from AFP.
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20myZoi%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Syed%20Ali%2C%20Christian%20Buchholz%2C%20Shanawaz%20Rouf%2C%20Arsalan%20Siddiqui%2C%20Nabid%20Hassan%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2037%3Cbr%3E%3Cstrong%3EInvestment%3A%3C%2Fstrong%3E%20Initial%20undisclosed%20funding%20from%20SC%20Ventures%3B%20second%20round%20of%20funding%20totalling%20%2414%20million%20from%20a%20consortium%20of%20SBI%2C%20a%20Japanese%20VC%20firm%2C%20and%20SC%20Venture%3C%2Fp%3E%0A
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
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Abu Dhabi Sustainability Week
More from Rashmee Roshan Lall
BRAZIL SQUAD
Alisson (Liverpool), Daniel Fuzato (Roma), Ederson (Man City); Alex Sandro (Juventus), Danilo (Juventus), Eder Militao (Real Madrid), Emerson (Real Betis), Felipe (Atletico Madrid), Marquinhos (PSG), Renan Lodi (Atletico Madrid), Thiago Silva (PSG); Arthur (Barcelona), Casemiro (Real Madrid), Douglas Luiz (Aston Villa), Fabinho (Liverpool), Lucas Paqueta (AC Milan), Philippe Coutinho (Bayern Munich); David Neres (Ajax), Gabriel Jesus (Man City), Richarlison (Everton), Roberto Firmino (Liverpool), Rodrygo (Real Madrid), Willian (Chelsea).
