US President Donald Trump and Ukrainian President Volodymyr Zelenskyy were supposed to sign a landmark deal at the White House on Friday, but their Oval Office meeting went off the rails and the two parties did not sign the agreement, leaving its future uncertain.
If it does survive in its current form, the deal would form a key component in Mr Trump's plans to end the Russia-Ukraine war. He says an American business presence in the country would serve as a security guarantee against future Russian aggression after the fighting stops, and views rare earth minerals as a way to recoup the money the US has spent in providing support to Ukraine.
Here is a look at what is and is not in the US-Ukraine deal.
Mineral wealth
Mr Trump says the US needs rare earth minerals “very badly”. Access to rare earth minerals will be vital to future economic growth, as the elements are used in batteries, computers and many advanced technologies, including solar panels. Under the deal, Ukraine would contribute 50 per cent of “all revenues earned from the future monetisation of all relevant Ukrainian government-owned natural resource assets” to a reconstruction fund jointly owned and managed by the US and Ukraine.
The agreement does not specify how the funds would be spent or identify specific assets it covers, though it says they would include deposits of minerals, oil and natural gas as well as infrastructure such as gas terminals and ports. An initial version of the deal, which Mr Zelenskyy rejected, sought $500 billion for the US.
That is far more than the US has sent to Ukraine and would amount to an almost perpetual right to mine many of Ukraine's mineral assets. Mr Trump has falsely claimed the US has spent up to $350 billion in Ukraine. In reality, Congress has approved a total of $175 billion for Ukraine since Russia's full-scale invasion in 2022.
“American taxpayers will now effectively be reimbursed for the money and hundreds of billions of dollars poured into helping Ukraine defend itself, which, by and of itself, is a very worthy thing to do,” Mr Trump said on Thursday. Ukraine does not currently produce any rare earths, but, according to Ukraine's Institute of Geology, it possesses large deposits of such minerals, including lanthanum, cerium, neodymium and yttrium.
Security guarantees
While the agreement would open up Ukraine's vast mineral wealth to the US, it does not include explicit American security guarantees for Ukraine. Furthermore, the terms of the deal are broad and further negotiations will be needed to pin down details.
Mr Trump says the presence of Americans doing business in Ukraine would serve as its own form of security guarantee. Speaking at the White House on Friday, Mr Zelenskyy said the deal is the “first step to real security guarantees for Ukraine, our children".
“I really count on it. And of course we call that America will not stop support,” he added.
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
Results:
First Test: New Zealand 30 British & Irish Lions 15
Second Test: New Zealand 21 British & Irish Lions 24
Third Test: New Zealand 15 British & Irish Lions 15
THE BIO
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
The specs
Engine: 5.0-litre V8
Power: 480hp at 7,250rpm
Torque: 566Nm at 4,600rpm
Transmission: 10-speed auto
Fuel consumption: L/100km
Price: Dh306,495
On sale: now
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Mohammed bin Zayed Majlis
Zayed Sustainability Prize
EVIL%20DEAD%20RISE
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ELee%20Cronin%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EAlyssa%20Sutherland%2C%20Morgan%20Davies%2C%20Lily%20Sullivan%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
