Qatar and Turkey join regional integrated industrial partnership

Qatar and Turkey joined the five existing member states of the integrated industrial partnership for sustainable economic development at Sunday’s fifth meeting of the group in Doha.

The multilateral regional partnership was originally launched in Abu Dhabi in 2022 and consisted of the UAE, Bahrain, Egypt, Jordan and Morocco.

Sunday's meeting witnessed the signing of agreements and projects with a reported book value of $2bn, including a significant raw materials deal between Bahrain Steel and Qatar Steel.

The UAE delegation was led by Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and included Omar Al Suwaidi, undersecretary at the ministry, who presented a detailed report on the group's activity.

Dr Al Jaber, also the chairman of Masdar and the managing director and group chief executive of Adnoc, said the expanded partnership presented a "unified vision" for economic development.

“We welcome the accession of the state of Qatar and the republic of Turkey to the integrated industrial partnership, and we are confident that this step will contribute to enhancing the common interests of all members, especially given the two countries’ leading industrial and economic status, and a record of successes in various sectors, especially in the industrial sector, which is a pivotal element in supporting qualitative investment opportunities at regional and global level," he said in comments reported by Wam news agency.

“The integrated industrial partnership is a distinguished model of a success story that started in Abu Dhabi, as it resulted in transforming a number of agreements signed in previous meetings into tangible projects that we see today on the ground. We are pleased to witness today the announcement of a number of new projects and agreements in vital and priority sectors.”

The UAE's non-oil foreign trade hit a record Dh3 trillion ($816.7 billion) last year − up 14.6 per cent year on year − as the country continues to diversify its economy and forges closer trade ties with countries around the world.

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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Qatar and Turkey join regional integrated industrial partnership

The now seven-member multilateral regional partnership was launched in Abu Dhabi in 2022

Ten tax points to be aware of in 2026

Traits&nbsp;of&nbsp;Chinese&nbsp;zodiac&nbsp;animals

MATCH INFO

Benefits of first-time home buyers' scheme

Specs

Traits of Chinese zodiac animals