Live updates: Follow the latest on Israel-Gaza
Israel's military struck villages in south Lebanon overnight as western and regional officials worked to prevent cross-border exchanges of fire with Hezbollah developing into a full-scale regional war.
The villages of Kfarkela, Aita Ash Shab and Markaba were among those hit, with a civilian injured in a strike on the latter.
Egyptian Foreign Minister Badr Abdelatty arrived in Beirut on Friday, one day after a visit to the Lebanese capital by French Foreign Minister Stephane Sejourne and two days after US envoy Amos Hochstein.
Both had stressed the seriousness of the current situation while underlining that a ceasefire in Gaza was necessary to ensure peace in Lebanon and the wider region.
Mr Sejourne arrived on the same day that Air France and its subsidiary Transavia resumed services to Beirut. Most airlines cancelled flights to Lebanon, which has only one international airport, as regional tensions spiralled in late July.
Israel assassinated top Hezbollah commander Fouad Shukr in a strike on a densely populated area of Beirut on July 30 that also killed civilians. Hours later, Hamas leader Ismail Haniyeh was killed in a blast in Tehran in an assassination blamed on Israel. Both Iran and Hezbollah vowed retaliation, raising fears of a regional war.
Hezbollah has been engaged in daily exchanges of cross-border fire with Israel since October 8. The Iran-backed group says its attacks are in support of its ally Hamas, which has faced an Israeli military offensive in the Gaza Strip after carrying out raids in Israel on October 7 in which nearly 1,200 people were killed and about 250 taken hostage.
Hezbollah has said its attacks will not end until there is a ceasefire in Gaza, where more than 40,000 Palestinians have been killed since Israel began its assault.
There are hopes that the resumption of Gaza ceasefire talks in Doha on Thursday could dampen the response from Iran-backed groups to Israel's assassinations.
However Hezbollah deputy secretary general Naim Qassem warned on Thursday that the group's response to the killing of Mr Shukr was “completely separate” to the ceasefire talks. “The response will happen,” he said, adding that “how and when” was still being decided by the group's leaders and commanders.
“The Americans want to say they are doing something but there is a vacuum,” he said after Mr Hochstein's visit.
He said the US envoy offered “no substantial suggestions”.
COMPANY PROFILE
Company name: Blah
Started: 2018
Founder: Aliyah Al Abbar and Hend Al Marri
Based: Dubai
Industry: Technology and talent management
Initial investment: Dh20,000
Investors: Self-funded
Total customers: 40
Global state-owned investor ranking by size
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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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Seemar’s top six for the Dubai World Cup Carnival:
1. Reynaldothewizard
2. North America
3. Raven’s Corner
4. Hawkesbury
5. New Maharajah
6. Secret Ambition
