Live updates: Follow the latest from Israel-Gaza
An operation to tow an oil tanker damaged in a Houthi attack is expected to begin on Sunday, hours after the militant group confirmed it had targeted another ship in the Gulf of Aden over the war in Gaza.
Tug boats are due to arrive to salvage the Greek-flagged MV Sounion, which was hit by several projectiles on August 21, the Houthis' Foreign Minister Jamal Amer said on Facebook.
On Thursday, the Houthis announced they would allow boats to reach the blazing vessel after numerous international requests.
The tanker, estimated to be carrying about 1 million barrels of crude oil, poses a major environmental risk, with a spill likely to be one of the world's largest.
The vessel has also been rigged with explosives, Houthi and maritime sources have told Reuters.
It came as the group claimed responsibility for another attack on a ship in the Red Sea, one of hundreds to be hit by the militant group over the war in Gaza.
The Houthis, part of the Iran-backed Axis of Resistance, have attacked ships they claim are headed to Israel and vowed to continue attacks until the war in Gaza ends and the "siege" on the enclave is lifted.
The group has also launched drones at Israel, killing one person in its first direct hit on Tel Aviv in July.
On Saturday, it hit the Liberian-flagged Groton container ship in the Gulf of Aden, according to an announcement from spokesman Yehya Saree.
The ship was singled out due to its managing company "violating the decision to ban entry to the ports of occupied Palestine", he said. It was the Houthis' second attack on the Groton, he added.
The UK's Maritime Trade Operations, which monitors maritime security in the region, said it had received reports of an attack on the ship, which was 240km north-east of Aden.
Two missiles exploded near the ship, which was undamaged and proceeded to its next port of call, the organisation said on X.
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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