Tehran at dawn after several explosions were heard in the city on Saturday morning. AFP
Tehran at dawn after several explosions were heard in the city on Saturday morning. AFP
Tehran at dawn after several explosions were heard in the city on Saturday morning. AFP
Tehran at dawn after several explosions were heard in the city on Saturday morning. AFP

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UAE

UAE strongly condemns Israeli strikes on Iran

Saudi Arabia also condemned attack and called it a 'violation of sovereignty' and international law

Tom Evans

October 26, 2024

  • English
  • Arabic

Live updates: Follow the latest on Israel-Gaza

The UAE has strongly condemned Israel’s military strikes on Iran, and expressed its deep concern over the continued escalation and its repercussions on security and stability in the region.

Israel's military said it launched strikes on Tehran in retaliation for the missiles Iran fired on Israel earlier this month. Two Iranian soldiers were killed.

On Saturday, the UAE Ministry of Foreign Affairs stressed the importance of exercising maximum restraint to avoid risking the expansion of the conflict.

The Ministry reiterated that enhancing dialogue, adhering to international law, and respecting state sovereignty remain the ideal foundations for resolving the current crises. The Ministry also called for disputes to be resolved through diplomatic means.

Saudi Arabia on Saturday also condemned the attack and called it a "violation of sovereignty" and international law, the country’s state news agency reported.

Urging all parties to exercise maximum restraint, the kingdom called on the international community to take action towards de-escalation and ending conflicts in the region.

'Precise strikes'

Israel's military spokesman Rear Admiral Daniel Hagari said that "in response to months of continuous attacks from the regime in Iran” the Israeli military was "conducting precise strikes on military targets in Iran”.

"The regime in Iran and its proxies in the region have been relentlessly attacking Israel since October 7 – on seven fronts – including direct attacks from Iranian soil," he said.

This was the first time Israel's military openly attacked Iran, following Israel's Prime Minister Benjamin Netanyahu’s promise to hit back after Iran fired about 200 ballistic missiles at Israel on October 1.

After concluding the strikes, Israel warned Iran against responding. Iran is ready to retaliate, the semi-official Tasnim news agency reported.

Watch: Explosions heard over Tehran amid Israeli strikes

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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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Updated: October 26, 2024, 10:08 AM
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