US on cusp of 'new Golden Age', Trump claims in Republican National Convention speech


Willy Lowry
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Donald Trump officially accepted the Republican Party's nomination to run for president in November, capping an astonishing political comeback nearly four years after he was voted out of office amid the chaos of the Covid-19 pandemic.

In a nearly two-hour speech at the Republican National Convention in Milwaukee, Wisconsin, on Thursday, Mr Trump described the moment he was nearly killed by a gunman at a rally in Butler, Pennsylvania, and said God saved him.

"There was blood pouring everywhere and yet, in a certain way, I felt very safe because I had God on my side," Mr Trump said, wearing a large white bandage on his right ear, which was grazed by a bullet.

Audience members at the convention wept openly and shouted "we love Trump" as he recounted details of the assassination attempt, when Thomas Crooks, 20, fired several shots at him.

"I'm not supposed to be here tonight, not supposed to be," Mr Trump said. "I will tell you, I stand before you and this arena only by the grace of almighty God."

Mr Trump also praised those injured in the attack at the rally, as well as Corey Comperatore, the former firefighter killed in the stands behind the former president. At one point during the nearly two-hour address, Mr Trump walked over to a mannequin dressed in Mr Comperatore's firefighting outfight and kissed the helmet.

The divisive former president called for unity while also railing against the Democratic Party and blaming it for what he perceives to be a declining America.

"We must not criminalise dissent, or demonise political disagreement, which is what's been happening in our country lately at a level that nobody has ever seen before," Mr Trump said, referring to the criminal cases against him that he claims are politically motivated.

  • Republican presidential candidate and former president, Donald Trump, speaks during the final day of the Republican National Convention in Milwaukee. AP
    Republican presidential candidate and former president, Donald Trump, speaks during the final day of the Republican National Convention in Milwaukee. AP
  • Donald Trump accepts his party's nomination on the last day of the 2024 Republican National Convention at the Fiserv Forum in Milwaukee, Wisconsin. AFP
    Donald Trump accepts his party's nomination on the last day of the 2024 Republican National Convention at the Fiserv Forum in Milwaukee, Wisconsin. AFP
  • Donald Trump kisses a helmet and firefighter’s jacket that belonged to Corey Comperatore, who was fatally shot at a rally where Trump survived an assassination attempt. AFP
    Donald Trump kisses a helmet and firefighter’s jacket that belonged to Corey Comperatore, who was fatally shot at a rally where Trump survived an assassination attempt. AFP
  • Donald Trump arrives to speak on stage on the fourth day of the Republican National Convention. AFP
    Donald Trump arrives to speak on stage on the fourth day of the Republican National Convention. AFP
  • Donald Trump pauses while speaking after officially accepting the Republican presidential nomination. AFP
    Donald Trump pauses while speaking after officially accepting the Republican presidential nomination. AFP
  • Supporters of Republican presidential candidate former President Donald Trump gather to watch a television broadcast of Trump's acceptance speech at the Republican National Convention. AP
    Supporters of Republican presidential candidate former President Donald Trump gather to watch a television broadcast of Trump's acceptance speech at the Republican National Convention. AP
  • Melania Trump, Vice Presidential Nominee Senator J. D. Vance (R-OH), and Eric Trump react as Republican presidential nominee and former U. S. President Donald Trump speaks. Reuters
    Melania Trump, Vice Presidential Nominee Senator J. D. Vance (R-OH), and Eric Trump react as Republican presidential nominee and former U. S. President Donald Trump speaks. Reuters
  • US pro-wrestler Hulk Hogan rips his shirt off to reveal a Trump-Vance campaign shirt during the last day of the 2024 Republican National Convention. AFP
    US pro-wrestler Hulk Hogan rips his shirt off to reveal a Trump-Vance campaign shirt during the last day of the 2024 Republican National Convention. AFP

"In that spirit, the Democrat Party should immediately stop weaponising the justice system and labelling their political opponents as an enemy of democracy."

Mr Trump only referenced President Joe Biden by name once and devoted much of his speech to demonising Democratic policies, particularly on immigration. He repeatedly described the situation along the US-Mexico border as an "invasion" and said he would continue to build a border wall if re-elected.

"The greatest invasion in history is taking place right here in our country – they are coming in from every corner of the Earth, not just from South America, but from Africa, Asia, and the Middle East – they’re coming from everywhere, and this administration does nothing to stop them," he said.

He also blamed Mr Biden for the wars in Ukraine and Gaza. "I will end every single international crisis that the current administration has created, including the horrible war with Russia and Ukraine, which would have never happened if I was president, and the war caused by the attack on Israel, which would have never happened if I was president," Mr Trump said.

He chastised the Biden administration for allowing Iran to make money from oil and to sow havoc in the region.

"Iran was broke," he said. "Iran had no money, now Iran has $250 billion. They made it all over the last two and a half years."

Mr Trump also had a warning to Hamas. "I tell you this, we want our hostages back and they better be back before I assume office or you will be paying a very big price."

He has spent four years falsely claiming the 2020 election was stolen. "We had that horrible, horrible result ... we're never gonna let that happen again," he said. "They used Covid to cheat and we're never gonna let it happen again."

Many in the crowd at the Fiserv Forum, where the convention was held, wore bandages over their ears in a show of support to Mr Trump.

He has maintained an iron grip on the Republican Party despite the criminal and civil cases lodged against him, including a conviction on 34 counts in May, and now he appears to be stronger than ever. The party has united around him in a way it did not do in 2020 or 2016.

While he spent much of his time in Milwaukee railing against Democratic policies, he also tried to paint a picture of what the US would be like were he to return to the White House.

"America is on the cusp of a new Golden Age, but we will have the courage to seize it," he said.

He suggested he would reshape the country's defence systems and recommit to fossil fuels.

"Tonight, I make this pledge to the great people of America: I will end the devastating inflation crisis, immediately bring down interest rates and lower the cost of energy. We will drill, baby, drill."

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: July 19, 2024, 6:42 AM