Live updates: Follow the latest on Donald Trump’s inauguration
US president-elect Donald Trump on Friday said his second inauguration on January 20 will be held indoors due to forecasts of record cold temperatures. His swearing-in and other inaugural events will be held in the US Capitol rotunda, while the inaugural parade will take place in the Capitol One Arena in Washington.
"I have ordered the Inauguration Address, in addition to prayers and other speeches, to be delivered in the US Capitol rotunda, as was used by Ronald Reagan in 1985, also because of very cold weather," he said in a post on Truth Social.
Meteorologists have projected that a polar vortex will envelope much of the nation, including the capital, in freezing Arctic air – making Mr Trump's second inauguration the coldest in 40 years.
“This would be one of the coldest outbreaks certainly of the past 10 years, 15 years,” winter weather expert Judah Cohen of Atmospheric Environmental Research told the Associated Press. “It’s pulling air out of Siberia. And, you know, that’s consistent with these stretches because when the polar vortex stretches, the flow starts in Siberia and ends in the United States.”
The frigid temperatures, paired with strong wind chills of 48kph to 56kph, are expected to arrive in Washington before Mr Trump's inauguration day.
Mr Trump said that the decision was made due to "dangerous conditions" with the "windchill factor" and "temperatures into severe record lows".
"I don't want to see people hurt, or injured in any way," he wrote.
The National Weather Service predicts that temperatures will be minus 6°C at noon for his swearing-in, the coldest since Ronald Reagan's second inauguration. Temperatures during Mr Reagan's ceremony in 1985 were at minus 1°C, forcing the inaugural ceremony indoors in the US Capitol rotunda. The parade was cancelled that year.
The temperature during former president Barack Obama's first inauguration was minus 2°C, but the swearing-in was still held outdoors. The inaugural parade, which usually moves up Pennsylvania Avenue to the White House, will instead take place inside the Capital One Arena.
"We will open Capital One Arena on Monday for LIVE viewing of this Historic event, and to host the Presidential Parade. I will join the crowd at Capital One, after my Swearing In," Mr Trump wrote.
Tips for SMEs to cope
- Adapt your business model. Make changes that are future-proof to the new normal
- Make sure you have an online presence
- Open communication with suppliers, especially if they are international. Look for local suppliers to avoid delivery delays
- Open communication with customers to see how they are coping and be flexible about extending terms, etc
Courtesy: Craig Moore, founder and CEO of Beehive, which provides term finance and working capital finance to SMEs. Only SMEs that have been trading for two years are eligible for funding from Beehive.
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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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