As it happened: Donald Trump sworn in as 47th US President

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What will happen in the Middle East under president-elect Trump?

Four years after his first term, Donald Trump will be sworn in as the 47th US president today, marking his second inauguration as one of America’s most unpredictable leaders.

An ocean away in the Middle East, where war, regime changes and power shifts have altered the political landscape forever, all eyes will be on the new president to see how he will shape his foreign policy in the region.

Mr Trump walks into office with a Gaza ceasefire already in effect, earning him a great deal of credibility with both Arab Americans and Arabs abroad. Outgoing president Joe Biden and his Democratic party leave the White House with an unfavourable legacy in the eyes of many Arabs around the world, who pinned their hopes on Mr Biden taking a more supportive approach to Palestinians. And now many are now choosing to invest their trust in Mr Trump instead.

But there are still many questions about how the new president will balance foreign policy in the Middle East with America-first positions, and even his own personal business interests. On this episode of Beyond the Headlines, host Nada AlTaher discusses Mr Trump’s role in the region with former US ambassador Douglas Silliman, president of the Arab Gulf States Institute, and Hala Rharrit, an American diplomat who resigned from the State Department over Mr Biden’s policy in Gaza.

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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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