US President Donald Trump on Friday held a farewell for Elon Musk, his billionaire adviser whose brief tenure was marred by controversy.
Mr Musk, the world's richest man, dressed all in black and with a black eye, stood next to Mr Trump in the Oval Office to officially take his leave, more than four months after he was charged with slashing governmental spending through the Department of Government Efficiency, or Doge.
“Elon is really not leaving – he's going to be back and forth,” Mr Trump said. “I have a feeling it's [Doge] his baby, and I think he's going to be doing a lot of things, but Elon's service to America has been without comparison in modern history.”
His 130-day mandate as a special government employee in the Trump administration was set to expire around May 30, the White House said.
As head of Doge, Mr Musk slashed tens of thousands of government jobs, arguing the move would cut unnecessary spending and corruption. He also closed entire departments, including the US Agency for International Development (USAID). In March, a federal judge ruled Mr Musk's actions on USAID were likely unconstitutional.
The Trump administration also said the cuts took aim at diversity, equity and inclusion (DEI) programmes, a major target of the President's ire.
But the effort was marred with controversy, with reports of inefficiency and inadequate planning leading to some hastily laid-off employees being asked to return to work. Mr Musk said he would continue to advise Mr Trump.
“This is not the end of Doge, but really the beginning of my time as a special government employee,” Mr Musk said.
He said his team slashed $160 million in spending – far short of the $2 trillion he said it would cut. “I'm confident that over time, we'll see a trillion dollars of savings and reduction in a trillion dollars' of waste,” he added.
Mr Musk's departure from the White House comes after a report by The New York Times said that he heavily used ketamine on the 2024 campaign trail, when he made numerous appearances to rally support for Mr Trump in swing states including Pennsylvania.
The newspaper said Mr Musk also took other drugs, including ecstasy and mushrooms, and travelled with a large pill box.
During the lengthy and often disjointed Oval Office news conference, Mr Musk was asked about the bruise near his right eye. He said his young son, X, had punched him in the face.
“Well, it wasn't anywhere near France,” Mr Musk said referencing footage showing French first lady Brigitte Macron shoving her husband, President Emmanuel Macron, in the face before he descended from a plane on Sunday.
“I was horsing around with little X and I said, go ahead, punch me in the face, and he did,” Mr Musk said.
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
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
Everton 1 Stoke City 0
Everton (Rooney 45 1')
Man of the Match Phil Jagielka (Everton)
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Innotech Profile
Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
