US President Donald Trump on Monday said there was a "very serious" diplomatic push to end the Israel-Gaza war and a “good, conclusive” solution could be reached within weeks.
Mr Trump said that although no one should forget the Hamas attacks on southern Israel on October 7, 2023, the war has to be "over with”.
“I think within the next two to three weeks, you're gonna have a pretty good, conclusive ending,” he told journalists at the White House before a meeting with South Korean President Lee Jae Myung.
At least 20 people, including five journalists, were killed in Israeli strikes on Monday on a hospital in southern Gaza. "I'm not happy about it, I don't want to see it,” Mr Trump said of the strike. "We have to end that nightmare."
Israel's military campaign in Gaza has left more than 62,700 Palestinians dead. Most have been displaced, many several times over, and much of the enclave has been reduce to rubble.
The US, as well as Egypt and Qatar, have sought for months to end the war through mediated talks.
Efforts have stalled over how to release the remaining hostages being held in Gaza in exchange for an end to the fighting and full delivery of humanitarian aid. About 20 Israeli hostages of the 50 being held are still believed to be alive.
Meanwhile, officials are also discussing "day after" scenarios, including who will be responsible for ruling the strip. The US and Israel want to ensure Hamas is completely eradicated and is not part of any postwar governance.
Asked about the humanitarian crisis in Gaza, Mr Trump said Palestinians were facing hunger and "pure death". He added that his administration was spending money to feed people.
The UN declared a famine in Gaza city after months of Israeli restrictions that cut off food and water supplies to the enclave's more than two million resident.
Speaking alongside the President in the White House, Secretary of State Marco Rubio said the Trump administration has long pursued an end to the conflict.
"It's never stopped. We've always looked to find a solution, or ultimately, as the President said, we want it to end," Mr Rubio said. "It has to end with no Hamas."
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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
