If the US midterms confirmed anything, it is that Donald Trump is not very good at winning elections.
The former president, who lost the popular vote in 2016, lost control of the House of Representatives in 2018 and lost everything in 2020, once again showed that his toxic brand of politics is not what most Americans want.
Tuesday’s elections should have been a straightforward proposition for the Republicans. Americans are fed up with soaring petrol prices, persistent inflation and with President Joe Biden, whose popularity remains stuck at about 40 per cent or a little higher.
Just as Barack Obama saw his Democratic Party suffer a “shellacking” in the 2010 midterms, Mr Biden was primed to experience a similar wipeout — or so the Republicans had us believe.
But instead of seeing their predicted “red wave” crash across the country, the Grand Old Party was left staring at a whole lot of dry land on Wednesday morning.
True, they look poised to secure a narrow victory in the House of Representatives. But with Senate control still to be determined and the Democrats securing big wins in Pennsylvania, the Republicans cannot claim a popular mandate.
In short, they had a wretched night, notching marginal gains in what should have been an easy sweep.
The postmortems, already under way, must focus on Mr Trump and the disastrous role his non-stop intervention in races across the country played.
While he had some wins, such as in Ohio, where his chosen candidate JD Vance won the Senate race, the midterms generally served as a rebuke to the former president, his divisive style and his baseless claims about the 2020 election being “stolen” from him.
In Michigan, a clear majority of voters countered Mr Trump’s war on democracy by approving a measure making it easier for people to vote. The Trump-backed gubernatorial candidate lost, as did his pick for secretary of state.
In Pennsylvania, Democrats secured the governorship after the Republicans fielded an election-denying candidate supported by Mr Trump. In Arizona, Mr Trump's pick for governor, Kari Lake, was trailing Democratic candidate Katie Hobbs.
The list goes on, but notably also includes an easy victory for Georgia Republican Brian Kemp, who kept his governorship after he distanced himself from Mr Trump and his election lies.
Another Republican rewarded for his disloyalty to Mr Trump was Florida Governor Ron DeSantis, who won re-election in a landslide. The 44-year-old leader has cut a clear path away from the former president and is preparing for a probable White House run in 2024.
On election day, Mr Trump released a four-page memo touting all his achievements in the run-up to the midterms.
Instead of reflecting on the Republican Party’s relatively poor showing, Mr Trump on Wednesday boasted of “174 wins and nine losses” on his Truth Social media platform and blasted the “Fake News Media” and the Democrats for playing down the “amazing job” his candidates had done.
This vainglorious lack of insight poses a real risk for the Republicans. The self-appointed kingmaker can't accept that his supposed Midas touch has turned into a fetid finger.
Mr Trump has all but declared he will be making another run for the presidency in 2024, teasing a big announcement for November 15.
His grip over the Republican Party is such that he might win the nomination, but Tuesday’s elections underscore just how many Americans have grown weary of Mr Trump's desperation to remain in the limelight.
It's not clear whether the Republican Party writ large will read the tea leaves.
But The New York Post, owned by Rupert Murdoch, whose Fox News continues to support Mr Trump, appears ready to choose a new king, proclaiming Mr DeSantis as “DeFuture”.
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
Company name: Play:Date
Launched: March 2017 on UAE Mother’s Day
Founder: Shamim Kassibawi
Based: Dubai with operations in the UAE and US
Sector: Tech
Size: 20 employees
Stage of funding: Seed
Investors: Three founders (two silent co-founders) and one venture capital fund
RESULT
Uruguay 3 Russia 0
Uruguay: Suárez (10'), Cheryshev (23' og), Cavani (90')
Russia: Smolnikov (Red card: 36')
Man of the match: Diego Godin (Uruguay)
Florence and the Machine – High as Hope
Three stars
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
MATCH INFO
Uefa Champions League last 16, second leg
Liverpool (0) v Atletico Madrid (1)
Venue: Anfield
Kick-off: Thursday, March 12, midnight
Live: On beIN Sports HD