It has been less than a fortnight since what US President Donald Trump dubbed the “12-day war” between Israel and Iran came to an end. Despite the acute relief felt by most people across the Middle East, especially civilians in Iran and Israel, the atmosphere is tense and the situation remains volatile, with the war in Gaza ongoing, the Israeli government threatening more strikes and Iran’s nuclear programme raising concerns.
Such unpredictability is not helped by this week’s decision by Iranian President Masoud Pezeshkian to approve a law suspending the country’s co-operation with the International Atomic Energy Agency. The UN nuclear watchdog has effectively been left in the dark and is awaiting further official information from Tehran, an IAEA spokesman told The National.
It should not be surprising that Iran – already formally in breach of its non-proliferation obligations – sees little value in acquiescing to demands for greater transparency over its nuclear programme. Israel chose to unilaterally strike targets across the country, killing hundreds of civilians in the process. The US later joined this assault, dropping several of its largest non-nuclear bombs on Iran’s nuclear facilities. Nevertheless, for Tehran to cut ties with the IAEA would be a strategic mistake.
The agency remains the only trust-building mechanism for Iran to assuage international concerns about its nuclear programme, the condition of which is now shrouded in uncertainty. Threatening to walk away is not leverage, nor would it restore deterrence against further attack. In fact, Iran’s going dark would achieve the opposite effect; disengaging from the IAEA would generate more distrust and increase the speculation surrounding the country’s nuclear intentions. This does not negate the need to address Israel’s nuclear capabilities which are arguably more opaque than Iran’s. The need for a region free of nuclear weapons has never been greater.
Iran’s unprecedented strike on Qatar’s Al Udeid air base upped the stakes for Tehran’s near neighbours
The current situation leaves the rest of the Middle East in a difficult position. Iran’s unprecedented strike on Qatar’s Al Udeid air base upped the stakes for Tehran’s near neighbours by demonstrating that Tehran’s relationship with its GCC partners would come second to its perceived need for retaliation.
Indeed, although some reports have suggested that Iran’s missile salvo was choreographed so as to reduce the risk of casualties, Qatar’s Foreign Ministry spokesman, Majed Al Ansari, rightly noted on Monday that Tehran’s attack was not “harmless”, having forced the country to close its airspace for several hours, activate its air-defence systems and experience “reputational damage when it comes to safety and security".
All sides should be aware that the stakes are too high for further games of tactical ambiguity. More strategic nous by Israel and Iran is required. For Iran, there is a path to security and a truly civilian nuclear programme, but it will require Tehran to co-operate with the international community through bodies such as the IAEA, not abandon them. Meanwhile, Israel continues to fuel regional anger and frustration through the appalling violence being meted out by its forces to Palestinian civilians in Gaza and the West Bank even as Iranian missiles struck Tel Aviv and other cities. Agreeing to a ceasefire would be an important step to reducing the volatility gripping much of the Middle East, and starting to work on a long term peace plan for the region.
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PRISCILLA
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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
The five pillars of Islam
The Energy Research Centre
Founded 50 years ago as a nuclear research institute, scientists at the centre believed nuclear would be the “solution for everything”.
Although they still do, they discovered in 1955 that the Netherlands had a lot of natural gas. “We still had the idea that, by 2000, it would all be nuclear,” said Harm Jeeninga, director of business and programme development at the centre.
"In the 1990s, we found out about global warming so we focused on energy savings and tackling the greenhouse gas effect.”
The energy centre’s research focuses on biomass, energy efficiency, the environment, wind and solar, as well as energy engineering and socio-economic research.
Fight Night
FIGHT NIGHT
Four title fights:
Amir Khan v Billy Dib - WBC International title
Hughie Fury v Samuel Peter - Heavyweight co-main event
Dave Penalosa v Lerato Dlamini - WBC Silver title
Prince Patel v Michell Banquiz - IBO World title
Six undercard bouts:
Michael Hennessy Jr v Abdul Julaidan Fatah
Amandeep Singh v Shakhobidin Zoirov
Zuhayr Al Qahtani v Farhad Hazratzada
Lolito Sonsona v Isack Junior
Rodrigo Caraballo v Sajid Abid
Ali Kiydin v Hemi Ahio
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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pakistan Test squad
Azhar Ali (capt), Shan Masood, Abid Ali, Imam-ul-Haq, Asad Shafiq, Babar Azam, Fawad Alam, Haris Sohail, Imran Khan, Kashif Bhatti, Mohammad Rizwan (wk), Naseem Shah, Shaheen Shah Afridi, Mohammad Abbas, Yasir Shah, Usman Shinwari
ASHES SCHEDULE
First Test
November 23-27 (The Gabba, Brisbane)
Second Test
December 2-6 (Adelaide Oval, Adelaide)
Third Test
December 14-18 (Waca Ground, Perth)
Fourth Test
December 26-30 (Melbourne Cricket Ground, Melbourne)
Fifth Test
January 4-8, 2018 (Sydney Cricket Ground, Sydney)
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
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'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
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Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company
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