Lebanon’s government is facing mounting challenges. It is trying to balance the demands of the US to disarm Hezbollah, a militia and political party controlling much of the country, against those of Iran, Hezbollah’s main sponsor, to do no such thing. For a government that took power only recently after years of political vacuum, as well as for the country as a whole, this is a critical test of sovereignty.
The Cabinet voted this month, after much contention, to return a complete monopoly over arms to the state. But implementing this decision is not so easy, and the matter is complicated by the fact that Israeli soldiers remain stationed as foreign invaders on Lebanese soil, despite international calls for them to depart.
In Beirut on Monday, the US envoy Tom Barrack said: “I think the Lebanese government has done their part. They’ve taken the first step. Now what we need is Israel to comply with that equal handshake."
But despite the ceasefire between Israel and Lebanon that has been in place since November, Israel continues to attack parts of its northern neighbour almost daily. Just last week, the Israeli army chief Lt Gen Eyal Zamir boasted on his visit to Israeli troops in southern Lebanon about breaching the truce 600 times.
While huge numbers of Lebanese today distrust Hezbollah for very good reason, not least of which includes its decision to start a war with Israel in 2023, the longer Israeli troops remain, the greater the chances are of Hezbollah regaining some popular support among communities affected by Israeli occupation. There is a finite window, in all likelihood, for disarmament to take place, and for the Lebanese state to have a stronger future. The latter point is apparently of little concern to Ali Larijani, Iran’s top security official, who was in Beirut just before Mr Barrack and threatened that tampering with Hezbollah’s arsenal was not an option.
There is a finite window, in all likelihood, for disarmament to take place
As it continues to muster the courage and support needed to stand up to such interference, the government in Beirut seeks support in strengthening the Lebanese Armed Forces. Hezbollah has, for many years, operated as a state within a state, with its own economy, military, political machinery and social welfare net. In the context of the corruption and chaos that characterised Lebanese politics for so long, this was an unexceptional – though still appalling – state of affairs. Now, it ought to be intolerable if the country is to meet its long-held potential as a cultural and economic powerhouse for the region.
Lebanon’s ally, the US, should see this potential, too, and help realise it. It has devoted much effort to pushing Lebanon to disarm Hezbollah, and now it must press Israel with equal passion to stick to its end of the agreement, withdraw its forces and end its campaign of violence in the country.
Armed factionalism and foreign occupation have been the undoing of Lebanon several times over in the country’s young history. Now, it is time for a new chapter.
Smart words at Make Smart Cool
Make Smart Cool is not your usual festival. Dubbed “edutainment” by organisers Najahi Events, Make Smart Cool aims to inspire its youthful target audience through a mix of interactive presentation by social media influencers and a concert finale featuring Example with DJ Wire. Here are some of the speakers sharing their inspiration and experiences on the night.
Prince Ea
With his social media videos accumulating more half a billion views, the American motivational speaker is hot on the college circuit in the US, with talks that focus on the many ways to generate passion and motivation when it comes to learning.
Khalid Al Ameri
The Emirati columnist and presenter is much loved by local youth, with writings and presentations about education, entrepreneurship and family balance. His lectures on career and personal development are sought after by the education and business sector.
Ben Ouattara
Born to an Ivorian father and German mother, the Dubai-based fitness instructor and motivational speaker is all about conquering fears and insecurities. His talk focuses on the need to gain emotional and physical fitness when facing life’s challenges. As well managing his film production company, Ouattara is one of the official ambassadors of Dubai Expo2020.
ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
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
Credit Score explained
What is a credit score?
In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.
Why is it important?
Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.
How is it calculated?
The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.
How can I improve my score?
By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.
How do I know if my score is low or high?
By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.
How much does it cost?
A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.
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