In the decades-long cycle of talks, inspections and sanctions surrounding Iran’s nuclear programme, much has changed. Negotiators and governments have come and gone, agreements have been struck and abandoned, and the regional picture has become even more complex – particularly after June’s 12-day war between Iran and an Israel backed up by US bombers.
One thing has remained the same, however – the fact that it is the Iranian people, rather than the country’s elites, who will feel the consequences for Tehran’s evasion. Iran is now under broad UN “snapback” sanctions for the first time in a decade after Britain, France and Germany initiated a procedure to bring back restrictions that had been removed in 2015.
Embargoes, asset freezes and other punitive measures now threaten to damage Iran’s already fragile economy. The US dollar was trading at about 1.12 million Iranian rials on the black market on Saturday, a record high according to several currency tracking websites. AFP reported brisk business at Tehran jewellery stores as people rushed to buy gold.
Western powers are far from blameless in this situation; US President Donald Trump announced in May 2018 that he would pull America out of the Joint Comprehensive Plan of Action. Iranian leaders have claimed that they lack a good-faith negotiating partner since then. But the return of UN sanctions is largely the consequence of Iran’s leadership acting against its own country’s interests and those of its people.
International unease about Iran’s nuclear capabilities is not the product of paranoia. Writing in The National shortly after June’s Iran-Israel war, Elena Sokova, executive director of the Vienna Centre for Disarmament and Non-Proliferation, said Tehran was “on the verge of having everything, including significant stocks of highly enriched uranium, but the bomb itself”.
More worrying developments may follow the return of sanctions. Tehran could further reduce co-operation with International Atomic Energy Agency inspectors and the country’s future as a signatory to the Treaty on the Non-Proliferation of Nuclear Weapons may be in doubt. Now that negotiators on all sides have effectively been sent back to the drawing board, fresh ideas are needed.
Western powers are far from blameless in this situation; US President Donald Trump announced in May 2018 that he would pull America out of the Joint Comprehensive Plan of Action
Iran’s leadership has a path to peaceful nuclear power, the kind that’s been embraced by several of its Gulf neighbours. The UAE, for example, has struck what is known as a ‘123 Agreement’ with the US in which it commits itself to not acquiring sensitive nuclear technologies that are open to weaponisation. At first glance, such a deal between Tehran and Washington would seem unlikely but the US currently has more than two dozen 123 Agreements that cover 50 countries, including rivals such as China and Russia. Regional models have potential too, such as a Mena version of the Brazilian-Argentine Agency for Accounting and Control of Nuclear Materials, a bilateral verification arrangement.
Such ideas are at least worth considering because the consequences of further stalemate are so severe, not least for Iran’s long-suffering population. Although it is true that Tehran can count on diplomatic support from some countries in the Global South, the reality is Iran found itself isolated after years of problematic policies. In addition, Iran’s economic future hinges on the West’s powerful economies and finance systems. More widely, no-one in the international community benefits when a country’s leadership decides to take its nuclear programme underground.
Given these outcomes and the fact that Iran’s neighbours want a good, functional relationship with Tehran, it is time for diplomats, experts and negotiators to renew efforts to end this cycle once and for all, giving Iran’s people the opportunity to live without this perennial issue hanging over their heads.
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
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
