When Barack Obama was elected in 2008, it was said that he had been dealt the most difficult hand of any US President since Franklin D Roosevelt. Well, now he has a challenger. Whether it is Donald Trump or Joe Biden who prevails after Americans go to the polls today, the winner will be faced with a nation floored by the pandemic, an economy flattened by the worst recession since the 1930s, and a population riven by apparently irreparable cultural and racial division.
As Trump resorts to ever more unorthodox tactics to stay in power until 2025 (by which time he will be 78), and Biden (who turns that age this month) strives to fulfil a lifelong ambition of achieving the one office higher than the vice-presidency, the words “be careful what you wish for” must surely haunt them both.
Of course, this election is about much more than the rival ambitions of two very different men with two very different visions. It is about the collective health of a country that has already lost almost 250,000 lives to Covid-19. Millions more Americans have lost their jobs as a result of the economic chaos wrought by the virus.
And at a time when the nation should be pulling together with what the British would call Blitz spirit, the streets of many cities have been the setting for what appear to be the beginnings of civil strife. Little wonder that the final months of the campaign have witnessed a descent into gutter politics of the worst kind.
So, with so much at stake at home, it is perhaps asking too much of the average voter in America to think beyond its shores when they make their choice today. But the US constitution ensures – quite deliberately - that presidents have limited ability to exercise their power domestically. Much authority is devolved to state level. What's left is at the mercy of two legislatures and it is rare that both see eye-to-eye with the White House.
Therefore it is in foreign lands – not least the Middle East - that US leaders often leave their most lasting footprint. Here, Donald Trump’s record is broadly positive. His determination to stand up to the menace of Tehran has been commendable. He helped to negotiate the Abraham Accord with the UAE and Israel – potentially a seismic turning-point in the region’s history. ISIS has been tamed, if not yet put down. Sudan has been brought back into the international fold.
True, war continues to rage in Syria and Iraq struggles to rid itself of Iranian influence. The recognition of Jerusalem as Israel’s capital was inflammatory. But given that this was a President elected on the self-styled promise of ‘America First’, the isolationism that many feared would leave the Middle East abandoned has not materialised.
With so much at stake at home, it is perhaps asking too much of the average voter in America to think beyond its shores when they make their choice today
At this point, it is only fair to ask what Joe Biden would do differently. Would Mr Obama’s number two repeat the mistakes of his former boss’s two-term presidency and embark on an ill-advised rapprochement with Iran solely on the nuclear file and ignore its role in the region? Could he maintain the momentum of the Abraham Accord while ensuring justice for the Palestinian people? Will he ignore the long-lasting damage of appeasing militants? After a campaign in which the Democratic candidate has largely kept his counsel, preferring to watch his Republican opponent apparently talk himself out of office, the answers to these and other foreign policy questions remain elusive – although he deserves the benefit of the doubt.
It is the nature of America’s electoral-college voting system that, every four years, the future of the country is decided by a tiny minority of swing voters in swing states. Would it be an exaggeration to say that the future of the Middle East could be resting on their shoulders? Perhaps not.
Emirates flies direct from Dubai to Rio de Janeiro from Dh7,000 return including taxes. Avianca fliles from Rio to Cusco via Lima from $399 (Dhxx) return including taxes.
The trip
From US$1,830 per deluxe cabin, twin share, for the one-night Spirit of the Water itinerary and US$4,630 per deluxe cabin for the Peruvian Highlands itinerary, inclusive of meals, and beverages. Surcharges apply for some excursions.
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
You may remember …
Robbie Keane (Atletico de Kolkata) The Irish striker is, along with his former Spurs teammate Dimitar Berbatov, the headline figure in this season’s ISL, having joined defending champions ATK. His grand entrance after arrival from Major League Soccer in the US will be delayed by three games, though, due to a knee injury.
Dimitar Berbatov (Kerala Blasters) Word has it that Rene Meulensteen, the Kerala manager, plans to deploy his Bulgarian star in central midfield. The idea of Berbatov as an all-action, box-to-box midfielder, might jar with Spurs and Manchester United supporters, who more likely recall an always-languid, often-lazy striker.
Wes Brown (Kerala Blasters) Revived his playing career last season to help out at Blackburn Rovers, where he was also a coach. Since then, the 23-cap England centre back, who is now 38, has been reunited with the former Manchester United assistant coach Meulensteen, after signing for Kerala.
Andre Bikey (Jamshedpur) The Cameroonian defender is onto the 17th club of a career has taken him to Spain, Portugal, Russia, the UK, Greece, and now India. He is still only 32, so there is plenty of time to add to that tally, too. Scored goals against Liverpool and Chelsea during his time with Reading in England.
Emiliano Alfaro (Pune City) The Uruguayan striker has played for Liverpool – the Montevideo one, rather than the better-known side in England – and Lazio in Italy. He was prolific for a season at Al Wasl in the Arabian Gulf League in 2012/13. He returned for one season with Fujairah, whom he left to join Pune.
What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
If you had all the money in the world, what’s the one sneaker you would buy or create?
“There are a few shoes that have ‘grail’ status for me. But the one I have always wanted is the Nike x Patta x Parra Air Max 1 - Cherrywood. To get a pair in my size brand new is would cost me between Dh8,000 and Dh 10,000.” Jack Brett
“If I had all the money, I would approach Nike and ask them to do my own Air Force 1, that’s one of my dreams.” Yaseen Benchouche
“There’s nothing out there yet that I’d pay an insane amount for, but I’d love to create my own shoe with Tinker Hatfield and Jordan.” Joshua Cox
“I think I’d buy a defunct footwear brand; I’d like the challenge of reinterpreting a brand’s history and changing options.” Kris Balerite
“I’d stir up a creative collaboration with designers Martin Margiela of the mixed patchwork sneakers, and Yohji Yamamoto.” Hussain Moloobhoy
“If I had all the money in the world, I’d live somewhere where I’d never have to wear shoes again.” Raj Malhotra
