ABU DHABI // The prime minister of Iraq has praised the UAE for its leading role in assisting democracy and reconstruction of his country, following a visit by Sheikh Mohammed bin Zayed, the Crown Prince of Abu Dhabi. The UAE was among the first nations to open up to Iraq following the war, reinforcing bilateral relations and supporting the democratic process, Nouri al Maliki said in a statement after the visit.
"The Iraqi people and political forces consider highly the UAE's supportive positions and its commitment to back up reconstruction efforts," he said. A high-level delegation, which included the Foreign Minister, Sheikh Abdullah bin Zayed, the Interior Minister, Sheikh Saif bin Zayed, and Abdullah al Shehi, the Ambassador to Iraq, travelled to Baghdad on an unannounced visit on Tuesday. Although their main purpose was to show support for the Iraqi government and to strengthen economic and political ties, the delegation also discussed possible sites for a new embassy.
Sheikh Abdullah visited Baghdad in June and announced the Government's decision to re-establish a diplomatic mission in Iraq. The UAE withdrew its most senior diplomat, a chargé d'affaires, from Baghdad in May 2006 after another diplomat was kidnapped by gunmen and held for two weeks. The visit "is a significant step towards developing relations with the UAE, particularly in political, economic and commercial fields", Mr Maliki said.
The trip makes Sheikh Mohammed the most senior GCC leader to visit the country since Saddam Hussein's regime was toppled in 2003. The visit lasted several hours and included talks with Iraqi parliamentarians and officials, as well as the prime minister. Several countries have shown open support for Mr Maliki's government in recent months. Ahmed Aboul Gheit, the Egyptian foreign minister, arrived in Baghdad on Sunday, promising to reopen an embassy soon. He was the first Egyptian foreign minister to visit the country for 18 years. Other high-profile visitors have included King Abdullah of Jordan and Lebanon's prime minister, Fouad Siniora, who both went in August.
Iraqi leaders anticipate that the relative decline in violence over the past 18 months will encourage other Arab states to re-establish diplomatic ties with the country. The UAE is one of the biggest contributors to aid in Iraq and in July wrote off the country's debts to the Emirates, which totalled nearly US$7 billion (Dh25.7bn). lmorris@thenational.ae
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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
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Changing visa rules
For decades the UAE has granted two and three year visas to foreign workers, tied to their current employer. Now that's changing.
Last year, the UAE cabinet also approved providing 10-year visas to foreigners with investments in the UAE of at least Dh10 million, if non-real estate assets account for at least 60 per cent of the total. Investors can bring their spouses and children into the country.
It also approved five-year residency to owners of UAE real estate worth at least 5 million dirhams.
The government also said that leading academics, medical doctors, scientists, engineers and star students would be eligible for similar long-term visas, without the need for financial investments in the country.
The first batch - 20 finalists for the Mohammed bin Rashid Medal for Scientific Distinction.- were awarded in January and more are expected to follow.
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