A banner and ribbons supporting the reunification of North and South Korea at Imjingak Pavilion, Paju, near the border between them. AP
A banner and ribbons supporting the reunification of North and South Korea at Imjingak Pavilion, Paju, near the border between them. AP
A banner and ribbons supporting the reunification of North and South Korea at Imjingak Pavilion, Paju, near the border between them. AP
A banner and ribbons supporting the reunification of North and South Korea at Imjingak Pavilion, Paju, near the border between them. AP

North Korea 'willing to consider peace summit with the South'


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North Korea is willing to consider another summit with South Korea if mutual respect between the neighbours can be assured, state news agency KCNA said on Saturday, citing Kim Yo Jong, the sister of the North Korean leader Kim Jong-un.

South Korea welcomed the prospect on Sunday, Reuters reported. The Unification Ministry said it expected to swiftly engage in talks with Pyongyang, while urging the need to restore a hotline link between the two.

Ms Kim's comment came after the North urged the US and South Korea last week to abandon what it called their hostile policy and double standards, if formal talks are to be held on ending the 1950-53 Korean War.

North Korea's pursuit of nuclear weapons has complicated the question of a formal end to the war, which halted with an armistice, rather than a peace treaty, leaving US-led UN forces technically still at war with the North.

“I think that only when impartiality and the attitude of respecting each other are maintained, can there be a smooth understanding between the North and the South,” said Ms Kim, a confidante of her brother.

Constructive discussions offer a chance for solutions on issues such as “the re-establishment of the North-South joint liaison office and the North-South summit, to say nothing of the timely declaration of the significant termination of the war”, Ms Kim said.

Speaking on Tuesday to the UNGA, South Korean President Moon Jae-in repeated a call for a formal end to the war, but later said time was running out for such progress before his term ends in May.

North Korea has sought an end to the war for decades, but the US has been reluctant to agree, unless it gives up nuclear weapons.

In Saturday's remarks, Ms Kim said she noted with interest the intense discussion in South Korea over the renewed prospect of a formal declaration.

“I felt that the atmosphere of the South Korean public desiring to recover the inter-Korean relations from a deadlock and achieve peaceful stability as soon as possible is irresistibly strong,” she said. “We, too, have the same desire.”

On Sunday, responding to the remarks, Seoul's unification ministry said in a statement, “For these discussions, the inter-Korean communication line must first be restored swiftly, as smooth and stable communication is important.”

  • North Korean leader Kim Jong-un celebrating the test-firing of a 'newly developed super-large multiple rocket launcher' at an undisclosed location. AFP
    North Korean leader Kim Jong-un celebrating the test-firing of a 'newly developed super-large multiple rocket launcher' at an undisclosed location. AFP
  • A uranium enrichment plant at North Korea's main Yongbyon nuclear complex. AP
    A uranium enrichment plant at North Korea's main Yongbyon nuclear complex. AP
  • A test missile is launched from a train in an undisclosed location of North Korea. AP
    A test missile is launched from a train in an undisclosed location of North Korea. AP
  • People in Seoul, South Korea, watch a news report on North Korea firing what appears to be a pair of ballistic missiles off its east coast. Reuters
    People in Seoul, South Korea, watch a news report on North Korea firing what appears to be a pair of ballistic missiles off its east coast. Reuters
  • A map detailing North Korea's missile launch towards the Sea of Japan, part of a news broadcast at Akihabara, Tokyo. AFP
    A map detailing North Korea's missile launch towards the Sea of Japan, part of a news broadcast at Akihabara, Tokyo. AFP
  • Kim Jong-un attending a military parade to mark the 70th anniversary of the Korean People's Army at Kim Il-sung Square in Pyongyang. AFP
    Kim Jong-un attending a military parade to mark the 70th anniversary of the Korean People's Army at Kim Il-sung Square in Pyongyang. AFP
  • Kim Jong-un is all smiles as he watches the military parade in the North Korean capital Pyongyang. AFP
    Kim Jong-un is all smiles as he watches the military parade in the North Korean capital Pyongyang. AFP
  • What appears to be submarine-launched ballistic missiles are displayed, marking the eighth Congress of the Workers' Party of Korea (WPK) in Pyongyang. AFP
    What appears to be submarine-launched ballistic missiles are displayed, marking the eighth Congress of the Workers' Party of Korea (WPK) in Pyongyang. AFP
  • Hwasong-12 ballistic at Kim Il-sung Square, Pyongyang. AFP
    Hwasong-12 ballistic at Kim Il-sung Square, Pyongyang. AFP

The hotline, maintained by South Korea's military to handle relations with Pyongyang, has not operated since August, as North Korea stopped answering calls.

Talks with the US have been stalled since 2019, when expectations had grown for a declaration on ending the war, even if not with an actual treaty, before a historic summit of former US president Donald Trump and Mr Kim in Singapore.

But that possibility, and the momentum the leaders generated over three meetings, came to nothing.

In his own UN speech, US President Joe Biden said he wanted “sustained diplomacy” to resolve the crisis over North Korea's nuclear and missile programmes.

North Korea has rejected US overtures on dialogue and the head of the UN atomic watchdog said this week its nuclear programme was going “full steam.”

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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. 

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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. 

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Updated: September 26, 2021, 12:02 PM