Ukraine and Switzerland will host about 120 national security advisers in the Swiss ski resort town of Davos, Switzerland's Foreign Affairs Department said, the latest in a series of meetings to help push forward Ukrainian President Volodymyr Zelenskyy's formula for an end to Russia's war on his country.
Andriy Yermak, the Ukrainian president’s chief of staff, and Swiss Foreign Minister Ignazio Cassis are hosting Sunday's conference.
The advisers' meeting, which takes place in the run-up to the World Economic Forum beginning the following day, is the fourth of its kind and the biggest yet following gatherings in Copenhagen, Jeddah and most recently in Malta in October.
Mr Zelenskyy is set to attend the World Economic Forum's annual meeting which begins on Tuesday.
He will try to keep international attention on Ukraine's defence at a time of waning support for Kyiv in the West and the Israel-Gaza conflict in the Middle East.
He will speak in person at the forum, according to the WEF's agenda.
Officials had hoped the meeting in Malta would lead to the setting of a date for a global peace summit to build a coalition of support for Ukraine's 10-point peace plan, drafted by Mr Zelenskyy in December 2022.
However, the meeting concluded with a joint statement referring to the participants' commitment to just and lasting peace.
A senior Kyiv official told Reuters in November that a summit to begin implementing the plan “might” take place in February 2024, but Ukraine fears war in Gaza is making it harder to win over diplomatic support for its blueprint for peace.
Mr Zelenskyy has prepared a 10-point peace formula that, among other things, seeks the expulsion of all Russian forces from Ukraine at a time when both sides are fighting along a roughly 1,500-kilometre front line.
It includes calls for the restoration of Ukraine's territorial integrity, protection of food and energy supplies, nuclear safety and the release of all prisoners of war.
The peace formula talks do not involve Russia, which invaded Ukraine in February 2022 and has occupied nearly a fifth of the country.
Russia has rejected the peace formula, saying it would be impossible to implement.
Russian forces have recently stepped up missile and drone attacks that have stretched Ukraine’s air defences, leaving Kyiv looking for further weapons supplies and additional funding.
“The war is far from over and peace is still nowhere in sight,” the Swiss Department of Foreign Affairs said in a preview to Sunday's talks.
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
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
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
