Talks in Vienna over a resurrection of the 2015 Iran nuclear deal resumed on Tuesday, but while some officials have voiced cautious optimism that a deal may be in sight, the US has warned that time is running out.
The eighth round of EU-convened negotiations between China, France, Germany, Iran, Russia, the UK and, indirectly, the US, paused last month as envoys returned to their capitals for consultations.
Both Iran and the US say there have been signs of progress, but each side has put the onus on the other to deliver. In a conciliatory move last week, the US announced it was waiving sanctions on Iran’s civil nuclear programme.
Former US president Donald Trump unilaterally withdrew his country from the 2015 deal in 2018 and reimposed heavy sanctions on Iran, after which Tehran stepped up its nuclear activities.
In what was interpreted as a gesture to the final phase of talks, Washington earlier this week restored sanctions waivers for Iran that would allow international nuclear co-operation projects.
It remains to be seen if that will be enough to shift Iran on its position that all sanctions must go. Mark Fitzpatrick, an associate fellow at the International Institute for Strategic Studies and former acting deputy assistant secretary for non-proliferation at the US State Department, said the issue of all the Trump-era sanctions being removed remains a sticking point.
“I see little sign that Iran is ready to make the kind of compromises that would be necessary for a deal. It will need to adjust its demands for 'all' Trump-era sanctions to be removed, for there to be guarantees no future president would again abandon the deal, and for lifting of US sanctions to be verified before Iran returns to the deal,” he told The National.
The European Union's foreign policy chief Josep Borrell said on Tuesday that: "There is a US offer, there is a counter-offer. I don't if know it's going to be one week, two weeks, three weeks, but certainly we are in the last steps of the negotiation."
Mr Borrell, who was speaking during a visit to Washington, said reaching agreement on the lifting of sanctions and the rollback of Iran's nuclear activities was "the most important problem" but that he was hopeful of a breakthrough "because both sides have been showing willingness."
The 2015 deal gave Iran sanctions relief in return for curbs on its nuclear programme, which Tehran insists is for peaceful purposes.
A key issue is that some of the sanctions imposed by Mr Trump are related to terrorism and human rights, not Iran's nuclear programme.
The administration of Joe Biden, Mr Trump’s successor, has signalled that it wants a return to the deal, but says that time is running out.
Sanam Vakil, a senior research fellow at Chatham House, wrote last month that “while Iran has demanded that all Trump-era sanctions are lifted” the Biden administration is unlikely to lift non-nuclear sanctions.
“If Iran does not make the necessary compromises in the next couple of weeks, then I think the US will decide there is no point in prolonging the negotiations and will instead look to other means to try to restrict Iran's enrichment capabilities," said Mr Fitzpatrick.
“If, however, Iran does show readiness to compromise and a deal is 'nearly there,' then the deadline for finishing the talks will be more elastic, and could last beyond two weeks,” he added.
Washington has sought direct negotiations with Tehran in the current stretch, but said talks remain indirect at Iran's request.
“A deal that addresses all sides' core concerns is in sight, but if it is not reached in the coming weeks, Iran's ongoing nuclear advances will make it impossible for us to return [to the accord]", a US State Department spokesman said on Monday.
Iranian foreign ministry spokesman Saeed Khatibzadeh said that answers that “the US brings … to Vienna will determine when we can reach an agreement”.
“We have made significant progress in various areas of the Vienna negotiations,” Mr Khatibzadeh said. The areas include guarantees sought by Iran that the US would not breach the deal once again, he said.
German Chancellor Olaf Scholz described it as “the decisive moment” for the talks.
“We gave them a clear message that now this is the time for decisions and for progress, and not for prolonging the process,” he told The Washington Post. “We hope that they will use the chance.”
“We are five minutes away from the finish line,” Russian negotiator Mikhail Ulyanov said in an interview with Russian newspaper Kommersant.
“A draft of the final document has been crafted. There are several points there that need more work, but that document is already on the table.”
Twenty-Six US Senators, including Ted Cruz, have written to Mr Biden and demanded that their voices be heard at the Vienna negotiations. Mr Cruz and other Republican Senators criticised the original 2015 deal for not being tough enough on Iran.
Killing of Qassem Suleimani
The drill
Recharge as needed, says Mat Dryden: “We try to make it a rule that every two to three months, even if it’s for four days, we get away, get some time together, recharge, refresh.” The couple take an hour a day to check into their businesses and that’s it.
Stick to the schedule, says Mike Addo: “We have an entire wall known as ‘The Lab,’ covered with colour-coded Post-it notes dedicated to our joint weekly planner, content board, marketing strategy, trends, ideas and upcoming meetings.”
Be a team, suggests Addo: “When training together, you have to trust in each other’s abilities. Otherwise working out together very quickly becomes one person training the other.”
Pull your weight, says Thuymi Do: “To do what we do, there definitely can be no lazy member of the team.”
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
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Engine: twin-turbocharged 3.5-liter V6
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FIGHT CARD
1. Featherweight 66kg
Ben Lucas (AUS) v Ibrahim Kendil (EGY)
2. Lightweight 70kg
Mohammed Kareem Aljnan (SYR) v Alphonse Besala (CMR)
3. Welterweight 77kg
Marcos Costa (BRA) v Abdelhakim Wahid (MAR)
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Yousef Al Husani (UAE) v Mohamed Allam (EGY)
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Mostafa Radi (PAL) v Abdipatta Abdizhali (KGZ)
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Jaures Dea (CMR) v Andre Pinheiro (BRA)
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Tarek Suleiman (SYR) v Juscelino Ferreira (BRA)
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The UN General Assembly President in quotes:
YEMEN: “The developments we have seen are promising. We really hope that the parties are going to respect the agreed ceasefire. I think that the sense of really having the political will to have a peace process is vital. There is a little bit of hope and the role that the UN has played is very important.”
PALESTINE: “There is no easy fix. We need to find the political will and comply with the resolutions that we have agreed upon.”
OMAN: “It is a very important country in our system. They have a very important role to play in terms of the balance and peace process of that particular part of the world, in that their position is neutral. That is why it is very important to have a dialogue with the Omani authorities.”
REFORM OF THE SECURITY COUNCIL: “This is complicated and it requires time. It is dependent on the effort that members want to put into the process. It is a process that has been going on for 25 years. That process is slow but the issue is huge. I really hope we will see some progress during my tenure.”
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New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
COMPANY PROFILE
Company name: BorrowMe (BorrowMe.com)
Date started: August 2021
Founder: Nour Sabri
Based: Dubai, UAE
Sector: E-commerce / Marketplace
Size: Two employees
Funding stage: Seed investment
Initial investment: $200,000
Investors: Amr Manaa (director, PwC Middle East)
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