Ireland's newly elected Taoiseach Leo Varadkar leaves parliament after being elected to lead the country by lawmakers. PA
Ireland's newly elected Taoiseach Leo Varadkar leaves parliament after being elected to lead the country by lawmakers. PA
Ireland's newly elected Taoiseach Leo Varadkar leaves parliament after being elected to lead the country by lawmakers. PA
Ireland's newly elected Taoiseach Leo Varadkar leaves parliament after being elected to lead the country by lawmakers. PA

Ireland's Leo Varadkar becomes premier for second time


Neil Murphy
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Ireland's Leo Varadkar on Saturday took over as prime minister for the second time, a handover of power in line with a coalition deal struck in 2020.

Mr Varadkar replaced Micheal Martin as Taoiseach (premier) in a rotation between his Fine Gael and Martin's Fianna Fail parties.

The centre-right parties, the two main political partners in a three-party governing coalition, were forged from opposing sides in the Irish Civil War in the early 20th century.

They agreed to the rotating premiership as part of a coalition with Ireland's Greens following 2020 elections.

Mr Varadkar, a former doctor who is the son of an Indian immigrant, is stepping up from deputy premier. Even in his second stint in the role, at 43 he is still one of Ireland's youngest-ever leaders.

Speaking at a special sitting of the Irish parliament in Dublin, Mr Varadkar paid tribute to his predecessor Mr Martin, who he said had provided "reassurance and hope in difficult times".

He added: "I accept this nomination with humility and resolve and a burning desire... to provide new hope and new opportunities for all our citizens."

Mr Varadkar gained the support of 87 members of parliament in a vote on Saturday, while 62 voted against.

After the result, UK Prime Minister Rishi Sunak tweeted his congratulations to Mr Varadkar.

The 1998 Good Friday agreement of 1998 ended three decades of sectarian conflict in Northern Ireland that left more than 3,500 dead.

In a video posted on social media, Mr Martin earlier said it had been "the honour of a lifetime to serve" as Taoiseach.

Mr Varadkar was born in Dublin to an Irish mother who worked as a nurse and an Indian immigrant father who was a qualified doctor.

After gaining a medical degree from Trinity College Dublin, he went into general practice but stayed involved in politics, and in 2007 secured election for Fine Gael in Dublin West.

His tenure as Taoiseach was overshadowed by Brexit and the pandemic, during which he re-registered as a doctor and returned to work once a week while continuing to lead the country.

The bio:

Favourite film:

Declan: It was The Commitments but now it’s Bohemian Rhapsody.

Heidi: The Long Kiss Goodnight.

Favourite holiday destination:

Declan: Las Vegas but I also love getting home to Ireland and seeing everyone back home.

Heidi: Australia but my dream destination would be to go to Cuba.

Favourite pastime:

Declan: I love brunching and socializing. Just basically having the craic.

Heidi: Paddleboarding and swimming.

Personal motto:

Declan: Take chances.

Heidi: Live, love, laugh and have no regrets.

 

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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Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia

The world fair will run for six months from October 20, 2020 to April 10, 2021.

It is expected to attract 25 million visits

Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.

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Updated: December 18, 2022, 3:53 AM