Senior officials from France, Germany and the UK visited GCC countries this week to discuss Iran before the inauguration of US president-elect Joe Biden.
Mr Biden's policy towards Iran is expected to differ significantly from his predecessor, Donald Trump.
Iran has repeatedly breached the 2015 nuclear deal it signed with world powers to limit its nuclear ambitions, and its relations with the US have deteriorated dramatically.
Iran began breaking the deal in 2019 after Mr Trump withdrew the US from it in 2018 and renewed heavy economic sanctions.
The three major European powers have consistently urged Iran to return to the 2015 accord, but to no avail.
They have also called on Iran not to squander the chance of diplomacy with a US administration that is more likely to engage with it.
“Good E3 consultations with our Saudi partners on how to deal with shared challenges in the region, including tackling Iran’s systematic non-compliance with its nuclear commitments,” said the UK’s ambassador to Saudi Arabia, Neil Crompton.
Mr Biden’s administration has indicated that it wants to return the US to the nuclear deal, something Tehran also says it will do if sanctions are lifted.
A key criticism from some was that the deal was not strong enough, while others say the talks leading up to the pact failed to consistently involve GCC countries such as the UAE and Saudi Arabia.
Dr Cinzia Bianco, a visiting fellow at the European Council on Foreign Relations, said the visit of the German, British and French officials was from a desire to take into account the concerns of GCC countries to find a more sustainable solution to tension with Iran, and to address the nuclear deal's limits.
"The sense of this visit is to show that there is the willingness to engage the regional players in the debate and the plans for diplomacy with Iran," Dr Bianco told The National.
She said that no one wanted a military escalation in the region, especially given the economic and health issues from the Covid-19 pandemic.
“Everyone is now in a position that it’s interesting to explore avenues for stability in a way that is sustainable,” Dr Bianco said.
Foreign ministers from the three countries warned Iran, after its latest breach of the deal, that it could compromise the chance for diplomacy with the Biden administration.
They find themselves in a delicate situation, often in the middle of highly contrasting views about how to deal with Iran.
“It is a difficult balancing act, but also there is a very consistent line that has been building up and establishing itself in Europe, which is very pragmatic and is also very results-oriented in a way that I think helps a lot to navigate the different pressures and the different positions,” Dr Bianco said.
Even in the last days of its tenure, Mr Trump’s administration has refused to back down from its pressure campaign on Tehran and has sanctioned entities and people related to Iran.
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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MATCH INFO
Barcelona v Real Madrid, 11pm UAE
Match is on BeIN Sports
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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 Two Popes
Director: Fernando Meirelles
Stars: Anthony Hopkins, Jonathan Pryce
Four out of five stars
Difference between fractional ownership and timeshare
Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.
MATCH INFO
Quarter-finals
Saturday (all times UAE)
England v Australia, 11.15am
New Zealand v Ireland, 2.15pm
Sunday
Wales v France, 11.15am
Japan v South Africa, 2.15pm
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
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England's all-time record goalscorers:
Wayne Rooney 53
Bobby Charlton 49
Gary Lineker 48
Jimmy Greaves 44
Michael Owen 40
Tom Finney 30
Nat Lofthouse 30
Alan Shearer 30
Viv Woodward 29
Frank Lampard 29
MATCH INFO
Mainz 0
RB Leipzig 5 (Werner 11', 48', 75', Poulsen 23', Sabitzer 36')
Man of the Match: Timo Werner (RB Leipzig)