Key players locked in talks over reviving the 2015 nuclear deal signalled that progress had been made towards ending the standoff between Iran and the US.
After days of intensive talks in the Austrian capital Vienna, Iran’s lead negotiator said discussions were on the right track, echoing a cautious sense of optimism among the EU and other signatories that an agreement could be reached.
Iran’s Deputy Foreign Minister Abbas Araghchi spoke of a “new understanding”, but said the path to a breakthrough would still be difficult.
"Too soon to predict the result," he said in a tweet on Saturday night. "Expert groups continue their hard work of clarifying important questions."
His comments injected a sense of impetus into a process that had been stalled by an attack on an Iranian nuclear plant that Iran blamed on Israel. Tehran responded by enriching uranium at levels nearer to weapons grade.
US President Joe Biden criticised that move but said it would not derail the talks – a further sign of progress in returning to an agreement struck in 2015 by former president Barack Obama.
The deal lifted sanctions on the Iranian economy in return for restrictions on Iran’s nuclear programme.
Mr Biden's predecessor Donald Trump pulled out of the deal in 2018 and embarked on a strategy of “maximum pressure” through sanctions and military action, leading to a decline in already frosty relations between the two countries.
From 2019, Iran responded to the US withdrawal by gradually increasing its atomic activity, reneging on its commitment to keep enrichment to 3.67 per cent.
The International Atomic Energy Agency confirmed on Saturday that Iran has started the process of enriching uranium to 60 per cent, a step closer to weapons grade of 80 to 90 per cent.
Iran insists that the uranium will be used for medical purposes only.
Mr Biden has pledged to return the US to the 2015 accord, but the administration is reluctant to remove sanctions all at once, something Iran insists Washington must do.
Enrique Mora, who is leading the talks on behalf of the EU, said it was key that all the parties were committed to seeing the US rejoin the accord and that it was fully implemented by both sides.
He said more detailed work was needed.
“Progress has been made in a far from easy task,” he said.
The EU, Russia and China continued to cajole the Iran and the US to revive the deal.
Mikhail Ulyanov, Russia's envoy to the International Atomic Energy Agency, said the countries would continue working into next week as they agreed to "not waste time" and reach a successful outcome "as soon as possible".
Roger Federer's 2018 record
Australian Open Champion
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Miami Second round
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Halle Runner-up
Wimbledon Quarter-finals
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US Open Fourth round
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Basel Champion
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Australia 580
Pakistan 240 and 335
Result: Australia win by an innings and five runs
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Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
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
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
