Pfizer and its partner BioNTech have applied for emergency authorisation of their coronavirus vaccine in Europe.
The application to the European Medicines Agency (EMA) comes after emergency use was also sought in the US and Britain.
In their pursuit of a European launch, potentially this year, the partners are neck and neck with rival Moderna, which also said on Monday it would ask the EU regulator to recommend conditional approval for its shot.
Pfizer and BioNTech reported in mid-November that their vaccine candidate was 95 per cent effective in preventing coronavirus, with no major safety concerns.
It raises the prospect of US and European approval within weeks.
BioNTech can start shipping the first doses “within hours” after clearance, the company said.
If the EMA concludes that the benefits of the Pfizer-BioNTech shot outweigh the risks, it will recommend granting a conditional clearance that could enable the shot to be rolled out in Europe before the end of the year, the companies said.
The partners have signed deals to deliver hundreds of millions of doses of the vaccine, including an agreement with the EU for 200 million doses, with an option for an additional 100 million.
The UK, which is poised to become the first country to approve the vaccine, ordered 40 million doses.
Approval could be granted as soon as December 7, with an inoculation programme introduced within hours of authorisation.
The US could follow days later with emergency approval granted between December 8 and December 10.
The British regulator is also carrying out safety checks on the Moderna and University of Oxford/AstraZeneca vaccines, but approval for those is expected to come after the Pfizer shot is approved.
The Moderna and Pfizer/BioNTech vaccines are both based on a new technology that uses mRNA (messenger ribonucleic acid) to deliver genetic material to the body that makes human cells create a protein from the virus.
This trains the immune system to be ready to attack if it encounters coronavirus.
But Moderna's vaccine can be kept in long term storage at -20 degrees, while Pfizer's requires -70 degrees.
Meanwhile, new research suggests more than half of Britons worry that countries may be rushing or bypassing processes in order to lead the vaccine race.
The survey of 8,000 people, carried out by polling company Piplsay, also found 73 per cent of Britons backed the Oxford vaccine and were optimistic about its success.
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
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Five personal finance podcasts from The National
To help you get started, tune into these Pocketful of Dirham episodes
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Balance is essential to happiness, health and wealth
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What is a portfolio stress test?
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What are NFTs and why are auction houses interested?
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How gamers are getting rich by earning cryptocurrencies
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Should you buy or rent a home in the UAE?
