Russian President Vladimir Putin on Wednesday urged world co-operation on the coronavirus crisis and said institutions must be strengthened to avoid anarchy and conflict.
Addressing an online meeting of the World Economic Forum, Mr Putin said the crisis was likely to drag on until people receive adequate protection from the virus.
Mr Putin said the era of a ‘unipolar’ world was over and that a multilateral approach to diplomacy was needed.
“Monopoly was always contrary to cultural and historical diversity of our civilisation”, he said. “The reality is that there are truly different centres of development in the world, with their own distinctive models or political systems.
“Today, it is extremely important to create mechanisms for co-ordinating interests so that the diversity and the natural competition between the poles of development does not turn into anarchy and multiple protracted conflicts.
“We have to strengthen and develop the universal institutions whose responsibility is to ensure global stability and enforce rules on the world’s economy and trade.
“These institutions were created during a different era and are facing today’s challenges. It is not an easy task for them.”
The Russian leader also said the current economic crisis was leading to greater inequality and social tensions, with nearly 500 million job losses around the world. Surging debt levels among many nations were also a concern, he said.
Mr Putin questioned the growing power of US social media companies, saying their influence meant they now competed with governments. Their monopoly position may not coincide with society's interests, he said.
"These are not just economic giants, in some areas they are already de facto competing with states," Mr Putin said.
Mr Putin said a deal with Washington to extend a nuclear pact by five years was a "step in the right direction" in reducing global tensions.
Putin hailed the deal to extend the New Start treaty, announced after a call on Tuesday with US President Joe Biden, but said the global situation could still "develop unpredictably and uncontrollably if we sit on our hands".
The New Start treaty will expire on February 5.
After taking office last week, Mr Biden proposed extending the treaty for five years, and the Kremlin quickly welcomed the offer.
The treaty, signed in 2010 by former US president Barack Obama and Russian counterpart Dmitry Medvedev, limits each country to no more than 1,550 deployed nuclear warheads and 700 deployed missiles and bombers.
Mr Biden indicated during his election campaign that he favoured the preservation of the New Start treaty, which was negotiated during his tenure as vice president.
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Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Also on December 7 to 9, the third edition of the Gulf Car Festival (www.gulfcarfestival.com) will take over Dubai Festival City Mall, a new venue for the event. Last year's festival brought together about 900 cars worth more than Dh300 million from across the Emirates and wider Gulf region – and that first figure is set to swell by several hundred this time around, with between 1,000 and 1,200 cars expected. The first day is themed around American muscle; the second centres on supercars, exotics, European cars and classics; and the final day will major in JDM (Japanese domestic market) cars, tuned vehicles and trucks. Individuals and car clubs can register their vehicles, although the festival isn’t all static displays, with stunt drifting, a rev battle, car pulls and a burnout competition.
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
Specs
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The specs
Engine: 3.0-litre six-cylinder turbo
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Transmission: Eight-speed auto
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What is 'Soft Power'?
Soft power was first mentioned in 1990 by former US Defence Secretary Joseph Nye.
He believed that there were alternative ways of cultivating support from other countries, instead of achieving goals using military strength.
Soft power is, at its root, the ability to convince other states to do what you want without force.
This is traditionally achieved by proving that you share morals and values.
