France's ongoing protests are having a catastrophic impact on the economy, the country's finance minister has said.
The ‘yellow vest’ protests, named for the high-visibility tops worn by demonstrators, were initially sparked by proposed fuel tax hikes, but have since morphed into a larger movement encompassing a variety of grievances against Emmanuel Macron’s government.
This weekend’s protests were the largest yet, with an estimated 125,000 people taking to the streets. French police made over 1700 arrests, and although there were fewer injuries than last week, more property was damaged, Paris’ deputy mayor said on Sunday.
"There was much more dispersion, so many more places were impacted," Emmanuel Gregoire told France Inter radio. "There was much more damage yesterday than there was a week ago."
Saturday’s protests saw the Eiffel Tower, Louvre Museum and countless businesses and restaurants close to visitors in anticipation of violence. Although the precise cost of the protests to the French economy cannot yet be quantified, the French retail federation estimates retailers alone have lost around 1 billion euros (Dh4 billion) since the protests began.
Touring shops and businesses affected by the riots on Sunday, French finance minister Bruno Le Maire said the current state of affairs was “a crisis” for the country.
"It's a catastrophe for commerce, it's a catastrophe for our economy," he said.
As photos and video showing billowing smoke, violent altercations between the police and protesters and smashed windows were beamed across the world, world leaders began to weigh in.
US president Donald Trump shared his opinion that the protests showed that France should pull out of the Paris Climate accords, calling the non-binding agreement “ridiculous and extremely expensive”.
The French government swiftly responded. "We do not take domestic American politics into account and we want that to be reciprocated," Foreign Minister Jean-Yves Le Drian told LCI television channel.
"I say this to Donald Trump and the French president says it too: leave our nation be."
He added that Mr Macron was keen to have dialogue with the demonstrators and would offer solutions in an address to the people scheduled for next week.
"I think his remarks will be strong enough for the movement to halt, or at least for the hooligans to be put off," he said.
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Generation Start-up: Awok company profile
Started: 2013
Founder: Ulugbek Yuldashev
Sector: e-commerce
Size: 600 plus
Stage: still in talks with VCs
Principal Investors: self-financed by founder
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
Company%20profile
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Tips for entertaining with ease
· Set the table the night before. It’s a small job but it will make you feel more organised once done.
· As the host, your mood sets the tone. If people arrive to find you red-faced and harried, they’re not going to relax until you do. Take a deep breath and try to exude calm energy.
· Guests tend to turn up thirsty. Fill a big jug with iced water and lemon or lime slices and encourage people to help themselves.
· Have some background music on to help create a bit of ambience and fill any initial lulls in conversations.
· The meal certainly doesn’t need to be ready the moment your guests step through the door, but if there’s a nibble or two that can be passed around it will ward off hunger pangs and buy you a bit more time in the kitchen.
· You absolutely don’t have to make every element of the brunch from scratch. Take inspiration from our ideas for ready-made extras and by all means pick up a store-bought dessert.
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