LUXEMBOURG // France wants a robust nuclear agreement with Iran that must include a strong verification mechanism to check Tehran’s compliance with any deal, French foreign minister Laurent Fabius said on Monday.
Mr Fabius spoke after meeting Iranian foreign minister Mohammad Javad Zarif, who was in Luxembourg for talks with European ministers before negotiators head to Vienna this week for what could be the final stage of talks on Iran’s nuclear programme.
Iran and six world powers are nearing a June 30 deadline to clinch a deal to restrict Iran’s nuclear programme for at least a decade in exchange for relief from sanctions.
Before the meeting, Mr Zarif said it was worth missing the deadline by a few days in order to get a good agreement. France has been more hawkish than some of the six powers.
“France wants an agreement, but a strong agreement, not a bad agreement,” Mr Fabius said after an hour of talks with Mr Zarif.
Such an accord would include a time limit on Iran’s nuclear research and production capabilities and an advanced regime to verify Iran’s compliance with the agreement, including “if necessary” at military sites, he said.
It should also include the automatic return of sanctions if Iran violates its commitments, Mr Fabius said.
“All that is important both for regional security and for action against nuclear proliferation,” he said.
German foreign minister Frank-Walter Steinmeier said the talks were entering a “very decisive period”.
“But we’re not at the endpoint. The basic points need to be translated into a comprehensive negotiating text and that’s not easy as negotiating in detail has created a few hindrances,” he said.
Iranian news agencies quoted Mr Zarif as saying it was worth missing the June 30 deadline by a few days to get a good deal.
“Political and technical differences remain,” Mr Zarif said before the meeting. “We’ve always tried to channel all our efforts into finalising a deal at the first possible opportunity, but it’s more important that we reach a good agreement.”
Earlier, British foreign secretary Philip Hammond also suggested the talks might go on beyond the deadline.
“There will need to be some more flexibility shown by our Iranian partners if we are going to reach a deal, but, look, this is a negotiation, we always expected it would go right to the line and maybe beyond the line,” Hammond said.
“So I think the serious negotiations are now getting under way and over the next week or so I hope we will start to see some real progress,” he said.
Asked if it would matter if the June 30 deadline slipped by a few days, he said: “Let’s see where we get to. We are pushing hard to get there.”
* Reuters and Bloomberg
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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
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MOUNTAINHEAD REVIEW
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Director: Jesse Armstrong
Rating: 3.5/5
Moral education needed in a 'rapidly changing world'
Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.
Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.
"Moral education touches on every aspect and subject that children engage in.
"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.
"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
