Timeline: Gulf shipping incidents involving Iran

May 12

Four commercial tankers are attacked in the Gulf of Oman. Two Saudi, a Norwegian and an Emirati-registered ship involved in the incident that the US quickly blamed on Iran. Tehran denied involvement and an international investigation is quickly launched.

June 13

The Japanese Kokuka Courageous and the Norwegian Front Altair damaged by limpet mines. The US again blames Iran and releases footage they say shows Iran guards removing an object from the side of one of the ships after the initial blasts.

June 17

The US says Iran shot down a Reaper drone during Gulf of Oman incident.

July 4

British marines seize Iranian Panama-flagged Grace 1 off Gibraltar saying the vessel was transporting oil to Syria in contravention of EU sanctions. Iran demands the return of the ship and warns of repercussions for the action.

July 11

A British naval frigate warned off three Iranian vessels after they attempted to stop and divert an oil tanker from its passage through the Strait of Hormuz.

July 13

Panama flagged Riah shuts off tracking systems and goes dark. Last seen heading towards Iranian waters from Strait of Hormuz.

July 16

US military general says concerned that Iran has seized the Riah. Meanwhile, UAE officials say the ship is neither owned nor operated by the UAE and has no Emirati nationals aboard. UAE officials add that they received no distress signal when the ship went missing.

July 17

Iran says it has towed the Riah to Iran for repairs after receiving a distress signal.

July 19

Hours after the US say they shot down an Iranian drone over the Strait of Hormuz, Iran Revolutionary Guards seize Swedish owned, British flagged tanker Stena Impero.

July 20

The UK demands the return of Stena Impero and British Foreign Minister Jeremy Hunt speaks to Iranian Foreign Minister Mohammad Javad Zarif to express disappointment at the move after Iran said they wanted to de-escalate the situation.

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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Rating: 2/5

How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.