Egypt and Jordan co-ordinate before Biden inauguration

Egyptian President Abdel Fattah El Sisi and Jordan’s King Abdullah II discussed regional developments in Amman on Monday, state media said.

The two leaders are seeking foreign policy co-ordination before US president-elect Joe Biden takes office in Washington this week.

The two men had “expanded talks” at a royal palace on the outskirts of Amman about bilateral ties and “regional issues of mutual concern”, the official Egyptian media said.

The two have praised the normalisation of relations last year between some Arab states and Israel, despite Palestinian objections.

They have also responded to gestures by Iraqi Prime Minister Mustafa Al Kadhimi for a rapprochement since he took office in May.

There have been regular meetings between the Baghdad, Cairo and Amman governments.

Energy and economic deals with Iraq have been partly revived, despite Egyptian and Jordanian concerns about Iran’s influence over its neighbour.

Mr Al Kadhimi is a former intelligence chief supported by the US.

King Abdullah and Mr El Sisi talked about “expanding mechanisms for Jordanian-Egyptian-Iraqi co-operation”, the official Jordanian news agency said.

Jordanian King Abdullah II and Crown Prince Hussein meeting Egypt's President Abdel Fattah El Sisi in the capital Amman. AFP

The two welcomed this month’s Gulf Co-operation Council summit in Saudi Arabia as boosting Arab unity, the agency said.

The summit capped reconciliation between Qatar and three Gulf states, along with Egypt.

The king received Mr El Sisi at the Marka military airport. Both countries are allied with Washington and are large recipients of US aid.

Jordanian officials have made it clear that they are looking forward to the Biden administration after four years of what they regard as an overly ideological foreign policy under Mr Trump, which was tilted sharply towards Israel.

Mr Biden will be inaugurated on January 20.

Although containing the coronavirus in the US is expected to be the primary concern, he is likely to continue a tradition of meeting an Arab leader early in his term.

Jordan and Egypt are the only two Arab countries that have formal peace treaties with Israel.

They joined Germany and France last week in sending a thinly veiled message to Mr Biden.

The foreign ministers of the four countries said they were ready to work with Washington to “advance the Middle East peace process towards a just, comprehensive and lasting peace”.

Of more immediate concern to Jordan and Egypt has been internal Palestinian political problems.

The West Bank, controlled by the Palestinian Authority, was under Jordanian administration before 1967. Egypt has also long-standing ties to the Hamas-ruled Gaza.

Both countries are keen not to see an expansion of Hamas, especially after Palestinian President Mahmoud Abbas last week scheduled elections. They would be the first polls in 15 years.

Mr Abbas in Ramallah last week met Egyptian intelligence chief Abbas Kamel and Jordan’s intelligence chief, Ahmad Hassani.

Arab media said the three men discussed the Palestinian elections. Polls are scheduled for May 22 and August 31, and a presidential vote on July 31.

The scheduling of elections followed months of talks between Mr Abbas's representatives and the Iranian-backed Hamas.

Hamas has controlled Gaza since defeating Mr Abbas’s Fatah movement in a brief civil war in 2007.

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

Tips to keep your car cool

Place a sun reflector in your windshield when not driving
Park in shaded or covered areas
Add tint to windows
Wrap your car to change the exterior colour
Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
Avoid leather interiors as these absorb more heat

While you're here

Bryant Harris: What Joe Biden did during his first week as US President

Kareem Shaheen: Omar Alghabra outshines the racists who malign him

Kareem Shaheen: Canada is failing those who bear its greatest Covid-19 burdens

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem

Rating: 4/5

FIXTURES (all times UAE)

Sunday
Brescia v Lazio (3.30pm)
SPAL v Verona (6pm)
Genoa v Sassuolo (9pm)
AS Roma v Torino (11.45pm)

Monday
Bologna v Fiorentina (3.30pm)
AC Milan v Sampdoria (6pm)
Juventus v Cagliari (6pm)
Atalanta v Parma (6pm)
Lecce v Udinese (9pm)
Napoli v Inter Milan (11.45pm)

FINAL RESULT

Sharjah Wanderers 20 Dubai Tigers 25 (After extra-time)

Wanderers
Tries: Gormley, Penalty
cons: Flaherty
Pens: Flaherty 2

Tigers
Tries: O’Donnell, Gibbons, Kelly
Cons: Caldwell 2
Pens: Caldwell, Cross

Ziina users can donate to relief efforts in Beirut

Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”