Israeli Prime Minister Benjamin Netanyahu attends a weekly cabinet meeting in Jerusalem February 19, 2017. REUTERS/Dan Balilty/Pool
Israeli Prime Minister Benjamin Netanyahu attends a weekly cabinet meeting in Jerusalem February 19, 2017. REUTERS/Dan Balilty/Pool
Israeli Prime Minister Benjamin Netanyahu attends a weekly cabinet meeting in Jerusalem February 19, 2017. REUTERS/Dan Balilty/Pool
Israeli Prime Minister Benjamin Netanyahu attends a weekly cabinet meeting in Jerusalem February 19, 2017. REUTERS/Dan Balilty/Pool

Netanyahu rejected US peace plan in meeting with Arab leaders


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JERUSALEM // Prime minister Benjamin Netanyahu turned down a US-brokered regional peace initiative last year after secretly meeting with Arab leaders, an Israeli newspaper reported on Sunday.

Mr Netanyahu took part in the summit organised by the then secretary of state John Kerry in Aqaba last February and included Jordan’s King Abdullah II and Egyptian president Abdel Fattah El Sisi.

According to Haaretz, Mr Kerry proposed regional recognition of Israel as a Jewish state – a key Mr Netanyahu demand – alongside a renewal of peace talks with the Palestinians with the support of the Arab countries.

Mr Netanyahu rejected the offer, saying he would not be able to garner enough support for it in his hard-line coalition government, Obama administration officials said.

Palestinian president Mahmoud Abbas did not attend the Aqaba meeting but was updated by Mr Kerry, Haaretz said.

The initiative was also the basis of short-lived talks with opposition leader Isaac Herzog to join the government, a plan that quickly unravelled when Mr Netanyahu chose to bring in nationalist leader Avigdor Lieberman instead and appoint him defence minister.

Mr Netanyahu’s rejection of the plan contradicts his own claim of wanting to involve regional powers in resolving Israel’s conflict with the Palestinians.

Mr Herzog tweeted on Sunday that “history will definitely judge the magnitude of the opportunity as well as the magnitude of the missed opportunity.”

Mr Netanyahu did not address the report in his weekly cabinet meeting and his office refused to comment.

Instead, the prime minister focussed on last week’s visit to Washington to meet Donald Trump. Mr Netanyahu called the meeting “historic” and one that strengthened the two countries’ longtime alliance. He said at the end of meeting, Mr Trump shook his hand and told him it was a “new day” in Israeli-American relations.

After eight years of testy ties with Barack Obama, Mr Netanyahu seems to be relishing Mr Trump’s warm embrace. The new president has broken from his predecessor in adopting friendlier positions to the Israeli government regarding a tough line on Iran, a vaguer stance on Palestinian statehood and a more lenient approach to settlements in the occupied West Bank. He has also promised to move the US embassy from Tel Aviv to Jerusalem to fortify Israel’s claim to the city as its capital, and appointed an ambassador with close ties to the settlement movement.

Mr Netanyahu said the two leaders see “eye to eye” on Iran and a host of other issues. “There is a new day and it is a good day,” he said.

In a joint press conference last week with Mr Netanyahu, Mr Trump offered unwavering support for Israel with the only hint of distance coming in his request of Mr Netanyahu to “hold off” on Jewish settlement construction on Palestinian land. Mr Netanyahu said on Sunday the sides have formed joint teams to coordinate settlement construction along with other issues.

In a striking departure from long-held American policy, Mr Trump also refrained from supporting a two-state solution to the Israeli-Palestinian conflict, saying he would defer to whatever solution the sides agreed upon.

Saudi Foreign Minister Adel Al Jubeir, speaking at the Munich Security Conference on Sunday, said he believed a Middle East peace push was possible. “My country stands ready together with other Arab countries to work and to see how we can promote that,” Mr Al Jubeir said.

Israeli Defence Minister Avigdor Lieberman, also at the Munich conference, said he supported the creation of a Palestinian state. “The end game is no doubt a two-state solution,” he said, adding a peace accord should be reached within a regional deal.

*Associate Press and Reuters

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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.

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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

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Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

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Engine 1.6L in-line four-cylinder

Transmission Continuously variable transmission

Power 115hp @ 5,500rpm

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Fuel economy, combined 6.6L / 100km

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Stan Wawrinka v Pablo Carreno Busta, 5pm
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December 29 - semi-finals
Rafael Nadal v Stan Wawrinka / Pablo Carreno Busta, 5pm
Novak Djokovic v Milos Raonic / Dominic Thiem, no earlier then 7pm

December 30
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Expo details

Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia

The world fair will run for six months from October 20, 2020 to April 10, 2021.

It is expected to attract 25 million visits

Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.

More than 30,000 volunteers are required for Expo 2020

The site covers a total of 4.38 sqkm, including a 2 sqkm gated area

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Founder(s): Dr Baher Al Hakim, Dr Nadine Nehme and Makram Saleh

Based: Vienna, Austria; started in Dubai

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Funding: €7.7 million (Dh31m)

 

Heavily-sugared soft drinks slip through the tax net

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A 680ml can of Arizona Iced Tea costs just Dh6.

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Brief scores:

Toss: Rajputs, elected to field first

Sindhis 94-6 (10 ov)

Watson 42; Munaf 3-20

Rajputs 96-0 (4 ov)

Shahzad 74 not out

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Bologna v Inter Milan (10.45pm)

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  2. Kings School Al Barsha (Dubai) – Dh71,905
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  5. Gems Wellington International School – Dubai Branch – Dh58,488
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Fuel consumption: 11.2L/100km

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Chelsea 4 (Mount 18',Werner 44', Hudson-Odoi 49', Havertz 85')

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'The worst thing you can eat'

Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.

Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines: 

Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.

Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.

Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.

Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.

Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.

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