No Iran deal without limits on missiles and militias, says top US Democrat

Chris Coons, a US senator and a possible secretary of state in a Biden administration, said on Friday he would support returning to the 2015 Iran nuclear deal only if there were a path to limit Tehran's missile programme and its support for regional proxies.

The agreement, which US President Donald Trump abandoned in May 2018 before restoring related US sanctions, sought to restrict Iran's nuclear programme to prevent it from developing weapons in return for the easing of economic sanctions.

It did not, however, restrict Iran's ballistic missile programme nor Tehran's support for militias in Iraq, Lebanon, Yemen and Syria, which the US regards as destabilising to the Middle East and that threaten US partners in the region.

Asked if he would support a return to the pact, formally called the Joint Comprehensive Plan of Action, Mr Coons, a Delaware Democrat, told Reuters: "Not without some clear path towards addressing the missile programme and support for proxies."

President-elect Joe Biden, who will take office on January 20, said he would rejoin the deal if Iran first resumed strict compliance and would work with allies "to strengthen and extend it, while more effectively pushing back against Iran's other destabilising activities".

Saying that he was speaking for himself, Mr Coons said Washington would "need a path forward for limits on their missile programme and their support for proxies before I would support re-entering the JCPOA. These need to happen at the same time".

Returning to the deal would be complicated, and sketching out a way to a further agreement on restraining Iran's missile and regional activities would likely be even harder, not least because Iran is sure to demand something in return – if it were even willing to consider such constraints.

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The drill

Recharge as needed, says Mat Dryden: “We try to make it a rule that every two to three months, even if it’s for four days, we get away, get some time together, recharge, refresh.” The couple take an hour a day to check into their businesses and that’s it.

Stick to the schedule, says Mike Addo: “We have an entire wall known as ‘The Lab,’ covered with colour-coded Post-it notes dedicated to our joint weekly planner, content board, marketing strategy, trends, ideas and upcoming meetings.”

Be a team, suggests Addo: “When training together, you have to trust in each other’s abilities. Otherwise working out together very quickly becomes one person training the other.”

Pull your weight, says Thuymi Do: “To do what we do, there definitely can be no lazy member of the team.”

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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