The Americas

Biden strongly defends Israel yet says he’ll help rebuild Gaza

'There is no shift in my commitment to the security of Israel. Period,' the US president said

Bloomberg

May 21, 2021

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US President Joe Biden strongly defended Israel on Friday after the announcement of a ceasefire with Hamas and said there will not be peace until the region acknowledges Israel’s right to exist.

At the same time, Mr Biden said the US will help provide security in the West Bank and that he plans to put together “a major package” to help rebuild homes in the Gaza Strip. He also called for a “two-state solution".

“There is no shift in my commitment to the security of Israel. Period,” Mr Biden said Friday during a joint news conference at the White House with South Korean President Moon Jae-in.

“Let’s get something straight here: Until the region says, unequivocally, that they acknowledged the right of Israel to exist as an independent Jewish state, there will be no peace.”

Mr Biden praised the truce between Israel and Hamas after the 11-day clash left more 200 people dead. The fighting, which resulted in heavy Palestinian casualties in the Gaza Strip, controlled by Hamas, led some Democrats to pressure Mr Biden to take a harder line against Israeli Prime Minister Benjamin Netanyahu's government.

The president, however, credited what he called his administration’s “quiet” diplomacy in helping bring an end to the rocket attacks by Hamas on Israel and Israeli air strikes on Gaza.

Administration officials held about 80 calls with counterparts in the Middle East, according to the White House, including six calls between Mr Biden and Mr Netanyahu as well as talks with Palestinian Authority President Mahmoud Abbas and Egyptian President Abdel Fattah El Sisi.

It was Egypt that helped forged the ceasefire.

In a signal to Democrats who wanted to halt weapons sales to Israel, Mr Biden said he was willing to help "replenish" the Iron Dome missile defence system Israel deployed to stop the Hamas rockets, which were fired deep into Israeli territory.

The conflict was the fourth since Hamas took control of Gaza in 2007 and the most damaging. Efforts to end the hostilities intensified after the US raised pressure on Israel on Wednesday.

Both Israel and Hamas have claimed victory.

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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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