Experts say an imminent return isn't likely, with Iran's presidential elections due to take place on June 18 and with growing pressure on the Biden administration to avoid granting Tehran a sizeable sanctions relief package. EPA
Experts say an imminent return isn't likely, with Iran's presidential elections due to take place on June 18 and with growing pressure on the Biden administration to avoid granting Tehran a sizeable sanctions relief package. EPA
Experts say an imminent return isn't likely, with Iran's presidential elections due to take place on June 18 and with growing pressure on the Biden administration to avoid granting Tehran a sizeable sanctions relief package. EPA
Experts say an imminent return isn't likely, with Iran's presidential elections due to take place on June 18 and with growing pressure on the Biden administration to avoid granting Tehran a sizeable s

US and Iran inch closer to nuclear agreement but timetable uncertain


Joyce Karam
  • English
  • Arabic

A fourth round of indirect negotiations between the US and Iran currently under way in Vienna could narrow the differences on sanctions relief and financial incentives for Tehran, but they are unlikely to produce an imminent return to the 2015 nuclear deal.

When asked on Friday if Tehran is serious about the ongoing talks, US President Joe Biden left the ball in Iran's court.

"Yes, but how serious and what they're prepared to do is a different story. But we're still talking," he said.

US officials leading those negotiations concurred, stressing the decision to return to the Joint Comprehensive Plan of Action (JCPOA) under a compliance-for-compliance formula is up to Tehran.

“If Iran makes the political decision that it genuinely wants to return to the JCPOA as the JCPOA was negotiated, then it could be done relatively quickly and implementation could be relatively swift. But we don’t know if that – if Iran has made that decision,” a senior US official involved in the talks said on Thursday.

Experts, however, do not see such a return as imminent, with presidential elections due to take place on June 18 and with growing pressure on the Biden administration to avoid granting Tehran a sizeable sanctions relief package.

"The growing domestic concerns in Washington and especially Tehran make an immediate breakthrough less probable," Henry Rome, a senior Iran expert at the Eurasia Group, told The National.

“Iranian negotiators are hamstrung by maximalist demands from Supreme Leader Ali Khamenei and an increasingly volatile political environment at home.”

This maximalist position was on display in Vienna on Friday.

According to European officials, Washington offered to lift oil and banking sanctions on Iran, but the country's deputy foreign minister, Abbas Araghchi, said it was “still not enough”.

"Negotiations will continue until Tehran achieves all its demands,” he said.

Still, Mr Rome argued that having Iran under the negotiations tent in Vienna was far preferable to “entering a blackout” period.

Alex Vatanka, the director of the Iran programme at the Middle East Institute, saw both the US and Iran as playing to their domestic audiences while being in agreement on the need and the benefits of returning to the deal.

"All the signs we are getting from Vienna suggest that the broad framework allowing the United States to rejoin the 2015 nuclear deal is falling into place," Mr Vatanka told The National.

“The question is really only about the timing of the announcement of a new agreement.”

For the Biden team, the deliberate downplaying of a return to the deal is “aimed to protect the administration against criticism from anti-Iran hawks in and outside Congress,” Mr Vatanka said.

Senior Republican senators are already warning the administration against granting Iran broad sanctions relief.

“If Biden lifts sanctions on Iran, they will use the money that will generate to build weapons and support terrorists who kill Americans,” Marco Rubio, a senator from Florida, tweeted on Thursday.

But any such relief would take time, Mr Vatanka explained.

“Given that there are some 1,500 sanctions on Iran, the two negotiating teams have to examine each sanction to establish if it is consistent with or inconsistent with the 2015 nuclear deal,” he said.

Former president Donald Trump's administration significantly expanded sanctions on Iran – especially those related to terrorism and human rights breaches.

Those measures have made it harder for the Biden administration to remove them without a change in Iranian behaviour.

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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Director: John Madden 

 

Cast: Colin Firth, Matthew Macfayden, Kelly Macdonald and Penelope Wilton

 

Rating: 4/5

 
Key products and UAE prices

iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229

iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649

iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179

Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.

The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

Quick pearls of wisdom

Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”

Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.” 

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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.