Joe Biden is leading the US presidential race as a handful of states continue to count ballots, but the picture is much less rosy for Democrats in Congress.
Although Democrats had anticipated a blue wave on election night to gain control of the Senate, they may not eke out even a slim majority.
The future balance of power in the Senate will come down to a razor-thin margin and hinges on the results of the four remaining races – one in Alaska, another in North Carolina and two in Georgia.
“I don’t know if I’m going to be the defensive co-ordinator or the offensive co-ordinator,” Senate Majority Leader Mitch McConnell said on Wednesday.
In Alaska, the Republican incumbent Dan Sullivan still holds a firm lead over his challenger, Al Gross as the state continues to count ballots.
North Carolina, a key battleground state, also continues to count a number of remaining ballots that will determine whether Republican Thom Tillis will keep his Senate seat. Mr Tillis has already declared victory in the competitive race against Democrat Cal Cunningham even though the ballot count is not yet complete.
In the final weeks of the race, Mr Cunningham had come under attack for reports of a second extramarital affair.
If Mr Sullivan and Mr Tillis hold on to their seats, Republicans will need to win at least one of the two races in Georgia to maintain their majority if Mr Biden wins the White House since his running mate Kamala Harris would serve as the tiebreaking vote in a split Senate.
Under Georgia’s unique election law, a Senate race goes to a run-off in January if no candidate gains more than 50 per cent of the vote.
The Republican incumbent David Perdue is teetering on the 50 per cent threshold. However, it remains unclear whether he can avoid a runoff against Democrat Jon Ossoff as the state continues to count its ballots.
In Georgia’s other race, the incumbent Kelly Loeffler was also unable to pass the 50 per cent threshold because another Republican running to her right has split the conservative vote. She is expected to move into a run-off election with Democrat Raphael Warnock, raising the possibility that control of the Senate could come down to the Loeffler-Warnock race in January.
A Republican-held Senate could force Mr Biden to significantly curtail his agenda and rely extensively on executive orders to pursue his agenda.
And while Democrats are still on track to retain control of the House of Representatives, Republicans have cut into their majority and picked up several seats. After flipping 43 seats in the 2018 midterm elections, Democrats have already lost seven seats and could lose as many as 12 once all ballots are counted.
Mr Biden’s poor showing in Florida appears to have helped tank two House Democrats.
Donna Shalala lost to Cuban American journalist Maria Elvira Salazar. And Debbie Mucarsel-Powell lost to Carlos Gimenez, a former mayor of Miami-Dade County. Despite their record as centrists, Ms Shalala’s and Ms Mucarsel-Powell’s opponents tied them to the Democratic-socialist wing of the party, which is anathema to large swathes of the Cuban American community living in Florida.
House Democrats also lost seats in South Carolina, Iowa, New Mexico, Oklahoma and Minnesota.
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
Zayed Sustainability Prize
Cricket World Cup League Two
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Fixtures
Wednesday January 8 –Oman v Namibia
Thursday January 9 – Oman v UAE
Saturday January 11 – UAE v Namibia
Sunday January 12 – Oman v Namibia
THE%20HOLDOVERS
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Mohammed bin Zayed Majlis
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Pathaan
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THREE POSSIBLE REPLACEMENTS
Khalfan Mubarak
The Al Jazira playmaker has for some time been tipped for stardom within UAE football, with Quique Sanchez Flores, his former manager at Al Ahli, once labelling him a “genius”. He was only 17. Now 23, Mubarak has developed into a crafty supplier of chances, evidenced by his seven assists in six league matches this season. Still to display his class at international level, though.
Rayan Yaslam
The Al Ain attacking midfielder has become a regular starter for his club in the past 15 months. Yaslam, 23, is a tidy and intelligent player, technically proficient with an eye for opening up defences. Developed while alongside Abdulrahman in the Al Ain first-team and has progressed well since manager Zoran Mamic’s arrival. However, made his UAE debut only last December.
Ismail Matar
The Al Wahda forward is revered by teammates and a key contributor to the squad. At 35, his best days are behind him, but Matar is incredibly experienced and an example to his colleagues. His ability to cope with tournament football is a concern, though, despite Matar beginning the season well. Not a like-for-like replacement, although the system could be adjusted to suit.
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EHakbah%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ENaif%20AbuSaida%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ESaudi%20Arabia%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E22%20%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24200%2C000%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Epre-Series%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EGlobal%20Ventures%20and%20Aditum%20Investment%20Management%0D%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
Pad Man
Dir: R Balki
Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte
Three-and-a-half stars
I Care A Lot
Directed by: J Blakeson
Starring: Rosamund Pike, Peter Dinklage
3/5 stars
if you go