US Election map: Joe Biden wins the electoral map

Joe Biden won the 270 Electoral College votes when he secured Pennsylvania on Saturday, having overturned a deficit that, at one point, was about 500,000 votes.

Nevada was also called for the now President-elect less than an hour afterwards.

Arizona has been called for Biden by the Associated Press but many other media organisations are still unsure, and it remains a tight battle.

Georgia is the surprise package with the traditionally Republican state only having a narrow lead for Donald Trump.

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Results night - in pictures

People react as media announce that Democratic candidate Joe Biden has won the 2020 US presidential election, on Times Square in New York City on November 7, 2020. Reuters
People celebrate in Washington, DC after Joe Biden was declared the winner of the 2020 presidential election. AFP
A man puts bunting up in the town of Ballina, the ancestral home of Joe Biden in the north-west of Ireland, after he was elected as the 46th president of the United States, defeating President Donald Trump. AP Photo
Yei Boayue and Marie Callahan celebrate the news that Joe Biden won the US presidential election at the Chase Center in Wilmington, where Mr Biden was expected to make an announcement on November 07, 2020. Getty Images / AFP
People march to demand every vote is counted as election results increasingly indicated Joe Biden was on the cusp of the US Presidency, near the White House in Washington on November 6, 2020. EPA
San Francisco City Hall is lit in red, white and blue in honor of the US Elections. EPA
TA woman wearing a Joe Biden flag looks at a wall of signs in Black Lives Matter Plaza near the White House. AFP
Joe Biden's vice presidential pick Kamala Harris listens as the Democratic presidential nominee speaks at the Chase Center in Wilmington, Delaware, on November 6, 2020. AFP
US Speaker of the House, Nancy Pelosi holds her weekly press briefing on Capitol Hill in Washington on November 6, 2020 at which she called Joe Biden the "president-elect" after he pulled ahead in key states. AFP

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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