USS Dwight D. Eisenhower Conducts Passing Exercise with Turkish Navy
USS Dwight D. Eisenhower Conducts Passing Exercise with Turkish Navy
USS Dwight D. Eisenhower Conducts Passing Exercise with Turkish Navy
USS Dwight D. Eisenhower Conducts Passing Exercise with Turkish Navy

World

US Navy conducts passing exercise with Turkish Navy amid tensions

Nato allies at odds over Ankara's Russian arms purchases and regional issues

Leila Gharagozlou
Leila Gharagozlou

March 19, 2021

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The US Navy conducted a passing and communication exercise with Turkish naval ships in the Mediterranean Sea this week amid tensions between the Nato allies on a range of issues.

"A pleasure working with our Turkish Allies and continuing to build upon a 70-year foundation of shared values and experiences," the US Navy tweeted along with photos of the USS Dwight D Eisenhower carrier strike group taking part in the exercise.

Earlier this month the US weighed in on the ongoing maritime disputes between Turkey and Greece in the eastern Mediterranean, urging its fellow Nato allies to ease tensions.

Secretary of State Antony Blinken said: "I think one of the positive developments has been in recent weeks a significant diminution in the temperature on those issues with Turkey engaged with the European Union and others to try to move forward in a more productive way."

Turkey is also at odds with Nato allies over its purchase of Russia S-400 missile air defence system, which resulted in Ankara being suspended from the alliance's F-35 stealth fight programme. Nato says the S-400 system in Turkey would be incompatible with its own systems and expose the F-35s to possible Russian tampering.

For its part, Ankara objects to US support for Syrian Kurdish militias that led the fight against ISIS in Syria but which Turkey regards as an extension of a domestic Kurdish terror group. Turkey is also angered by the US refusal to hand over Fethullah Gulen, a Turkish Islamic preacher living in exile in Pennsylvania who Ankara accuses of orchestrating a 2016 coup attempt against President Recep Tayyip Erdogan's government.

The US and European countries have raised concerns about rights violations in Turkey's continuing crackdown against alleged coup plotters, as well as the prosecution this week of the opposition Peoples' Democratic Party (HDP) over alleged links to Kurdish militants.

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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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