The Pfizer vaccine is the first to receive approval from the FDA. AFP
The Pfizer vaccine is the first to receive approval from the FDA. AFP
The Pfizer vaccine is the first to receive approval from the FDA. AFP
The Pfizer vaccine is the first to receive approval from the FDA. AFP

Pfizer Covid vaccine granted full FDA approval


Patrick deHahn
  • English
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Follow the latest updates on the Covid-19 pandemic here

The US Food and Drug Administration (FDA) has granted full approval to the Covid-19 vaccine manufactured by Pfizer-BioNTech, the agency announced on Monday.

The vaccination, commonly known as the Pfizer shot, will be rebranded and marketed under the name Comirnaty. It had previously been granted an emergency use authorisation.

Its full approval comes at a crucial time in the trajectory of the pandemic, as the US is ensnared in a wave of illness sparked by the highly transmissible Delta mutation. The administration of President Joe Biden has made increasing vaccinations a priority in its efforts to tamp down the latest Delta outbreak.

“All around the world, people want these vaccines, and here in America they're free, convenient and waiting,” Mr Biden said in remarks from the White House upon news of the FDA approval.

“So please, go today, for yourself, for your loved ones, for your neighbours, for your country.”

The two-dose regimen was initially made available in the US through an emergency authorisation late last year.

It has since become the most widely used of three available vaccines against the disease caused by the coronavirus, data from the Centres for Disease Control and Prevention (CDC) show, with more than 92 million people having received two shots.

The vaccine continues to be available to people age 12 to 15 under an emergency-use authorisation, the FDA said.

The approval is likely to boost confidence in the shot among people who say they are wary of its rapid-fire development and could open the door to more vaccination requirements among employers and businesses.

“Let me say this loudly and clearly: if you are one of the millions of Americans who have said that they will not get the shot until it has full and final approval of the FDA, it has now happened,” Mr Biden said in remarks on Monday afternoon. “Go get vaccinated.”

At least 44 per cent of unvaccinated people in the US surveyed by the Kaiser Family Foundation in June were more likely to be immunised if a vaccine received full authorisation by the FDA.

Mr Biden also called on private companies to mandate employees to be vaccinated against Covid-19 “or face strict requirements".

Several businesses across in many industries, including colleges and universities, have already enacted vaccination mandates as they would otherwise have to face constant Covid-19 testing or even termination — but some were awaiting full FDA approval for legal reasons.

The US is recording seven-day averages of 135,000 daily infections and 738 daily deaths, the CDC reported. The country also leads the world in official deaths from Covid-19, with 628,000 fatalities.

“The experts from the Yale School of Public Health [say the] pace of our vaccination efforts has saved over 100,000 lives and prevented over 450,000 hospitalisations,” Mr Biden said.

“This is critical progress. We need to move faster.”

President Joe Biden delivers remarks on the full FDA approval of the Pfizer vaccine at the White House campus. AP
President Joe Biden delivers remarks on the full FDA approval of the Pfizer vaccine at the White House campus. AP

The approval is also likely to solidify the shot’s status as a blockbuster for its makers.

Pfizer said last month it expects the vaccine to bring in $33.5 billion in revenue this year, a total that would place it among the biggest-selling drugs of all time. In the second quarter, the vaccine booked $7.8bn in sales.

“The FDA’s approval of this vaccine is a milestone as we continue to battle the Covid-19 pandemic,” Janet Woodcock, the acting FDA commissioner, said in a press release.

“While this and other vaccines have met the FDA’s rigorous, scientific standards for emergency use authorisation, as the first FDA-approved Covid-19 vaccine, the public can be very confident that this vaccine meets the high standards for safety.”

Comirnaty is officially approved for use in people aged 16 and up, though under the emergency use authorisation, children aged 12 to 15 can also receive the shot.

After the approval was announced, the Pentagon stated that it is prepared to issue updated guidance requiring all personnel to be vaccinated.

Defence Secretary Lloyd Austin earlier in August called on 1.3 million active-duty personnel in the US military to be vaccinated by mid-September or “immediately upon” the full FDA approval of any vaccine, whichever comes first.

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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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Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

Updated: April 27, 2022, 11:39 AM