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Jordan’s King Abdullah called on Wednesday for a “rethink” of international efforts against climate change and the coronavirus pandemic at a UN General Assembly that has been dominated by fears of the two crises.
King Abdullah said world leaders must stand together to face a “deadly pandemic, climate change, violent conflicts exploited by global extremists, destabilising economic fault lines [and] a continuing, global refugee crisis”.
The Hashemite royal called for UN members and international bodies to “pool our resources and respond quickly” to the interlocking threats by sharing vaccines, cutting back on emissions of planet-heating gases and other steps.
“Together, we can rethink, recalibrate and redirect our world away from danger,” the king said in a pre-recorded address.
“We know the threats, we know the opportunities. Now together, let's take the actions we need.”
Each country has different “strengths and capabilities to offer” as part of a “larger global response,” the king said in his seven-minute address, which offered no tangible new ideas for tackling the pandemic or global warming.
“We stand ready to utilise our country's strategic location — at the crossroads of Asia, Africa and Europe — to facilitate the broadest international response,” he said.
The monarch also warned of Lebanon’s deepening economic and political crisis and called for renewed peacemaking to end the “unsustainable” seven-decade territorial dispute between Israelis and Palestinians.
He spoke on the second day of the week-long general debate of the UN assembly, which kicked off on Tuesday with a gloomy forecast of failures against tackling climate change and the coronavirus pandemic from UN chief Antonio Guterres.
The secretary general said the inequitable distribution of Covid-19 vaccines was an “obscenity” and he gave world leaders the shameful grade of an “F in ethics”. Weak efforts on cutting emissions of planet-heating gases would lead to a “hellscape” world, he added.
In his speech to the assembly on Tuesday, US President Joe Biden called for an end to the era of “relentless wars” after the US withdrawal from Afghanistan. He and his Chinese counterpart Xi Jinping said little to rile each other amid concerns of deteriorating US-China relations.
Mr Biden said the US would boost funding to help poor countries tackle climate change, Mr Xi said China would stop building coal-fuelled power stations abroad and Turkish President Recep Tayyip Erdogan said Ankara would soon ratify the 2015 Paris climate deal.
The secretary general said he was “encouraged” by the pledges, but said “we still have a long way to go to make” a climate meet in Glasgow, Scotland, in November a “success and ensure that it marks a turning point in our collective efforts to address the climate crisis”.
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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
