The US Congress approved a stopgap funding bill Thursday in a rare show of cross-party unity to keep federal agencies running into 2022 and averted a costly holiday season government shutdown.
With the clock ticking down to the 11:59pm deadline on Friday, the Senate voted by 69 to 28 to keep the lights on until February 18 with a resolution that had already advanced from the House.
The “continuing resolution” avoids millions of public workers being sent home unpaid with Christmas approaching, causing parks, museums and other federal properties and services to close.
“I am glad that, in the end, cooler heads prevailed — the government will stay open,” Senate Majority Leader Chuck Schumer said.
“And I thank the members of this chamber for walking us back from the brink of an avoidable, needless and costly shutdown.”
A small group of hardline Republicans threatened to tank the measure due to objections over federal vaccine and testing mandates.
But Democrats agreed to allow a straight majority vote on defunding President Joe Biden's vaccine-or-testing mandate for large companies, which promptly failed as expected.
The right-wing Republican group, led by Utah's senior senator, Mike Lee, argued that the mandate is an assault on personal liberty.
Before the vote in the Senate, the US House of Representatives on Thursday passed the funding bill to keep the government operating.
Despite support for the stopgap from most Republican senators, a cluster led by Kansas Republican Roger Marshall, demanded a vote on an amendment that would block funding for the Covid-19 private-sector workplace mandates imposed by the Biden administration.
“We don’t want an economic shutdown,” Mr Marshall claimed on Thursday. “An unconstitutional federal vaccine mandate is going to lead to an economic shutdown.”
“I don’t think shutting down the government over that issue is going to get an outcome,” Senate Minority Leader Mitch McConnell said about the vaccine mandate on Fox News on Thursday. “It would only create chaos and uncertainty.”
He pointed to other ways the Biden administration could be forced to abandon its Occupational Safety and Health Administration vaccine mandate, including a Senate vote as early as next week overturning it.
Mr McConnell later answered a question by CNN about his confidence in averting a shutdown: “We're not going to do that.”
Some House Republicans, including Marjorie Taylor Greene of Georgia, called on the party to shut down the government to prevent enforcement of the federal vaccine requirement.
“We’re not going to go for their anti-vaxxing,” Speaker Nancy Pelosi said. “If you think that’s how we’re going to keep government open, forget that.”
KYLIAN MBAPPE 2016/17 STATS
Ligue 1: Appearances - 29, Goals - 15, Assists - 8
UCL: Appearances - 9, Goals - 6
French Cup: Appearances - 3, Goals - 3
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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
