North Korea fires 3 ballistic missiles as US president considers visit to DMZ

North Korea fired three ballistic missiles off its east coast on Thursday, South Korea and Japan said, in its latest tests aimed at advancing its weapons programmes.

Following the news, White House Press Secretary Jen Psaki said on Thursday that US President Joe Biden is considering a trip to the Korean Demilitarised Zone (DMZ) when he visits Asia later this month.

Mr Biden is expected to visit South Korea and Japan from May 20-24 and hold talks with his South Korean and Japanese counterparts.

Ms Psaki said the White House was still finalising details of the Asia schedule but a trip to the heavily fortified DMZ separating North and South Korea is a visit that is made by many who visit the region.

Several former US presidents, and Mr Biden himself before he became president, have visited the DMZ, but former president Donald Trump became the first to meet a North Korean leader there when he held a third meeting with Kim Jong-un in June 2019 as part of his unsuccessful effort to persuade him to give up his nuclear and missile programmes.

The DMZ is often described as the world's last Cold War frontier and has existed since the 1950-53 Korean War ended in an armistice rather than a peace treaty.

Ms Psaki repeated a US assessment that North Korea could be ready to conduct a seventh nuclear test as early as this month.

North Korean leader Kim Jong-un celebrating the test-firing of a 'newly developed super-large multiple rocket launcher' at an undisclosed location. AFP
A uranium enrichment plant at North Korea's main Yongbyon nuclear complex. AP
A test missile is launched from a train in an undisclosed location of North Korea. AP
People in Seoul, South Korea, watch a news report on North Korea firing what appears to be a pair of ballistic missiles off its east coast. Reuters
A map detailing North Korea's missile launch towards the Sea of Japan, part of a news broadcast at Akihabara, Tokyo. AFP
Kim Jong-un attending a military parade to mark the 70th anniversary of the Korean People's Army at Kim Il-sung Square in Pyongyang. AFP
Kim Jong-un is all smiles as he watches the military parade in the North Korean capital Pyongyang. AFP
What appears to be submarine-launched ballistic missiles are displayed, marking the eighth Congress of the Workers' Party of Korea (WPK) in Pyongyang. AFP
Hwasong-12 ballistic at Kim Il-sung Square, Pyongyang. AFP

North Korea has not tested a nuclear bomb since 2017, but resumed testing of intercontinental ballistic missiles this year.

“We shared this information with allies and partners and are closely coordinating with them,” Ms Psaki said.

North Korea has recently stepped up weapons tests and resumed intercontinental ballistic missile launches this year for the first time since 2017.

US and South Korean officials have been saying for weeks that there are signs of new construction at Punggye-ri, North Korea's only known nuclear test site, and that Pyongyang could soon test another bomb.

In condemning the latest launch, the US State Department said it remained committed to a diplomatic approach with North Korea and reiterated a call for Pyongyang to return to dialogue.

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A little about CVRL

Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.

One of its main goals is to provide permanent treatment solutions for veterinary related diseases.

The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery.

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