The US Senate took its first step towards introducing the first major gun control legislation in decades on Tuesday.
Senators voted to speed through a bipartisan package of measures to toughen federal gun laws. The Senate is to vote on the 80-page bill this week.
Although it would be the most significant action to combat US gun violence in years, the legislation does not extend as far as Democrats, including President Joe Biden, had wanted.
It includes provisions that would help states keep guns out of the hands of anyone deemed to be a danger to themselves or others. It would also close the so-called boyfriend loophole by blocking gun sales to those convicted of abusing unmarried partners.
After mass shootings at a New York grocery store and a Texas elementary school that authorities said were committed by teenagers, the legislation would allow states to provide juvenile records to the national background check system for gun purchases.
But the bill would not raise the age limit from 18 to 21 on purchases of automatic assault weapons. The shooters in both Texas and New York were 18, and used assault rifles they bought themselves.
Senate Majority Leader Chuck Schumer said he expected the bill to pass this week, while Senator Chris Murphy, the lead Democrat in talks to craft a legislative deal with Republicans, called it "the most significant piece of anti-gun-violence legislation Congress will have passed in 30 years".
"This is a breakthrough," Mr Murphy said on the Senate floor ahead of the bill's release. "And, more importantly, it is a bipartisan breakthrough."
The Republican leader in the Senate, Mitch McConnell, called the legislation "a commonsense package" and pledged his support.
With the 100-seat Senate split evenly between the two parties, the legislation will need support from at least 10 Republicans to pass a procedural hurdle. Fourteen Republicans, including Mr McConnell, joined all 50 Democrats to move towards voting on the legislation.
The biggest gun lobby in the country, the National Rifle Association, said on Twitter it opposed the legislation because it could be abused to restrict lawful gun purchases. The politically powerful group's statement could affect how many Republicans vote on the measure.
Senator John Cornyn, the lead Republican negotiator in the bipartisan talks, held out hope the legislation would succeed.
"We know there's no such thing as a perfect piece of legislation. We are imperfect human beings. But we have to try, and I believe this bill is a step in the right direction," Mr Cornyn said.
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
'Peninsula'
Stars: Gang Dong-won, Lee Jung-hyun, Lee Ra
Director: Yeon Sang-ho
Rating: 2/5
