Trump tax returns to be released by House panel

A US House of Representatives committee voted on Tuesday to release partially redacted tax filings from former president Donald Trump and said tax authorities had failed to properly scrutinise his returns while he was in office.

The Democrat-controlled House Ways and Means Committee voted to release a summary of Mr Trump's tax returns between 2015 and 2021, the years when he was running for president and serving in the White House, panel members said.

That could lead to more unwelcome scrutiny for the former president as he mounts another White House bid.

The announcement came just one day after Mr Trump was referred to the Justice Department for his role in the January 6 attack on the US Capitol.

The Supreme Court finally cleared the way for Congress to obtain Mr Trump's tax records last month. And with Republicans set to control Congress in the new year, Democrats have only a few days left to release the information.

“This rises above politics, and the Committee will now conduct the oversight that we’ve sought for the last three and a half years,” committee chairman Richard Neal said in a statement after the Supreme Court's decision.

Kevin Brady, the ranking Republican on the committee, said releasing Mr Trump's returns would unleash “a dangerous new political weapon” that can be used to target political enemies.

Mr Trump broke a decades-long tradition when, as a presidential candidate in 2016, he refused to disclose his tax returns.

The purpose of candidates and presidents releasing their tax returns is to show transparency in how much they have paid (if any), if they have taken advantage of any loopholes or if there is a conflict of interest with foreign businesses.

The records would also have shown how successful he was at business, which the former The Apprentice star used to great effect in 2016.

The New York Times published two separate stories in 2018 and 2020, which showed that he paid $750 in federal income taxes the year he won the presidency. He paid an additional $750 while in his first year in office.

He paid no income taxes in 10 of the previous 15 years because he reported losing more money than he had made, The New York Times reported.

The Trump Organisation was found guilty this month in New York of conducting a 15-year scheme to defraud tax authorities. Mr Trump is not personally liable.

Watch: Trump referred for criminal charges by US House panel

Agencies contributed to this report

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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