Elected officials in the US approved an annual spending package on Friday that includes $45 billion in aid to Ukraine and reforms to election law designed to avoid a repeat of last year's assault on the Capitol.
The $1.7 trillion bill is now heading to President Joe Biden's desk for a final signature.
“The bipartisan funding bill advances key priorities for our country and caps off a year of historic bipartisan progress for the American people,” he said in a statement.
The package passed by senators on Thursday was rubber-stamped by the House of Representatives hours before a midnight deadline to keep the federal government open.
Failure to get the package to Mr Biden's desk would have been an embarrassment for the president, days after Ukrainian leader Volodymyr Zelenskyy visited the White House to seek the $44.9bn emergency military and economic aid proposed as part of the legislation.
But it enjoyed a smooth passage through the lower chamber, where Democrats have a slim majority for a few more days, until the Republican-led 118th Congress opens.
Ten Republicans cast votes in favour to help see the package cross the line by 225 votes to 201.
“This bill is good for our economy our competitiveness, and our communities — and I will sign it into law as soon as it reaches my desk,” Mr Biden said.
The bill keeps the lights on until next October, paying for almost every aspect of the day-to-day management of the federal government, from law enforcement to printing money.
But it also features add-ons less clearly connected to funding, such as a reform tightening a 19th century election law to make clear that vice presidents do not have the power to overturn election results.
House minority leader Kevin McCarthy had also urged Republicans to vote no, arguing that his side would have more sway in negotiating federal spending when they take over the lower chamber from the Democrats in early January.
The House was half empty on Friday, with more than 200 representatives using an absentee voting provision, strictly meant only for those with coronavirus, to stay home and cast their ballots by proxy.
Members rushed the vote so they could travel amid a once-in-a-generation winter storm ahead of the Christmas holiday.
“We are two days away from Christmas,” Mr McCarthy said.
“The Christmas season is the season of giving, but in Congress it appears the season of giving will line the pockets of Democrats' special interests and stick the hard-working Americans with the tab.”
AFP contributed reporting
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
What are the main cyber security threats?
Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
