US encouraged by peace efforts between Armenia and Azerbaijan

The US on Tuesday opened three days of peace talks between Armenia and Azerbaijan, in its latest attempt to quell a conflict that has flared repeatedly.

US Secretary of State Antony Blinken began the closed-door talks with the adversaries' foreign ministers at a State Department office just outside Washington, in the second such negotiations session he has led in as many months.

“We continue to believe that peace is within reach and direct dialogue is the key to resolving the remaining issues and reaching a durable and dignified peace,” State Department spokesman Matthew Miller said before the talks, which would cover “very sensitive” areas.

Russia has historically been the mediator between the two former Soviet republics but the US and EU have been increasingly active as Moscow becomes bogged down in its invasion of Ukraine.

Armenia has repeatedly accused Russian peacekeepers of failing to live up to promises to protect ethnic Armenians in line with a 2020 ceasefire negotiated by Moscow after six weeks of fighting left thousands dead.

Russia last week pressed Azerbaijan to allow traffic through the Lachin corridor that links Armenia to Nagorno-Karabakh, a mainly ethnic Armenian area effectively controlled by Yerevan since war during the collapse of the Soviet Union.

The International Committee of the Red Cross said Azerbaijan had blocked access for convoys delivering aid to Karabakh, raising concerns of shortages of food and medicine.

Russia said that Azerbaijan was breaching its obligations to allow traffic to flow.

Azerbaijan has insisted that civilians and aid convoys can travel through, with the blockade since December nominally staged by Azerbaijani activists to protest against illegal mining.

While you're here ...

Damien McElroy: What happens to Brexit?

Con Coughlin: Could the virus break the EU?

Andrea Matteo Fontana: Europe to emerge stronger

Tips for taking the metro

- set out well ahead of time

- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines

- enter the right cabin. The train may be too busy to move between carriages once you're on

- don't carry too much luggage and tuck it under a seat to make room for fellow passengers

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

While you're here

Hussein Ibish: Biden's Covid-19 bill might be his most powerful political weapon

Thomas Helm: Billionaires are having a worse pandemic than you might think

Simon Rushton: Pandemic wealth uplift for 10 richest men could 'vaccinate everyone'

Cryopreservation: A timeline

Keyhole surgery under general anaesthetic
Ovarian tissue surgically removed
Tissue processed in a high-tech facility
Tissue re-implanted at a time of the patient’s choosing
Full hormone production regained within 4-6 months

Who are the Soroptimists?

The first Soroptimists club was founded in Oakland, California in 1921. The name comes from the Latin word soror which means sister, combined with optima, meaning the best.

The organisation said its name is best interpreted as ‘the best for women’.

Since then the group has grown exponentially around the world and is officially affiliated with the United Nations. The organisation also counts Queen Mathilde of Belgium among its ranks.