US House Speaker Kevin McCarthy has announced that he is starting an impeachment inquiry into President Joe Biden, although he did not give any concrete evidence to justify the historic action.
So, why is Mr McCarthy going forward with this? The National takes a look at the reasons:
What’s this all about?
Republicans accuse Hunter Biden, the President’s son, of cashing in on his family’s name, and say Joe Biden directly engaged with his son’s international clients when he was vice president.
The White House says there is no evidence Mr Biden took any action to influence Hunter’s business or personally benefitted financially from his dealings.
Republicans also raise questions about why three Biden family members made millions from Chinese entities.
Democrats say there is no evidence the transactions, which were made public in 2020, involve any wrongdoing and do not involve the President.
Does McCarthy have full Republican support?
Mr McCarthy is bypassing a House vote to move to an impeachment inquiry, which protects moderate Republicans and insulates him against a failed vote before the investigation goes further.
Eighteen House Republicans are from districts Mr Biden won in 2020, including five he won by double digits. Many of those are leery of backing an impeachment inquiry unless there is clear evidence.
The inquiry gives Republicans ammunition against Mr Biden as former president Donald Trump, their front-runner for the 2024 nomination, faces four separate criminal trials.
But the conservatives have just a 10-seat House majority and alienating swing-district voters could cost them control of the chamber next year.
Senate Republicans say the party is better off focusing on the economy and jobs under Mr Biden, and not an impeachment effort that is unlikely to result in a conviction.
Why did McCarthy begin an inquiry?
He is under pressure from several quarters including House members of the far-right contingent of the Republican Party, and reportedly from Mr Trump.
The House Speaker, who was selected in January after 14 rejections by his own party, is trying to prove he has a firm hand on the gavel.
Far-right members, particularly in the heavily conservative House Freedom Caucus group, such as Matt Gaetz and Marjorie Taylor Greene, are among those who have been calling for an impeachment inquiry.
What happens next?
If Republicans determine the inquiry has enough evidence to justify impeachment, the judiciary committee would hear witness testimony and further investigate.
That panel would need a simple majority to take impeachment articles to the floor, culminating in a vote of the full House.
If Mr Biden were impeached, the Democratic-led Senate would be required to hold a trial and vote on whether to convict him of high crimes and misdemeanours. It would almost certainly fail.
Only three US presidents have been impeached: Andrew Johnson in 1868, Bill Clinton in 1998, and Donald Trump twice, in 2019 and 2021. None were convicted by the Senate.
Richard Nixon resigned in 1974 amid an impeachment investigation.
Agencies contributed to this report
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
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
The National in Davos
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