Former US vice president and Republican presidential candidate Mike Pence, with his wife Karen, acknowledges the crowd at the Republican Jewish Coalition (RJC) Annual Leadership Summit. AFP
Former US vice president and Republican presidential candidate Mike Pence, with his wife Karen, acknowledges the crowd at the Republican Jewish Coalition (RJC) Annual Leadership Summit. AFP
Former US vice president and Republican presidential candidate Mike Pence, with his wife Karen, acknowledges the crowd at the Republican Jewish Coalition (RJC) Annual Leadership Summit. AFP
Former US vice president and Republican presidential candidate Mike Pence, with his wife Karen, acknowledges the crowd at the Republican Jewish Coalition (RJC) Annual Leadership Summit. AFP

Former US vice president Mike Pence suspends presidential campaign


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Former US vice president Mike Pence said on Saturday that he was suspending his campaign for the Republican party nomination.

"To the American people I say: This is not my time," Mr Pence, whose campaign never took off, told attendees at the Republican Jewish Coalition's conference in Las Vegas.

Mr Pence becomes the first major candidate to leave a race that has been dominated by his former boss-turned-rival, Donald Trump.

Mr Pence stopped short of endorsing anyone in his speech on Saturday, but in an apparent swipe at Trump, called on Americans to select someone who appeals to "the better angels of our nature" and can lead with "civility."

Mr Pence failed to attract enough anti-Trump Republican primary voters, and donors, to sustain a candidacy that has languished in the low single digits in opinion polls and struggled to raise money since he announced his White House bid in June.

As a result Mr Pence, a stolid campaigner short on charisma, was low on cash by October and despite spending time and resources in the first Republican nominating state of Iowa, had failed to catch fire there.

Mr Pence said in Las Vegas that "after much prayer and deliberation, I have decided to suspend my campaign for president effective today". AP
Mr Pence said in Las Vegas that "after much prayer and deliberation, I have decided to suspend my campaign for president effective today". AP

When his campaign released Pence's third quarter fundraising totals on Oct. 15, his candidacy was $620,000 in debt and only had $1.2 million cash on hand, far less than several better-performing Republican rivals and insufficient to sustain the financial demands of a White House race.

In several past elections, former vice presidents who have competed to become the White House nominee have succeeded, including Republican George H.W. Bush in 1988 and Democrat Al Gore in 2000.

This year, Mr Pence was up against the political juggernaut that is Mr Trump, along with other rivals who appealed more to anti-Trump primary voters and donors, including former South Carolina Governor Nikki Haley and Florida Governor Ron DeSantis.

Mr Pence ran as a traditional social and fiscal conservative, and a foreign policy hawk, calling for increased military aid to Ukraine and cuts in welfare entitlement spending.

Scores

Rajasthan Royals 160-8 (20 ov)

Kolkata Knight Riders 163-3 (18.5 ov)

UNSC Elections 2022-23

Seats open:

  • Two for Africa Group
  • One for Asia-Pacific Group (traditionally Arab state or Tunisia)
  • One for Latin America and Caribbean Group
  • One for Eastern Europe Group

Countries so far running: 

  • UAE
  • Albania 
  • Brazil 
ARGENTINA SQUAD

Goalkeepers: Franco Armani, Agustin Marchesin, Esteban Andrada
Defenders: Juan Foyth, Nicolas Otamendi, German Pezzella, Nicolas Tagliafico, Ramiro Funes Mori, Renzo Saravia, Marcos Acuna, Milton Casco
Midfielders: Leandro Paredes, Guido Rodriguez, Giovani Lo Celso, Exequiel Palacios, Roberto Pereyra, Rodrigo De Paul, Angel Di Maria
Forwards: Lionel Messi, Sergio Aguero, Lautaro Martinez, Paulo Dybala, Matias Suarez

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

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Countries recognising Palestine

France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra

 

Updated: October 28, 2023, 8:55 PM