Zelenskyy pushes US for more aid and invites Trump to Ukraine

Ukraine's President Volodymyr Zelenskyy has called on the US to provide more money to help his forces fight Russia, and he invited former president Donald Trump to visit to see the scale of the conflict for himself.

Mr Zelenskyy said US soldiers could be pulled into a wider European conflict with Russia if Washington fails to provide him with more support.

“If Russia will kill all of us, they will attack Nato countries and you will send your sons and daughters [to fight],” Mr Zelenskyy said in an interview with NBC that was transmitted on Sunday.

President Joe Biden has pressed the US Congress to pass a $106 billion supplemental spending bill, with the bulk of the money going to bolster Ukraine's defences and the remainder split among Israel, the Indo-Pacific and border enforcement.

The Republican-led US House of Representatives has instead put forward its own funding plan that includes $14.3 billion in aid to Israel, but nothing for Ukraine. The bill has no chance of passing as Mr Biden, a Democrat, has said he would veto it.

In Sunday's interview, Mr Zelenskyy invited Mr Trump to visit Ukraine to see the damage done by the conflict initiated by Russia in February 2022 for himself.

Republican Mr Trump, who is seeking re-election in 2024 and is the leading candidate for his party's presidential nomination, has been sharply critical of US support for Kyiv and has said he could end the war in 24 hours if re-elected.

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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

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