Vivek Ramaswamy drops out of 2024 race and endorses Donald Trump

Entrepreneur and anti-environmental activist Vivek Ramaswamy announced on Tuesday that he is ending his 2024 presidential campaign, after a dismal showing in the Iowa caucuses.

Mr Ramaswamy said he made the decision after determining there was no path for him to secure the Republican Party nomination.

He said he would now be backing former president Donald Trump – who won 98 out of the state's 99 counties in a resounding victory.

“Tonight, I am suspending my campaign and endorsing Donald J Trump and will do everything I can to make sure he is the next US president,” Mr Ramaswamy said in a post on X.

Speaking to supporters in Iowa's state capital Des Moines, Mr Ramaswamy asked them “to follow me in taking our America First movement to the next level”.

Mr Ramaswamy suggested he might join Mr Trump for an event in New Hampshire – the next stop in the Republican nomination race – on Tuesday night.

He also said Florida Governor Ron DeSantis and former UN ambassador Nikki Haley should also drop out of the race.

Mr DeSantis and Ms Haley finished a distant second and third place, respectively, in the Iowa caucuses. With Mr Trump expected to win big, the contest was seen as a test for if either of the other candidates could establish themselves as an alternative to the Republican front-runner.

Mr Trump won 51 per cent of the votes on Monday night. Mr DeSantis won 21.2 per cent and Ms Haley won 19.1 per cent.

The results mean that Mr Trump claimed 20 of the state's 40 delegates, with eight being delivered to Mr DeSantis and seven to Ms Haley. Mr Ramaswamy won three delegates.

Mr Ramaswamy clashed with his rivals on the debate stage numerous times in the lead-up to the Iowa caucuses.

He also called Ukrainian President Volodymyr Zelenskyy a “terrorist” and said that climate change is a “hoax”.

The son of Indian immigrants, Mr Ramaswamy graduated from Harvard University before founding biotech firm Roivent Sciences.

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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

Company name: Farmin

Date started: March 2019

Founder: Dr Ali Al Hammadi

Based: Abu Dhabi

Sector: AgriTech

Initial investment: None to date

Partners/Incubators: UAE Space Agency/Krypto Labs

Vivek Ramaswamy drops out of 2024 race and endorses Donald Trump

Entrepreneur quits after poor showing in Iowa caucuses and urges other rivals to back Republican front-runner

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Ten tax points to be aware of in 2026