Satellite images collected above Iran taken top left to right, of the Arak Heavy Water Reactor Facility on June 27, 2020; of the Bushehr Nuclear Power Plant on August 30, 2020; of the Natanz nuclear facility on October 21, 2020; bottom left to right, of the Natanz nuclear facility on October 21, 2020; of Fordow Fuel Enrichment Plant (FFEP) on December 11, 2020; and of the alleged Sanjarian nuclear facility on May 31, 2021. AFP/Maxar Technologies
Satellite images collected above Iran taken top left to right, of the Arak Heavy Water Reactor Facility on June 27, 2020; of the Bushehr Nuclear Power Plant on August 30, 2020; of the Natanz nuclear facility on October 21, 2020; bottom left to right, of the Natanz nuclear facility on October 21, 2020; of Fordow Fuel Enrichment Plant (FFEP) on December 11, 2020; and of the alleged Sanjarian nuclear facility on May 31, 2021. AFP/Maxar Technologies
Satellite images collected above Iran taken top left to right, of the Arak Heavy Water Reactor Facility on June 27, 2020; of the Bushehr Nuclear Power Plant on August 30, 2020; of the Natanz nuclear facility on October 21, 2020; bottom left to right, of the Natanz nuclear facility on October 21, 2020; of Fordow Fuel Enrichment Plant (FFEP) on December 11, 2020; and of the alleged Sanjarian nuclear facility on May 31, 2021. AFP/Maxar Technologies
Satellite images collected above Iran taken top left to right, of the Arak Heavy Water Reactor Facility on June 27, 2020; of the Bushehr Nuclear Power Plant on August 30, 2020; of the Natanz nuclear f

Iran will not allow inspections beyond 2015 nuclear agreement


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Iran said it will not allow inspections to be conducted at its facilities beyond those stipulated in the 2015 nuclear agreement, nuclear chief Mohammad Eslami said on Wednesday.

Iran is waiting for the US to respond to a proposal to revive the agreement, from which the US withdrew in 2018.

"We are committed to inspections in the framework of the nuclear deal that are linked to nuclear restrictions which we have accepted in the past ... not one word more, not one word less," said Mr Eslami, who heads Iran's Atomic Energy Organisation.

After the US response to Iran's comments on the draft proposal, another round of talks will take place in Vienna to finalise a potential agreement, AP reported.

On Monday, a senior US official told Reuters that Iran had abandoned some of its main demands for resurrecting the deal, including insisting that international inspectors end some of their investigations into Iran's nuclear programme.

Iran has called for further sanctions relief for reviving the deal, which would entail curbing the country's nuclear capabilities.

Domestically, US President Joe Biden is facing pressure, especially after Iran was accused of attempting to assassinate former US national security adviser John Bolton.

US officials have told reporters that the latest draft of the deal does not include a clause that would remove Iran's Islamic Revolutionary Guard Corps from its list of foreign terrorist organisations, contrary to Iran's demands.

Separately, the UN's International Atomic Energy Agency (IAEA) nuclear watchdog unanimously passed a resolution criticising Iran for traces of unexplained uranium found at three undeclared sites by nuclear inspectors.

Iran blames "dissidents" and Israel for the traces.

In response to the resolution, Iran expanded further its underground uranium enrichment by installing cascades of more efficient advanced centrifuges and also by removing essentially all the IAEA's monitoring equipment installed under the 2015 deal.

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RESULTS

2.15pm: Al Marwan Group Holding – Handicap (PA) Dh40,000 (Dirt) 1,200m
Winner: SS Jalmod, Antonio Fresu (jockey), Ibrahim Al Hadhrami (trainer)

2.45pm: Sharjah Equine Hospital – Maiden (PA) Dh40,000 (D) 1,000m
Winner: Ghallieah, Sebastien Martino, Jean-Claude Pecout

3.15pm: Al Marwan Group Holding – Handicap (PA) Dh40,000 (D) 1,700m
Winner: Inthar, Saif Al Balushi, Khalifa Al Neyadi

3.45pm: Al Ain Stud Emirates Breeders Trophy – Conditions (PA) Dh50,000 (D) 1,700m
Winner: MH Rahal, Richard Mullen, Elise Jeanne

4.25pm: Sheikh Mansour bin Zayed Al Nahyan Cup – Prestige Handicap (PA) Dh100,000 (D) 1,200m
Winner: JAP Aneed, Ray Dawson, Irfan Ellahi

4.45pm: Sharjah Equine Hospital – Handicap (TB) Dh40,000 (D) 1,200m
Winner: Edaraat, Antonio Fresu, Musabah Al Muhairi

The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

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Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

The specs: 2018 Dodge Durango SRT

Price, base / as tested: Dh259,000

Engine: 6.4-litre V8

Power: 475hp @ 6,000rpm

Torque: 640Nm @ 4,300rpm

Transmission: Eight-speed automatic

Fuel consumption, combined: 7.7L / 100km

Leaderboard

63 - Mike Lorenzo-Vera (FRA)

64 - Rory McIlroy (NIR)

66 - Jon Rahm (ESP)

67 - Tom Lewis (ENG), Tommy Fleetwood (ENG)

68 - Rafael Cabrera-Bello (ESP), Marcus Kinhult (SWE)

69 - Justin Rose (ENG), Thomas Detry (BEL), Francesco Molinari (ITA), Danny Willett (ENG), Li Haotong (CHN), Matthias Schwab (AUT)

MEFCC information

Tickets range from Dh110 for an advance single-day pass to Dh300 for a weekend pass at the door. VIP tickets have sold out. Visit www.mefcc.com to purchase tickets in advance.

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

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 
Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Updated: June 19, 2023, 12:56 PM