Jordan's economy is expected to expand by 3.6 per cent in 2021, according to the International Monetary Fund. Courtesy Four Seasons Hotel Amman
Jordan's economy is expected to expand by 3.6 per cent in 2021, according to the International Monetary Fund. Courtesy Four Seasons Hotel Amman
Jordan's economy is expected to expand by 3.6 per cent in 2021, according to the International Monetary Fund. Courtesy Four Seasons Hotel Amman
Jordan's economy is expected to expand by 3.6 per cent in 2021, according to the International Monetary Fund. Courtesy Four Seasons Hotel Amman

Jordan and Egypt pledge to improve ties with Baghdad


Khaled Yacoub Oweis
  • English
  • Arabic

Jordan and Egypt pledged on Tuesday to strengthen ties with Iraq and support Prime Minister Mustafa Al Kadhimi in Baghdad as he tries to assert his authority.

Jordanian Prime Minister Bisher Al Khasawneh said that a summit between the leaders of Jordan, Egypt and Iraq will be soon convened to “deepen economic and trade co-operation between the three countries”.

Jordan and Cairo aim to build joint oil and gas projects with Iraq and remove obstacles to free trade, he said after meeting Egyptian Prime Minister Mostafa Madbouly in Amman.

Mr Al Khasawneh said ties between the three countries will be “elevated to a new horizon”.

Jordan's King Abdullah II and Egyptian President Abdel Fattah Al Sisi sought to establish a political axis with Mr Kadhimi at a summit in Amman in August, three months after he took office.

Mr Madbouly said that Egypt hoped that trade volumes between Cairo, Baghdad and Jordan would double “after the coronavirus”.

"We were discussing today a number of important projects that the three leaders will, God willing, announce during their three-country summit," he told reporters.

Empty state coffers and street protests played a major role in convincing Iraq's Shiite militias, who have the backing of a majority in parliament, to accept Mr Al Kadhimi, a secular former intelligence chief supported by the US, as prime minister.

But the Iraqi economy has remained in significant trouble, forcing the government to devaluate the currency by at least 20 per cent in December as it sought billions of dollars in foreign borrowing.

Directed by: Craig Gillespie

Starring: Emma Stone, Emma Thompson, Joel Fry

4/5

Scoreline

Switzerland 5

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Pad Man

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Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte

Three-and-a-half stars

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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RACECARD

4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m
5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m
5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m
6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m
6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m
7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m
7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m

First Person
Richard Flanagan
Chatto & Windus 

Short-term let permits explained

Homeowners and tenants are allowed to list their properties for rental by registering through the Dubai Tourism website to obtain a permit.

Tenants also require a letter of no objection from their landlord before being allowed to list the property.

There is a cost of Dh1,590 before starting the process, with an additional licence fee of Dh300 per bedroom being rented in your home for the duration of the rental, which ranges from three months to a year.

Anyone hoping to list a property for rental must also provide a copy of their title deeds and Ejari, as well as their Emirates ID.

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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Bookshops: A Reader's History by Jorge Carrión (translated from the Spanish by Peter Bush),
Biblioasis

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