The presidents of Lebanon and Syria have met to discuss delineating the maritime border between the countries, a week after a landmark Lebanon-Israel deal on a disputed boundary in the Mediterranean.
The meeting comes before a visit by a Lebanese delegation to Damascus next week to discuss the issue, Reuters reports.
As with the Lebanon-Israel maritime dispute, the contention between Syria and Lebanon has focused on a section of the East Mediterranean where one side — in this instance Syria — has offered drilling and exploration rights to a foreign energy company.
Last year, Syria signed an agreement with Russian firms East Med Amrit and Capital Limited, to explore potential oil and gas reserves in an area thought to be rich in resources, Syrian state media reported. The agreement followed a 2013 deal with Russian company Soyuzneftegaz which was halted due to the security situation in Syria.
The country’s nearly decade-long civil war has all but ended, with the exception of ongoing tensions and sporadic violence around the rebel-held enclave of Idlib on the Turkish border.
Lebanese President Michel Aoun has said a new agreement on the maritime border would be a priority following the deal with Israel on October 11 which delineated areas both sides could explore for oil and gas, as well as agreeing on a profit sharing scheme at the Karish oilfield, where Israel has allowed drilling to commence.
Mr Aoun told Syrian President Bashar Al Assad that Lebanon was keen “to begin negotiations with Syria to delineate its northern maritime boundary”, a Lebanese official said after Saturday's talks.
Mr Aoun then tasked Elias Bou Saab, the deputy speaker of parliament who negotiated on behalf of Lebanon in the indirect talks over the boundary with Israel, to head a delegation to Damascus next week to kick-start discussions, the official said.
The delegation would include the Lebanese foreign and transport ministers as well as head of the General Security agency Abbas Ibrahim, the official added.
Syria's Sham FM radio reported that details of the delineation had yet to be discussed and that Mr Al Assad proposed holding direct talks via the countries’ foreign ministries.
The two leaders discussed delineation last year.
Mr Aoun's term as president of Lebanon, which is in the midst of a deep political and economic crisis, ends on October 31. Three parliamentary sessions have failed to elect a successor.
Mr Al Assad secured another seven-year term last year in an election derided by Syria's opposition and the West as a farce.
The vote was held after the government regained control of much of the territory lost to opponents in a conflict that erupted in 2011.
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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
