President Recep Tayyip Erdogan’s announcement of elections in just over two months' time seems to have wrong-footed Turkey’s divided opposition.
Although dates in July or August had been suggested for the presidential and parliamentary elections, calling polls for June 24 shocked most observers.
The vote, which had originally been due in November next year, will take place in an conditions highly favourable to Mr Erdogan as he seeks a second presidential term that will give him executive powers approved in a referendum last year.
As well as mitigating the risk of a bleak economic outlook, early elections also leave the three main opposition parties with little time to mount effective campaigns.
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The elections will also be conducted under emergency law introduced after the 2016 coup attempt and extended by another three months for a seventh time on Wednesday, raising fears over interference at polling stations.
“The biggest problem is emergency rule, which I expect will be used to target the opposition campaigns,” said Hisyar Ozsoy, an MP for the Peoples’ Democratic Party (HDP). “The other problem is the protection of ballot boxes. If we can protect ballot boxes, it is impossible for Erdogan to win.”
The ruling Justice and Development Party (AKP), which has held power since 2002, has formed an electoral deal with the Nationalist Action Party (MHP), seemingly solidifying the conservative and nationalist vote.
Indicating the AKP’s level of preparation, Mahir Unal, a party spokesman, revealed it already had its campaign songs, slogans, media strategy and social media plans in place. “The AK Party is a master in terms of campaigning,” he told a news conference in Ankara as he promised a “very powerful campaign”.
Perhaps the greatest threat to the AKP-MHP base comes from the Good Party, formed last year by MHP defectors under the leadership of Meral Aksener, a devout Muslim with nationalist credentials.
However, press reports said the election authority would bar the Good Party from taking part because it had not held its first national meeting within the time frame specified under electoral law. The party said Mrs Aksener would be able to stand as an independent in the presidential race.
In a sign of disarray among the opposition, the largest group, the centre-left Republican People’s Party (CHP), is yet to name its presidential candidate. Leader Kemal Kilicdaroglu said the party would decide “in the coming days”.
Meanwhile, two HDP deputies on Thursday became the latest to lose their parliamentary seats due to court convictions. The party, which is largely focused on Kurdish issues, has now seen 11 of its 59 MPs removed since 2015.
“We were expecting early elections but not this early,” Mr Ozsoy said. “It seems [the government] wants to capture the opposition when the opposition is not prepared. But this is about the future of a country — even a simple wedding ceremony is scheduled months ahead.”
While Mr Erdogan has secured an electoral alliance with the MHP, divisions could prevent the opposition uniting behind a single presidential candidate.
If the election goes to a run-off, “there will be a de facto consensus, but that’s not possible in the first round because there is no common political or ideological ground between the opposition,” Mr Ozsoy said.
Read more: Turkey's state of emergency extended despite 'suffering' caused by human-rights abuses
In a sign of the AKP’s confidence, Deputy Prime Minister Bekir Bozdag predicted Mr Erdogan would win the first round with more than 50 per cent of the vote.
“There will be no need for run-off elections. The result of the elections is now certain after the reaction of the markets,” he told state-run Anadolu Agency, referring to the positive response of the financial markets to the election announcement.
He added: “When I look, I see the opposition seems to have been caught in the rain without an umbrella.”
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Based: Riyadh
Offices: UAE, Vietnam and Germany
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Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
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THE BIO
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
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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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