Head of Iran's Atomic Energy Organization Ali-Akbar Salehi and International Atomic Energy Agency (IAEA) Director General Rafael Grossi in Tehran, Iran, this August. Reuters
Head of Iran's Atomic Energy Organization Ali-Akbar Salehi and International Atomic Energy Agency (IAEA) Director General Rafael Grossi in Tehran, Iran, this August. Reuters
Head of Iran's Atomic Energy Organization Ali-Akbar Salehi and International Atomic Energy Agency (IAEA) Director General Rafael Grossi in Tehran, Iran, this August. Reuters
Head of Iran's Atomic Energy Organization Ali-Akbar Salehi and International Atomic Energy Agency (IAEA) Director General Rafael Grossi in Tehran, Iran, this August. Reuters

Iran tells IAEA it will accelerate underground uranium enrichment


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A United Nations nuclear watchdog group said Iran intends to move forward with more uranium-enriching centrifuges, breaking an agreement the country made with world powers yet again.

The International Atomic Energy Agency reported that Iran will eventually install advanced cascades of centrifuges at an underground plant it operates in Natanz.

"In a letter dated December 2, 2020, Iran informed the Agency that the operator of the Fuel Enrichment Plant at Natanz 'intends to start installation of three cascades of IR-2m centrifuge machines' at FEP," the confidential agency report said, according to Reuters.

The cascades are more advanced, an IR-2m centrifuge over an IR-1 centrifuge, than the ones that Tehran is allowed to use under the nuclear deal. The IAEA states IR-2m centrifuges have already been moved to the plant to start the process of enriching uranium.

However, it isn’t the first time Iran has breached limits agreed upon in the global nuclear deal.

The IAEA says Tehran now has a stockpile of 2.4 tonnes of enriched uranium, according to the organisation’s last report. The amount is 12 times more than what Iran is allowed to have in their nuclear programme. It’s still less than the 8 tonnes the country held before the agreement.

It poses a challenge for the new US administration under President-elect Joe Biden, starting in late January. Mr Biden has signalled he’d have the US enter the Iran nuclear deal President Donald Trump left.

Mr Biden’s pledge for the US to rejoin the pact does, however, depend on if Tehran remained true to the agreement made in 2015. Tehran claims the moves it has made regarding the country’s nuclear plan can be reversed.

Mr Trump’s current Secretary of State Mike Pompeo responded to Mr Biden’s possible stance in a Bahrain security summit on Friday, “I think it’s fundamentally the wrong direction.”

BULKWHIZ PROFILE

Date started: February 2017

Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)

Based: Dubai, UAE

Sector: E-commerce 

Size: 50 employees

Funding: approximately $6m

Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
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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MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

UAE tour of the Netherlands

UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures:
Monday, 1st 50-over match
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match

RESULT

Manchester United 2 Tottenham Hotspur 1
Man United: Sanchez (24' ), Herrera (62')
Spurs: Alli (11')

Squad

Ali Kasheif, Salim Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdulrahman, Mohammed Al Attas, Abdullah Ramadan, Zayed Al Ameri (Al Jazira), Mohammed Al Shamsi, Hamdan Al Kamali, Mohammed Barghash, Khalil Al Hammadi (Al Wahda), Khalid Essa, Mohammed Shaker, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Al Hassan Saleh, Majid Suroor (Sharjah) Walid Abbas, Ahmed Khalil (Shabab Al Ahli), Tariq Ahmed, Jasim Yaqoub (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Muharami (Baniyas) 

Classification of skills

A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation. 

A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.

The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000. 

UAE currency: the story behind the money in your pockets