In this March 25, 2019, file photo, President Donald Trump and visiting Israeli Prime Minister Benjamin Netanyahu walk along the Colonnade of the White House in Washington. AP
In this March 25, 2019, file photo, President Donald Trump and visiting Israeli Prime Minister Benjamin Netanyahu walk along the Colonnade of the White House in Washington. AP
In this March 25, 2019, file photo, President Donald Trump and visiting Israeli Prime Minister Benjamin Netanyahu walk along the Colonnade of the White House in Washington. AP
In this March 25, 2019, file photo, President Donald Trump and visiting Israeli Prime Minister Benjamin Netanyahu walk along the Colonnade of the White House in Washington. AP

Israel's Netanyahu says Trump peace plan will be released after election


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Israeli Prime Minister Benjamin Netanyahu has said that US President Donald Trump’s much-vaunted plan for peace with the Palestinians will be released “immediately” after the country’s election later this month.

Mr Netanyahu, currently embroiled in a series of corruption cases, is battling for his political life again after failing to form a coalition after April’s election. The repeat election, scheduled for September 17, is unprecedented in Israeli history.

Speaking at a campaign event, he appeared to reveal the news in a bid to strengthen his appeal to voters weary of Israel’s longest-serving premier.

“Who do you want to be dealing with talks over the Deal of the Century of President [Donald] Trump, which will be coming in just a bit, immediately after the elections?” he asked supporters.

He proceeded to take aim at his key opponents in the election, saying that his positions on Iran and the Israeli-Palestinian conflicts were ones that would protect Israel.

No date has been set by either the US administration or Israel, but Mr Trump’s Middle East envoy Jason Greenblatt confirmed that the agreement would not be rolled out before the election, pouring water on speculation that the president might choose to roll it out ahead of the vote.

The Trump administration was to roll out the plan, which is believed not to include any mention of the two-state solution, months ago until the Israeli political shake-up took place.

Mr Netanyahu is planning to use his close friendship with Mr Trump as an election campaigning tool. He has previously used the US president on his election advertisements.

But he has called on other strategies too. The longtime leader launched a blistering assault on an Israeli TV channel, accusing it of tarnishing him, slandering the country and fomenting anti-Semitism. He also used the start of the new school year to pledge he will annex and expand Jewish settlements in the Israeli-occupied West Bank.

Mr Netanyahu has increasingly turned to tactics favoured by his good friend President Donald Trump in recent years, taking aim at the media, prosecutors, judges and Israel's Arab minority to shore up the support of his base.

Mr Netanyahu's chief election challenger, Benny Gantz, said that with the targeting of journalists, "violence turns from being a question of 'if' into a question of 'when."' He called on Mr Netanyahu to desist "before it's too late."

He has also sought to project an image of strength with a series of strikes against Iranian targets across the Middle East, admitting to attacks in Syria and alluding to further strikes in Lebanon and Iraq.

With polls forecasting a similar outcome in the September 17 election, Mr Netanyahu has been increasingly seeking to bolster his base of religious and nationalistic voters.

He chose to open the new school year in the occupied West Bank settlement of Elkana, where he reaffirmed his pledge to annex Jewish settlements and never allow them to be removed again.

"We are building new homes here," he said to first grade students. "God willing, we will impose Israeli sovereignty in all the communities as part of the land of Israel and the state of Israel."

Such a move would be a sharp departure from long-standing Israeli government policy, which has been not to annex settlements even while expanding them, and undermines prospects for a future Palestinian state.

The Palestinians claim all of the occupied West Bank, which Israel captured in the 1967 Arab-Israeli War, as the heartland for a future independent state.

The international community considers all settlements in the occupied West Bank and occupied East Jerusalem to be illegal, though the Trump administration has signaled that it might accept Israeli annexation of some occupied West Bank land.

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The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

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The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

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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. 

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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.

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Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

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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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Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants