Qaddafi's fall sends a warning to Syria
Libyans are celebrating Eid in high spirits, since their significant accomplishments have brought them closer to revolutionary triumph, but the Syrian people have nothing to celebrate, columnist Othman Mirghani wrote in the London-based newspaper Asharq Al Awsat.
In fact, Bashar Al Assad's forces are pressing ahead with their lethal clampdown on protesters.
The success of the Libyan uprising in the face of the barbarity of Col Muammar Qaddafi's forces - acting on their leader's televised vow to "crush all the rats" - sends a strong message to Damascus.
"If the Syrian regime was hoping to see repression and the use of force put an end to the Libyan uprising, the reality on the ground must come as a big disappointment," the writer said.
Still, strong as that message from the Libyan rebels might be, the Syrian regime does not seem to learn any lesson.
"Mr Al Assad's regime, as it is watching Col Qaddafi's regime fall apart, still insists on suppression, cruelty and abuse as proper methods to curtail the popular uprising in Syria."
Meanwhile, the Syrian people who have, for months now, shown their resolve to continue the protests for regime change, will find a timely morale boost in the current Libyan celebrations following the downfall of Col Qaddafi.
Algeria: last roadblock to Maghreb Union
The historic changes in Tunisia and Libya (autocracies toppled), Morocco (constitutional reforms) and Mauritania (on the road to the state of law) should be ushering in the revival of the Maghreb Arab Union, the once-promising North African economic bloc, wrote Abdullah Iskandar, managing editor of the pan-Arab newspaper Al Hayat, in a column.
But that doesn't seem to be the case yet. Algeria, the fifth and key member of the bloc, still hampers that revival.
"Algeria seems to be the exception that gets in the way of all these positive changes in the Maghreb region," the writer said, "even though the Algerian people are just as hopeful as their counterparts in other Maghreb Union states for better governance, sustainable development and political freedoms."
When ambitions for democratisation were simmering in North African states, the regime in Algeria - a junta with a civilian facade - was undertaking constitutional changes to ensure that power would remain the preserve of the army.
The regime made sure to maintain a measure of tension between it and its neighbours, to keep the country's attention trained on a perceived foreign threat, which makes tight control over internal affairs easier.
It's unfortunate that the country of "the one million martyrs" (for independence from France) is now averse to openness and democratic transition.
Electoral awareness among Emiratis is key
It is essential to raise awareness among Emirati candidates and voters ahead of the Federal National Council elections on September 24, especially since a considerable number of candidates and voters will be taking part for the first time, said an article from the Emirates Center for Strategic Studies and Research, published yesterday in the Emirati daily Al Ittihad.
The Voter and Candidate Guide and the FNC Empowerment Programme, issued this month by the National Elections Committee, serve that purpose. Both publications feature useful information about the stages of the electoral process, in an accessible form.
"The higher the awareness among voters about the process and its various aspects," the article said, "the more likely voters are to participate, which will naturally have a positive effect."
Also, heightened voter awareness would keep the candidates in check, preventing them from overstating their electoral agendas for the sake of garnering more votes, the article added. "For one issue that crops up sometimes during the elections is the gap between the candidate's electoral programme and reality."
Some candidates who made big promises and raised high hopes among voters in the last elections performed below expectations once voted into office, the opinion article said.
Libya must manage western ambitions
Liberated from Col Muammar Qaddafi's 42-year rule, Libya must now face up to a major challenge: protecting its people from the crowd of western powers salivating over its oil and vying for handsome infrastructure contracts, Masoud Daher wrote in the comment section of the Dubai paper Al Bayan yesterday.
The first step towards protecting the interests of the Libyan people is to form a national unity government representing all components of society.
Obviously, there are many bumps on the road. First, armed groups still loyal to Col Qaddafi must be subdued. The persistence of armed conflict would protract the involvement of Nato, with more infrastructure destroyed and more civilians as collateral, the writer said.
Second, recouping Libya's frozen deposits - $160bn (Dh588 bn) from foreign bank accounts must be the priority. The handful of millions of dollars disbursed now and then by western countries to cover the monthly salaries of Libyan soldiers and public servants is not enough.
Third, the leadership should beware of the West's intention to reward itself for its military aid with a more lasting corporate presence in Libyan oilfields.
The new leaders must never forget that the West was a great supporter of Col Qaddafi.
* Digest compiled by Achraf El Bahi
AElBahi@thenational.ae
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Turkish Ladies
Various artists, Sony Music Turkey
How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
At a glance
Fixtures All matches start at 9.30am, at ICC Academy, Dubai. Admission is free
Thursday UAE v Ireland; Saturday UAE v Ireland; Jan 21 UAE v Scotland; Jan 23 UAE v Scotland
UAE squad Rohan Mustafa (c), Ashfaq Ahmed, Ghulam Shabber, Rameez Shahzad, Mohammed Boota, Mohammed Usman, Adnan Mufti, Shaiman Anwar, Ahmed Raza, Imran Haider, Qadeer Ahmed, Mohammed Naveed, Amir Hayat, Zahoor Khan
Bio:
Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour
Favourite Hobby: Serving poor people
Favourite Book: The Alchemist by Paulo Coelho
Favourite food: Fish and vegetables
Favourite place to visit: London
The specs
Engine: 2.0-litre four-cylinder turbo
Power: 268hp at 5,600rpm
Torque: 380Nm at 4,800rpm
Transmission: CVT auto
Fuel consumption: 9.5L/100km
On sale: now
Price: from Dh195,000
Pakistan v New Zealand Test series
Pakistan: Sarfraz (c), Hafeez, Imam, Azhar, Sohail, Shafiq, Azam, Saad, Yasir, Asif, Abbas, Hassan, Afridi, Ashraf, Hamza
New Zealand: Williamson (c), Blundell, Boult, De Grandhomme, Henry, Latham, Nicholls, Ajaz, Raval, Sodhi, Somerville, Southee, Taylor, Wagner
Umpires: Bruce Oxerford (AUS) and Ian Gould (ENG); TV umpire: Paul Reiffel (AUS); Match referee: David Boon (AUS)
Tickets and schedule: Entry is free for all spectators. Gates open at 9am. Play commences at 10am
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
Match info
Uefa Nations League Group B:
England v Spain, Saturday, 11.45pm (UAE)
UAE central contracts
Full time contracts
Rohan Mustafa, Ahmed Raza, Mohammed Usman, Chirag Suri, Mohammed Boota, Sultan Ahmed, Zahoor Khan, Junaid Siddique, Waheed Ahmed, Zawar Farid
Part time contracts
Aryan Lakra, Ansh Tandon, Karthik Meiyappan, Rahul Bhatia, Alishan Sharafu, CP Rizwaan, Basil Hameed, Matiullah, Fahad Nawaz, Sanchit Sharma
Boulder shooting victims
• Denny Strong, 20
• Neven Stanisic, 23
• Rikki Olds, 25
• Tralona Bartkowiak, 49
• Suzanne Fountain, 59
• Teri Leiker, 51
• Eric Talley, 51
• Kevin Mahoney, 61
• Lynn Murray, 62
• Jody Waters, 65
A Bad Moms Christmas
Dir: John Lucas and Scott Moore
Starring: Mila Kunis, Kathryn Hahn, Kristen Bell, Susan Sarandon, Christine Baranski, Cheryl Hines
Two stars
Where to apply
Applicants should send their completed applications - CV, covering letter, sample(s) of your work, letter of recommendation - to Nick March, Assistant Editor in Chief at The National and UAE programme administrator for the Rosalynn Carter Fellowships for Mental Health Journalism, by 5pm on April 30, 2020.
Please send applications to nmarch@thenational.ae and please mark the subject line as “Rosalynn Carter Fellowship for Mental Health Journalism (UAE programme application)”.
The local advisory board will consider all applications and will interview a short list of candidates in Abu Dhabi in June 2020. Successful candidates will be informed before July 30, 2020.
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