United Nations High Commissioner for Refugees (UNHCR) Special Envoy Angelina Jolie waves as she leaves a Syrian and Iraqi refugee camp in the southern Turkish town of Midyat in Mardin province. Reuters
United Nations High Commissioner for Refugees (UNHCR) Special Envoy Angelina Jolie waves as she leaves a Syrian and Iraqi refugee camp in the southern Turkish town of Midyat in Mardin province. Reuters
United Nations High Commissioner for Refugees (UNHCR) Special Envoy Angelina Jolie waves as she leaves a Syrian and Iraqi refugee camp in the southern Turkish town of Midyat in Mardin province. Reuters
United Nations High Commissioner for Refugees (UNHCR) Special Envoy Angelina Jolie waves as she leaves a Syrian and Iraqi refugee camp in the southern Turkish town of Midyat in Mardin province. Reuter

Angelina Jolie returns to Turkey for refugee visit


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Hollywood actress Angelina Jolie visited a refugee camp in Mardin in southeastern Turkey on Saturday. The camp shelters people who have fled the civil war in neighbouring Syria. Her visit alongside the United Nations High Commissioner on Refugees, Antonio Guterres, was part of Jolie’s work as his special envoy. Afterwards, she said: “Never before have so many people been dispossessed or stripped of their human rights. There is an explosion of human suffering and displacement on a level that has never been seen before.” She added that there were no more safe havens for Syrians and Iraqis as neighbouring countries reached the limit of how many people they can shelter. Jolie’s visit was the third since 2011 she has made to Turkey, which hosts the greatest number of refugees in the world – 1.59 million, according to UN figures. Jolie was seen earlier in the day walking around town, brieflystopping off at a handicraft shop with her daughter, Shiloh, and their minders. Later, she and Guterres met Turkish President Tayyip Erdogan in of Midyat, close to the Syrian border and attended an ifter at a camp. The UN says the number of Syrian refugees seeking its help now tops 2 million – and could be much higher. – AP

Picasso postcard fetches record price

A postcard with a signed drawing by Picasso fetched a record 166,000 euros at auction on Saturday. The sales set a “world record for a postcard”, according the Gaertner auction house in Bietigheim-Bissingen, southern Germany. The buyer, described as a “trans-Atlantic collector”, clinched the deal by telephone following frenzied bidding. With commissions, the card will cost the buyer more than 200,000 euros, it said. The card, sent by Pablo Picasso to his friend, the French poet Guillaume Apollinaire, is dated September 5, 1918, and has an authenticated drawing that “can be considered part of the artist’s cubist still life series,” Gaertner said. The picture on the other side of the postcard is a simple aerial view of the southwestern French town of Pau. The postcard never made it to Apollinaire because Picasso had addressed it in Spanish. It is marked with the French equivalent of “return to sender”. – AP

Renowned writer James Salter dead at 90

James Salter, the prize-winning author acclaimed for his sophisticated, granular prose and sobering insights in Light Years, A Sport and a Pastime and other fiction, has died at the age of 90. The writer, who had been in good health, collapsed on Friday while at a gym in Sag Harbor on New York's Long Island, said his wife, Kay Eldredge. The cause of his death was not immediately known. Robin Desser, his editor at publisher Alfred A. Knopf, called Salter a "great American writer who spoke to us in a voice always pure and true". The Manhattan native didn't enjoy great commercial success but was highly admired by critics and peers. He won the PEN/Faulkner prize for the 1988 collection Dusk and Other Stories and received two lifetime achievement honours for short story writing, the Rea Award and the PEN/Malamud prize. In addition to his writing, Salter was also a US Air Force pilot who retired with the rank of major and flew more than 100 missions during the Korean War, a swimming-pool salesman and a filmmaker, with credits that included the short documentary Team Team Team and the feature film Three, starring Sam Waterston. He left the military in 1957, the same year his first novel, The Hunters, was published, a tough story in the Hemingway tradition. It was adapted into a 1958 film of the same name, starring Robert Mitchum. Salter was married twice and had five children. He worked slowly, publishing only six novels and two story collections, along with his memoir and writings about food and travel. – AP

Abu Dhabi GP Saturday schedule

12.30pm GP3 race (18 laps)

2pm Formula One final practice 

5pm Formula One qualifying

6.40pm Formula 2 race (31 laps)

Russia's Muslim Heartlands

Dominic Rubin, Oxford

Afghanistan squad

Gulbadin Naib (captain), Mohammad Shahzad (wicketkeeper), Noor Ali Zadran, Hazratullah Zazai, Rahmat Shah, Asghar Afghan, Hashmatullah Shahidi, Najibullah Zadran, Samiullah Shinwari, Mohammad Nabi, Rashid Khan, Dawlat Zadran, Aftab Alam, Hamid Hassan, Mujeeb Ur Rahman.

Frankenstein in Baghdad
Ahmed Saadawi
​​​​​​​Penguin Press

MATCH INFO

Uefa Champions League final:

Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports

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About Seez

Company name/date started: Seez, set up in September 2015 and the app was released in August 2017  

Founder/CEO name(s): Tarek Kabrit, co-founder and chief executive, and Andrew Kabrit, co-founder and chief operating officer

Based in: Dubai, with operations also in Kuwait, Saudi Arabia and Lebanon 

Sector:  Search engine for car buying, selling and leasing

Size: (employees/revenue): 11; undisclosed

Stage of funding: $1.8 million in seed funding; followed by another $1.5m bridge round - in the process of closing Series A 

Investors: Wamda Capital, B&Y and Phoenician Funds 

Should late investors consider cryptocurrencies?

Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.

They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.

“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.

He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.

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MATCH INFO

Uefa Champions League quarter-final, second leg (first-leg score)

Porto (0) v Liverpool (2), Wednesday, 11pm UAE

Match is on BeIN Sports

Profile of MoneyFellows

Founder: Ahmed Wadi

Launched: 2016

Employees: 76

Financing stage: Series A ($4 million)

Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund

THE SPECS

Engine: 3.6-litre V6

Transmission: eight-speed automatic

Power: 285bhp

Torque: 353Nm

Price: TBA

On sale: Q2, 2020

COMPANY PROFILE
Company name: BorrowMe (BorrowMe.com)

Date started: August 2021

Founder: Nour Sabri

Based: Dubai, UAE

Sector: E-commerce / Marketplace

Size: Two employees

Funding stage: Seed investment

Initial investment: $200,000

Investors: Amr Manaa (director, PwC Middle East) 

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. 

The biog

Name: Greg Heinricks

From: Alberta, western Canada

Record fish: 56kg sailfish

Member of: International Game Fish Association

Company: Arabian Divers and Sportfishing Charters

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In the Restaurant: Society in Four Courses
Christoph Ribbat
Translated by Jamie Searle Romanelli
Pushkin Press 

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

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