A community of practice is a group of people who share a concern or a passion for something they do, and learn how to do it better as they interact regularly.
With this thought in mind, this week we have seen a surge in mental health events across the globe, all with the hope of inspiring us to make a mind-shift towards positivity and new possibilities.
Many of us have questions such as will there be enough? What if the emergency fund runs out? What if I'm fired?
Virtual events around the theme of collective mental well-being, created to benefit the World Health Organisation's Covid-19 Response Fund, caught my attention in particular. The Fund collects donations to support WHO's work tracking coronavirus, as it looks to understand the spread of the virus and research the development of a vaccine.
This is a standard pandemic warfare response and resource allocation.
Back in March, the WHO put out a paper titled "Mental health and psychological considerations during the Covid-19 outbreak". It was a series of guidelines to follow in order not to make things worse. Mental health problems, stigma, fear and more, such as how to acknowledge what children are going through were covered. It was put together by the organisation's department of mental health and substance abuse. They knew that the following would happen: Covid19 is playing havoc with our mental state and aside from not catching the virus, money is our biggest worry.
Many of us have questions such as will there be enough? What if the emergency fund runs out? What if I'm fired? Questions like these keep people up at night, and niggle away at them during their waking hours.
At the start of all this, the money worries facing many were the kind of thing that happened to other people. But it's kicking in on a different level now. Every day there's another message from someone open to relocating because a spouse has lost their job.
Even someone I know, who is not only set to inherit a fortune but also has a secure job with an online company that is benefiting hugely from lockdown, is increasingly concerned about their finances. This family is thinking of taking up offers of reduced school fees, even though they can currently afford to pay in full.
Like many, this family is concerned about the "what's next" phase. Will the wife still be able to earn? She is self-employed and relies on families having a healthy disposable income after spending on life's basics to afford her expertise. What if the husband loses his job?
For others, the consideration is whether they should sell any assets they have to get their hands on cash now, or try to ride this out.
Simple financial survival is the biggest issue for the majority living in the UAE, if we are to extrapolate the findings of a YouGov survey carried out in early April.
It showed that 64 per cent of those polled in the country were concerned about losing their jobs or pay cuts. I'm sure that figure has gone up since then.
A sense of financial well-being is crucial for our overall well-being. Money and health issues are interlinked – a problem with one can trigger a problem with the other. So, this is the time to get your house in order. Let's call it the "mental money" phase. Start by acknowledging both the state of your mental health and your finances.
Talking about the financial realities and concerns you face is key. These are times of heightened vulnerability. Bereavement, sudden and ongoing financial concern, plus the social and psychological effects of not having the office, or your friends or extended family on hand, is taking its toll on many. Acknowledging how you feel is also important.
My suggestion is to create a "mental money" community of practice. This can be a group of trusted friends who come together to discuss concerns around money and mental health. This then creates a safe place to delve, discuss, dissect and devise plans of action to get through the crisis.
It's free. It's kind. It's sharing. And it's very, very needed.
Nima Abu Wardeh is a broadcast journalist, columnist, blogger and founder of S.H.E. Strategy. Share her journey on finding-nima.com
Zayed Sustainability Prize
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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
Meydan race card
6pm Dubai Trophy – Conditions(TB) $100,000 (Turf) 1,200m
6.35Dubai Trophy – Conditions(TB) $100,000 (Turf) 1,200m
1,800m
7.10pm Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
1,800m ,400m
7.45pm Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m
8.20pm Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m
8.55pm Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m
9.30pm Aliyah – Rated Conditions (TB) $80,000 (D) 2,000m
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