A woman in Israel's city of Tel Aviv waves a Ukrainian national flag during a protest against Russia's military invasion of Ukraine. AFP
A woman in Israel's city of Tel Aviv waves a Ukrainian national flag during a protest against Russia's military invasion of Ukraine. AFP
A woman in Israel's city of Tel Aviv waves a Ukrainian national flag during a protest against Russia's military invasion of Ukraine. AFP
A woman in Israel's city of Tel Aviv waves a Ukrainian national flag during a protest against Russia's military invasion of Ukraine. AFP

Philanthropists in Israel resign from charity foundation after Russia sanctions


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Three business tycoons have resigned from a major philanthropy group that funds causes in Israel as they face sanctions tied to Russia's invasion of Ukraine.

Mikhail Fridman, Petr Aven and German Khan will relinquish their roles at Genesis Philanthropy Group, the organisation said.

"In order to assure the ability of GPG to stay true to its mission and build on the foundation we have created over the past 15 years, all three have resigned from the board of directors," the group's chairman of the board Gennady Gazin and chief executive Marina Yudborovsky said, AFP reported.

Genesis is registered in the UK but is a major funder of causes in Israel including the Yad Vashem Holocaust memorial.

The three men have been listed under international sanctions over suspected ties to Russian President Vladimir Putin.

Mr Fridman, who was born in Ukraine, is one of Russia's richest men, and Russian-born Mr Aven stepped down earlier this month from the LetterOne investment fund they co-founded.

They deny any "financial or political relationship" with the Russian president.

Mr Fridman and Mr Khan, who was also born in Ukraine, are co-founders of Alfa-Bank, Russia's largest private lender.

Genesis, which says it "seeks to strengthen Jewish identity among Russian-speaking Jews worldwide", has pledged $10 million to help Jews affected by the crisis in Ukraine.

Mr Gazin, also born in Ukraine, is not affected by the sanctions, and said he would stay on and the resignations would not affect Genesis's commitments.

Moscow's invasion of Ukraine has put a new spotlight on wealthy Jewish Russians in Israel said to be connected to Mr Putin.

  • Firefighters put out a major blaze caused by Russian shelling at a food warehouse in Severodonetsk, a city in eastern Ukraine's Luhansk region. AFP
    Firefighters put out a major blaze caused by Russian shelling at a food warehouse in Severodonetsk, a city in eastern Ukraine's Luhansk region. AFP
  • Irina Zubchenko walks her dog Max amid the destruction caused by the shelling of a shopping center in Kyiv. AP
    Irina Zubchenko walks her dog Max amid the destruction caused by the shelling of a shopping center in Kyiv. AP
  • Ukrainian refugee Masha, 6, plays at the border crossing in Budomierz, Poland. Reuters
    Ukrainian refugee Masha, 6, plays at the border crossing in Budomierz, Poland. Reuters
  • A charred Russian armoured personnel carrier on the front line in the Kyiv region. Reuters
    A charred Russian armoured personnel carrier on the front line in the Kyiv region. Reuters
  • A volunteer takes position at a checkpoint in a district of Kyiv as Russian forces try to encircle the Ukrainian capital. AFP
    A volunteer takes position at a checkpoint in a district of Kyiv as Russian forces try to encircle the Ukrainian capital. AFP
  • Residents of Kyiv retrieve belongings from their homes in a five-storey residential building that partially collapsed after shelling by Russian artillery. AFP
    Residents of Kyiv retrieve belongings from their homes in a five-storey residential building that partially collapsed after shelling by Russian artillery. AFP
  • Police officers in Moscow detain a woman as she protests against Russia's invasion of Ukraine. AFP
    Police officers in Moscow detain a woman as she protests against Russia's invasion of Ukraine. AFP
  • A resident of the village of Krasylivka after Russian bombardment, part of Moscow's effort to move on Kyiv. AFP
    A resident of the village of Krasylivka after Russian bombardment, part of Moscow's effort to move on Kyiv. AFP
  • Tetiana Chornovol, a former Ukrainian MP, prepares to take position with an anti-tank missile on the front line in the Kyiv region. Reuters
    Tetiana Chornovol, a former Ukrainian MP, prepares to take position with an anti-tank missile on the front line in the Kyiv region. Reuters
  • A rescue worker at a shopping mall in Kyiv after a Russian air strike. Reuters
    A rescue worker at a shopping mall in Kyiv after a Russian air strike. Reuters
  • Ukrainian firefighters rescue a person buried beneath rubble after an explosion at a shopping centre in Kyiv. Reuters
    Ukrainian firefighters rescue a person buried beneath rubble after an explosion at a shopping centre in Kyiv. Reuters
  • Ukrainian police officers stand near a warehouse that was hit by the debris of a downed rocket in Kyiv. AFP
    Ukrainian police officers stand near a warehouse that was hit by the debris of a downed rocket in Kyiv. AFP
  • Graves are dug in a street in the besieged southern port city of Mariupol. Reuters
    Graves are dug in a street in the besieged southern port city of Mariupol. Reuters
  • Pro-Russia militia fighters travel by tank to the outskirts of Mariupol. Reuters
    Pro-Russia militia fighters travel by tank to the outskirts of Mariupol. Reuters
  • Milana, 6, who is recovering from leg wounds sustained when a Russian rocket hit her house on February 28, killing her mother, watches volunteers dressed as clowns at a children's hospital in Kyiv. Getty
    Milana, 6, who is recovering from leg wounds sustained when a Russian rocket hit her house on February 28, killing her mother, watches volunteers dressed as clowns at a children's hospital in Kyiv. Getty
  • Tetyana and other residents wait in Kyiv, after being relocated from Irpin town. EPA
    Tetyana and other residents wait in Kyiv, after being relocated from Irpin town. EPA
  • Rescuers carry a Ukrainian soldier saved after 30 hours trapped in the wreckage of a military school hit by Russian rockets, in Mykolaiv. AFP
    Rescuers carry a Ukrainian soldier saved after 30 hours trapped in the wreckage of a military school hit by Russian rockets, in Mykolaiv. AFP
  • A Ukrainian refugee arrives with her dog at the reception centre about three kilometres from the Moldova-Ukraine border. EPA
    A Ukrainian refugee arrives with her dog at the reception centre about three kilometres from the Moldova-Ukraine border. EPA
  • Volunteers in Kyiv prepare packages with food and other goods for Ukrainian soldiers and civilians in cities across the country. EPA
    Volunteers in Kyiv prepare packages with food and other goods for Ukrainian soldiers and civilians in cities across the country. EPA
  • Residents walk between damaged residential buildings in Mariupol. Reuters
    Residents walk between damaged residential buildings in Mariupol. Reuters
  • Participants illuminate the Ernst Happel Stadium in Vienna with the lights of their smartphones, during the charity concert We Stand with Ukraine. AFP
    Participants illuminate the Ernst Happel Stadium in Vienna with the lights of their smartphones, during the charity concert We Stand with Ukraine. AFP
  • Yana Hladiychuk of Ukraine with a "Stop War" message on her face after the women's pole vault, on the second day of the World Athletics Indoor Championships in Belgrade. Getty
    Yana Hladiychuk of Ukraine with a "Stop War" message on her face after the women's pole vault, on the second day of the World Athletics Indoor Championships in Belgrade. Getty
  • An Ukrainian girl in tears after crossing the border in Siret, northern Romania. AFP
    An Ukrainian girl in tears after crossing the border in Siret, northern Romania. AFP
  • A satellite image shows the aftermath of the Russian air strike on the Mariupol Drama Theatre. EPA/Maxar Technologies
    A satellite image shows the aftermath of the Russian air strike on the Mariupol Drama Theatre. EPA/Maxar Technologies
  • A woman takes cover in a military trench as a Russian jet fighter flies overhead, near the military school hit by Russian rockets the day before, in Mykolaiv. AFP
    A woman takes cover in a military trench as a Russian jet fighter flies overhead, near the military school hit by Russian rockets the day before, in Mykolaiv. AFP
  • A man walks amid debris in front of a Kyiv residential apartment complex that was heavily damaged by a Russian attack on March 18. Getty
    A man walks amid debris in front of a Kyiv residential apartment complex that was heavily damaged by a Russian attack on March 18. Getty
  • Residents carry water from a food warehouse, which is under the control of the breakaway Donetsk People's Republic, on the outskirts of Mariupol. AP
    Residents carry water from a food warehouse, which is under the control of the breakaway Donetsk People's Republic, on the outskirts of Mariupol. AP
  • Rescuers work at the site of the National Academy of State Administration building damaged by shelling in Kharkiv. AP
    Rescuers work at the site of the National Academy of State Administration building damaged by shelling in Kharkiv. AP
  • A satellite image shows artillery strikes and burning fields in Chernihiv. AP / Maxar Technologies
    A satellite image shows artillery strikes and burning fields in Chernihiv. AP / Maxar Technologies
  • A resident assesses her damaged flat in Mariupol. Reuters
    A resident assesses her damaged flat in Mariupol. Reuters
  • Kyiv's mayor Vitali Klitschko keeps people away from a five-storey residential building that partially collapsed after shelling on March 18. AFP
    Kyiv's mayor Vitali Klitschko keeps people away from a five-storey residential building that partially collapsed after shelling on March 18. AFP
  • Russian President Vladimir Putin addresses crowds at a concert in Moscow to mark the eighth anniversary of the annexation of Crimea. AP
    Russian President Vladimir Putin addresses crowds at a concert in Moscow to mark the eighth anniversary of the annexation of Crimea. AP
  • Ukrainian policemen secure a residential area in Kyiv. Sergei Supinsky
    Ukrainian policemen secure a residential area in Kyiv. Sergei Supinsky
  • Ukrainian President Volodymyr Zelenskyy. AP
    Ukrainian President Volodymyr Zelenskyy. AP
  • A cloud of smoke rises after an explosion in Lviv, western Ukraine, on March 18. AP
    A cloud of smoke rises after an explosion in Lviv, western Ukraine, on March 18. AP
  • Zinaida Pivtsova, 75, who fled the war in Ukraine, takes shelter in a sports stadium in Przemysl, south-east Poland. AP
    Zinaida Pivtsova, 75, who fled the war in Ukraine, takes shelter in a sports stadium in Przemysl, south-east Poland. AP
  • A police officer at abandoned residential buildings in Kyiv. AP
    A police officer at abandoned residential buildings in Kyiv. AP
  • Inside a shell-damaged school in Kyiv. AP
    Inside a shell-damaged school in Kyiv. AP
  • A woman cries before starting to clean the site where a bomb damaged residential buildings in Kyiv. AP Photo / Rodrigo Abd
    A woman cries before starting to clean the site where a bomb damaged residential buildings in Kyiv. AP Photo / Rodrigo Abd
  • A woman from Ukraine sits in a car with her children as a volunteer takes them to a hostel in Budapest, Hungary. AP
    A woman from Ukraine sits in a car with her children as a volunteer takes them to a hostel in Budapest, Hungary. AP
  • An abandoned flat in Kyiv. AP
    An abandoned flat in Kyiv. AP
  • A man removes a curtain inside a school in Kyiv. AP
    A man removes a curtain inside a school in Kyiv. AP
  • A worker sets up a billboard with the colours of the Ukrainian flag in Novoiavorisk, near Lviv. AP
    A worker sets up a billboard with the colours of the Ukrainian flag in Novoiavorisk, near Lviv. AP
  • Olga plays with her daughter Vedeneya in an empty park in Kyiv. AP
    Olga plays with her daughter Vedeneya in an empty park in Kyiv. AP

The Yad Vashem Holocaust memorial suspended ties with billionaire Roman Abramovich this month, just weeks after it had announced a historic partnership that museum officials said made him their second-largest donor.

Mr Abramovich, who holds Russian and Israeli citizenship, was photographed at Tel Aviv airport on Monday.

Israeli Prime Minister Naftali Bennett flew to Moscow to meet Mr Putin this month and has attempted to mediate between the Russian leader and Ukrainian President Volodymyr Zelenskyy.

Israel has resisted imposing sanctions on Russia, despite requests from Ukraine and the US.

Israeli leaders say they need to preserve security co-ordination with Moscow, which has troops operating in neighbouring Syria.

Mr Zelenskyy is scheduled to speak via video call to Israel's Knesset, or parliament, on Sunday.

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

RESULTS

5pm: Watha Stallions Cup Handicap (PA) Dh 70,000 (Dirt) 2,000m

Winner: Dalil De Carrere, Bernardo Pinheiro (jockey), Mohamed Daggash (trainer)

5.30pm: Maiden (TB) Dh 70,000 (D) 2,000m

Winner: Miracle Maker, Xavier Ziani, Salem bin Ghadayer

6pm: Maiden (PA) Dh 70,000 (D) 1,600m

Winner: Pharitz Al Denari, Bernardo Pinheiro, Mahmood Hussain

6.30pm: Maiden (PA) Dh 70,000 (D) 1,600m

Winner: Oss, Jesus Rosales, Abdallah Al Hammadi

7pm: Handicap (PA) Dh 70,000 (D) 1,400m

Winner: ES Nahawand, Fernando Jara, Mohamed Daggash

7.30pm: Maiden (PA) Dh 70,000 (D) 1,000m

Winner: AF Almajhaz, Abdul Aziz Al Balushi, Khalifa Al Neyadi

8pm: Maiden (PA) Dh 70,000 (D) 1,000m

Winner: AF Lewaa, Bernardo Pinheiro, Qaiss Aboud.

Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Rating: 2/5
 
GIANT REVIEW

Starring: Amir El-Masry, Pierce Brosnan

Director: Athale

Rating: 4/5

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%3Cul%3E%0A%3Cli%3EThe%20loss%20of%20sodium%20chloride%20in%20our%20sweat%20can%20lead%20to%20confusion%20and%20an%20altered%20mental%20status%20and%20slurred%20speech%3C%2Fli%3E%0A%3Cli%3EBody%20temperature%20above%2039%C2%B0C%3C%2Fli%3E%0A%3Cli%3EHot%2C%20dry%20and%20red%20or%20damp%20skin%20can%20indicate%20heatstroke%3C%2Fli%3E%0A%3Cli%3EA%20faster%20pulse%20than%20usual%3C%2Fli%3E%0A%3Cli%3EDizziness%2C%20nausea%20and%20headaches%20are%20also%20signs%20of%20overheating%3C%2Fli%3E%0A%3Cli%3EIn%20extreme%20cases%2C%20victims%20can%20lose%20consciousness%20and%20require%20immediate%20medical%20attention%3C%2Fli%3E%0A%3C%2Ful%3E%0A
Company%20Profile
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WHY%20AAYAN%20IS%20'PERFECT%20EXAMPLE'
%3Cp%3EDavid%20White%20might%20be%20new%20to%20the%20country%2C%20but%20he%20has%20clearly%20already%20built%20up%20an%20affinity%20with%20the%20place.%3Cbr%3E%3Cbr%3EAfter%20the%20UAE%20shocked%20Pakistan%20in%20the%20semi-final%20of%20the%20Under%2019%20Asia%20Cup%20last%20month%2C%20White%20was%20hugged%20on%20the%20field%20by%20Aayan%20Khan%2C%20the%20team%E2%80%99s%20captain.%3Cbr%3E%3Cbr%3EWhite%20suggests%20that%20was%20more%20a%20sign%20of%20Aayan%E2%80%99s%20amiability%20than%20anything%20else.%20But%20he%20believes%20the%20young%20all-rounder%2C%20who%20was%20part%20of%20the%20winning%20Gulf%20Giants%20team%20last%20year%2C%20is%20just%20the%20sort%20of%20player%20the%20country%20should%20be%20seeking%20to%20produce%20via%20the%20ILT20.%3Cbr%3E%3Cbr%3E%E2%80%9CHe%20is%20a%20delightful%20young%20man%2C%E2%80%9D%20White%20said.%20%E2%80%9CHe%20played%20in%20the%20competition%20last%20year%20at%2017%2C%20and%20look%20at%20his%20development%20from%20there%20till%20now%2C%20and%20where%20he%20is%20representing%20the%20UAE.%3Cbr%3E%3Cbr%3E%E2%80%9CHe%20was%20influential%20in%20the%20U19%20team%20which%20beat%20Pakistan.%20He%20is%20the%20perfect%20example%20of%20what%20we%20are%20all%20trying%20to%20achieve%20here.%3Cbr%3E%3Cbr%3E%E2%80%9CIt%20is%20about%20the%20development%20of%20players%20who%20are%20going%20to%20represent%20the%20UAE%20and%20go%20on%20to%20help%20make%20UAE%20a%20force%20in%20world%20cricket.%E2%80%9D%C2%A0%3C%2Fp%3E%0A
Updated: March 20, 2022, 7:47 PM