High-profile development banker Muhammad Yunus has been appointed the head of Bangladesh’s interim government, in a move to restore order after weeks of protests drove former Prime Minister Sheikh Hasina from the country.
President Mohammed Shahabuddin’s office announced the widely expected decision to select the Nobel Prize-winning economist after meeting the country’s armed forces and protest leaders, who called for Mr Yunus to take the role.
“The country is now going through a transitional period. It is important to form an interim government as soon as possible to overcome this crisis,” Mr Shahabuddin said.
Mr Yunus will return to Bangladesh soon, protest leader Nahid Islam said in a televised briefing in the capital Dhaka on Tuesday night.
Mr Islam said members of the interim government have yet to be finalised.
What started in late June as peaceful protests seeking to abolish a government jobs quota turned deadly in recent weeks with demonstrators seeking to remove Ms Hasina, who had shown few signs of backing down.
Her sudden resignation follows a weekend of student-led clashes with pro-government supporters that pushed the death toll from the violence since mid-July to about 350 people.
Mr Yunus’s top task will be to restore calm after Ms Hasina, who turned Bangladesh into an economic success and ruled with an iron fist, fled Monday to India and her official residence was ransacked.
Mr Shahabuddin, backed by the country’s powerful military, has promised to hold elections “as soon as possible".
Mr Yunus, 84, who pioneered micro-loans as a tool to fight poverty, had faced legal trouble under Ms Hasina, which he has called politically motivated.
Ms Hasina was the world’s longest-serving female head of government, winning a fourth term as prime minister in an election in January that was boycotted by her opponents and voters.
The US, the biggest buyer of Bangladesh’s exports, criticised the polls and imposed visa curbs on members of Ms Hasina’s party and law-enforcement officials in September.
Although Ms Hasina’s Awami League party dominated parliament, the army chief invited none of its members to talks on forming an interim government.
On Monday, thousands of jailed protesters were freed, as well as Ms Hasina’s rival and opposition leader Khaleda Zia, a former prime minister.
UAE currency: the story behind the money in your pockets
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
