The panel at the Placing Gender Parity at the Heart of the Recovery session at the virtual World Economic Forum event. Panellists included Rania Al-Mashat, minister of international cooperation of Egypt; Phumzile Mlambo-Ngcuka, unndersecretary- general and executive director at UN WOMEN, Michael Neidorff, chairman, president and chief executive at Centene, Kevin Sneader, global managing partner at McKinsey & Company, while the moderator was Mina Al-Oraibi, editor-in-chief, The National. Courtesy WEF
The panel at the Placing Gender Parity at the Heart of the Recovery session at the virtual World Economic Forum event. Panellists included Rania Al-Mashat, minister of international cooperation of Egypt; Phumzile Mlambo-Ngcuka, unndersecretary- general and executive director at UN WOMEN, Michael Neidorff, chairman, president and chief executive at Centene, Kevin Sneader, global managing partner at McKinsey & Company, while the moderator was Mina Al-Oraibi, editor-in-chief, The National. Courtesy WEF
The panel at the Placing Gender Parity at the Heart of the Recovery session at the virtual World Economic Forum event. Panellists included Rania Al-Mashat, minister of international cooperation of Egy
Women should be at the heart of the global post-pandemic recovery
With Covid-19 having disproportionately affected women, policy makers need to pay more attention to gender parity to help build a more equitable society
It will take years to fully assess the impact of Covid-19 on global health systems, societies, economies and governments. However, in a number of areas, the devastation brought about by the pandemic is already clear. In addition to the death of over 2 million people because of the novel coronavirus, and the immense loss that their families will have to contend with, there are societal ramifications that must be recognised and addressed. Around the world, women are witnessing tangible regression in the areas of hard-won progress they made over the past few years.
From bearing the larger burden of home-schooling to facing elevated levels of job losses, women have suffered throughout the past year. And the facts are evident. While women represent 39 per cent of global employment, they have accounted for 54 per cent of overall job losses during the pandemic, according to the management consulting firm McKinsey. The World Economic Forum says that many women are working a “double-double shift”, taking on at least an extra 20 hours of work each week to juggle the demands made real by Covid-19. Mothers have been spending an average of 1.7 hours more per day on housework than fathers and provide 70 per cent of child care during business hours, according to the Forum. The international organisation has been measuring gender disparity for years in its annual “Global Gender Gap” report. In its 2020 report, it predicted that the world would need 99.5 years to reach gender parity. This was before the pandemic hit.
There is no doubt that the vast majority of women find great joy and satisfaction if they can help their families. UN Women, the UN’s agency for women’s advancement, estimates that women’s unpaid contributions to health care are equal to 2.35 per cent of global GDP, or almost $1.5 trillion. And while money and percentages are a good way of measuring how significant this contribution is, no amount of remuneration can equal the love of a mother, a wife, a sister or a daughter when providing care to their families. That is provided unconditionally. However, the reality is that the long-term consequences of this care could lead to career regression, increased psychological pressure and a greater financial burden.
James Laurie, aged 8, is assisted in his online work by his mother Laurette as he continues home-schooling in London. From bearing the larger burden of home-schooling to facing elevated levels of job losses, women have suffered throughout the past year. Getty Images
Oxfam has called Covid-19 the "inequality virus", saying that the world's poor have been disproportionately affected by this pandemic. This is true for both men and women. However, given that women are more likely to be in low-paying jobs and on flexible contracts, they are more adversely impacted. In its 2020 report on employment, the International Labour Organisation said that losses in income were larger for young workers, women, the self-employed and low and medium-skilled workers.
Moreover, while the world is witnessing a digital revolution with more aspects of people’s lives moving online, a proportion of men and women are being left out as they do not have access to the internet. Women have 17 per cent less access to the internet globally. One of the reasons that women are particularly hurt is that they make up a large proportion of the informal work sector, with 760 million of them in informal employment. Informal workers experienced a 60 per cent fall in income in the first month of the pandemic and much of that income has not recovered.
In her comments during a session I moderated during this week's "Davos Agenda", Egypt's Minister of International Co-operation Rania Al-Mashat stressed the importance of governments taking tangible measures to support women at this time, including legislation that helps mothers care for children under 12 years during this period. Undersecretary-General and Executive Director of UN Women Phumzile Mlambo-Ngcuka echoed that sentiment, stressing the need for tangible measures to solidify women's gains in the workforce and mitigate against the fallout from Covid-19.
We must keep in mind the toll that the pandemic will have on health workers for years to come. According to UN Women, 70 per cent of health workers and first responders around the world are women. And the gender pay gap in the health sector is estimated to be at 28 per cent – meaning that women are bearing a heightened financial, emotional and health burden.
Reena Jani, a health worker, gets ready to travel to receive the AstraZeneca vaccine in Koraput, India. According to UN Women, 70 per cent of health workers and first responders around the world are women. Reuters
Women are witnessing tangible regression in the areas of hard-won progress they made over the years
The issue of women in the workforce was discussed in a number of sessions during the Forum’s annual ”Davos Agenda” meeting, which has been held in its entirety virtually. However, the competing demands on policy makers may mean that women’s rights do not get the attention they deserve. They must.
Much has been said of the need to plan for a more equitable society with the emergence from the pandemic, and in order to do so, women have to be at the heart of that planning. Three priorities should be set towards that end. Firstly, providing the infrastructure needed for mothers to progress in the work place, which includes flexible hours to allow for family care and providing childcare facilities. Secondly, a continued effort to tackle gender inequality in pay across the board and securing all workers rights. Thirdly, and perhaps most importantly, protecting women in society and challenging those who seek to use conditions created by the pandemic as a tool of control to hold women back. That is the one fallout from this health crisis that should not be allowed.
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
It's up to you to go green
Nils El Accad, chief executive and owner of Organic Foods and Café, says going green is about “lifestyle and attitude” rather than a “money change”; people need to plan ahead to fill water bottles in advance and take their own bags to the supermarket, he says.
“People always want someone else to do the work; it doesn’t work like that,” he adds. “The first step: you have to consciously make that decision and change.”
When he gets a takeaway, says Mr El Accad, he takes his own glass jars instead of accepting disposable aluminium containers, paper napkins and plastic tubs, cutlery and bags from restaurants.
He also plants his own crops and herbs at home and at the Sheikh Zayed store, from basil and rosemary to beans, squashes and papayas. “If you’re going to water anything, better it be tomatoes and cucumbers, something edible, than grass,” he says.
“All this throwaway plastic - cups, bottles, forks - has to go first,” says Mr El Accad, who has banned all disposable straws, whether plastic or even paper, from the café chain.
One of the latest changes he has implemented at his stores is to offer refills of liquid laundry detergent, to save plastic. The two brands Organic Foods stocks, Organic Larder and Sonnett, are both “triple-certified - you could eat the product”.
The Organic Larder detergent will soon be delivered in 200-litre metal oil drums before being decanted into 20-litre containers in-store.
Customers can refill their bottles at least 30 times before they start to degrade, he says. Organic Larder costs Dh35.75 for one litre and Dh62 for 2.75 litres and refills will cost 15 to 20 per cent less, Mr El Accad says.
But while there are savings to be had, going green tends to come with upfront costs and extra work and planning. Are we ready to refill bottles rather than throw them away? “You have to change,” says Mr El Accad. “I can only make it available.”
23-man shortlist for next six Hall of Fame inductees
Tony Adams, David Beckham, Dennis Bergkamp, Sol Campbell, Eric Cantona, Andrew Cole, Ashley Cole, Didier Drogba, Les Ferdinand, Rio Ferdinand, Robbie Fowler, Steven Gerrard, Roy Keane, Frank Lampard, Matt Le Tissier, Michael Owen, Peter Schmeichel, Paul Scholes, John Terry, Robin van Persie, Nemanja Vidic, Patrick Viera, Ian Wright.
THE DETAILS
Director: Milan Jhaveri Producer: Emmay Entertainment and T-Series Cast: John Abraham, Manoj Bajpayee Rating: 2/5
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Name: Thndr Started: 2019 Co-founders: Ahmad Hammouda and Seif Amr Sector: FinTech Headquarters: Egypt UAE base: Hub71, Abu Dhabi Current number of staff: More than 150 Funds raised: $22 million
