A 7.8-magnitude earthquake near the southern Turkish city of Gaziantep in the early hours of Monday struck when buildings were full of sleeping families. The timing of the earthquake meant most people were indoors, maximising the casualties caused by collapsing structures.
Images of apartment blocks left with gaping holes or reduced to rubble entirely are upsetting but they only hint at the level of human suffering that is taking place. Snow storms and the harsh winter are hampering rescue efforts and making the situation even harder for those who have lost their homes.
Turkey is no stranger to earthquakes – its location on two major fault lines regularly produces tremors – but it is already clear that Monday’s earthquake is particularly devastating.
Its power has been frightening, with a string of aftershocks shaking already-damaged buildings and some being felt nearly 800km away in Baghdad.
While numbers are still unclear, many people are trapped under debris and thousands have been injured. Turkish Vice President Fuat Oktay said shortly after the earthquake that the government could declare a full state of emergency in the days ahead.
Among the dead and injured in Turkey will surely be some of the millions of Syrian refugees who live in Gaziantep and the surrounding region, having fled north from their country’s long-running civil war. Across the border, just 90km away, the situation in their homeland – already perilous after more than a decade of conflict – has been made even worse by yesterday’s disaster.
Early yesterday, reports from rescue workers in Syria described a “catastrophic situation” in the northern city of Salkeen and said roads were blocked in parts of Idlib and Aleppo provinces.
Many people in this region depend on the Bab Al Hawa crossing with Turkey – the sole road route for UN cross-border aid. In 2022 alone, 7,566 trucks loaded with supplies crossed into this part of Syria, reaching 2.7 million people on average a month. It remains to be seen how the earthquake might affect this vital flow of aid.
The international co-operation that enabled aid to reach war-torn Syria will be needed now more than ever, and some countries are already sending help. The UAE is to send a field hospital and search-and-rescue teams to Turkey, with another team going to Syria. Rescue teams from the Netherlands and Romania are on their way to Turkey as part of an EU response.
For those across the region affected by the earthquake, a key question will be if the international community and national governments, some of whom have fraught relations, can come together to help thousands of people who badly need support. There is a precedent for this: in 1999, Turkey and Greece – two neighbours with a complex history – were both hit by earthquakes.
The 7.6-magnitude Izmit earthquake in Turkey that August cost thousands of lives, but led to an outpouring of support from Greece. This was not just at the government level but also came from individuals, NGOs and local authorities. Less than a month later, when Athens was hit by a 5.9 tremor, Turkey sent rescue teams to help and the Greek embassy’s phone lines were jammed with Turkish people offering to donate blood.
There are no easy answers to the problems posed by such a catastrophe, but it is clear that this is a moment for international co-operation, not just in the short term, but in the weeks and months ahead.
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
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Kandahar%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Ric%20Roman%20Waugh%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%C2%A0%3C%2Fstrong%3EGerard%20Butler%2C%20Navid%20Negahban%2C%20Ali%20Fazal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202.5%2F5%3C%2Fp%3E%0A
West Indies v India - Third ODI
India 251-4 (50 overs)
Dhoni (78*), Rahane (72), Jadhav (40)
Cummins (2-56), Bishoo (1-38)
West Indies 158 (38.1 overs)
Mohammed (40), Powell (30), Hope (24)
Ashwin (3-28), Yadav (3-41), Pandya (2-32)
India won by 93 runs
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months