In the 18th century, King Louis XV of France is said to have commented, “After me, the deluge.” The phrase is often used today to describe the disorder that can follow the sudden fall of a national leader. Following the abrupt resignation and flight from Bangladesh of prime minister Sheikh Hasina on Tuesday, however, the situation appeared to be the opposite. Ms Hasina’s departure day was dramatic, but her country appears to be tentatively returning to normal.
Footage on television showed people shopping as businesses, courts and government offices reopened and public transport resumed. The military has lifted the weeks-long curfew imposed during student-led protests. The demonstrators took issue with quotas for government jobs they claimed benefited Ms Hasina’s supporters and her ruling Awami League party.
The protesters’ storming of Ms Hasina’s residence on Monday was the climax in this chapter of unrest, which has claimed at least 300 lives, according to an investigation by the news agency AFP using data from police reports, local officials and doctors. Bangladeshi authorities have not issued an official figure on the death toll.
Bangladesh – a nation of more than 172 million people – is now at a crossroads. The protest leaders have called for Nobel laureate Dr Muhammad Yunus to be appointed chief adviser of an interim government. It is not clear yet what form such an administration will take – the country has had caretaker governments before – but restoring stability and trust in its institutions must take priority.
There is much at stake. Bangladesh has one of the world’s largest and youngest Muslim populations. It has made great economic progress in recent years. As recently as April, the World Bank was reporting the country’s economy had made a strong turnaround from the Covid-19 pandemic and projected a 5.7 per cent increase in gross domestic product for this year. The International Monetary Fund had predicted that GDP will pick up to 6.6 per cent next year as imports rebound and foreign exchange pressures ease. It has been a remarkable transformation from one of the world's poorest countries to a lower-middle-income nation.
With the right approach that includes a peaceful transition to a more responsive administration, the country can put this chapter behind it
Much of this progress was achieved with that the World Bank called “prudent macroeconomic policies” carried out during Ms Hasina’s tenure. Yet, too many people felt that they were not sharing in this success. Bangladesh still has serious challenges when it comes to poverty and living conditions. According to the Asian Development Bank, in 2022 nearly 19 per cent of the population lived below the national poverty line and for every 1,000 babies born there, 29 died before their fifth birthday. Last year, nearly six per cent of the employed population earned less than the equivalent of $2.15 a day – the World Bank’s international measure of poverty.
Bangladesh is also one of the countries most exposed to the threats posed by climate change and extreme weather. The UN’s Intergovernmental Panel on Climate Change has predicted that a rise in sea levels and coastal erosion could lead to a loss of 17 per cent of Bangladesh’s land surface and 30 per cent of food production by 2050.
Nevertheless, the dynamism that fuelled its recent economic and developmental successes bodes well for a society that wants to thrive. The task ahead will be hard; the World Bank’s April report pointed out the need for structural reforms to diversify the economy and build resilience over the medium and long term. Bangladesh needs its friends now. But with the right approach that includes a peaceful transition to a more responsive administration, the country can close this chapter and begin a new one.
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
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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
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Attacks on Egypt’s long rooted Copts
Egypt’s Copts belong to one of the world’s oldest Christian communities, with Mark the Evangelist credited with founding their church around 300 AD. Orthodox Christians account for the overwhelming majority of Christians in Egypt, with the rest mainly made up of Greek Orthodox, Catholics and Anglicans.
The community accounts for some 10 per cent of Egypt’s 100 million people, with the largest concentrations of Christians found in Cairo, Alexandria and the provinces of Minya and Assiut south of Cairo.
Egypt’s Christians have had a somewhat turbulent history in the Muslim majority Arab nation, with the community occasionally suffering outright persecution but generally living in peace with their Muslim compatriots. But radical Muslims who have first emerged in the 1970s have whipped up anti-Christian sentiments, something that has, in turn, led to an upsurge in attacks against their places of worship, church-linked facilities as well as their businesses and homes.
More recently, ISIS has vowed to go after the Christians, claiming responsibility for a series of attacks against churches packed with worshippers starting December 2016.
The discrimination many Christians complain about and the shift towards religious conservatism by many Egyptian Muslims over the last 50 years have forced hundreds of thousands of Christians to migrate, starting new lives in growing communities in places as far afield as Australia, Canada and the United States.
Here is a look at major attacks against Egypt's Coptic Christians in recent years:
November 2: Masked gunmen riding pickup trucks opened fire on three buses carrying pilgrims to the remote desert monastery of St. Samuel the Confessor south of Cairo, killing 7 and wounding about 20. IS claimed responsibility for the attack.
May 26, 2017: Masked militants riding in three all-terrain cars open fire on a bus carrying pilgrims on their way to the Monastery of St. Samuel the Confessor, killing 29 and wounding 22. ISIS claimed responsibility for the attack.
April 2017: Twin attacks by suicide bombers hit churches in the coastal city of Alexandria and the Nile Delta city of Tanta. At least 43 people are killed and scores of worshippers injured in the Palm Sunday attack, which narrowly missed a ceremony presided over by Pope Tawadros II, spiritual leader of Egypt Orthodox Copts, in Alexandria's St. Mark's Cathedral. ISIS claimed responsibility for the attacks.
February 2017: Hundreds of Egyptian Christians flee their homes in the northern part of the Sinai Peninsula, fearing attacks by ISIS. The group's North Sinai affiliate had killed at least seven Coptic Christians in the restive peninsula in less than a month.
December 2016: A bombing at a chapel adjacent to Egypt's main Coptic Christian cathedral in Cairo kills 30 people and wounds dozens during Sunday Mass in one of the deadliest attacks carried out against the religious minority in recent memory. ISIS claimed responsibility.
July 2016: Pope Tawadros II says that since 2013 there were 37 sectarian attacks on Christians in Egypt, nearly one incident a month. A Muslim mob stabs to death a 27-year-old Coptic Christian man, Fam Khalaf, in the central city of Minya over a personal feud.
May 2016: A Muslim mob ransacks and torches seven Christian homes in Minya after rumours spread that a Christian man had an affair with a Muslim woman. The elderly mother of the Christian man was stripped naked and dragged through a street by the mob.
New Year's Eve 2011: A bomb explodes in a Coptic Christian church in Alexandria as worshippers leave after a midnight mass, killing more than 20 people.
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
