In a recent interview with The National, David Beasley, head of the UN's World Food Programme, warned that "famine could very well be knocking on the door" in war-torn Syria. Areas under the Bashar Al Assad regime's control face high inflation and soaring prices in the aftermath of a banking crisis in neighbouring Lebanon, a situation that has been compounded by the coronavirus pandemic.
"Syria is deteriorating in a pretty serious way," Mr Beasley explained, "because the Lebanese economy has collapsed."The two countries have a shared, tumultuous history. Syria occupied Lebanon for nearly 30 years, until an uprising in 2005 forced them out of the country, where the regime continues to maintain strong ties to extremist groups such as Hezbollah.
For decades, Lebanon’s banking system has provided oxygen to a Syrian economy otherwise unable to access the global market. Since 1979, the country has been on the US State Sponsors of Terrorism list, and it reels under American as well as European sanctions.
For the past seven months, a shortage of dollars, to which the Lebanese pound is pegged, has fuelled a banking and financial crisis in Lebanon, with banks imposing draconian capital controls.
This has jeopardised Syria’s access to essential goods, such as fuel, wheat and flour, which is subsidised by the Lebanese state and routinely smuggled across the border. Following the closure of the border to contain the pandemic, this flow has come to a trickle. Since November, the Lebanese pound has fallen from 1,500 lira to more than 4,000 to the dollar on the black market. Prices of foodstuff soared by at least 50 per cent in May, compared to the same time last year, according to the Beirut-based Consultation and Research Institute. In Syria, meanwhile, food prices have doubled according to WFP estimates, with the Syrian pound also taking a nosedive, leaving the nation food insecure. The WFP provides food assistance for four million people in Syria and 1.6m Syrian refugees abroad.
From Beirut to Damascus, the victims of this tragedy are ordinary citizens failed by political leaders. It is little wonder that protests have raged on both sides of the border, with calls for better living conditions and the fall of the ruling classes.
For decades, Lebanon's banking system has provided oxygen to a Syrian economy otherwise unable to access the global market
Lebanon’s demonstrations, which began last October, have resumed since lockdown measures were eased last weekend. In Syria, hundreds of demonstrators have taken to the streets of Suwaida and Deraa since Sunday, risking their lives to call for President Bashar Al Assad to leave.Last month, the leader of Lebanon’s Druze community, Walid Joumblatt, predicted that famine will drive people to the streets. “The hunger revolt will come and we have no answer,” Mr Joumblatt said in a webinar. Now, the hunger revolt seems to have erupted in Syria as well, highlighting the extent to which the two nations are interconnected in the worst of ways.
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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
Cry Macho
Director: Clint Eastwood
Stars: Clint Eastwood, Dwight Yoakam
Rating:**
THE DETAILS
Kaala
Dir: Pa. Ranjith
Starring: Rajinikanth, Huma Qureshi, Easwari Rao, Nana Patekar
Uefa Champions League semi-final, first leg
Tuesday, April 24 (10.45pm)
Liverpool v Roma
Wednesday, April 25
Bayern Munich v Real Madrid (10.45pm)
Europa League semi-final, first leg
Thursday, April 26
Arsenal v Atletico Madrid (11.05pm)
Marseille v Salzburg (11.05pm)
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
THE BIO
Favourite holiday destination: Whenever I have any free time I always go back to see my family in Caltra, Galway, it’s the only place I can properly relax.
Favourite film: The Way, starring Martin Sheen. It’s about the Camino de Santiago walk from France to Spain.
Personal motto: If something’s meant for you it won’t pass you by.
How to increase your savings
Have a plan for your savings.
Decide on your emergency fund target and once that's achieved, assign your savings to another financial goal such as saving for a house or investing for retirement.
Decide on a financial goal that is important to you and put your savings to work for you.
It's important to have a purpose for your savings as it helps to keep you motivated to continue while also reducing the temptation to spend your savings.
- Carol Glynn, founder of Conscious Finance Coaching
