In 2011, after the Arab uprisings reached Libya, the nation turned away from the iron-fisted and eccentric rule of Muammar Qaddafi to become a country with great hopes but few rules.
There is nothing positive to say about the tyrannical leadership of the nation's former dictator. But his total grip on power in the country for decades and the suddenness of his departure, through popular protest and Nato intervention, created a vacuum that was soon filled by a variety of malign forces. Some originated domestically, but many came from abroad. Despite the fact that the military intervention in Libya was sanctioned by the UN, no international forces were posted to protect the country after the collapse of Qaddafi's regime.
Libyans watched as smugglers overran their country, trafficking guns, narcotics and, most tragically, people. Victims of these gangs, particularly migrants attempting to reach Europe, are vulnerable to all forms of abuse and live in appalling conditions, adding to the trauma of their already dangerous journey. Meanwhile, militias that emerged in the fight against Qaddafi became powerful players, getting salaries directly from Libya’s state budget.
Extremist groups flourish in the chaos. As ISIS's presence in Syria and Iraq waned, parts of the organisation regrouped in Libya. With no national security services to battle it, ISIS lives on in the nation largely undisturbed.
Fighting has blighted Libya for years. AFP
This threatens neighbouring states. Egypt, for example, shares a border with the country that extends over 1000 kilometres, making it extraordinarily difficult to secure. Terrorists targeting Europe continue to use Libya as a base for training and organising attacks.
The moral ambitions of Libya’s uprising were poisoned early on. Islamists quickly found a place in the Government of National Accord. Another factions were found in the rival Libyan National Army.
Egypt shares a border with the country that extends over 1000 kilometres, making it extraordinarily difficult to secure
Now, the UAE along with other powers is calling for a peaceful settlement through renewed diplomatic efforts and political solutions. Lana Nusseibeh, the UAE's Permanent Representative to the UN, recently backed a Security Council call for all foreign forces to withdraw from Libya.
With so many different players involved, settling on a route to peace is not easy. Ms Nusseibeh's statement advocates securing and maintaining a ceasefire as the surest first step. She also called for the implementation of conclusions reached in last year's Berlin conference.
At that conference, 12 nations and a host of international bodies gathered to agree on a framework for stability in Libya. Its conclusions included an acknowledgement that there could never be a military solution to the crisis, the necessity of maintaining an arms embargo and the need for robust monitoring of the situation in the country.
The conference also reaffirmed the importance of a domestically led political process, something that would empower the group most marginalised by the conflict: the Libyan people. Yesterday, Libyan delegates met once again in Geneva, in an effort to choose a new executive body to help bring the country to elections next December. A stable transition of power would benefit Libyans and the world greatly.
Without international recognition that Libyan affairs rest foremost in Libyan hands, citizens of the country – 10 years on from the tyranny of Muammar Qaddafi – will be locked in the different tyranny of a failed state.
Cryptocurrency Investing for Dummies – by Kiana Danial
There are several primers for investing in cryptocurrencies available online, including e-books written by people whose credentials fall apart on the second page of your preferred search engine.
Ms Danial is a finance coach and former currency analyst who writes for Nasdaq. Her broad-strokes primer (2019) breaks down investing in cryptocurrency into baby steps, while explaining the terms and technologies involved.
Although cryptocurrencies are a fast evolving world, this book offers a good insight into the game as well as providing some basic tips, strategies and warning signs.
Begin your cryptocurrency journey here.
Available at Magrudy’s , Dh104
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
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
