Migrant workers and their families rest in an exhibition hall after being evacuated from their workplaces in Hangzhou, in eastern China's Zhejiang province, on Sunday, July 25, 2021.
Migrant workers and their families rest in an exhibition hall after being evacuated from their workplaces in Hangzhou, in eastern China's Zhejiang province, on Sunday, July 25, 2021.
Migrant workers and their families rest in an exhibition hall after being evacuated from their workplaces in Hangzhou, in eastern China's Zhejiang province, on Sunday, July 25, 2021.
Migrant workers and their families rest in an exhibition hall after being evacuated from their workplaces in Hangzhou, in eastern China's Zhejiang province, on Sunday, July 25, 2021.

More than 1.5 million people seek shelter as typhoon hits Shanghai


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Typhoon In-Fa, the sixth typhoon this year, made a second landfall in the coastal area between China's Zhejiang and Shanghai on Monday morning, weather authorities said.

The typhoon first landed late on Sunday in Zhejiang, from where more than 1.5 million people have been evacuated, according to the government.

In-Fa had already dumped strong rains on Zhejiang and Jiangsu provinces, as well as Shanghai.

In parts of Ningbo, a port city in Zhejiang, fire lorries could not reach people trapped in their own homes, the state broadcaster CCTV reported. Rescuers brought life jackets and evacuated residents using life rafts.

This photo taken on July 25, 2021 shows waves, caused by Typhoon In-Fa further down the Chinese coast, surging over a barrier along the seacoast in Qingdao in China's eastern Shandong province. AFP
This photo taken on July 25, 2021 shows waves, caused by Typhoon In-Fa further down the Chinese coast, surging over a barrier along the seacoast in Qingdao in China's eastern Shandong province. AFP

The provincial government issued a red alert — the most severe in its four-tier colour-coded weather warning system — for possible mountain torrents in 23 districts and counties.

An orange alert has been issued in neighbouring Jiangsu Province, where nearly 10,000 people were evacuated to safety.

Shanghai was at a virtual standstill as the typhoon that swept across eastern China at the weekend threatened more damage, forcing the evacuation of hundreds of thousands of people and the closure of schools, markets and businesses.

The financial centre was hit hard by the stormy weather at the weekend, with images of street flooding, flying debris and uprooted trees making the social media rounds. The local government curbed outdoor activities and shut tourist areas, including the historic Bund riverfront. Flights in and out of the city’s two major airports were cancelled, while high-speed trains and some metro lines were suspended.

Shanghai had relocated over 360,000 people as of 10pm on Sunday, mostly from the Pudong district, the China News Service said. No deaths or injuries have been reported so far.

Last week’s historic flooding in central Henan province led to the death of at least 63 people.

Yangshan Port evacuated hundreds of vessels as wind speeds off the coast reached up to 102 kilometres per hour, Xinhua News Agency reported, citing the port’s bureau of maritime affairs. All large container ships were evacuated at the weekend.

Some flights may resume later on Monday, depending on weather, according to Shanghai Airport Group Co, which operates the Pudong and Hongqiao airports. Some rail lines will remain shut for the whole day, the city government said in a social media post, citing the local railway bureau.

People wade through a flooded road in Dongqiao town of Ningbo, Zhejiang province, as Typhoon In-fa lashes the coastal regions in China July 25, 2021. REUTERS
People wade through a flooded road in Dongqiao town of Ningbo, Zhejiang province, as Typhoon In-fa lashes the coastal regions in China July 25, 2021. REUTERS
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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RESULTS
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Villains
Queens of the Stone Age
Matador

The Year Earth Changed

Directed by:Tom Beard

Narrated by: Sir David Attenborough

Stars: 4

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PROFILE OF SWVL

Started: April 2017

Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh

Based: Cairo, Egypt

Sector: transport

Size: 450 employees

Investment: approximately $80 million

Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani

 

 

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less

Like a Fading Shadow

Antonio Muñoz Molina

Translated from the Spanish by Camilo A. Ramirez

Tuskar Rock Press (pp. 310)

Updated: July 26, 2021, 11:19 AM