A torn dinghy near the beach of Wimereux, on the northern coast of France, from where migrants leave to cross the English Channel. AFP
A torn dinghy near the beach of Wimereux, on the northern coast of France, from where migrants leave to cross the English Channel. AFP
A torn dinghy near the beach of Wimereux, on the northern coast of France, from where migrants leave to cross the English Channel. AFP
A torn dinghy near the beach of Wimereux, on the northern coast of France, from where migrants leave to cross the English Channel. AFP

World

Twenty-six victims identified after fatal capsizing of boat in English Channel

Four women, a teenager and a seven-year-old girl are among those identified after the tragedy

Soraya Ebrahimi
Soraya Ebrahimi

December 14, 2021

  • English
  • Arabic

The Paris prosecutor said 26 people have been formally identified after the capsizing last month of a boat in the English Channel that cost the lives of at least 27 trying to reach Britain.

The dead included seven women, a teenager and a girl aged 7.

The identity of one migrant remains unknown, Paris prosecutor Laure Beccuau said.

Investigators confirmed the identity of 16 Iraqi Kurds, including four women, a 16-year-old and the girl.

Other victims included an Iranian Kurd, three Ethiopians including two women, a Somali woman, four Afghan men and an Egyptian man, Ms Beccuau said.

The adults ranged in age from 19 to 46.

Their boat capsized on November 24 off the coast of northern France, in what French Interior Minister Gerald Darmanin called the biggest migration tragedy on the dangerous crossing to Britain.

Ever-increasing numbers of people fleeing conflict or poverty in Afghanistan, Sudan, Iraq, Eritrea and elsewhere are risking the perilous journey from France, hoping to win asylum or find better opportunities in the UK.

The crossings have tripled this year compared with 2020.

  • Migrants are brought ashore at Dungeness by RNLI Lifeboat members after crossing the Channel. Reuters
    Migrants are brought ashore at Dungeness by RNLI Lifeboat members after crossing the Channel. Reuters
  • The past three years have seen a significant rise in attempted Channel crossings by migrants, despite the dangers. AFP
    The past three years have seen a significant rise in attempted Channel crossings by migrants, despite the dangers. AFP
  • Migrants on board a Border Force rescue boat line up to disembark at Dover harbour after crossing the Channel. Reuters
    Migrants on board a Border Force rescue boat line up to disembark at Dover harbour after crossing the Channel. Reuters
  • A life jacket is left in the water after a group of more than 40 migrants got on an inflatable dinghy to leave the coast of northern France and cross the Channel. Reuters
    A life jacket is left in the water after a group of more than 40 migrants got on an inflatable dinghy to leave the coast of northern France and cross the Channel. Reuters
  • Migrants are escorted by Border Force staff in Dungeness, after being brought ashore by an RNLI lifeboat. Reuters
    Migrants are escorted by Border Force staff in Dungeness, after being brought ashore by an RNLI lifeboat. Reuters
  • A woman with a child is brought ashore safely. Reuters
    A woman with a child is brought ashore safely. Reuters
  • Migrants walk along a British beach after being brought ashore by an RNLI lifeboat. Reuters
    Migrants walk along a British beach after being brought ashore by an RNLI lifeboat. Reuters
  • At least 27 migrants bound for Britain died on Wednesday when their boat sank in the English Channel. AP
    At least 27 migrants bound for Britain died on Wednesday when their boat sank in the English Channel. AP
  • French Interior Minister Gerald Darmanin speaks to the press in Calais, northern France, after the tragedy. AP
    French Interior Minister Gerald Darmanin speaks to the press in Calais, northern France, after the tragedy. AP
  • France's interior minister has called it the biggest tragedy involving migrants on the dangerous crossing to date. AP
    France's interior minister has called it the biggest tragedy involving migrants on the dangerous crossing to date. AP
  • A man wheels a gurney into a warehouse in Calais, where it is believed the bodies of migrants are being transported. PA
    A man wheels a gurney into a warehouse in Calais, where it is believed the bodies of migrants are being transported. PA
  • French police look at a map of the coast at Wimereux, in northern France. The stretch of beach is believed to be used by migrants aiming to cross the Channel. PA
    French police look at a map of the coast at Wimereux, in northern France. The stretch of beach is believed to be used by migrants aiming to cross the Channel. PA
  • A funeral van leaves the port of Calais. AFP
    A funeral van leaves the port of Calais. AFP
  • A group of people thought to be migrants are brought to Dover by the RNLI. PA
    A group of people thought to be migrants are brought to Dover by the RNLI. PA

The tragedy prompted a new political crisis between Britain and France, which each accused the other of not doing enough to deter people from crossing the Channel.

European migration officials agreed to send a plane to monitor the shores of the English Channel for migrant activity, and pledged to work together more closely against migrant-smuggling networks.

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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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Where: Various locations including National Theatre (Abu Dhabi), Abu Dhabi Cultural Center, Zayed University Promenade, Beach Rotana (Abu Dhabi), Vox Cinemas at Yas Mall, Sharjah Youth Center

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