Pupils and teachers practise evacuation procedures during an earthquake drill at an elementary school in Quezon City, Philippines. EPA
Pupils and teachers practise evacuation procedures during an earthquake drill at an elementary school in Quezon City, Philippines. EPA
Pupils and teachers practise evacuation procedures during an earthquake drill at an elementary school in Quezon City, Philippines. EPA
Pupils and teachers practise evacuation procedures during an earthquake drill at an elementary school in Quezon City, Philippines. EPA

Philippines earthquake: Magnitude 6.0 tremor hits Mindanao


  • English
  • Arabic

A 6.0-magnitude earthquake struck the Philippines on Tuesday, the European Mediterranean Seismological Centre said.

The quake hit at a depth of 10km near San Mariano on the island of Mindanao.

The Philippine Institute of Volcanology and Seismology said damage and aftershocks are expected.

The earthquake struck just after 2pm local time in the mountainous province of Davao de Oro.

Footage on social media showed schools and residential buildings being evacuated after the quake hit.

Earthquakes are common in the Philippines, located on the “Ring of Fire” — an arc of intense seismic and volcanic activity across South-East Asia and the Pacific.

Evacuation drills are carried out nationwide four times a year to prepare for future quakes.

The country is vulnerable to other natural disasters, including typhoons.

Six people were killed and thousands displaced in September when a typhoon struck the north of the country.

More than 170,000 people were moved to emergency shelters from high-risk areas in Quezon alone.

Typhoon Haiyan left more than 7,300 dead or missing in 2013 and was one of the worst cyclones ever recorded.

Rescuers from the quake-prone nation travelled to Turkey to assist in rescue efforts after a quake killed more than 50,000 people in Turkey and Syria last month.

Ankara said it was "deeply moved" to receive aid from an 85-member team which helped search through the rubble.

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

Results:

First Test: New Zealand 30 British & Irish Lions 15

Second Test: New Zealand 21 British & Irish Lions 24

Third Test: New Zealand 15 British & Irish Lions 15

Updated: June 21, 2023, 12:51 PM