The death toll from a 6.1-magnitude earthquake that struck the eastern Afghan province of Paktika in the early hours of Wednesday has risen to more than 1,000, the state-run news agency reported.
In addition to those killed, at least 1,500 people were injured across four districts, the head of the Information and Culture department told Bakhtar News Agency.
The Taliban have appealed for aid agencies to send assistance to the site of the disaster.
The quake struck about 46 kilometres south-west of Khost city in eastern Afghanistan at a depth of 51km, the US Geological Survey said.
Ninety houses were damaged in the province and some villages were completely destroyed. The number of casualties rose as rescue operations continued.
“Unfortunately, last night there was a severe earthquake in four districts of Paktika province, which killed and injured hundreds of our countrymen and destroyed dozens of houses,” Taliban spokesman Bilal Karimi wrote on Twitter.
“We urge all aid agencies to send teams to the area immediately to prevent further catastrophe.”
Paktika official Huzaifa Paktikawal told The National that medical teams from the provincial centre Sharana, neighbouring Paktia province and capital Kabul reached the area to provide emergency medical services.
Unicef said it was sending emergency aid to the area, including "several mobile health and nutrition teams to provide first aid to those who are injured". The deliveries would include blankets, water and hygiene kits to ward off potential disease outbreaks.
"The de facto authorities have requested the support of Unicef rand other UN agency teams who are joining efforts to assess the situation and respond to the needs of the affected communities," the statement said.
Ramiz Alakbarov, the UN’s deputy special representative and resident humanitarian co-ordinator in Kabul, called for $15 million in emergency relief aid on Wednesday.
“We're concerned about not just non-food items and getting people into shelters and providing medical supplies, but also preventing waterborne diseases,” Mr Alakbarov said from his office in Kabul.
US President Joe Biden meanwhile directed the Agency for International Development (USAID) to "assess US response options", National Security Adviser Jake Sullivan said in a statement.
China, one of a small number of countries to have maintained a diplomatic mission in Kabul since the Taliban's takeover of Afghanistan last year, said it would send aid.
"We are in close contact with relevant parties on the heavy casualties and property losses caused by the earthquake in eastern Afghanistan," tweeted China's ambassador in Kabul, quoting a representative of China International Development Co-operation Agency. "We are willing to provide emergency relief assistance according to the needs of the Afghan people."
Military helicopters flew to the province to help in the search for people trapped in landslides in the aftermath of the quake.
“Houses that were built on the sides of mountains were all damaged as they were already vulnerable,” a resident from Paktika told The National.
“Hundreds of people have died since late last night but the casualties are going to be even higher. Some areas turned into graveyards.”
Residents said there was an urgent need for medical and humanitarian assistance.
“There are limited facilities across the province as it’s the least developed province,” one said.
“International organisations must reach the area with emergency packages to help the families affected by the earthquake.”
Bakhtar also reported casualties in Khost province.
“Sixty-five people are killed and injured in different areas of Khost province and hundreds of houses are damaged,” it said.
The earthquake came after heavy rain and snow in several provinces, which had caused deadly floods.
On Tuesday, Afghanistan National Disaster Management Authority deputy minister Mawlawi Sharafuddin Muslim said floods in several provinces had killed at least 10 people.
“Due to the recent floods in eight provinces, 10 people were killed and two others were injured,” Mr Muslim said.
“In addition, 500 houses and several kilometres of roads were damaged, while 3,500 jeribs [700 hectares] of agricultural land was destroyed and 1,000 animals lost.”
Afghanistan analyst Hekmatullah Zaland, who works with the Centre for Strategic and Regional Studies, told The National the situation would only get worse.
“Several districts of Paktika province have seen very little progress in the past 20 years, due to heavy Taliban presence in the areas," he said. "With no clinics and little aid readiness, I fear the casualties will rise rapidly.
“Humanitarian organisations are the only hope right now. If medical and emergency aid reaches the area on time, it will save the lives of many families, especially women and children.”
Ashraf Ghani, the former president of Afghanistan who fled the country on August 15, 2021, as the Taliban seized power, expressed his condolences to the victims on Wednesday afternoon.
"My condolences to the families of the victims in Paktika, Khost and other parts of the country," he wrote on Twitter. "I ask the martyrs from the court of God to grant them paradise and the wounded a speedy recovery."
Tremors were felt in other provinces, including Kabul, Ghazni, Logar, Maidan Wardak, Laghman and Nangarhar.
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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
The Details
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Translated from the Spanish by Camilo A. Ramirez
Tuskar Rock Press (pp. 310)
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.”
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
