A healthcare worker at a temporary coronavirus ward in Soweto in South Africa. AFP
A healthcare worker at a temporary coronavirus ward in Soweto in South Africa. AFP
A healthcare worker at a temporary coronavirus ward in Soweto in South Africa. AFP
A healthcare worker at a temporary coronavirus ward in Soweto in South Africa. AFP

South Africa's president urges wealthy countries to share Covid vaccines with poorer nations


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South African president Cyril Ramaphosa has accused rich countries of hoarding Covid-19 vaccines at the expense of the world’s poorest people.

Mr Ramaphosa, chairman of the African Union, warned on Tuesday that the global fight against the pandemic could be prolonged if “vaccine nationalism” continues unabated.

He said countries that had acquired vaccine supplies that went “far beyond” the size of their population should donate excess stock to poor nations.

“We are concerned about vaccine nationalism,” he told the World Economic Forum, which was held virtually this year.

“The rich countries of the world went out and acquired large doses of vaccines from manufacturers and developers. Some countries have gone beyond and acquired four times what their countries need.”

“We are saying ‘release the vaccines you have hoarded’.”

The mutation of the virus first identified in South Africa has caused havoc in the nation of 58 million.

The second wave of the disease in November led to a significant increase in infections through to early January, although the number of cases has started to fall recently.

South African president Cyril Ramaphosa addresses the World Economic Forum. WEF
South African president Cyril Ramaphosa addresses the World Economic Forum. WEF

Research suggests the new strain could be resistant to existing immunity among those who have previously been infected with Covid.

Several countries, including the UK and US, have imposed travel restrictions on arrivals from South Africa.

Mr Ramaphosa didn’t mention the new variant in his address but said the disease had created more inequality in his country.

The African Union has acquired 270 million vaccination doses from manufacturers, while the World Health Organisation’s Covax initiative will bring 600 million to the continent’s poorer countries, he said.

The supply will fall well short of inoculation for all of Africa’s 1.2 billion residents given that two doses need to be administered for each person.

In contrast, the UK has access to 357 million doses from seven vaccine developers, according to the government.

Mr Ramaphosa said the world was not safe “if some countries are vaccinating and others are not”.

“It must not be something that special countries or certain countries have on their own to the exclusion of others,” he said.

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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Company name/date started: Abwaab Technologies / September 2019

Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO

Based: Amman, Jordan

Sector: Education Technology

Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed

Stage: early-stage startup 

Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.

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Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

Unresolved crisis

Russia and Ukraine have been locked in a bitter conflict since 2014, when Ukraine’s Kremlin-friendly president was ousted, Moscow annexed Crimea and then backed a separatist insurgency in the east.

Fighting between the Russia-backed rebels and Ukrainian forces has killed more than 14,000 people. In 2015, France and Germany helped broker a peace deal, known as the Minsk agreements, that ended large-scale hostilities but failed to bring a political settlement of the conflict.

The Kremlin has repeatedly accused Kiev of sabotaging the deal, and Ukrainian officials in recent weeks said that implementing it in full would hurt Ukraine.

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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

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