Security forces in Myanmar killed an anti-coup protester and wounded a toddler in fresh violence overnight, media reported on Monday, as activists called on armed ethnic groups in the diverse nation to back their struggle against military rule.
After the bloodiest day since last month's military coup with 114 deaths on Saturday, security forces opened fire at a funeral on Sunday, witnesses said.
Another 13 people were killed in other incidents at the weekend, according to the Assistance Association for Political Prisoners advocacy group on Sunday, taking its total toll of civilians killed since the February 1 coup to 459.
In the town of Pathein in the Ayeyarwaddy region, one man was shot dead by security forces on Sunday evening, DVB TV News reported on Monday.
Meanwhile, in the South Dagon area of the commercial hub of Yangon a one-and-half-year old toddler was hurt by gunfire, the Mizzima news portal reported.
Police and a junta spokesman did not answer calls seeking comment.
A call for help from armed ethnic groups
The General Strike Committee of Nationalities, one of the main protest groups, in an open letter posted on Facebook urged armed ethnic groups "to collectively protect the people, youths, women, children and elders" who opposed military rule.
Heavy fighting has erupted between the army and some of the two dozen ethnic armed groups that control swathes of the country.
About 3,000 people fled to neighbouring Thailand after military jets bombed areas controlled by the Karen National Union militia near the border, an activist group and media said.
At least three civilians were killed on Saturday in an air attack by the military on a village controlled by the KNU, a civil society group said. The militia earlier said it had overrun an army post near the border, killing 10 people.
Fighting also erupted on Sunday between another armed group, the Kachin Independence Army, and the military in the jade-mining area of Hpakant in the north. The Kachin forces attacked a police station and the military responded with an aerial assault, Kachinwaves media reported.
There were no reports of casualties.
Military carrying out 'mass murder'
At least six children between the ages of 10 and 16 were among those killed across Myanmar on Saturday, according to news reports and witnesses. Protesters call the victims "Fallen Stars".
On Sunday, mourners fled shooting by security forces at a service for 20-year-old student Thae Maung Maung in Bago near Yangon and there were no immediate reports of casualties, three people in the town told Reuters.
People in Mandalay surrounded a police station late in the evening on Sunday, accusing the security forces of arson after five houses burnt down, residents said.
"While we are singing the revolution song for him, security forces just arrived and shot at us," a woman called Aye who was at the service said. "People, including us, run away as they opened fire."
UN Special Rapporteur for Myanmar Tom Andrews said the army was carrying out "mass murder" and called on the world to isolate the junta and halt its access to weapons.
Foreign criticism and sanctions imposed by some Western nations have failed so far to sway the generals, as have almost daily protests around the country since the junta took power and detained elected leader Aung San Suu Kyi.
Senior General Min Aung Hlaing, the junta leader, said during a parade to mark Armed Forces Day on Saturday that the military would protect the people and strive for democracy.
Countries including the United States, Britain, Germany and the European Union again condemned the violence.
"It's terrible, it's absolutely outrageous," US President Joe Biden told reporters in Delaware. "Based on the reporting I've got an awful lot of people have been killed totally unnecessarily."
The EU's foreign minister, Josep Borrell, called on the generals to stand down from what he called a "senseless path" of violence against their own people.
The top military officer from the United States and nearly a dozen of his counterparts said a professional military must follow international standards for conduct "and is responsible for protecting – not harming – the people it serves".
Myanmar's military took power saying that November elections won by Ms Suu Kyi's party were fraudulent, an assertion dismissed by the country's election commission.
Ms Suu Kyi remains in detention at an undisclosed location and many other figures in her party are also in custody.
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How to play the stock market recovery in 2021?
If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.
Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.
Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.
Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).
Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal.
Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.
By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.
As demand for energy fell, the oil and gas industry had a tough year, too.
Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.
He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.”
This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”
Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.
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
