File photo: German Minister of Foreign Affairs Heiko Maas attends a Foreign affairs ministers council in Brussels EPA
File photo: German Minister of Foreign Affairs Heiko Maas attends a Foreign affairs ministers council in Brussels EPA
File photo: German Minister of Foreign Affairs Heiko Maas attends a Foreign affairs ministers council in Brussels EPA
File photo: German Minister of Foreign Affairs Heiko Maas attends a Foreign affairs ministers council in Brussels EPA

UNGA 2020: Covid-19 confirms need for multilateralism, says German foreign minister


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The health crisis presented by the coronavirus has confirmed the necessity for strengthening multilateral ties, German Foreign Minister Heiko Maas has said.

Foreign ministers met via video link on Friday at a UN General Assembly side event hosted by the Alliance for Multilateralism.

The General Assembly, an annual summit of world leaders and diplomats, has been held virtually this year for the first time because of Covid-19 restrictions.

“With rising infection numbers in Europe and other parts of the world, we need to stay vigilant. The pandemic is far from over,” Mr Maas said.

“Indeed, Covid-19 has confirmed what the Alliance for Multilateralism is all about. No country alone can win the fight against the pandemic, or against climate change. We need to join forces,” he added.

The Alliance for Multilateralism was established at last year’s General Assembly to preserve the world’s international institutions and foster ties between its member nations.

The 2020 discussion was dominated by the coronavirus. The impact of the pandemic was highlighted as Mr Maas, the event’s co-host, was forced to dial in remotely from quarantine at home. One of the German foreign minister’s personal protection officers has tested positive for the disease.

French Foreign Minister Jean Yves Le Drian , who also co-hosted the event, ran through the agenda for the discussion which included key segments on health, the environment, digital governance and gender equality.

“We'll also continue to support the initiative to make sure that everyone around the world can have access to new common goods to fight coronavirus, best treatments or vaccines,” Mr Le Drian said.

India’s Foreign Minister Subrahmanyam Jaishankar decried the breakdown of the multilateral system in the face of the coronavirus.

“The past six months laid bare the shortcomings of multilateral institutions in the UN. We could not even agree on messaging to fight the virus, let alone coordinated responses,” he said alluding to infighting over the wording of a global ceasefire in response to the coronavirus crisis.

“Clearly, the multilateral machinery is exhausted if not broken. A cry for reform multilateralism becomes stronger than ever before.”

Mr Jaishankar said India was committed to rebuilding stronger in the wake of the pandemic and advocating a “fairer process of global decision making”.

Kenyan Foreign Minister Raychelle Omamo told the event that the need for multilateralism was key in the fight against climate change particularly in Africa and the Global South.

“The Horn of Africa, for instance, has suffered a combination of climate shocks, such as drought, desertification, floods [and] locust invasions, with serious ramifications,” she said.

“It is for this reason that we as Kenya will prioritise climate change, as we take up our seat at the United Nations Security Council in the year 2021-2022,” Ms Omamo added.

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

History's medical milestones

1799 - First small pox vaccine administered

1846 - First public demonstration of anaesthesia in surgery

1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases

1895 - Discovery of x-rays

1923 - Heart valve surgery performed successfully for first time

1928 - Alexander Fleming discovers penicillin

1953 - Structure of DNA discovered

1952 - First organ transplant - a kidney - takes place 

1954 - Clinical trials of birth control pill

1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.

1998 - The first adult live-donor liver transplant is carried out

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

The specs

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About Proto21

Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group

David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street

The seven points are:

Shakhbout bin Sultan Street

Dhafeer Street

Hadbat Al Ghubainah Street (outbound)

Salama bint Butti Street

Al Dhafra Street

Rabdan Street

Umm Yifina Street exit (inbound)

Nepotism is the name of the game

Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad. 

TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel

The bio

Job: Coder, website designer and chief executive, Trinet solutions

School: Year 8 pupil at Elite English School in Abu Hail, Deira

Role Models: Mark Zuckerberg and Elon Musk

Dream City: San Francisco

Hometown: Dubai

City of birth: Thiruvilla, Kerala

THE BIO

Favourite author - Paulo Coelho 

Favourite holiday destination - Cuba 

New York Times or Jordan Times? NYT is a school and JT was my practice field

Role model - My Grandfather 

Dream interviewee - Che Guevara

While you're here
Racecard

6pm: Mina Hamriya – Handicap (TB) $75,000 (Dirt) 1,400m

6.35pm: Al Wasl Stakes – Conditions (TB) $60,000 (Turf) 1,200m

7.10pm: UAE Oaks – Group 3 (TB) $150,000 (D) 1,900m

7.45pm: Blue Point Sprint – Group 2 (TB) $180,000 (T) 1,000m

8.20pm: Nad Al Sheba Trophy – Group 3 (TB) $200,000 (T) 2,810m

8.55pm: Mina Rashid – Handicap (TB) $80,000 (T) 1,600m

The specs

Engine: 3.8-litre twin-turbo flat-six

Power: 650hp at 6,750rpm

Torque: 800Nm from 2,500-4,000rpm

Transmission: 8-speed dual-clutch auto

Fuel consumption: 11.12L/100km

Price: From Dh796,600

On sale: now

The Year Earth Changed

Directed by:Tom Beard

Narrated by: Sir David Attenborough

Stars: 4

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GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)