President of Lebanon implores UNGA for immediate assistance


James Reinl
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Lebanon’s President Michel Aoun on Friday pleaded with world leaders to help his country “claw its way back to recovery” as its economy collapses and political corruption runs rampant.

In his address to the UN assembly in New York, Mr Aoun called for help funding job-creation programmes, rebuilding Beirut’s wrecked port and recovering stolen public funds in a wish list of requests for the international community.

Lebanon is facing an economic meltdown, political uncertainty, soaring levels of poverty and a 90 per cent drop in currency values as it recovers from the chemical explosion that destroyed Beirut port in August of 2020.

“As Lebanon tries to claw its way back to recovery, we count on the whole world to support us in achieving our goals,” Mr Aoun told the annual UN gathering of world leaders.

“We are relying on the international community to fund vital projects, whether in the public or private sector, in order to revive the economic cycle and create new job opportunities.”

Mr Aoun acknowledged that many of Lebanon’s problems were home-grown.

Decades-old economic policies have led to “corruption and waste resulting from bad management and an absence of accountability,” he said.

  • Rweida Mohammed stands next to her almost empty fridge that is warm inside due to prolonged power cuts. Elizabeth Fitt for The National
    Rweida Mohammed stands next to her almost empty fridge that is warm inside due to prolonged power cuts. Elizabeth Fitt for The National
  • Hamid Khodor sits despondently in the kitchen. There is no electricity to keep food fresh in the fridge and freezer, no cooking gas for the stove and not much to eat except what the family can grow in the garden. Elizabeth Fitt for The National
    Hamid Khodor sits despondently in the kitchen. There is no electricity to keep food fresh in the fridge and freezer, no cooking gas for the stove and not much to eat except what the family can grow in the garden. Elizabeth Fitt for The National
  • The Khodor family is relying on homegrown vegetables. Elizabeth Fitt for The National
    The Khodor family is relying on homegrown vegetables. Elizabeth Fitt for The National
  • Talal Khodor with his son, Omar, in their vegetable garden. The family is relying on homegrown vegetables to feed themselves during Lebanon's economic collapse. Elizabeth Fitt for The National
    Talal Khodor with his son, Omar, in their vegetable garden. The family is relying on homegrown vegetables to feed themselves during Lebanon's economic collapse. Elizabeth Fitt for The National
  • Rweida Mohammed uses a makeshift grill to cook for the family. Since gas for the kitchen stove became so scarce in Lebanon, the family can't get hold of any. Elizabeth Fitt for The National
    Rweida Mohammed uses a makeshift grill to cook for the family. Since gas for the kitchen stove became so scarce in Lebanon, the family can't get hold of any. Elizabeth Fitt for The National
  • Talal Khodor's mother is frustrated by the ongoing situation. Elizabeth Fitt for The National
    Talal Khodor's mother is frustrated by the ongoing situation. Elizabeth Fitt for The National
  • There are few options left to help Mohammed Hazim provide for his family. Elizabeth Fitt for The National
    There are few options left to help Mohammed Hazim provide for his family. Elizabeth Fitt for The National
  • Shelves that usually display bread have been empty for days in the village store. Elizabeth Fitt for The National
    Shelves that usually display bread have been empty for days in the village store. Elizabeth Fitt for The National
  • Mohammed Hazim's son, Ziad, waits for his exam results. He had to study using his father's mobile phone. Elizabeth Fitt for The National
    Mohammed Hazim's son, Ziad, waits for his exam results. He had to study using his father's mobile phone. Elizabeth Fitt for The National
  • People queue for bread as shortages continue. Elizabeth Fitt for The National
    People queue for bread as shortages continue. Elizabeth Fitt for The National
  • The manager at Tarik Al Ridani bakery says it is one of only two producers still operational in the city and with two tonnes of flour left, it will soon run out of bread. Elizabeth Fitt for The National
    The manager at Tarik Al Ridani bakery says it is one of only two producers still operational in the city and with two tonnes of flour left, it will soon run out of bread. Elizabeth Fitt for The National
  • These boys are among the lucky few that have found bread before stocks run out. Elizabeth Fitt for The National
    These boys are among the lucky few that have found bread before stocks run out. Elizabeth Fitt for The National
  • Ogero, Lebanon's state-run telecoms provider, has a mast in Hrar, but connection speeds are often very slow. Elizabeth Fitt for The National
    Ogero, Lebanon's state-run telecoms provider, has a mast in Hrar, but connection speeds are often very slow. Elizabeth Fitt for The National

He said that corrupt officials have “pushed Lebanon into an unprecedented financial and monetary crisis which led to economic stagnation, a stifling livelihood crisis, and growing unemployment, migration and poverty rates”.

Still, the country of about seven million people need help rebuilding after the port blast, investigating those officials who let it happen and repatriating Syrian refugees, he added.

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Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer

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Sector: Financial services

Size: 120 employees

Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)

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Best Men's Player of the Year: Kylian Mbappe (PSG)

Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)

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Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)

Best Women's Player of the Year: Alexia Putellas (Barcelona)

Best Men's Club of the Year: Chelsea

Best Women's Club of the Year: Barcelona

Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)

Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)

Best Coach of the Year: Roberto Mancini (Italy)

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Best Agent of the Year: Federico Pastorello

Best Sporting Director of the Year: Txiki Begiristain (Manchester City)

Player Career Award: Ronaldinho

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What: Brazil v South Korea
When: Tonight, 5.30pm
Where: Mohamed bin Zayed Stadium, Abu Dhabi
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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. 

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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.

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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.

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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. 

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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. 

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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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Name: HyperSpace
 
Started: 2020
 
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Updated: September 25, 2021, 6:46 AM