MacKenzie Scott, the ex-wife of Amazon founder Jeff Bezos, said on Tuesday she has given $4.2 billion to groups helping the vulnerable as the pandemic hits lives like "a wrecking ball."
Ms Scott, who formerly went by the name MacKenzie Bezos, last year signed a "giving pledge" to donate the bulk of her wealth to charity.
They have dedicated their lives to helping others
In a round of donations early this year, Ms Scott gave nearly $1.7 billion to groups devoted to race, gender and economic equality, as well as other social causes.
"This pandemic has been a wrecking ball in the lives of Americans already struggling," Ms Scott said in a post detailing her second round of giving this year.
"Economic losses and health outcomes alike have been worse for women, for people of colour, and for people living in poverty."
Meanwhile, she noted, the wealth of billionaires has substantially increased.
Such billionaires include her ex-husband, although Ms Scott did not mention his name. Mr Bezos's wealth has reportedly grown almost 80 per cent during the pandemic.
Ms Scott said she enlisted a team of advisers that helped identify 384 organisations across the US that support people suffering from the economic toll of the pandemic.
Special attention was given to organisations working to combat hunger, poverty and racial inequity in communities, according to Ms Scott.
Targets for support included food banks, employment training services, legal defence funds, debt relief programmes and civil rights advocacy groups.
The groups that received donations "have dedicated their lives to helping others, working and volunteering and serving real people face-to-face at bedsides and tables, in prisons and courtrooms and classrooms, on streets and hospital wards and hotlines and front lines of all types and sizes, day after day after day," Ms Scott said.
Ms Scott became a multi-billionaire after her divorce last year from Mr Bezos.
She ranked 20th on a Forbes real-time list of the world's richest people index on Tuesday, with a net worth of $56 billion after taking her latest donations into account.
Mr Bezos was at the top of that list with a net worth of $185 billion.
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The specs: 2018 Nissan Altima
Price, base / as tested: Dh78,000 / Dh97,650
Engine: 2.5-litre in-line four-cylinder
Power: 182hp @ 6,000rpm
Torque: 244Nm @ 4,000rpm
Transmission: Continuously variable tranmission
Fuel consumption, combined: 7.6L / 100km
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
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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