OK, I admit it: I'm on a roll. Last week, death. This week, taxes. It's no wonder I haven't been invited to any dinner parties lately.
Who cares about tax, I hear you ask? If we don't pay any in the UAE, how can this much-maligned (and some would say deservedly so) topic have any bearing on where we are, let alone what we do?
You'd be surprised. Let's have a show of hands: who pays tax or has to file a tax return in their home countries? I'm not sure I should even count this group, but I see there's a 100 per cent showing of every American who lives in the UAE (well, the ones who read this column, anyway). For once, it's hard not to feel sorry for non-resident US citizens, who are forced to file a tax return every year for Uncle Sam.
But there's also a decent amount of representation from people who rent out their properties in their home countries, which is considered income, and others who have received an inheritance and have to pay death taxes, for instance.
So, even though we live in a tax-free country, taxes still have an impact on our personal finances here. Unfortunately, there's nothing we can do about it. But, clearly, earning a tax-free salary helps to take the sting out of our responsibilities to governments back home, wherever that may be.
I'm not a fan of taxes, but I do understand they are a necessary evil, sorry, part of our lives to keep infrastructure and all things government-related clipping along, from bloated civil-servant salaries to keeping the president's stationery cupboard stocked. Taxes are meant to pay for the upkeep and building of roads, for health care and simple things such as garbage collections, as well other federal, state and local services that are too many to list here.
Probably the best example of a monumental misuse of taxpayer dollars was in the US during the height of the financial crisis: the controversial US$700 billion (Dh2.5 trillion) Troubled Asset Relief Program (Tarp). The Bush government magnanimously threw Wall Street the Tarp lifeline in October 2008 to save the country's banks, which then enabled them to continue calling in troubled mortgages from low-income earners or people who had lost their jobs thanks to the sub-prime debacle, caused, of course, by the lenders themselves.
A year ago, Reuters reported that the US government's bailout watchdog said in its quarterly report to Congress that while Tarp was supposed to encourage banks to increase financing for US businesses and consumers, lending had decreased on a month-by-month basis.
Preserving homeownership and promoting jobs were also "explicit purposes" of the Emergency Economic Stabilization Act of 2008 that enabled Tarp, Reuters added. But the "unemployment rate remained at 10 per cent and only a small fraction of troubled mortgages have been permanently modified to lower borrowers' monthly payments".
Now that's an interesting way to thank the people, rather than, say, being a little humane about it and giving them back their homes or, at the very least, some breathing space to catch up on their payments.
But back to tax. If you live in Sweden, you are hit with one of the highest rates in the world - an average of 57.77 per cent (but all those benefits from the socialist government does help to ease the pain), Australians pay between 17 per cent and 45 per cent, depending on the level of their income, and in India, you pay from 10 per cent to 30 per cent.
Hong Kong is renowned as a tax-friendly city, with residents paying no more than 17 per cent, while its rival, Singapore, is also up there with the best: a maximum of 20 per cent, according to www.worldwide-tax.com. Monaco, of course, is zero per cent. If you earn £150,000 (Dh890,496) or more in the UK, you will lose 50 per cent of your salary to Her Majesty's Revenue & Customs. This drops to 40 per cent on a salary of between £37,401 and £150,000. Pakistan charges a maximum of 25 per cent, the Philippines 5 per cent to 32 per cent and in Canada, federal taxes come in at between 15 per cent and 29 per cent, not to mention the other taxes levied by the country's states and provinces. The US is similar, with taxes levied at 15 per cent to 35 per cent of your salary.
We all have smart tax advisers at home to help us to legally minimise the yearly hit on our salaries.
Luckily, we work in the UAE, which means we can escape the worst of it if we declare ourselves non-residents of our home countries - barring our poor American cousins, of course.
But here's an idea: what if we did pay tax in the Emirates? Would you support it, or are you here solely because there is no income tax and you can (supposedly) save more?
There has been talk of this happening. Back in 2008, the UAE was reportedly considering the introduction of a value-added tax (VAT) as it sought to diversify public revenues.
This has yet to happen and the idea seems to have been forgotten now that the price of oil has recovered.
In the meantime, however, we should enjoy our tax-free salaries - and save as much as possible.
fglover@thenational.ae
Results
Male 51kg Round 1
Dias Karmanov (KAZ) beat Mabrook Rasea (YEM) by points 2-1.
Male 54kg Round 1
Yelaman Sayassatov (KAZ) beat Chen Huang (TPE) TKO Round 1; Huynh Hoang Phi (VIE) beat Fahad Anakkayi (IND) RSC Round 2; Qais Al Jamal (JOR) beat Man Long Ng (MAC) by points 3-0; Ayad Albadr (IRQ) beat Yashar Yazdani (IRI) by points 2-1.
Male 57kg Round 1
Natthawat Suzikong (THA) beat Abdallah Ondash (LBN) by points 3-0; Almaz Sarsembekov (KAZ) beat Ahmed Al Jubainawi (IRQ) by points 2-1; Hamed Almatari (YEM) beat Nasser Al Rugheeb (KUW) by points 3-0; Zakaria El Jamari (UAE) beat Yu Xi Chen (TPE) by points 3-0.
Men 86kg Round 1
Ahmad Bahman (UAE) beat Mohammad Al Khatib (PAL) by points 2-1
Men 63.5kg Round 1
Noureddin Samir (UAE) beat Polash Chakma (BAN) RSC Round 1.
Female 45kg quarter finals
Narges Mohammadpour (IRI) beat Yuen Wai Chan (HKG) by points.
Female 48kg quarter finals
Szi Ki Wong (HKG) beat Dimple Vaishnav (IND) RSC round 2; Thanawan Thongduang (THA) beat Nastaran Soori (IRI) by points; Shabnam Hussain Zada (AFG) beat Tzu Ching Lin (TPE) by points.
Female 57kg quarter finals
Nguyen Thi Nguyet (VIE) beat Anisha Shetty (IND) by points 2-1; Areeya Sahot (THA) beat Dana Al Mayyal (KUW) RSC Round 1; Sara Idriss (LBN) beat Ching Yee Tsang (HKG) by points 3-0.
UAE currency: the story behind the money in your pockets
Who is Ramon Tribulietx?
Born in Spain, Tribulietx took sole charge of Auckland in 2010 and has gone on to lead the club to 14 trophies, including seven successive Oceania Champions League crowns. Has been tipped for the vacant New Zealand national team job following Anthony Hudson's resignation last month. Had previously been considered for the role.
Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
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TCL INFO
Teams:
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
Timeline October 25: Around 120 players to be entered into a draft, to be held in Dubai; December 21: Matches start; December 24: Finals
How being social media savvy can improve your well being
Next time when procastinating online remember that you can save thousands on paying for a personal trainer and a gym membership simply by watching YouTube videos and keeping up with the latest health tips and trends.
As social media apps are becoming more and more consumed by health experts and nutritionists who are using it to awareness and encourage patients to engage in physical activity.
Elizabeth Watson, a personal trainer from Stay Fit gym in Abu Dhabi suggests that “individuals can use social media as a means of keeping fit, there are a lot of great exercises you can do and train from experts at home just by watching videos on YouTube”.
Norlyn Torrena, a clinical nutritionist from Burjeel Hospital advises her clients to be more technologically active “most of my clients are so engaged with their phones that I advise them to download applications that offer health related services”.
Torrena said that “most people believe that dieting and keeping fit is boring”.
However, by using social media apps keeping fit means that people are “modern and are kept up to date with the latest heath tips and trends”.
“It can be a guide to a healthy lifestyle and exercise if used in the correct way, so I really encourage my clients to download health applications” said Mrs Torrena.
People can also connect with each other and exchange “tips and notes, it’s extremely healthy and fun”.
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
On racial profiling at airports
Scoreline:
Barcelona 2
Suarez 85', Messi 86'
Atletico Madrid 0
Red card: Diego Costa 28' (Atletico)
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Low turnout
Two months before the first round on April 10, the appetite of voters for the election is low.
Mathieu Gallard, account manager with Ipsos, which conducted the most recent poll, said current forecasts suggested only two-thirds were "very likely" to vote in the first round, compared with a 78 per cent turnout in the 2017 presidential elections.
"It depends on how interesting the campaign is on their main concerns," he told The National. "Just now, it's hard to say who, between Macron and the candidates of the right, would be most affected by a low turnout."
How to help
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
Cricket World Cup League Two
Teams
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Namibia beat Oman by 52 runs
UAE beat Namibia by eight wickets
Fixtures
Saturday January 11 - UAE v Oman
Sunday January 12 – Oman v Namibia
More on Quran memorisation:
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