Kindergarten students participate in a classroom activity on the first day of in-person learning at Maurice Sendak Elementary School in Los Angeles earlier this month. AP Photo
Kindergarten students participate in a classroom activity on the first day of in-person learning at Maurice Sendak Elementary School in Los Angeles earlier this month. AP Photo
Kindergarten students participate in a classroom activity on the first day of in-person learning at Maurice Sendak Elementary School in Los Angeles earlier this month. AP Photo
The Covid-19 pandemic has compelled us to come face to face with one of the most devastating crises of our time that is unlike any other large-scale emergency the human race has had to deal with in its entire history. I can cite many examples of past disasters that wreaked havoc on the global economy, but the Covid-19 pandemic is a single event of catastrophic proportions that has shaken the very core of our existence.
That being said, I would like to highlight that some recent events that affected global economies – the Asian financial crisis in 1997, September 11 attacks in 2001 and the global financial crisis of 2008 – did not even come close to affecting our education system in the way that Covid-19 has. The pandemic may or may not have impacted the health of every individual, but it has, without a shadow of a doubt, affected the education dynamic in every single household on this planet.
In addition to drastically damaging the quality of learning, with one-on-one interaction being replaced by hours of screen time, the pandemic has amplified the many challenges that were already crippling the system and it has offset all the progress we had painstakingly achieved with years of effort. It has magnified critical global issues such as gender disparity, school drop-outs and low enrollment rates, among other things.
Even before Covid-19 hit us, 258 million children and youth globally were out of school and 617 million children and youth were attending school but not achieving minimum proficiency levels in reading and mathematics.
The outbreak made the situation even worse. At its peak, the pandemic forced 190 countries to close down schools and universities, pushing more than 1.6 billion school-aged children and youth out of school. In addition, over 60 million teachers were also no longer in the classroom. Unsurprisingly, children from underserved communities are suffering the most, including those with disabilities and those from minority communities and low-income families and girls.
These numbers mean that the conversation on education financing can no longer be just a “good-to-have” discussion anymore. It is a conversation that can no longer be swept under the rug or brushed aside. This is a dialogue that needs to take centre stage and lead the agendas of leaders and decision-makers at major global events, because if investments in education stay at the same level, we will still end up having 800 million young people finishing high school by 2030 without adequate skills for the job market.
If we do not open our eyes to the fact that this is a crisis of unimaginable proportions and needs to be addressed with the highest sense of urgency, an entire generation all over the world – not just a marginalised group of people in a few countries – will grow up uneducated. To me, this is a highly disturbing and terrifying thought to say the least.
If education financing is not given the attention and precedence it deserves, if it is not tackled with the utmost level of seriousness, and if we do not act now, we will find ourselves with a young population that either does not have the means to attend school or college, or struggles to integrate itself within the job market because of lack of suitable skill sets.
Classrooms have been empty for months on end. AFP
Before Covid-19, 258 million children were out of school
For nearly two decades, the Global Partnership for Education (GPE), among other partnerships and networks, has been on a mission to preserve the progress that has so far been made in securing funding for the global learning crisis. But that’s not enough. Sustaining their efforts through constant replenishment is the need of the hour. But this cannot be achieved by one organisation alone. It is a shared responsibility that requires a bold vision, collective co-operation and enduring commitment.
In support of education financing, Dubai Cares recently pledged $2.5 million for a period of five years to GPE at the launch of its Arabic Case for Investment in the Middle East, which took place recently in Saudi Arabia. This Case for Investment will directly address specific barriers related to access, completion and learning.
Despite these milestones, we still have a long way to go. We must utilise and leverage every opportunity to voice all issues that can make or break the future of underserved children and youth around the world. The discussion has started now with the launch of the Case for Investment, will continue during GPE replenishment in July and culminate with the global education summit, RewirEd, a collaboration between Dubai Cares and Expo 2020 Dubai, delivered in close co-ordination with the UAE Ministry of Foreign Affairs and International Co-operation from December 12-14.
I would like to call upon governments, philanthropies, donors, development funds and foundations globally to think twice about where they will direct their grants or loans from now onwards, as access to quality education, post-Covid-19, has become the most pressing challenge facing humanity worldwide. Therefore, we must address this challenge with the utmost sense of urgency and pass this test of sustaining education financing today, because if we don’t, we will fail the children of tomorrow.
Dr Tariq Al Gurg is CEO at Dubai Cares and Global Partnership for Education’s Regional Champion
1. New Zealand Daniel Meech – Fine (name of horse), Richard Gardner – Calisto, Bruce Goodin - Backatorps Danny V, Samantha McIntosh – Check In. Team total First round: 200.22; Second round: 201.75 – Penalties 12 (jump-off 40.16 seconds) Prize €64,000
2. Ireland Cameron Hanley – Aiyetoro, David Simpson – Keoki, Paul Kennedy – Cartown Danger Mouse, Shane Breen – Laith. Team total 200.25/202.84 – P 12 (jump-off 51.79 – P17) Prize €40,000
3. Italy Luca Maria Moneta – Connery, Luca Coata – Crandessa, Simone Coata – Dardonge, Natale Chiaudani – Almero. Team total 130.82/198.-4 – P20. Prize €32,000
Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
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
What is safeguarding?
“Safeguarding, not just in sport, but in all walks of life, is making sure that policies are put in place that make sure your child is safe; when they attend a football club, a tennis club, that there are welfare officers at clubs who are qualified to a standard to make sure your child is safe in that environment,” Derek Bell explains.
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
