• Collapsed houses after a landslide caused by heavy rain in Yecheon, South Korea. AP
    Collapsed houses after a landslide caused by heavy rain in Yecheon, South Korea. AP
  • Flooded houses in Cheongju, South Korea. AP
    Flooded houses in Cheongju, South Korea. AP
  • This handout photo taken and released on July 15, 2023 by the Gyeongbuk Fire Service Headquarters shows South Korean emergency workers searching for survivors at a house destroyed by flood waters after heavy rains in Yecheon. Seven people have died and three have gone missing amid torrential rains that have flooded many parts of South Korea, forcing thousands of people to evacuate from homes amid the warning of an overflowing dam. (Photo by Handout / Gyeongbuk Fire Service Headquarters / AFP) / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / Gyeongbuk Fire Service Headquarters" - NO MARKETING NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS
    This handout photo taken and released on July 15, 2023 by the Gyeongbuk Fire Service Headquarters shows South Korean emergency workers searching for survivors at a house destroyed by flood waters after heavy rains in Yecheon. Seven people have died and three have gone missing amid torrential rains that have flooded many parts of South Korea, forcing thousands of people to evacuate from homes amid the warning of an overflowing dam. (Photo by Handout / Gyeongbuk Fire Service Headquarters / AFP) / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / Gyeongbuk Fire Service Headquarters" - NO MARKETING NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS
  • People travel by boat on a flooded road in New Delhi. Bloomberg
    People travel by boat on a flooded road in New Delhi. Bloomberg
  • A person carries chickens in a cage on his head in New Delhi. Bloomberg
    A person carries chickens in a cage on his head in New Delhi. Bloomberg
  • A flooded area of New Delhi. Bloomberg
    A flooded area of New Delhi. Bloomberg
  • Submerged vehicles in Wanzhou district, south-west China. EPA
    Submerged vehicles in Wanzhou district, south-west China. EPA
  • A flooded street in Wanzhou. EPA
    A flooded street in Wanzhou. EPA
  • Stricken vehicles in Wanzhou. EPA
    Stricken vehicles in Wanzhou. EPA
  • An abandoned pickup truck lies in Vermont, US. EPA
    An abandoned pickup truck lies in Vermont, US. EPA
  • A collapsed road in Vermont. EPA
    A collapsed road in Vermont. EPA
  • Jodi Kelly, left, practice manager at the flooded Stonecliff Veterinary Surgical Centre in Vermont, and her husband, veterinarian Dan Kelly, move supplies. AP
    Jodi Kelly, left, practice manager at the flooded Stonecliff Veterinary Surgical Centre in Vermont, and her husband, veterinarian Dan Kelly, move supplies. AP
  • A submerged car in Zonguldak, Turkey. AP
    A submerged car in Zonguldak, Turkey. AP
  • A damaged road in Zonguldak. AP
    A damaged road in Zonguldak. AP
  • Floods in Bartin, Turkey. AP
    Floods in Bartin, Turkey. AP
  • Floods in Zaragoza, northern Spain. EPA
    Floods in Zaragoza, northern Spain. EPA
  • Rincon del Soto in La Rioja, northern Spain. EPA
    Rincon del Soto in La Rioja, northern Spain. EPA
  • A man wades through water in Rincon del Soto. EPA
    A man wades through water in Rincon del Soto. EPA

South Korea death toll rises as Asia battles deadly flooding


Taylor Heyman
  • English
  • Arabic

Asian nations battled severe flooding this week amid heavy rain.

In South Korea, 22 people died and thousands were evacuated as rapid rainfall sparked landslides, Japan's Yonhap New Agency reported.

The central province of Chungcheong and parts of nearby North Jeolla were inundated with around 100mm per hour on Friday.

More than 4,000 in the capital Seoul were left without power.

The rain also caused a large dam to spill into nearby areas in North Chungcheong province and submerge villages.

The Yamuna River running through India's capital Dehli reached a record level, with more rain forecast for Saturday.

The river reached a width of 208.66 metres late on Thursday, surpassing the previous mark of 207.49 metres, reached in 1978. The flows threatened low-lying neighbourhoods in the megacity of more than 20 million people.

Delhi's Chief Minister Arvind Kejriwal said that state personnel and army engineers were working to “ensure that the flood waters do not enter the [main areas of the] city”, but warned that more rain was forecast for Saturday.

Upstream from Delhi, at least 90 people have died in Punjab, Himachal Pradesh, Uttarakhand and Haryana in recent days, according to local media reports.

Tens of thousands of people have been stranded, with key roads, power lines and communication networks disrupted in the regions because of landslides and floods.

Neighbouring Pakistan, struck by devastating floods last year which killed 1,700 and displaced millions, evacuated 14,000 people this week as monsoon season hit.

More than 90 people have been killed in flood-related incidents since the beginning of the season in June.

Mohsin Naqvi, a top official in eastern Punjab province, tweeted on Friday that he had visited flood-hit areas.

The evacuations began earlier this week after India diverted waters from dams into the Ravi River, which flows into Pakistan. An overflowing Sutlej River has also inundated villages in various parts of the province.

The national weather agency says rains will continue this week in the south-western Balochistan and southern Sindh provinces.

Monsoon season brings South Asia around 80 per cent of its annual rainfall, which is key to both agriculture and the livelihoods of millions, but causes natural disasters every year.

The inundation of so many parts of Asia and elsewhere came after parts of the globe experienced record temperatures.

Climate change woes

Tourists at the Acropolis in Athens during a heatwave. AP
Tourists at the Acropolis in Athens during a heatwave. AP

Last month was declared the hottest June on record by the US space agency Nasa and the EU's Copernicus Climate Change Service. Climate scientists say global warming can bring heavier and more frequent rainfall.

Greece closed its top tourist attraction, the Acropolis, during the hottest hours on Friday as temperatures climbed to 40°C in Athens.

On the Italian islands of Sicily and Sardinia temperatures hit 48°C, “potentially the hottest temperatures ever recorded in Europe”, the European Space Agency said.

Morocco's meteorological service issued an extreme heat red alert for southern parts of the country.

Some regions of China, including the capital Beijing, are experiencing soaring temperatures and a major power company said generation hit a record high on Monday.

Parts of eastern Japan are also expected to reach 38°C to 39°C on Sunday and Monday, with Japan's meteorological agency warning temperatures could reach previous records.

A recent study estimates over 61,000 people died from heat during Europe's record-breaking summer last year.

A contributing factor to the higher temperatures this year may be the climate pattern known as El Nino.

El Nino events, which occur every two to seven years, are marked by warmer-than-average sea surface temperatures in the central and eastern Pacific near the Equator, and last between nine and 12 months.

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

Brief scores

Day 1

Toss England, chose to bat

England, 1st innings 357-5 (87 overs): Root 184 not out, Moeen 61 not out, Stokes 56; Philander 3-46

Babumoshai Bandookbaaz

Director: Kushan Nandy

Starring: Nawazuddin Siddiqui, Bidita Bag, Jatin Goswami

Three stars

Updated: July 15, 2023, 11:18 AM