A huge blast in Beirut has left 300,000 people homeless and caused damage across half of the city estimated to cost more than $3 billion, its governor said on Wednesday.
"I think there are between 250,000 and 300,000 people who are now without homes," Marwan Aboud told AFP, adding that the estimated cost of the damage from Tuesday's explosion was between $3 billion and $5 billion.
Engineers and technical teams have yet to conduct an official assessment, he said, adding that damage from the blast in the port area seems to have extended over half of the city.
The blast was the most powerful ever to rip through Beirut, a city still scarred by civil war three decades ago and reeling from an economic meltdown and a surge in coronavirus infections.
It sent a mushroom cloud into the sky and rattled windows on the Mediterranean island of Cyprus, about 100 miles (160 kilometres) away.
President Michel Aoun said 2,750 tonnes of ammonium nitrate, used in fertilisers and bombs, had been stored for six years at the port without safety measures. He called it "unacceptable".
The head of Lebanon's Red Cross, George Kettani, said at least 100 people had been killed. "We are still sweeping the area. There could still be victims. I hope not," he said.
The intensity of the blast threw victims into the sea and rescue teams were trying to recover bodies. Many of those killed were port and custom employees and people working in the area or driving through during the Tuesday afternoon rush hour.
The Red Cross was coordinating with the Health Ministry to set up morgues because hospitals were overwhelmed, Mr Kettani said.
Facades of central Beirut buildings were ripped off, furniture was sucked into streets and roads were strewn with glass and debris. Cars near the port were flipped over.
Offers of international support poured in. Gulf Arab states, who in the past were major financial supporters of Lebanon but recently stepped back because of what they say is Iranian meddling, sent planes with medical equipment and other supplies. Iran offered food and a field hospital, ISNA news agency said.
The United States, Britain, France and other Western nations, which have been demanding political change in Lebanon, also offered help. The Netherlands said it was sending doctors, nurses and specialised search and rescue teams.
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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.
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
The biog
Age: 32
Qualifications: Diploma in engineering from TSI Technical Institute, bachelor’s degree in accounting from Dubai’s Al Ghurair University, master’s degree in human resources from Abu Dhabi University, currently third years PHD in strategy of human resources.
Favourite mountain range: The Himalayas
Favourite experience: Two months trekking in Alaska
Women & Power: A Manifesto
Mary Beard
Profile Books and London Review of Books
The biog
Name: Greg Heinricks
From: Alberta, western Canada
Record fish: 56kg sailfish
Member of: International Game Fish Association
Company: Arabian Divers and Sportfishing Charters
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km