How do you preserve your identity when sandwiched between the two largest, most populous countries on Earth? These and other questions about the changing face of Bhutan were brought up at Mountain Echoes, a three-day Bhutanese literary festival held in the capital Thimphu from August 26 to 28.
Run by Siyahi, a literary consultancy based in Jaipur, India, in conjunction with the India Bhutan Foundation, the festival, now in its seventh year, has evolved from an event largely dominated by Indian writers to a wholly Bhutanese festival. But the journey has not been easy.
“For the first time, we have more Bhutanese speakers than Indians,” said Bhutanese author and festival director Tshering Tashi. “But we had to beg, cajole and arm twist.”
Indian author Namita Gokhale. who is also a festival director, added: “Bhutanese writers are so modest, so humble, that we have had great difficulty in getting them to come up on stage and talk.”
One of the goals of Mountain Echoes is to get more Bhutanese to start reading. This is not easy in a country where until recently stories were handed down orally from generation to generation, often in isolated villages whose only source of books was a monastery.
It was an achievement then, that this year’s festival featured writers ranging from children’s authors to Buddhist monks. The audience was equally diverse, too – students rubbed shoulders with the country’s Queen Mother, Ashi Dorji Wangmo Wangchuck.
The festival began with a sobering talk on climate change by Indian author Amitav Ghosh, who discussed his new book The Great Derangement: Climate Change and the Unthinkable. Ghosh was unequivocal in saying that disaster lay in store for the world in general, but particularly for mountain kingdoms such as Bhutan.
“There is a lot we can learn from Bhutan’s eco-friendly ways. But for no fault of their own, they are going to face a catastrophe,” he said. Bhutan is a small state in the Himalayas and many of its glaciers are rapidly retreating.
Ghosh was also vocal about a key message of his book: how writers and artists have ignored climate change. “Obviously literature can’t solve the problem of climate change, but as a writer, I feel that it should at least reflect the issues of the time.”
Many audience members had much to say about Bhutan’s fierce sense of national identity. “For the first few years I did not come to this festival because I thought there were too many Indian [writers]; we’ve had enough of Indian imperialism,” said one member, who did not want to be named. “This year I am glad we are talking more about Bhutan.”
There was a deep pride in Bhutan’s unspoilt beauty, unique status as a carbon sink and its pioneering “gross national happiness indicator”, which saved it from the unbridled growth that has consumed India and China. But equally, there was frustration at being typecast as a tiny, quaint, picture-postcard country. And much worry about how a fledgling democracy – Bhutan became one only in 2008 – would negotiate inevitable change and the growing aspirations of the young.
In one session titled “Brand Bhutan”, Dasho Ugen Tsechup Dorji, a prominent businessman, spoke about Bhutan’s evolving identity. “Tourists tell me Bhutan is so beautiful. Please keep it this way. And I ask ‘Do you want me to put it under a glass bowl?’ The reality is we can’t keep it that way. At the end of the day, if people don’t get richer, if the young don’t get opportunities, we will have problems.”
Travel writer Pico Iyer, who was born in England to Indian parents, also warned about the dangers of keeping Bhutan in a bubble. “We visitors have to be careful what we wish for other countries. We practise an imaginative colonialism. We want places we travel to stay quaint, while we live in New York.”
Rapidly changing traditions in Himalayan climbing, mostly for the worse, were the theme for Dhamey Tenzing Norgay, the son of pioneering mountaineer Tenzing Norgay, who works to help the Sherpa community. “Hillary took only four photos on Everest, two of my father and two of the peak. None of himself. Can you imagine it in today’s Instagram world?” said Norgay, referring to the first successful expedition to the summit of Mount Everest in 1953.
In a lively session, Indian writers Ira Trivedi and Meenakshi Reddy Madhavan talked with Bhutanese writer Monu Tamang about how the young in both countries were becoming more open about relationships, despite traditional restrictions. “But not that open,” said Tamang. “People reviewed my book on my Facebook page but they inboxed me all their thoughts on the [relationship] bits.”
Amid all the talk of rapid change, some of the most popular sessions were also about staying still. Speaking on the art of stillness, Iyer said: “The best thing when faced with a crisis is not to panic or move around, but to be still.” Bhutan, at the crossroads of its future, would know that better than any nation.
Kavitha Rao is a Bangalore-based journalist.
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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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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MATCH INFO
Uefa Champions League semi-final, first leg
Tottenham 0-1 Ajax, Tuesday
Second leg
Ajax v Tottenham, Wednesday, May 8, 11pm
Game is on BeIN Sports
'Shakuntala Devi'
Starring: Vidya Balan, Sanya Malhotra
Director: Anu Menon
Rating: Three out of five stars
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