ABU DHABI // The Indian ambassador has called on the expatriate Indian community to do more to boost ties with Emiratis.
TP Seetharam said the community was not doing enough to communicate their culture, and the UAE Government had asked the Indian embassy to organise a briefing on India’s history and culture.
“If the UAE has requested this to familiarise themselves about Indian culture, of course, there is curiosity on their part,” the envoy said. “It also shows that we are not doing a good job in communicating our culture to them.”
Mr Seetharam, who took up his post last month, made the comments on Saturday in his first address to the India Social and Cultural Centre in the capital.
More than a thousand people, including Indian business representatives, gathered at the centre to welcome him.
He also urged the community not to overlook the welfare of Indian construction workers.
“We should not forget their contribution,” he said. “The government of India now pays attention to the welfare of overseas Indians. Particularly to those who are less fortunate than us. We look after the welfare of unskilled labourers who are part of our presence here.”
Mr Seetharam paid tribute to the shared history of the UAE and India, and said bilateral relations date back to centuries ago.
“When I met UAE officials, I told them how I grew up on the southern coast of India, called the Arabian Sea,” he said. “And every family in my village in Kerala has a member working in the Emirates or Gulf.
“This old traditional relationship has matured over a period of time. The Indian community’s contribution is paramount in making the UAE what it is today. It is extremely significant and is acknowledged by the people of the UAE.”
The ambassador said he and the Indian minister of external affairs, Salman Khurshid, met the Minister of Foreign Affairs, Sheikh Abdullah bin Zayed, in New Delhi last month.
Mr Seetharam said Sheikh Abdullah made it clear that the UAE appreciated the contribution of the Indian expatriate community.
Sheikh Abdullah also said the UAE planned to make a large investment in India, he said.
The UAE is India’s top trading partner. “We [India] import about US$39 billion (Dh143.2bn) worth of goods from the Emirates and export about $36bn of goods to the UAE,” said the ambassador.
And as there are about 2.2 million Indians living in the UAE, the bilateral relationship goes beyond trade.
“Our relationship is not only a large number of people coming here to work but it is a political, diplomatic relationship, which encompasses defence and security,” Mr Seetharam said.
He also urged Indian expatriates to voice their complaints and suggestions to him in person, saying he would meet them at any time.
“This kind of event is extremely important for cross-cultural interactions. It removes any room for confusion, misunderstanding and misinterpretation of what we do and why we do it,” said Mr Seetharam.
The event was attended by Mr Seetharam’s wife and Thomas John, the honorary president of the India Social and Cultural Centre.
“I have never seen such a humble and down-to-earth ambassador who is very accessible and supportive. I know him personally, as he belongs from a very respected family of Kerala,” said Mr John.
anwar@thenational.ae
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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Nepal
Paras Khadka (captain), Gyanendra Malla, Dipendra Singh Airee, Pradeep Airee, Binod Bhandari, Avinash Bohara, Sundeep Jora, Sompal Kami, Karan KC, Rohit Paudel, Sandeep Lamichhane, Lalit Rajbanshi, Basant Regmi, Pawan Sarraf, Bhim Sharki, Aarif Sheikh
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4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
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Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
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