India's monsoon the wettest in 12 years


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NEW DELHI // India has enjoyed its wettest start to the monsoon in at least 12 years.

The country received 216.3 millimetres of rain last month, according to the meteorological department - 32 per cent more than a 50-year average considered normal for the period and the highest since 2001.

The rains raised hopes of a bumper harvest that may help India curb food prices and revive economic growth from the lowest level in a decade.

Agriculture accounts for about a fifth of the economy for the world's second-biggest producer of rice, cotton and sugar cane, but 55 per cent of the farm land does not have access to irrigation.

Widespread rainfall has helped ease a drinking water shortage and relieved crops threatened by the worst drought in four decades in India's western region.

"The start is good and what needs to be watched is July rainfall," said Dharmakirti Joshi, the chief economist at Crisil, the Indian unit of global finance company Standard & Poor's.

"If rainfall is well behaved in July and August, then we can have a good harvest this year."

In northern India last month unusually heavy early rains caused floods and landslides that washed away vehicles, homes and roads and left more than 1,000 dead in Uttarakhand state.

The Uttarakhand chief minister, Vijay Bahuguna, announced yesterday that construction along river banks would be banned in the state amid concerns that unchecked development fuelled last month's flash floods and landslides.

Mr Bahuguna also said a regulatory body would be set up to scrutinise future construction as the Himalayan state begins rebuilding after the June 15 floods.

"Permission will not be given for any kind of construction along the river banks," said Mr Bahuguna in the state capital Dehradun.

* Bloomberg News and Agence France-Presse

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Launched: 2008

Categories: Health, energy, water, food, global high schools

Prize: Dh2.2 million (Dh360,000 for global high schools category)

Winners’ announcement: Monday, January 13

 

Impact in numbers

335 million people positively impacted by projects

430,000 jobs created

10 million people given access to clean and affordable drinking water

50 million homes powered by renewable energy

6.5 billion litres of water saved

26 million school children given solar lighting

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Price: From Dh330,000 (estimate)
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Publisher: EA Sports

Consoles: PC, PlayStation 4/5, Xbox Series X/S

Rating: 3/5

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Everton (Rooney 45 1')
Man of the Match Phil Jagielka (Everton)

Company profile

Name: Infinite8

Based: Dubai

Launch year: 2017

Number of employees: 90

Sector: Online gaming industry

Funding: $1.2m from a UAE angel investor

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Director: James Cameron

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Rating: 4.5/5

THURSDAY'S ORDER OF PLAY

Centre Court

Starting at 10am:

Lucrezia Stefanini v Elena Rybakina (6)

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Kristina Mladenovic v Garbine Muguruza (5)

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The specs: 2017 Dodge Viper SRT

Price, base / as tested Dh460,000

Engine 8.4L V10

Transmission Six-speed manual

Power 645hp @ 6,200rpm

Torque 813Nm @ 5,000rpm

Fuel economy, combined 16.8L / 100km

Draw:

Group A: Egypt, DR Congo, Uganda, Zimbabwe

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UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

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. 

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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.

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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.

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Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

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Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

Company profile

Name: Oulo.com

Founder: Kamal Nazha

Based: Dubai

Founded: 2020

Number of employees: 5

Sector: Technology

Funding: $450,000