New Delhi // Millions of Indians began voting on Saturday in regional elections seen as the first major test of prime minister Narendra Modi’s party after his controversial move to ban all high-value notes last year.
Five Indian states will elect new governments over the next five weeks in a multi-phased election, with voting kicking off in northern Punjab and coastal Goa in the west.
Mr Modi’s bold move to ban the notes that made up 86 per cent of the currency was aimed at curbing widespread tax evasion, but has also dented growth and caused widespread pain to the millions of Indians who lack access to formal banking.
His personal popularity has remained high well into his first term, but the elections are being seen as a test of its endurance.
In a tweet on Saturday morning, the Hindu-nationalist leader called on voters in the first phase to exercise their right to vote.
“Urging people of Punjab and Goa to turnout in record numbers and vote in the Assembly elections,” he said.
Residents were seen queuing outside polling booths across both states, where more than 40 million voters are eligible to cast their ballots to elect a total of 157 legislators.
Massive security arrangements were in place to ensure violence-free voting, with hundreds of thousands of security forces personnel on guard outside polling stations.
Mr Modi’s party is likely to lose out in Punjab, where it has been in power alongside its regional alliance partner since 2007, but also where a turnaround for the centre-left opposition Congress Party is possible.
Rahul Gandhi, the 44-year-old Nehru-Gandhi family scion who is seen as the party’s next head, has pulled out all the stops to revive its fortunes, facing criticism after a series of state election defeats.
“It is the most important election for the Congress party which needs a victory on its own,” said Nistula Hebbar, political editor with The Hindu newspaper.
“The erosion of its political support has been spectacular. More than anyone, Rahul Gandhi needs a stand-alone victory to silence critics both outside and within the party,” she added.
But the biggest test for Modi will be in India’s most populous state Uttar Pradesh, where the ruling Bharatiya Janata Party won big in the 2014 general election.
The state is important because it sends the highest number of MPs to the upper house of the national parliament, where the BJP currently lacks a majority.
The northern state of Uttarakhand and Manipur in the north-east will also elect new governments, with results for all five states due on March 11.
*Agence France-Presse
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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
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Quick facts on cancer
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- The total annual economic cost of cancer is $1.16 trillion
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Breast cancer in men: the facts
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