Latest news with #Kazi
Web Release
3 days ago
- Business
- Web Release
UAE Transfer Pricing Rules Bring Director Salaries Under New Scrutiny Says ADJC
As businesses across the UAE adjust to the Corporate Tax (CT) regime, ADJC is urging companies to revisit how they remunerate directors, particularly those who may be classified as related parties. Under the new rules, director salaries fall within the scope of Transfer Pricing (TP) scrutiny—an area many businesses are now navigating for the first time. 'The UAE's transfer pricing framework is fully aligned with OECD standards, and that means companies must apply the arm's length principle to all related-party transactions—including director compensation,' said Iftikhar Kazi, Business Manager at ADJC. 'If a director qualifies as a related party, then their salary, bonuses, and benefits must be benchmarked to reflect what an independent party would accept under similar market conditions.' Under UAE CT Law (Federal Decree-Law No. 47 of 2022), related parties include individuals who own or control 50% or more of a business, directors with significant decision-making authority who are also shareholders, and in some cases, even family members. If a director falls into this category, then any payments made to them must meet arm's length criteria—typically substantiated through a benchmarking analysis or Local File documentation. 'Benchmarking director salaries is not just a compliance formality—it's a necessity,' Kazi added. 'Companies should rely on market data from sources such as Mercer, Willis Towers Watson, or regional salary surveys to ensure compensation falls within a defensible range. The Federal Tax Authority (FTA) may challenge excessive payments, especially if they fall outside the interquartile range commonly accepted in transfer pricing reports.' According to Ministerial Decision No. 97 of 2023, companies with revenue above AED 50 million—or part of a multinational group with global turnover exceeding AED 3.15 billion—must maintain contemporaneous transfer pricing documentation, including any material director compensation paid to related parties. ADJC advises UAE businesses to proactively assess their internal remuneration policies, ensure benchmarking is up to date, and prepare robust documentation to withstand potential audits. ADJC is a leading advisory firm in the UAE specializing in corporate tax, transfer pricing, and compliance advisory. With a dedicated team of experts and a deep understanding of regional regulations, ADJC supports businesses in achieving tax efficiency and regulatory
Mid East Info
3 days ago
- Business
- Mid East Info
UAE Transfer Pricing Rules Bring Director Salaries Under New Scrutiny Says ADJC - Middle East Business News and Information
As businesses across the UAE adjust to the Corporate Tax (CT) regime, ADJC is urging companies to revisit how they remunerate directors, particularly those who may be classified as related parties. Under the new rules, director salaries fall within the scope of Transfer Pricing (TP) scrutiny—an area many businesses are now navigating for the first time. 'The UAE's transfer pricing framework is fully aligned with OECD standards, and that means companies must apply the arm's length principle to all related-party transactions—including director compensation,' said Iftikhar Kazi, Business Manager at ADJC. 'If a director qualifies as a related party, then their salary, bonuses, and benefits must be benchmarked to reflect what an independent party would accept under similar market conditions.' Under UAE CT Law (Federal Decree-Law No. 47 of 2022), related parties include individuals who own or control 50% or more of a business, directors with significant decision-making authority who are also shareholders, and in some cases, even family members. If a director falls into this category, then any payments made to them must meet arm's length criteria—typically substantiated through a benchmarking analysis or Local File documentation. 'Benchmarking director salaries is not just a compliance formality—it's a necessity,' Kazi added. 'Companies should rely on market data from sources such as Mercer, Willis Towers Watson, or regional salary surveys to ensure compensation falls within a defensible range. The Federal Tax Authority (FTA) may challenge excessive payments, especially if they fall outside the interquartile range commonly accepted in transfer pricing reports.' According to Ministerial Decision No. 97 of 2023, companies with revenue above AED 50 million—or part of a multinational group with global turnover exceeding AED 3.15 billion—must maintain contemporaneous transfer pricing documentation, including any material director compensation paid to related parties. ADJC advises UAE businesses to proactively assess their internal remuneration policies, ensure benchmarking is up to date, and prepare robust documentation to withstand potential audits. ADJC is a leading advisory firm in the UAE specializing in corporate tax, transfer pricing, and compliance advisory. With a dedicated team of experts and a deep understanding of regional regulations, ADJC supports businesses in achieving tax efficiency and regulatory clarity.
Yahoo
5 days ago
- Business
- Yahoo
Farmers stunned as mystery disease devastates staple crop in key region: 'The rice inside is not there'
Rice crops in India are being affected by an unknown disease, placing a strain on farmers who rely on these crops for their livelihoods. According to The Shillong Times, "paddy fields across the plain belt region of Meghalaya" are losing 20-80% of their rice crops due to this mysterious disease. Rajabala MLA Mizanur Rahman Kazi said, "The paddy crops look fine and normal from the outside, but the rice inside is not there." According to Iowa State University, plants need three things to get a disease. First, the plant needs to be able to catch the disease. Second, the pathogen must already be present. Third, it requires favorable weather conditions for the disease to develop. GeoPard Agriculture said some of those conditions are "low or high temperature and excess or lack of moisture." Down to Earth reported that India's earliest heat wave was recorded in March 2025. Krishi Jagran also reported Meghalaya was forecasted to experience heavy to very heavy rainfall at the end of April. While weather events were already going to occur, rising temperatures intensify them. According to a blog post by Journalist and Tech investor Molly Wood, rising temperatures are like steroids for the weather. The rice crop failure is "raising serious concerns over food security and economic stability in one of the state's most agriculturally productive areas," per The Shillong Times. Kazi said the extent of the damage won't be clear until a formal survey is conducted. Kazi contacted the sub-divisional officer of Dadenggre to get in touch with the Agriculture Department so an official investigation could occur to determine the cause. He also wrote a letter to the agriculture minister, Ampareen Lyngdoh, hoping for swift action. What is the biggest reason you don't grow food at home? Not enough time Not enough space It seems too hard I have a garden already Click your choice to see results and speak your mind. Since rising temperatures are caused by reliance on dirty energy, humans must transition to non-polluting energy sources, such as solar power. By installing solar panels, you can also become more resilient during extreme weather events. For instance, you won't have to rely on the grid to power your home in a power outage. EnergySage offers a free tool to help you find the best deal on installation, which can even help you save up to $10,000 on installation costs. Solar power can save you money, too. It can get your energy bill down to almost zero. While the Indian farmers don't know what's happening with their crops, it's vital to explore critical climate issues to understand how to combat them. Join our free newsletter for easy tips to save more and waste less, and don't miss this cool list of easy ways to help yourself while helping the planet.
The Hindu
25-05-2025
- Politics
- The Hindu
CM Stalin pays tributes to mortal remains of Chief Kazi to Tamil Nadu government
Tamil Nadu Chief Minister M.K. Stalin paid tributes to the mortal remains of the Chief Kazi to the Tamil Nadu government, Salahuddin Mohammed Ayub, at his residence in Chennai on Sunday (May 25, 2025). Ayub passed away in the city late on Saturday (May 24) due to age-related illness. He was 84. According to sources, he had a vast knowledge of Islamic teachings. He also holds a Doctorate in Arabic Language and Literature. Prior to his appointment as Chief Kazi, he was a professor of Arabic at New College in Chennai. Minister P.K. Sekarbabu, DMK MP T.R. Baalu, Tamil Nadu Backward Classes Economic Development Corporation Limited chairperson Thuraimugam Khaja, Tamil Nadu Minorities Commission vice-chairperson Iraianban Khuddus were among those who paid tributes. Former Chief Minister O. Panneerselvam condoled the death of the Government Chief Kazi. In a social media post, Mr. Panneerselvam extended his condolences to Muslims.
The Hindu
24-05-2025
- Politics
- The Hindu
Chief Kazi to T.N. govt. Salahuddin Mohammed Ayub passes away at 84
The Chief Kazi to the Tamil Nadu government, Salahuddin Mohammed Ayub, passed away here late on Saturday due to age-related illness. He was 84. According to sources, he had a vast knowledge of Islamic teachings. He also holds a Doctorate in Arabic Language and Literature. Prior to his appointment as Chief Kazi, he was a professor of Arabic at New College in Chennai. In a condolence message, Chief Minister M.K. Stalin said he was deeply saddened to hear about the passing of Salahuddin Mohammed Ayub. Recollecting his association with the Chief Kazi, Mr. Stalin said he was a respected scholar and will always be remembered for his contributions to the community's welfare. 'He always showed affection towards me ever since I was an MLA from the Thousand Lights constituency. Even during his illness, he remained committed to attending 'Iftar' events that I took part in. His demise is an irreparable loss to the Muslim community,' he added. In his condolence message, the Prince of Arcot Nawab Mohammed Abdul Ali recollected his family's association with the Chief Kazi, and said he was a great scholar and a humble man. In a post on X, Tamil Nadu Congress Committee president K. Selvaperunthagai extended condolences to his family members and Muslims. In a press release, Nusrat Ali Khan, secretary, Shia Sunni Unity Movement India, offered condolences to his family and the entire Muslim community. 'He was an epitome of unity and perfect example among Muslim community. His services to the nation will be appreciated forever,' Mr. Khan said. His last rituals will be conducted at Triplicane Big Mosque, known as Wallajah Mosque, at 5 p.m. on Sunday.
