http://pwc.to/1bFEiJI
Au cours des six derniers mois, le gouvernement indien a multiplié les initiatives pour relancer la croissance. Par ailleurs plusieurs développements juridiques et fiscaux sont susceptibles d'affecter les investissements en Inde des entreprises françaises.
India Companies Act 2013: Beginning of a new eraEY
Regulatory checks, accountability and governance standards in India have received a serious boost with the introduction of the new Companies Act 2013. Business and investors have expressed confidence in the Act’s ability to induce transparency and welcomed the legislation as an attempt to restore the appeal of Indian business. The Government of India introduced this landmark legislation in the beginning of fiscal year 2014.
This report focuses on some key topics in respect of which the 2013 Act and rules are notified. These topics are broadly classified into - financial reporting, audit and auditors, related party transactions, loans and investments, corporate social responsibility, corporate governance and mergers, amalgamations and reconstructions.
The SEBI (Substantial Acquisition of Shares and Takeovers) Circular dated 17 April, 2014, amended Clauses 35B and 49 of the Listing Agreement. The RC49, among other matters, deals with aspects such as related party transactions, independent directors, Audit Committee and vigil mechanism.
Though this publication focuses on the requirements of the 2013 Act in certain specific areas; to help listed companies better understand applicable framework; a brief overview of RC49 is also provided where relevant.
For further information, please visit: http://www.ey.com/companiesact2013
Why singapore and mauritius are preferred investment destinationsDVSResearchFoundatio
OBJECTIVE
Singapore’s robust economy, highly-educated workforce, excellent connectivity, and high standard of living offer businesses the ideal landscape to invest with confidence. Similar, the case for Mauritius where a stable system and skilled workforce are available.In this webinar, we will be having insights about why Singapore and Mauritius is considered as one of the preferred investment jurisdictions.
Summer internship presentation development process of startups from start to...Dinesh Kumar
Startups have been the flavour of the season over the last few years for the Indian markets. This has resulted into the emergence of a number of home grown unicorns across the country. One of the major contributors leading to this development has been the mega funding that has been ploughed into most of these unicorns between the period 2007 and 2015. This has been in line with the global trend dominating the space. Even the aspiring unicorns have had a decent run during this period, where managing to find investors is usually considered a tough task. The trends of investments suggest that investors want to enter as an early investor, even before the start of the firm.
From an overall viewing, India comes across as a thriving under-penetrated consumer driven market with a scope for exponential growth. Internet penetration and its increasing importance will drive most of the businesses. On account of the consumer demographics, with China being out of bounds, India offers the largest pie of investment opportunity that the world is eyeing. This is despite the multitude of operational, regulatory and taxation issues that surround the business running environment in India. However, 2015 has turned out to be a year offering a bit of a reality check to one and all and redefined the dynamics to a great extent. The year also set the tone for the next stage in the evolution of the startup ecosystem. The maturity in decision making that should ideally come in at this stage would be a step in the right direction taking the startup space in India towards greater heights, as it deserves.
The larger problems plaguing the businesses, such as the unorganized and fragmented Indian market, lack of clear and transparent policy initiatives, lack of infrastructure, lack of knowledge and exposure, complications in doing business, etc. are at least now being identified as issues that need to be addressed. The framework and course of regulations need to be updated and adopted as per the times. The right policy matter announcements by lawmakers can be a push. In times like these, pro-reforms announcements are required to provide the much needed impetus to the general business environment in the country in the startup space. To create awareness and building an entrepreneurial environment, a lot of emphasis should now be given to creating infrastructure for mentoring startups. Various stakeholders such as the government, corporate, educational institutions and others are and should join hands to build a better ecosystem for young people. I understand that the Commerce Ministry is planning to build an online portal for information sharing among various stakeholders including incubators/accelerators, angel investors, VC funds and government departments. Also, I understand that other such initiatives are in the pipeline and are expected to be rolled out in due course.
Developing India as an IFSC: Analysing the High Powered Expert Committee's Re...DVSResearchFoundatio
Key Takeaways:
Emergence of IFCs
Domestic and Offshore Demand for IFCs in India
Augmenting IFS Provisions via BPO
Market Deficiencies that Inhibited the Provision of IFS
Financial Regime Governance
Tax Policy for an IFC
India Companies Act 2013: Beginning of a new eraEY
Regulatory checks, accountability and governance standards in India have received a serious boost with the introduction of the new Companies Act 2013. Business and investors have expressed confidence in the Act’s ability to induce transparency and welcomed the legislation as an attempt to restore the appeal of Indian business. The Government of India introduced this landmark legislation in the beginning of fiscal year 2014.
This report focuses on some key topics in respect of which the 2013 Act and rules are notified. These topics are broadly classified into - financial reporting, audit and auditors, related party transactions, loans and investments, corporate social responsibility, corporate governance and mergers, amalgamations and reconstructions.
The SEBI (Substantial Acquisition of Shares and Takeovers) Circular dated 17 April, 2014, amended Clauses 35B and 49 of the Listing Agreement. The RC49, among other matters, deals with aspects such as related party transactions, independent directors, Audit Committee and vigil mechanism.
Though this publication focuses on the requirements of the 2013 Act in certain specific areas; to help listed companies better understand applicable framework; a brief overview of RC49 is also provided where relevant.
For further information, please visit: http://www.ey.com/companiesact2013
Why singapore and mauritius are preferred investment destinationsDVSResearchFoundatio
OBJECTIVE
Singapore’s robust economy, highly-educated workforce, excellent connectivity, and high standard of living offer businesses the ideal landscape to invest with confidence. Similar, the case for Mauritius where a stable system and skilled workforce are available.In this webinar, we will be having insights about why Singapore and Mauritius is considered as one of the preferred investment jurisdictions.
Summer internship presentation development process of startups from start to...Dinesh Kumar
Startups have been the flavour of the season over the last few years for the Indian markets. This has resulted into the emergence of a number of home grown unicorns across the country. One of the major contributors leading to this development has been the mega funding that has been ploughed into most of these unicorns between the period 2007 and 2015. This has been in line with the global trend dominating the space. Even the aspiring unicorns have had a decent run during this period, where managing to find investors is usually considered a tough task. The trends of investments suggest that investors want to enter as an early investor, even before the start of the firm.
From an overall viewing, India comes across as a thriving under-penetrated consumer driven market with a scope for exponential growth. Internet penetration and its increasing importance will drive most of the businesses. On account of the consumer demographics, with China being out of bounds, India offers the largest pie of investment opportunity that the world is eyeing. This is despite the multitude of operational, regulatory and taxation issues that surround the business running environment in India. However, 2015 has turned out to be a year offering a bit of a reality check to one and all and redefined the dynamics to a great extent. The year also set the tone for the next stage in the evolution of the startup ecosystem. The maturity in decision making that should ideally come in at this stage would be a step in the right direction taking the startup space in India towards greater heights, as it deserves.
The larger problems plaguing the businesses, such as the unorganized and fragmented Indian market, lack of clear and transparent policy initiatives, lack of infrastructure, lack of knowledge and exposure, complications in doing business, etc. are at least now being identified as issues that need to be addressed. The framework and course of regulations need to be updated and adopted as per the times. The right policy matter announcements by lawmakers can be a push. In times like these, pro-reforms announcements are required to provide the much needed impetus to the general business environment in the country in the startup space. To create awareness and building an entrepreneurial environment, a lot of emphasis should now be given to creating infrastructure for mentoring startups. Various stakeholders such as the government, corporate, educational institutions and others are and should join hands to build a better ecosystem for young people. I understand that the Commerce Ministry is planning to build an online portal for information sharing among various stakeholders including incubators/accelerators, angel investors, VC funds and government departments. Also, I understand that other such initiatives are in the pipeline and are expected to be rolled out in due course.
Developing India as an IFSC: Analysing the High Powered Expert Committee's Re...DVSResearchFoundatio
Key Takeaways:
Emergence of IFCs
Domestic and Offshore Demand for IFCs in India
Augmenting IFS Provisions via BPO
Market Deficiencies that Inhibited the Provision of IFS
Financial Regime Governance
Tax Policy for an IFC
Read about the tax litigation in India - direct tax litigation & corporate tax litigation in India, the future of indirect tax litigation & managing indirect tax litigation.
This video would describe about two important types of foreign investments- the foreign direct investment and foreign institutional investor.
FDI is when a company makes investment in foreign country by setting up the business over there.
FII is an entity or institution which makes investment in a foreign country by getting registered in the stock exchange of foreign market to trade in securities.
Foreign companies invest in India to take several advantages like relatively lower wages, cheaper production, new potential customers, tax exemptions, tapping growth potential of market, interest rate arbitrage.
It also benefits the host country by providing employment, increasing capital flow, greater investment opportunities, foreign exchange, transfer of new technology, skills & knowledge.
When FIIs invests in large in Indian stock market, rupee appreciates and the balance of payment improves
When FIIs withdraws, rupee depreciates and the balance of payment weakens
A comparison has been made between FDI and FII based on various factors like employment, tax rate, time period etc.
FDIs invests in the real economy while the FIIs invests in stock market only.
FDIs pay higher taxes as compares to the FIIs
FDIs generates mass employment as compared to FIIs that generates no or few employment opportunities
Both these foreign investments highly influence the country's economy and financial system.
It has its own positive and negative impacts. Do watch the video to know all about FDIs and FIIs.
Thank you for watching
Subscribe to DevTech Finance
Go global with the knowledge of IPSAS the internationally accepted accounting...CA. (Dr.) Rajkumar Adukia
In sum, the article explains that the knowledge of the IPSASs is going to be a great opportunity for accounting professionals worldwide. So it is time to gear up and acquire knowledge in this relatively new domain.
Oifc webinar on impact of union budget 2015 on overseas indiansKeystrokes Management
The Indian economy is looking up and the investment scenario is improving. The new Government is committed to improving ease of doing business in India. There are lot of opportunities for Overseas Indians to do business with India.
The Union Budget announced on Feb 28, 2015, makes investment prospects in India better and offers opportunities for Overseas Indians to forge stronger economic linkages with their motherland & be a part of the Indian growth story.
OIFC's interactive webinar had a panel of subject matter experts from Deloitte and APJ-SLG Law Offices share an analysis of the impact of the budget on Overseas Indians and the investment opportunities that this budget opens up for the Indian diaspora.
Nitin Garg, Partner at Coinmen Consultants LLP, presented at the first event of the Indo-Spanish Chambers of Commerce in New Delhi on 11 May 2018. This is the presentation document that was used along with his talk which addressed the current trends in India from an economic policy and tax standpoint. The target audience was promoters and CXOs of Spanish companies strategizing the growth of their businesses in Indian markets.
For more details on the topics that were addressed in his talk: http://www.coinmen.in/en/blog/india-emerging-trends-in-financial-and-regulatory-framework/
Read about the tax litigation in India - direct tax litigation & corporate tax litigation in India, the future of indirect tax litigation & managing indirect tax litigation.
This video would describe about two important types of foreign investments- the foreign direct investment and foreign institutional investor.
FDI is when a company makes investment in foreign country by setting up the business over there.
FII is an entity or institution which makes investment in a foreign country by getting registered in the stock exchange of foreign market to trade in securities.
Foreign companies invest in India to take several advantages like relatively lower wages, cheaper production, new potential customers, tax exemptions, tapping growth potential of market, interest rate arbitrage.
It also benefits the host country by providing employment, increasing capital flow, greater investment opportunities, foreign exchange, transfer of new technology, skills & knowledge.
When FIIs invests in large in Indian stock market, rupee appreciates and the balance of payment improves
When FIIs withdraws, rupee depreciates and the balance of payment weakens
A comparison has been made between FDI and FII based on various factors like employment, tax rate, time period etc.
FDIs invests in the real economy while the FIIs invests in stock market only.
FDIs pay higher taxes as compares to the FIIs
FDIs generates mass employment as compared to FIIs that generates no or few employment opportunities
Both these foreign investments highly influence the country's economy and financial system.
It has its own positive and negative impacts. Do watch the video to know all about FDIs and FIIs.
Thank you for watching
Subscribe to DevTech Finance
Go global with the knowledge of IPSAS the internationally accepted accounting...CA. (Dr.) Rajkumar Adukia
In sum, the article explains that the knowledge of the IPSASs is going to be a great opportunity for accounting professionals worldwide. So it is time to gear up and acquire knowledge in this relatively new domain.
Oifc webinar on impact of union budget 2015 on overseas indiansKeystrokes Management
The Indian economy is looking up and the investment scenario is improving. The new Government is committed to improving ease of doing business in India. There are lot of opportunities for Overseas Indians to do business with India.
The Union Budget announced on Feb 28, 2015, makes investment prospects in India better and offers opportunities for Overseas Indians to forge stronger economic linkages with their motherland & be a part of the Indian growth story.
OIFC's interactive webinar had a panel of subject matter experts from Deloitte and APJ-SLG Law Offices share an analysis of the impact of the budget on Overseas Indians and the investment opportunities that this budget opens up for the Indian diaspora.
Nitin Garg, Partner at Coinmen Consultants LLP, presented at the first event of the Indo-Spanish Chambers of Commerce in New Delhi on 11 May 2018. This is the presentation document that was used along with his talk which addressed the current trends in India from an economic policy and tax standpoint. The target audience was promoters and CXOs of Spanish companies strategizing the growth of their businesses in Indian markets.
For more details on the topics that were addressed in his talk: http://www.coinmen.in/en/blog/india-emerging-trends-in-financial-and-regulatory-framework/
International Business Transactions has indeed made the world smaller and more developed. However due to the free cross boundary transactions, business entities are now able to generate revenue and not pay the appropriate taxes in their respective countries.
The G20 Countries had assigned OECD to come up with some non tax evasion rules so that the countries of the world may accept the same without any dispute.
This presentation covers the BEPS Rules suggested by OECD and explains the changes in Tax Laws that India has incorporated in order to align with BEPS and to curb Tax Evasion.
This presentation was performed by my GMCS Team during the GMCS 2 Course at Mangalore Branch of SIRC of ICAI.
Recent Tax Developments in India - DTC 2013 & APA updatesEY
This presentation is based upon two recent tax developments in India i.e. The Direct Taxes Code (DTC) 2013 and Advance Pricing Agreement (APA) updates.
Direct Taxes Code 2013 : DTC was introduced in the Indian Parliament in August 2010. Since then, there have been recommendations from various stakeholders, as well as, from the Parliamentary Standing Committee on Finance. As a follow-up on this initiative and as stated by the Finance Minister in his interim budget speech on 17 February 2014 a “revised" version of DTC 2013, has been released.
Advance Pricing Agreement : Another tax development that was closely followed and tracked by all stakeholders was APA, which was the launch in 2012 to provide a voluntary process, whereby, the Tax Authority and the taxpayer can resolve TP issues in a principled and cooperative manner on a prospective basis. Since the launch of the APA program, there has been an enthusiastic response from taxpayers and recent reports indicate that the Indian Tax Administration has concluded a few unilateral APAs.
For more information on EY India's tax services visit: http://www.ey.com/IN/en/Services/Tax/About-Our-Global-Tax-Services
India Budget 2018...Changing Landscape (by KCM)Jaimish Patel
Over the past few years, we have witnessed both, explicit and subtle changes being made to the overall tax system in India. Be it moving towards substance over form or adopting international practices or paperless administration and the latest, withdrawal of one of the biggest tax exemptions. From Finance Bills filled with hundreds of amendments, India's tax system is on the path of Budgets with fewer changes to bring in consistency with the ultimate objective of implementing a new, redefined and robust direct tax law in the years to come.
Yes, the landscape is changing!
Read through KCM's analysis of the Union Budget 2018 - "India Budget 2018 - Changing Landscape".
#Budget2018
India Budget 2018 - Changing Landscape (by KCM)Dhaval Trivedi
This presentation would give you an overview and KCM's analysis of various direct tax and indirect tax proposals put forth by the Finance Minister. This presentation was delivered by Mr. Milin Mehta in Ahmedabad (on 02 Feb 2018) and Baroda/Vadodara (03 Feb 2018).
Joint Venture & Strategic Alliance- hu consultancyHU Consultancy
A Joint Venture (JV) is a business arrangement in which two or more parties agree to pool their resources and expertise to achieve a particular goal. The risks and rewards of the enterprise are also shared.
Joint Venture & Strategic Alliance- hu consultancyHU Consultancy
A Joint Venture (JV) is a business arrangement in which two or more parties agree to pool their resources and expertise to achieve a particular goal. The risks and rewards of the enterprise are also shared.
For Joint Venture & Strategic Alliance contact us at (020) 2442 – 0209. Visit http://huconsultancy.com/
U.S. Gandhi Budget 2015 - 2016 AnalysisKunal Gandhi
Rarely has there been a budget as highly anticipated as this one.
Coming on the heels of the defeat of the ruling BJP in the recent Delhi elections, there were expectations that the original ‘Maximum governance, minimum government’ model would give place to a more populist agenda.
India Inc on the other hand expected improving the ease of doing business and a more rational tax regime.
While Corporate tax was lowered and Wealth tax was abolished, a major theme in the budget was creating a social security framework. Targeting a GDP growth rate of 8 – 8.5%, the budget plans to keep the deficit to within 3.9% of GDP by laying special emphasis on infrastructure development with a major spend budgeted on Road building.
All in all, though there were no big bang reforms, the budget 2015 was a good mix of Pragmatism and Populism. We are optimistic about growth and believe a lot more reforms are expected in the coming 3 years.
Business Registration, taxation and compliance for enterpreneurs in IndiaAshish Bihani
Business in India
Starting business in India is dream of every offshore Business to grab market share in India's huge potential. Right from business registration and working on various tax laws and other compliance it becomes important to have advise from some experts.
Etude PwC "20ème édition de la CEO Survey" - Janvier 2017PwC France
Quelles sont les préoccupations des dirigeants en 2017 ?
Cette année, plus de 1300 dirigeants du monde entier ont témoigné de leur confiance en l’avenir, leur priorités stratégiques.
Recherche de talents et des futurs leaders de demain, stratégies de développement, poids de la technologie et son impact sur la confiance en l’entreprise, dynamiques opposées de mondialisation et de nationalismes impactent le quotidien des dirigeants. Quel regard portent-ils sur leur environnement ?
http://pwc.to/2k0a12Q
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For the last two decades, PwC has asked business leaders everywhere about the trends reshaping business and society. As we mark the 20th year of our annual CEO survey, we’ve observed just how much the world has changed.
Le cabinet d’audit et de conseil PwC a mené son étude « Carbon Factor » auprès des 20 principaux producteurs d’électricité européens pour la 14ème année consécutive.
Le facteur carbone (exprimé en kg CO2/MWh) se définit comme le rapport entre les émissions de CO2 générées et la production d’électricité correspondante. En 2014, il s’établit à 313 kg CO2/MWh, soit une baisse de 5,8% par rapport à 2013, pour atteindre son plus faible niveau depuis 2001.
Etude PwC : La transition énergétique pour la croissance verte (nov 2015)PwC France
Quels sont les impacts attendus et les tendances du marché français de la Transition Energétique ?
La loi sur la transition énergétique fixe des objectifs ambitieux, définissant la trajectoire énergétique de la France à moyen et long terme
Etude PwC "Total Retail 2015" Sur quoi miser aujourd’hui pour réenchanter la ...PwC France
Dans sa 5ème étude mondiale sur les consommateurs connectés - menée dans 25 pays auprès de 22 600 web-acheteurs, le cabinet d’audit et de conseil PwC révèle que la France a recruté 17% de nouveaux web-acheteurs en 2015, un chiffre en hausse par rapport à 2014.
GEMO 2016 : un digital de plus en plus cannibale ?PwC France
Dans la 16ème édition de l’étude annuelle « Global Entertainment & Media Outlook », sur les perspectives de l’industrie des médias et des loisirs, PwC prévoit que le marché mondial va croître de 5,1 % en moyenne par an entre 2014 et 2019.
Cette étude, réalisée dans 54 pays, montre qu’avec 3,2% de croissance moyenne annuelle d’ici 2019, la France tire son épingle du jeu parmi les pays matures.
La publicité sur internet devrait y porter la croissance du secteur, et le numérique en général continue de bouleverser le business model de l’ensemble des segments, qu’il s’agisse de l’édition, de la musique, de la presse, des jeux vidéo ou bien encore de la télévision.
Infographie PwC GEMO 2016 sur l'industrie Médias et Loisirs (juin 2015)PwC France
Dans la 16ème édition de l’étude annuelle « Global Entertainment & Media Outlook », sur les perspectives de l’industrie des médias et des loisirs, PwC prévoit que le marché mondial va croître de 5,1 % en moyenne par an entre 2014 et 2019.
Cette étude, réalisée dans 54 pays, montre qu’avec 3,2% de croissance moyenne annuelle d’ici 2019, la France tire son épingle du jeu parmi les pays matures.
Etude PwC Low Carbon Economy Index (oct. 2015)PwC France
L'année 2014 a marqué un tournant en matière de réduction des émissions de carbone dans les économies du G20. C’est ce que révèle le cabinet d’audit et de conseil PwC dans la 7ème édition de son étude annuelle « Low carbon Economy index », qui modélise l'intensité carbone des grandes économies – à savoir les émissions des gaz à effet de serre liées à la consommation d'énergie par million de dollars de PIB. En effet, l'intensité carbone a chuté de 2,7% en 2014, soit sa plus forte baisse depuis 2000.
La France fait office d’exemple : elle a réduit son intensité carbone de plus de 9% en 2014, ce qui représente la 2ème plus forte réduction des pays du G20, juste derrière le Royaume-Uni (- 10,9%).
Etude FCD, ESSEC et PwC sur la distribution responsable (août 2015)PwC France
Les enseignes de la Fédération du Commerce et
de la Distribution (FCD) se mobilisent depuis de
nombreuses années en faveur du développement
durable. Elles mènent des actions volontaristes
pour réduire l’impact environnemental de leur
activité, mais aussi, conformément aux exigences
de la RSE, en matière de consommation
durable, de gestion responsable des ressources
humaines et d’engagement sociétal.
Les introductions en bourse européennes affichent une forte activité au 2e trimestre grâce aux spin-off,
mais entrent de plus en plus en concurrence avec les processus de ventes.
Etude PwC CEO Survey Talent "People Strategy for the Digital Age" (juillet 2015)PwC France
Dans son étude « People strategy for the digital age : A new take on talent » menée à l’échelle mondiale, le cabinet d’audit et de conseil PwC constate que, dans un contexte de concurrence mondiale accrue, les entreprises ont désormais besoin de compétences plus diversifiées pour rester compétitives : 73% des dirigeants voient la pénurie des compétences comme une menace sérieuse à la poursuite de leur activité (contre seulement 46% en 2009).
Une des réponses consiste à mettre en place une stratégie de diversification des talents. Pour aller plus loin, les entreprises doivent également se tourner vers l’exploitation et l’analyse des données qu’elles collectent.
Dans sa dernière étude « PwC Golden Age Index : how well are OECD economies adapting to an older workforce ? », le cabinet d’audit et de conseil PwC compare l’emploi des seniors (travailleurs âgés de plus de 55 ans) dans 34 pays de l’OCDE.
Etude PwC Global Economy Watch (juin 2015)PwC France
Dans leur dernière étude « Global Economy Watch », les économistes du cabinet d’audit et de conseil PwC ont analysé les performances économiques des cinq premiers pays d’Afrique du Nord – Egypte, Algérie, Maroc, Soudan et Tunisie, près de cinq ans après les débuts du « Printemps arabe » qui a entraîné de grands bouleversements dans toute la région. Cette étude révèle les défis et les opportunités qui attendent les entreprises et les dirigeants politiques en Afrique du Nord.
Etude PwC et Essec "Grande consommation 1985 - 2015 - 2045"PwC France
A l’occasion du 30ème anniversaire de la Chaire Grande Consommation de l’ESSEC, les experts du cabinet d’audit et de conseil PwC ont imaginé les grandes évolutions du secteur de la distribution et des biens de consommation au cours des trente prochaines années.
Etude PwC sur le Top 100 des entreprises les mieux valorisées au monde en 201...PwC France
La dernière étude du cabinet d’audit et de conseil PwC « Global Top 100 Companies by market capitalisation » révèle que plus de la moitié (53) des 100 entreprises les mieux valorisées au monde sont américaines, contre seulement 4 entreprises françaises. Apple reste en tête du classement établi par PwC, avec une capitalisation boursière de 725 milliards de dollars, en hausse de 54% (+256 milliards de dollars) par rapport à 2014.
Etude PwC "Bridging the gap" sur les investisseurs institutionnels (mai 2015)PwC France
Selon la dernière étude du cabinet d’audit et de conseil PwC, intitulée « Bridging the gap », sept investisseurs institutionnels sur dix (70 %) – parmi les 60 qui ont été interrogés par PwC au plan mondial – affirment qu’ils refuseraient de participer à une levée de fonds de private equity ou à un co-investissement si ceux-ci présentaient un risque environnemental, social ou de gouvernance.
Méthodologie :
Pour réaliser cette étude, PwC a mené des entretiens individuels avec 60 commanditaires de 14 pays, totalisant quelque 500 milliards USD d’allocation aux gérants ou general partners (GP) de fonds de private equity. Les participants à l’enquête ont répondu sur la base du volontariat, d’où une surreprésentation probable des investisseurs relativement avancés dans leur approche de l’investissement responsable. Le panel était composé à 30 % de fonds de pension, à 20 % de gestionnaires d’actifs et à 7 % de fonds souverains ou publics. Parmi les répondants figuraient de grands fonds de pension du monde entier, comme le CalSTRS (caisse de retraite de l’enseignement public de Californie), l’USS (caisse de retraite de l’enseignement supérieur britannique), la caisse de retraite de BT, le West Midlands Pension Fund, le Wellcome Trust, un fonds de pension suédois et des fonds confessionnels aux États-Unis et en Finlande. Parmi les principaux gestionnaires d’actifs figuraient les sociétés Aberdeen, Hermes GPE, F&C et BlackRock. 7 investisseurs français ont aussi participé à cette étude comme par exemple BPI France, Ardian ou OFI Asset Management (devenu depuis SWEN Capital Partners).
Etude PwC, AFDEL et SNJV sur "Les 100 digital"PwC France
PwC, l’AFDEL et le SNJV dévoilent l’édition 2015 du GSL 100, classements des principales entreprises de l’édition de logiciels, des services Internet et du jeu vidéo français, dans le cadre de l’étude « Les 100 digital » qui décrypte les tendances et les progressions des entreprises de la French tech.
Etude PwC Global Economy Watch (mai 2015)PwC France
Selon la dernière étude « Global Economy Watch » du cabinet d’audit et de conseil PwC, les créances libellées en dollars américains, émises hors des Etats-Unis, ont fortement augmenté au cours de ces dernières années, passant de 6 000 milliards de dollars avant l’instauration des premières mesures d’assouplissement quantitatif en novembre 2008 à environ 9 000 milliards en 2014.
Etude PwC sur l'économie collaborative (mai 2015)PwC France
En dix ans, le concept d'économie collaborative est devenu un véritable marché impliquant de nombreuses startups comme des grandes entreprises internationales. Alors que ce marché représente aujourd’hui 15 milliards de dollars, le cabinet d’audit et de conseil PwC estime qu’il atteindra 335 milliards de dollars d’ici à 2025.
Source
Les données relatives aux consommations collaboratives des Américains sont issues de l’étude « Consumer Intelligence Series: The Sharing Economy » publiée par PwC en avril 2015. Pour cette étude, 1 000 consommateurs américains, âgés de plus de 18 ans, ont été sondés en ligne entre les 17 et 22 décembre 2014.
Etude PwC sur l'intérêt des investisseurs pour l’Afrique (avril 2015)PwC France
L’intérêt des investisseurs pour l’Afrique continue de progresser, le continent étant perçu comme un marché à fort potentiel de croissance, susceptible d’offrir des opportunités de retour sur investissement très intéressantes. L’Afrique sub-saharienne s’affirme comme la région la plus attractive. En effet, le Ghana, le Nigéria et la Tanzanie forment le Top 3 des pays de choix pour les analystes et investisseurs que le cabinet d’audit et de conseil PwC a interrogés dans la 7ème édition de l’étude « Valuation methodology survey », qui inclut pour la première fois les réponses des investisseurs en Afrique francophone.
State of ICS and IoT Cyber Threat Landscape Report 2024 previewPrayukth K V
The IoT and OT threat landscape report has been prepared by the Threat Research Team at Sectrio using data from Sectrio, cyber threat intelligence farming facilities spread across over 85 cities around the world. In addition, Sectrio also runs AI-based advanced threat and payload engagement facilities that serve as sinks to attract and engage sophisticated threat actors, and newer malware including new variants and latent threats that are at an earlier stage of development.
The latest edition of the OT/ICS and IoT security Threat Landscape Report 2024 also covers:
State of global ICS asset and network exposure
Sectoral targets and attacks as well as the cost of ransom
Global APT activity, AI usage, actor and tactic profiles, and implications
Rise in volumes of AI-powered cyberattacks
Major cyber events in 2024
Malware and malicious payload trends
Cyberattack types and targets
Vulnerability exploit attempts on CVEs
Attacks on counties – USA
Expansion of bot farms – how, where, and why
In-depth analysis of the cyber threat landscape across North America, South America, Europe, APAC, and the Middle East
Why are attacks on smart factories rising?
Cyber risk predictions
Axis of attacks – Europe
Systemic attacks in the Middle East
Download the full report from here:
https://sectrio.com/resources/ot-threat-landscape-reports/sectrio-releases-ot-ics-and-iot-security-threat-landscape-report-2024/
Smart TV Buyer Insights Survey 2024 by 91mobiles.pdf91mobiles
91mobiles recently conducted a Smart TV Buyer Insights Survey in which we asked over 3,000 respondents about the TV they own, aspects they look at on a new TV, and their TV buying preferences.
Key Trends Shaping the Future of Infrastructure.pdfCheryl Hung
Keynote at DIGIT West Expo, Glasgow on 29 May 2024.
Cheryl Hung, ochery.com
Sr Director, Infrastructure Ecosystem, Arm.
The key trends across hardware, cloud and open-source; exploring how these areas are likely to mature and develop over the short and long-term, and then considering how organisations can position themselves to adapt and thrive.
DevOps and Testing slides at DASA ConnectKari Kakkonen
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GDG Cloud Southlake #33: Boule & Rebala: Effective AppSec in SDLC using Deplo...James Anderson
Effective Application Security in Software Delivery lifecycle using Deployment Firewall and DBOM
The modern software delivery process (or the CI/CD process) includes many tools, distributed teams, open-source code, and cloud platforms. Constant focus on speed to release software to market, along with the traditional slow and manual security checks has caused gaps in continuous security as an important piece in the software supply chain. Today organizations feel more susceptible to external and internal cyber threats due to the vast attack surface in their applications supply chain and the lack of end-to-end governance and risk management.
The software team must secure its software delivery process to avoid vulnerability and security breaches. This needs to be achieved with existing tool chains and without extensive rework of the delivery processes. This talk will present strategies and techniques for providing visibility into the true risk of the existing vulnerabilities, preventing the introduction of security issues in the software, resolving vulnerabilities in production environments quickly, and capturing the deployment bill of materials (DBOM).
Speakers:
Bob Boule
Robert Boule is a technology enthusiast with PASSION for technology and making things work along with a knack for helping others understand how things work. He comes with around 20 years of solution engineering experience in application security, software continuous delivery, and SaaS platforms. He is known for his dynamic presentations in CI/CD and application security integrated in software delivery lifecycle.
Gopinath Rebala
Gopinath Rebala is the CTO of OpsMx, where he has overall responsibility for the machine learning and data processing architectures for Secure Software Delivery. Gopi also has a strong connection with our customers, leading design and architecture for strategic implementations. Gopi is a frequent speaker and well-known leader in continuous delivery and integrating security into software delivery.
Welocme to ViralQR, your best QR code generator.ViralQR
Welcome to ViralQR, your best QR code generator available on the market!
At ViralQR, we design static and dynamic QR codes. Our mission is to make business operations easier and customer engagement more powerful through the use of QR technology. Be it a small-scale business or a huge enterprise, our easy-to-use platform provides multiple choices that can be tailored according to your company's branding and marketing strategies.
Our Vision
We are here to make the process of creating QR codes easy and smooth, thus enhancing customer interaction and making business more fluid. We very strongly believe in the ability of QR codes to change the world for businesses in their interaction with customers and are set on making that technology accessible and usable far and wide.
Our Achievements
Ever since its inception, we have successfully served many clients by offering QR codes in their marketing, service delivery, and collection of feedback across various industries. Our platform has been recognized for its ease of use and amazing features, which helped a business to make QR codes.
Our Services
At ViralQR, here is a comprehensive suite of services that caters to your very needs:
Static QR Codes: Create free static QR codes. These QR codes are able to store significant information such as URLs, vCards, plain text, emails and SMS, Wi-Fi credentials, and Bitcoin addresses.
Dynamic QR codes: These also have all the advanced features but are subscription-based. They can directly link to PDF files, images, micro-landing pages, social accounts, review forms, business pages, and applications. In addition, they can be branded with CTAs, frames, patterns, colors, and logos to enhance your branding.
Pricing and Packages
Additionally, there is a 14-day free offer to ViralQR, which is an exceptional opportunity for new users to take a feel of this platform. One can easily subscribe from there and experience the full dynamic of using QR codes. The subscription plans are not only meant for business; they are priced very flexibly so that literally every business could afford to benefit from our service.
Why choose us?
ViralQR will provide services for marketing, advertising, catering, retail, and the like. The QR codes can be posted on fliers, packaging, merchandise, and banners, as well as to substitute for cash and cards in a restaurant or coffee shop. With QR codes integrated into your business, improve customer engagement and streamline operations.
Comprehensive Analytics
Subscribers of ViralQR receive detailed analytics and tracking tools in light of having a view of the core values of QR code performance. Our analytics dashboard shows aggregate views and unique views, as well as detailed information about each impression, including time, device, browser, and estimated location by city and country.
So, thank you for choosing ViralQR; we have an offer of nothing but the best in terms of QR code services to meet business diversity!
Generative AI Deep Dive: Advancing from Proof of Concept to ProductionAggregage
Join Maher Hanafi, VP of Engineering at Betterworks, in this new session where he'll share a practical framework to transform Gen AI prototypes into impactful products! He'll delve into the complexities of data collection and management, model selection and optimization, and ensuring security, scalability, and responsible use.
Observability Concepts EVERY Developer Should Know -- DeveloperWeek Europe.pdfPaige Cruz
Monitoring and observability aren’t traditionally found in software curriculums and many of us cobble this knowledge together from whatever vendor or ecosystem we were first introduced to and whatever is a part of your current company’s observability stack.
While the dev and ops silo continues to crumble….many organizations still relegate monitoring & observability as the purview of ops, infra and SRE teams. This is a mistake - achieving a highly observable system requires collaboration up and down the stack.
I, a former op, would like to extend an invitation to all application developers to join the observability party will share these foundational concepts to build on:
Elevating Tactical DDD Patterns Through Object CalisthenicsDorra BARTAGUIZ
After immersing yourself in the blue book and its red counterpart, attending DDD-focused conferences, and applying tactical patterns, you're left with a crucial question: How do I ensure my design is effective? Tactical patterns within Domain-Driven Design (DDD) serve as guiding principles for creating clear and manageable domain models. However, achieving success with these patterns requires additional guidance. Interestingly, we've observed that a set of constraints initially designed for training purposes remarkably aligns with effective pattern implementation, offering a more ‘mechanical’ approach. Let's explore together how Object Calisthenics can elevate the design of your tactical DDD patterns, offering concrete help for those venturing into DDD for the first time!
Accelerate your Kubernetes clusters with Varnish CachingThijs Feryn
A presentation about the usage and availability of Varnish on Kubernetes. This talk explores the capabilities of Varnish caching and shows how to use the Varnish Helm chart to deploy it to Kubernetes.
This presentation was delivered at K8SUG Singapore. See https://feryn.eu/presentations/accelerate-your-kubernetes-clusters-with-varnish-caching-k8sug-singapore-28-2024 for more details.
Builder.ai Founder Sachin Dev Duggal's Strategic Approach to Create an Innova...Ramesh Iyer
In today's fast-changing business world, Companies that adapt and embrace new ideas often need help to keep up with the competition. However, fostering a culture of innovation takes much work. It takes vision, leadership and willingness to take risks in the right proportion. Sachin Dev Duggal, co-founder of Builder.ai, has perfected the art of this balance, creating a company culture where creativity and growth are nurtured at each stage.
UiPath Test Automation using UiPath Test Suite series, part 4DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 4. In this session, we will cover Test Manager overview along with SAP heatmap.
The UiPath Test Manager overview with SAP heatmap webinar offers a concise yet comprehensive exploration of the role of a Test Manager within SAP environments, coupled with the utilization of heatmaps for effective testing strategies.
Participants will gain insights into the responsibilities, challenges, and best practices associated with test management in SAP projects. Additionally, the webinar delves into the significance of heatmaps as a visual aid for identifying testing priorities, areas of risk, and resource allocation within SAP landscapes. Through this session, attendees can expect to enhance their understanding of test management principles while learning practical approaches to optimize testing processes in SAP environments using heatmap visualization techniques
What will you get from this session?
1. Insights into SAP testing best practices
2. Heatmap utilization for testing
3. Optimization of testing processes
4. Demo
Topics covered:
Execution from the test manager
Orchestrator execution result
Defect reporting
SAP heatmap example with demo
Speaker:
Deepak Rai, Automation Practice Lead, Boundaryless Group and UiPath MVP
UiPath Test Automation using UiPath Test Suite series, part 4
Etude PwC Réussir vos investissements en Inde (2013)
1. www.pwc.in
Evolving and Dynamic tax and regulatory
scenario in India
Ketan Dalal, Sandeep Chaufla and Prerna
Mehndiratta
Paris, 28 November 2013
2. Presentation structure
Macro economic and tax environment
Doing business in India
Transfer pricing
Mergers and Acquisitions
Indirect taxes
Key take-aways
Evolving tax and regulatory scenario in India
PwC
November 2013
Slide 2
3. Macro economic and tax environment
Evolving tax and regulatory scenario in India
PwC
November 2013
Slide 3
4. Economic environment
GDP Growth
CY 2013
CY 2014
3.8%
China
India
5.1%
4.5%
Emerging and
developing economies
Advanced economies
Goldman Sachs upgraded India's rating
Foreign exchange volatility; attaining
stability now
Inflation to average around 6%
•
Populist measures as country approaches
the general elections
5.1%
1.2
%
•
•
7.2%
Economy slowed down in CY 13; picking up
pace again
•
7.6%
•
2.0
%
Source: World Economic Outlook , The IMF
Evolving tax and regulatory scenario in India
PwC
November 2013
Slide 4
5. Tax environment – the big picture
• MNCs high on radar
− Higher visibility and scrutiny of cross border transactions
− Withholding tax defaults closely audited; prosecution proceedings
− Cyprus notified as a non-co-operative jurisdiction
• Yet, several moves towards a responsive and less adversarial tax regime
− Soul searching on retrospective amendments
− GAAR : legislative provisions deferred
− Tax Administrative Reforms Commission set up
− DTC expected to simplify tax regime
− Safe harbour rules introduced
− APAs : pragmatic approach, initial response encouraging
Evolving tax and regulatory scenario in India
PwC
November 2013
Slide 5
6. Legislative GAAR deferred
• Implementation deferred by two years; though judicial GAAR exists even today!
• Applies to tax benefit obtained on/after April 1, 2015 from arrangements entered on
any date. Overrides tax treaty.
• Rules notified in Sept-GAAR inter-alia not to apply :
- if tax benefit less than INR 30 mn (Euro 350,000)
- on investments made before 30 August 2010
• GAAR Approving Panel to include independent members
• Commercial rationale is key safeguard against GAAR
• Advance ruling allowed for both residents and non-residents
Evolving tax and regulatory scenario in India
PwC
November 2013
Slide 6
7. Companies Act, 2013
• Several sections notified - expected to be fully notified by March 2014
• Key highlights
- Related party transactions ring-fenced
- Stricter regime for private companies
-
Auditors rotation
-
FY: 31 March
- Inter corporate loans/ investments restricted
- Duties and liabilities of Directors/ KMP widened
- Restriction on layers of investment companies
- Fast track mergers
- Cross border mergers concept introduced
Evolving tax and regulatory scenario in India
PwC
November 2013
Slide 7
8. LLPs vs. Companies
• Permitted in India since April, 2009
About LLPs • Much less onerous compliances compared to requirements under Companies Act
LLPs and
FDI
LLPs and
Tax
• FDI in LLPs allowed with approval from FIPB in sectors where 100% FDI is allowed
through Automatic route (see next slide)
• LLPs with FDI cannot make downstream investment/ raise foreign currency loans
• No Dividend Distribution Tax
• Less onerous AMT applies, not MAT that applies to Companies
• More flexibility in structuring LLP agreement
AMT applies to
taxable income as
adjusted by specified
deductions; not to
book profits
Evolving tax and regulatory position in India
PwC
AMT does not apply
to tax-exempt longterm capital gains
November 2013
Slide 8
9. Conversion to LLPs
Who can convert
Is conversion tax-free?
• Only firms, private and unlisted companies
• Exemption for very small companies converting
• However, there are potential conversion options
with limited tax exposure
Merger/ Demerger into Newco
followed by conversion
Graded migration
Transfer business to LLP at
Book Value
Evolving tax and regulatory position in India
PwC
November 2013
Slide 9
10. Key regulatory changes
Relaxation of ECB norms
• Definition of infrastructure
widened
• Revision in maximum limits
• Permitted for general
Liberalisation of SEZ
framework
• Lower minimum land area
FDI/ ODI
• Overseas investment limits
requirement for multi-
for Indian Companies
product & sector-specific SEZ
reduced from 400% to
• No minimum area
corporate purpose under
requirement for IT /ITeS
approval route (minimum
100% of net worth
• Graded scale for minimum
average maturity of 7 years)
land area criteria, sector
broad-banding, land vacancy
issues & exit policy for SEZ
units
Evolving tax and regulatory scenario in India
PwC
November 2013
Slide 10
11. Outlook on Tax Treaties
• TRC required as evidence of residential status to qualify for treaty benefit
- Specified particulars to be furnished to the IRA if not provided in the TRC
- Judiciary consistently upholding eligibility for treaty relief basis TRCs
• Mauritius treaty
- has prescribed conditions for creation of “substance” – effective January 1,
2015
- renegotiation of treaty expected – LoB likely to be introduced
• Revenue remains aggressive in its stand– substance over form applied
• Some unilateral steps by India to override treaty benefits
Evolving tax and regulatory scenario in India
PwC
November 2013
Slide 11
12. Doing business in India
Evolving tax and regulatory scenario in India
PwC
November 2013
Slide 12
13. Overview of Tax Rates
subject to tax treaties
S. No.
Particulars
Rates *(%)
1
Domestic company
33.99
2
Foreign company-branch, project /other PE
43.26
3
MAT
20.961
4
DDT
16.995
5
BBT
22.66
* Including all surcharges and cesses; highest slab rates
Buyback Tax
• Shareholders are exempt (tax borne by company buying back shares)
• Not linked to availability of accumulated profits
• Distributed income = consideration paid less amount received on issue
• Credit of BBT in home country may not be available
Evolving tax and regulatory position in India
PwC
November 2013
Slide 13
14. Tax holidays and incentives
Tax holiday/ incentive
Period of exemption
Power generation
• 100% of profits and gains
• 10 years in a block of 15 years
• Sunset –commence operations March 31, 2014
SEZ
• 100% of export profits - 5 years
• 50% of export profits - 5 years
• 50% of export profits, subject to transfer to reserves- 5
years
• DTC expected to introduce sunset clause
• Exemption from MAT withdrawn
In – house research
200% deduction - extended till 31st March, 2017
Approval from competent authority required
Evolving tax and regulatory scenario in India
PwC
November 2013
Slide 14
15. PE risk assessment
Technical Threshold / Taxpayer Focus
• PE challenges on the increase
• Tax due, penalties and interest
• Filing requirements
• Prior years scenario
• Knock-on impact for other taxes
(Payroll, VAT / service tax)
• Knock-on effect for the same type of
tax (withholding tax, creditable taxes,
etc)
Service
PE
Fixed place
of business
PE
PE rule
Evolving tax and regulatory scenario in India
PwC
Agency PE
PE strategy critical;
address the quantum!
November 2013
Slide 15
16. Adhoc attribution/ recent judicial trends
• Adhoc attribution by the Revenue
Some judicial analysis on profit attribution
Particulars
Profit Attribution
Taxability of offshore supplies where PE performed
certain activities
20% of proportionate profits
based on global profits
Taxability of offshore supplies where PE performed
marketing activities
35% of profit (50%
manufacturing, 15% R&D)
Evolving tax and regulatory scenario in India
PwC
November 2013
Slide 16
17. Engineering, procurement, construction contracts
• Typical scopes of work:
- Offshore supply, offshore services
- Offshore supply, onshore services
• Typical challenges:
- Consortium contract – AOP exposure
- Project office of the Foreign Co for onshore scope
- Constitution of PE of foreign company; taxability of offshore supplies
• Safeguards:
- Bidding documents to reflect the contractual understanding
- Separate contracts for distinct scopes of work, remuneration
- Coordination agreement
- AAR for predetermination of tax liability?
Evolving tax and regulatory scenario in India
PwC
November 2013
Slide 17
18. India inbound expat assignment structures
• Varying degrees of PE exposure: Morgan Stanley, Verizon
• Typical models:
- Legal employment in India
- Dual employment
- Secondment
- Manpower supply arrangements
• Foreign Exchange - Restrictions on payment of salary in bank account outside India
•
Tax issues on reimbursement of salary cost
• Social security contributions in India
• Service tax on cross charges
Documentation is key
Evolving tax and regulatory scenario in India
PwC
November 2013
Slide 18
19. India-France treaty – certain special dimensions
• PE clause
- No reference to supervision activity; hence slightly narrow in EPC context.
- Vis-à-vis agency PE, reference to ‘concludes contracts’ not extended to ‘secures
orders’.
- Attribution of profits to PE- restricted/ clarified by protocol to the treaty
• MFN clause FTS/ royalty; restricts scope or rate – India-Portugal/ India-Finland tax
treaties
• Royalties includes equipment trigger; withholding rate is 10% on gross for all royalties
• Capital gains (other than on items specifically covered) taxable only in country of
residence
•
Loans endorsed/ extended by COFACE exempt
• Bilateral APA in absence of sub clause (2) in Associated Enterprise article?
Evolving tax and regulatory scenario in India
PwC
November 2013
Slide 19
20. Dispute resolution - overview
• Strategy for dispute resolution critic – proactive, not reactive
• Some dimensions:
- Alternative forums for dispute resolution
- Prevention better than cure (AARs/ APAs)
- Recurring vs one time
- Payment of demand
Evolving tax and regulatory scenario in India
PwC
November 2013
Slide 20
21. High profile litigations: indirect transfers/ equity
infusion
Vodafone
Indirect transfer sought
to be subjected to WHT
Shell
F Co 1
Capital infused into
Indian 100% sub
Sale
Supreme Court decision
favourable
F Co 2
Capital Infusion
arguably
“undervalued”
“Undervaluation"
sought to be taxed
as income!
Retrospective
amendment –has been
challenged
I Co
No action to collect tax
Expert Committee to
review law
Committee has criticised
retro amendment
Relief for Indirect
transfers
Evolving tax and regulatory position in India
PwC
November 2013
Slide 21
22. Indirect transfers: uncertainty continues
• Term ‘substantially’ not defined
• Term ‘substantial’ is defined in the Oxford Dictionary to mean ‘of considerable
importance, size, or worth’
• Issue arises as to whether substantial is :
- 26%
- 51%
- ~100%
• No legislative clarity at present
• No exemption on intra- group transactions / restructurings
• No minimum threshold specified
• Timing of clarity could be impacted by Vodafone “settlement”
Evolving tax and regulatory scenario in India
PwC
November 2013
Slide 22
24. The landscape
• Greater focus on intercompany payments/ service arrangement
• High on agenda - royalty payouts, management charges closely audited
• Intangibles is a key area of focus:
− Profits from intangibles should not be divorced from value creation
− Special measures for transfer of hard-to-value intangibles
• Robust documentation required to demonstrate:
− Benefit received
− Arm’s length price
Evolving tax and regulatory scenario in India
PwC
November 2013
Slide 24
25. Transfer Pricing Audit Environment in India
Policy
Environment
Legal
Environment
Practical
Challenges
• Focus on establishment of a
non-adversarial tax regime
• APAs gathering momentum
- 146 applications filed
• TP adjustments in excess of
US$ 28 billion over 8 audit
cycles
• Rangachary committee for
recommendations on safe
harbours
• Norms for development
centers to qualify as
contract R&D centers
• TP adjustments worth US$
12 billion in FY 08-09
• Shome committee for tax
reforms
• Safe harbor regime for IT,
ITeS, R&D services
• More than 3,200 cases
audited - Adjustments in
over 50% of cases
• Balanced approach of the
Tribunal
Evolving tax and regulatory scenario in India
PwC
• High adjustments for IT,
BPO & KPO
November 2013
Slide 25
26. India – Safe Harbour Rules
• Effective from FY 2012-13 and subsequent 4 years.
• Rates prescribed are tabulated below:
Eligible
International
transaction
Provision of ITes
Rate for international
transaction
Rate subject to Limits
Turnover <= INR 5 bn
(Euro 58.9 Mn)
22%
Evolving tax and regulatory position in India
PwC
20%
Turnover > INR 5 bn (Euro
58.9 Mn)
November 2013
Slide 26
27. India – APA scenario
Types of APA
• Unilateral, bilateral and multilateral APAs allowed
• Allows flexibility during the process
Term
• Up to five years
• Roll-back not specifically provided for
APA team
• Besides revenue officials, the APA team to include
experts in economics, statistics, law, etc.
Evolving tax and regulatory position in India
PwC
November 2013
Slide 27
29. Acquisition financing
Funding
options
Equity
• No end use
restrictions
• 75% limit in List
Co
• Dividend
distribution tax
(DDT) @ 17%
ECB
• End use restrictions
for downstream
acquisitions
• Allowed for working
capital (approval
route)
• Avg. maturity-5 years
• Coupon restrictions
• Withholding tax @
5.41% (limited
window)
• Lender’s equity
holding > 25% , debt/
equity - 4:1
Evolving tax and regulatory scenario in India
PwC
FCDs
• Treated as FDI
• No end use
restrictions
• Conversion terms
upfront
• To be converted on
listing
• WHT – 10/15%
• No interest
deduction for share
acquisitions
Listed NCBs
• End use - downstream
permitted
• Eligible lenders – FIIs/
QFIs
• Coupon restrictions:
Redeemable ~ 14.5%
• WHT - 5.41%
− Interest upto
May 31, 2015
− Else 10/15%
• No interest deduction for
share acquisitions
November 2013
Slide 29
30. Entry Strategies...
Direct Route vs Intermediary Holding Company
IHCo Route
Direct Route
F Co
F Co
1. Singapore
(LOB clause)
France
O/S
India
IHCo
I Co
Identified tax efficient
jurisdictions considered
for IHCo based on India
tax treaties:
India
I Co
2. Mauritius
(no substance required? – only TRC)
3. Netherlands
(Transfer from non-resident to nonresident - capital gains are exempt)
Prudent to have substance at IHCo level
Evolving tax and regulatory position in India
PwC
November 2013
Slide 30
32. Indirect Tax Structure in India – An Overview
Central Levy
Customs
Duty
State Levy
Service
Tax
Excise Duty
Entry tax/
Octroi
CST
VAT
Co-existence of federal and state taxes –
dual VAT
Dual GST expected in next 3 years
PwC
September 2013
Slide 32
34. Key take-aways
Three steps forward – Two steps backward
Net movement – forward!
• Several changes including DTC on the anvil
• Litigious environment with continuing revenue department’s aggression, and
consequent role of judiciary
• Safe harbour rules, APA, etc are recognition of need to address tax concerns
• Approach towards disputes
- Cautious ... and yet, guard against action paralysis
- Dispute prevention strategy crucial (Advance Rulings, APA etc), especially given
delays in resolution
• Indirect transfer provisions to remain a challenge – resolution only after 2014
• Regulatory scenario to remain dynamic –spill-over tax impact
Evolving tax and regulatory scenario in India
PwC
November 2013
Slide 34
35. Glossary
Abbreviations
AAR
Authority for Advance Rulings
AMT
Alternate Minimum Tax
AoP
Association of Persons
APA
Advance Pricing Arrangements
BBT
Buy-back Tax
BPO
Business Process Outsourcing
COFACE
Compagnie Française d'Assurance pour le Commerce Extérieur
CST
Central Sales Tax
CY
Current year
DDT
Dividend Distribution Tax
DTC
Direct Tax Code
ECB
External Commercial Borrowings
EPC
Engineering, procurement and construction
FCD
Fully Convertible Debentures
FDI
Foreign Direct Investment
FII
Foreign Institutional Investor
FIPB
Foreign Investment Promotion Board
FTS
Fees for Technical Services
FY
Financial year
GAAR
General Anti-Abuse Rules
Evolving tax and regulatory scenario in India
PwC
November 2013
Slide 35
36. Glossary
Abbreviations
GDP
Gross Domestic Product
GST
Goods and Service Tax
IHC
Intermediary Holding Company
INR
Indian Rupee
IRA
Indian Revenue Authorities
IT
Information Technology
ITes
Information Technology Enabled Services
KMP
Key Managerial Personnel
KPO
Knowledge Process Outsourcing
LLP
Limited Liability Partnership
LoB
Limitation of benefits
MAT
Mimimum Alternate Tax
MFN
Most Favoured Nation
mn
Million
MNC
Multi National Company
NCB
Non Convertible Bonds
ODI
Outbound Direct Investment
PE
Permanent Establishment
QFI
Qualified Foreign Investor
R&D
Research and Development
Evolving tax and regulatory scenario in India
PwC
November 2013
Slide 36