# Nexdigm > ### Integra Asset Management "As part of our provider screening process, we evaluate 7 to 10 firms. Nexdigm stood out as our top choice and delivered exceptional internal audit services. Nexdigm supported us in auditing IT compliance, AML area, guided us through cyber risk management controls and helped identify and address gaps in the FSA compliance. Their collaborative engagement with our compliance officer and IT team enabled effective testing of internal controls and led to a well-informed recommendation tailored to our needs. Their professional approach, deep understanding of compliance requirement and solution-oriented mindset gave us strong confidence on their capabilities. They demonstrated flexibility and a commitment to understand our business which made them a trusted partner. We'll be happy to recommend." ### Lifescan "We greatly appreciate Nexdigm support for the entire audit process. Lifescan started as a standalone entity some years back. It divested from a very large multinational company. As a new company, we were not sure how to start our audit or what to do. We were always short of our resources as well and we did not have any knowledge and expertise. This is where Nexdigm helped us to navigate through this complex process of our audit. With the help of their expertise, they were able to suggest us the methods for valuation, for intercompany balances and many other technical stuffs which was very alien to us. They had a very dedicated staff who were working 24/7 with us to get our audit before the timeline. They not only helped us with statutory audit, but they were able to help us with transfer pricing, tax audit and lot of other certification work as well. I would really recommend Nexdigm, because of their exceptional support, knowledge and the ability to navigate through difficult circumstances. Thank you." ### Avanos Medical "Nexdigm has been engaged with Avanos for Audit and GST related Services. We are very happy working with Nexdigm. Their expertise, experience, quality of work, and people have helped us in delivering timely results. We look forward for more future engagement and collaboration with Nexdigm." ### Partner, Friedman CPA GROUP "The Nexdigm team is an invaluable asset to our organization, especially during staff shortages and peak workloads. They integrated seamlessly with our internal processes and consistently demonstrated professionalism and adaptability. The team was flexible in handling challenges and added real value throughout the engagement. Their efficiency and strong technical expertise ensured that objectives were met without compromising quality. Nexdigm’s positive and constructive approach fostered smooth collaboration with our employees. Their contributions significantly supported our operations during critical times, and their ability to align with our goals made the engagement highly effective." ### US Headquartered IT Powerhouse "We have been partnering with Nexdigm for payroll services for more than 12 years now. They have been consistently trustworthy and professional. Whenever we look for any special or customized reports, it is always handled efficiently. I appreciate their support in keeping us compliant in all payroll compliances like provident funds, tax etc." ### Tech Mahindra “We are very impressed by the support and cooperation given by the Nexdigm team during the lockdown period in the past two months. More specifically the year end processes, the start of the year formalities and the furlough claims, all of which fell in the same month were handled with utmost care and agility. In Nexdigm, we’re confident that we have a partner looking out for us, keeping us compliant and giving us timely notice of potential problems and issues. Thanks to Nexdigm team for the continuous support.” ### One of the top 6 Indian Technology Company “Nexdigm has truly demonstrated valued partnership during this pandemic by completing all the payroll activities and compliances on time and with utmost care. Nexdigm provided guidance on the COViD-19 aid program for employers run by tax authorities in the respective countries and supported us in claiming those benefits successfully. Thank you for the continued assistance to our payroll related activities.” ### Vignesh Kannan "Its focused offerings covering contract management, account payables, and other tactical procurement operations with a good portfolio mix across client segments within the North American market has helped Nexdigm emerge as an Aspirant in Everest Group’s 2022 Procurement Outsourcing (PO) Services PEAK Matrix® Assessment. It has also expanded its delivery presence across onshore, nearshore, and offshore centres while continuing to strengthen its digital ecosystem through investments in both in-house solutions and third-party partnerships." ### Vignesh Kannan "Nexdigm provides end-to-end offerings, including operations consulting, managed services, and transformation support across the F&A value chain, with a strong focus on the P2P segment. Its rich experience in serving SMB clients, especially in the US and APAC geographies, continued investments in enhancing its proprietary and third-party solutions through partnerships, and its focus on customer-centric and collaborative approach came out as key its strengths." ### Bruce Guptill "Breadth and depth of finance, contracting, and supply chain management expertise supplemented with intelligent automation and analytics help position Nexdigm as a strong challenger in ISG's 2023 Procurement BPO Services study for large accounts" ### Daniel Balestriere "The Nexdigm team has performed beyond our expectations and the potential efficiencies on the MyAirops implementation have now been realized and more. The implementation would not have been successful if it were not for Nexdigm's design documentation and detailed testing. The design was thoughtful, well documented, and thoroughly communicated to the developers. The team’s testing feedback was critical in eliminating bugs and building financial controls into the new software. Our partnership has improved cycle processing times, reduced costs, and enhanced financial controls." ### Khenneth Ebrahim " Their quality of service is of the highest standard. The team has been an excellent support in proactively managing compliance well within the deadlines. The firm has an attitude of a partner rather than of a service provider and has demonstrated this by performing services beyond the scope of commissioned work based on requirements that emerge from time to time. This reduced our administrative burden and enabled us to focus on our core business. We look forward to a lasting relationship with Nexdigm." ### Edward J. Knauf "Operating in a foreign country, half-way around the world can be intimidating. With Nexdigm, we’re confident that we have a local partner looking out for us, keeping us compliant and giving us timely notice of potential problems and issues. You are indeed our trusted partners for our India operations." ### Debra A. Etrio "Setting up a new company in a foreign country is a complex undertaking, and the Nexdigm team helped us navigate the process from start to end, breaking down the numerous tasks in easy-to-understand terms. They have addressed all our concerns and stayed alongside us at every step, guiding us with promising solutions that resulted in the smooth set up of our entity." ### Payroll "We thank Nexdigm for a fantastic job done by assisting us in filing individual tax returns of about 1700 employees (in the UK) at one go which resulted in substantial refund to the tune of approximately GBP 1.2 million. This is the result of efficient working model of Nexdigm and their efforts are highly commendable. " ### Sven Dettmer "Nexdigm has been a trusted advisor and service provider over the last few years. The team exceeded our expectations in the recent assignment of Financial Transformation and Accounting Advisory for Doby Verrolec. The speed and accuracy of work was commendable; it promptly enhanced transparency on the operations and working capital management. Thanks to Nexdigm, we were able to improve accounting processes for accounts payables, inventory, and compliances. Additionally, they identified savings, which allowed for a significant reduction of working capital by almost 10-12%. They have been a reliable project partner, providing comprehensive and structured financial information, which helped us take time-sensitive strategic decisions." ### Shawn McBride 4 "Nexdigm have been great partners in project management and have demonstrated depth and breadth of knowledge around business advisory services. Their leadership facilitating cross-functional communications have been essential to seek close alignments between Cardinal Health and other business partners. Most importantly they became our business advisors by not just solving the complex issues we faced in every country but also by coming out with novel solutions on challenges that were lingering for a long time. The team supported beyond their scope of work, we think they really have helped us build a successful business setup beyond the project. Kudos to the team at Nexdigm." ### Shawn McBride 3 "Nexdigm Strategy & Operations Practice has been exceptional in helping us reduce Logistics Service Provider costs for our Australian operations. Via a root cause analysis to ascertain key cost drivers, Nexdigm identified savings and optimization efficiencies and recommended more efficient operating models. They also designed dashboards to help us with ongoing management and control of costs." ### Shawn McBride 2 “Nexdigm provided excellent support in all phases of the project; right from conceptualization to post go-live support. Setting-up of the distribution and replenishment hub in Singapore for the APAC region was a key milestone during the integration of our newly-acquired business. This involved cross-functional and cross-regional dependencies. Their partnering approach helped us in achieving a smooth completion of this challenging assignment without any business disruption. We are extremely satisfied with the quality of service delivered by Nexdigm and would be happy to engage them again in similar strategic projects in the future. Well done team Nexdigm!” ### Henry Lin "We appreciate and acknowledge your support in registering our two new ETF funds. The efficiency of your services contributed significantly towards the successful completion of the projects. We are happy to have you as our tax consultant and look forward to working with you in the future. We greatly appreciate the assistance Nexdigm has provided." ### Neeraj Sirur "Nexdigm has been a valued partner of Sanctum for more than two years, very ably supporting our company secretarial activities throughout this time. In a recent initiative, the Nexdigm team, went out of their way to help us achieve extremely critical timelines amidst considerable complexity, thereby ensuring a favorable outcome for the firm. It was a stellar example of teamwork and customer-centricity." ### D. S. Srinivas Rao "Our association with Nexdigm is more than a decade old and every passing year has only reinforced our confidence in them. Nexdigm’s robust team understands the complex structures, realities surrounding the industry and has been effectively supporting us not only on high-end advisory, transaction structuring, due diligence, and related aspects but also in managing our routine compliances. Their collaborative working approach is the key differentiator, which provides us the due comfort and confidence. We truly value our relationship and look forward to their support for many more milestones to be achieved." ### Jim Jim Lim "Nexdigm ensured a swift and smooth entry into the Indian market for us. They used a customized methodology to identify a Distributor base, unlocking substantial business opportunities for us. The promptness, agility and professionalism displayed by them has been exemplary, and has encouraged us to engage with them in the future." ### Chandra Swarna "Nedigm had a systematic approach in conducting the SOC audits in our organization; understanding our requirements and expectations right from the inception of the project. They have been co-operative not just for the project but also extended their support to address issues beyond their scope. We required a systematic and dynamic approach to help us comply to the requirements of SOC audits to meet our customer expectations.We are glad to have chosen Nexdigm as our strategic project partners. We would like to collaborate with them in the future to address more unique business challenges." ### Anita Chor "No doubt that the great achievement of the project would not have happened without the high level of skill, dedication and hard work of the entire Nexdigm team. Working with Nexdigm is like working with a family of dedicated, skilled and enthusiastic people who strive to bring positive results without compromise." ### Tami Hirszhorn "On top of the above, Nexdigm project team were relocated to Bhopal in order to provide onsite 24/7 support during the whole project period. The team has monitored the progress of work with various contractors, and provided solution to ongoing challenges during the project period." ### Itzik Eliav "Upon finalization of Avgol’s localization in India, Nexdigm provided Avgol with project management support, covering all aspects of the project. This included tenders execution with various contractors, local negotiations with vendors, legal support to meet the Indian regulations, human resource support, banking and treasury guidance, Accounting and Compliance Support along with assistance with SAP Implementation, recruitment support, obtaining state incentives and bank loans, etc." ### Steve Younts "Nexdigm provided excellent advisory and implementation support as we set up a manufacturing facility in India. Their dedication and commitment were crucial to the project’s on-time completion and ongoing success. Nexdigm’s project performance helped us stay on time and on budget. Throughout the entire project, Nexdigm demonstrated strong project management skills and commitment to both the project and to Hollister. Nexdigm continues to provide services in areas such as tax, GAAP conversion and payroll management, to Hollister. We appreciate their continued efforts and recognize their contribution as our valued partner." ### Sanjeev Motiyani “Our long term association with Nexdigm really helped us in complying with the SVB proceeding smoothly. The attention to detail helped us in collating the required information and maintaining robust documentation. The expertise and technical finesse in representing us before SVB authorities helped us in hassle-free closure of two separate SVB proceedings without any loading/demand.” ### Satish Cheemalakonda "We partnered with Nexdigm to help us transition into for what is known as the biggest change in which the business is conducted in the region. The expertise of Nexdigm team in the area of taxation is exceptional, with an in-depth knowledge of VAT impact on the business as a whole and their recent experience of driving another complex tax change in India, they helped us steer through the intricacies of VAT implementation. We are happy with Nexdigm’s flexible and partnering approach towards work. They have demonstrated their belief in building long-term relationships and I look forward to work with Nexdigm." ### banner 3 Artificial Intelligence Services Driven By Data Analysis ### banner 2 Artificial Intelligence Services Driven By Data Analysis ### banner 1 Artificial Intelligence Services Driven By Data Analysis ### 5th Annual Direct Tax Summit and Awards 2022 Maulik Doshi - Deputy Managing Director - Transfer Pricing and International Tax, Nexdigm, begins his segment by introducing the Pillar - I, what it aims to seek through its adoption, and its key elements. Maulik elucidates this with an example for allocation which entails the case of a multinational enterprise based in the USA, which has businesses with and without a physical presence in various markets. After explaining Pillar - I, Maulik describes Pillar - II, which is the minimum corporate tax. He mentions that Pillar - II was introduced with the idea to stop harmful tax competition, commonly referred to as the race to the bottom. The presentation then talks about the globe rules, the four rules of minimum corporate tax which are the Subject To Tax Rule (STTR), the Income Inclusion Rule (IIR), the Undertaxed Payment Rule (UTPR), and the Switchover Rule (SOR). Maulik explains how the Effective Tax Rate (ETR) is calculated and how the effective 15% ETR is to be derived. Here, he points out that the calculation of the ETR must be done at a country level by consolidating all the company branches within that particular country. He then covers the adjustments for tax, carry forward losses, and substance-based carve out to be carried out, and also how the top-up tax is to be computed and allocated to each entity in the jurisdiction, especially if ETR is lower than the global minimum. Next, Maulik explains the STTR in-depth with an example covering the Corporate Income Tax (CIT) rate of a company operating within India, the UK, and Australia. The slides also cover some key assumptions such as the STTR trigger rate, the Globe minimum tax rate, the statutory tax rate in Australia with the available incentives, and the various steps to calculate the STTR, with a three-step example. After covering his segment, Maulik and the panelists discuss various complex global issues such as - the withdrawal of the unilateral measures by India, whether the implementation of Pillar I and II would prompt companies to revisit their global transfer pricing policies, if the Pillar I and II thresholds kept by the OECD benefit Indian companies, how Indian outbound companies would re-look at their structures with the implementation of Pillar I and II along with its timelines, and the derailment caused to the aforementioned timeline due to the Russia-Ukraine crisis and whether this would cause any rework on the Pillars. ### Payroll Pulse ### Valuations Knowing the worth of your business is one of the cornerstones for sound managerial decision-making. Valuation is no longer restricted to its use as a traditional jargon when buying or selling a business, but also supports Business as Usual activities using targeted scrutiny. Nexdigm provides independent and professional advice on valuation that integrates aspects of accounting, financial reporting, tax planning, corporate transactions and regulatory compliances. We also advise our clients on the valuation of corporate transactions, including mergers and acquisitions, joint ventures and restructuring assignments. In today’s dynamic Middle East market, accurate and reliable business valuations are critical for making informed decisions. We provide independent valuation services tailored to investors, corporates, family businesses, and private equity firms across the UAE and the wider region. Our valuation approach goes beyond just numbers—we assess the true drivers of value in your business, considering industry trends, growth potential, regulatory environment, and market conditions specific to the Middle East. Whether you require a valuation for M&A transactions, fund-raising, shareholder buyouts, financial reporting, regulatory compliance, or strategic planning, our team delivers robust, defensible, and transparent results. Our Valuation Services include Business ValuationsFor Mergers & Acquisitions, investments, and shareholder matters Start-up & Growth Company ValuationsFor fundraising and investor negotiations Fairness OpinionsIndependent opinions for boards and investors on transaction fairness Valuation for Financial ReportingIncluding purchase price allocation (PPA), impairment testing, and intangible asset valuations under IFRS Regulatory & Compliance ValuationsMeeting local and international requirements Valuation of IntangiblesValuation of Goodwill, Knowhow, Intellectual Property, Trade Marks etc. Family Business & Succession ValuationsTo facilitate restructuring, inheritance, or buyouts By combining global valuation standards with local market insights, we ensure that our clients gain clarity, credibility, and confidence in their strategic decisions. ### Restructuring In a rapidly changing business environment, companies often face financial, operational, or strategic challenges that require timely restructuring solutions. We support businesses, investors, and lenders in the UAE and Middle East with independent restructuring advisory services aimed at stabilizing operations, optimizing capital structures, and preserving long-term value. Whether it is navigating liquidity pressures, renegotiating with stakeholders, or realigning business models, we bring practical, results-driven solutions that enable organizations to recover, transform, and position themselves for sustainable growth. Our Services Covers Business and Operational Restructuring Transaction Structuring Financial Restructuring Divestitures/Hive Offs Cross Border Mergers Review and Negotiation of Business Agreements Post Merger Integration Support ### SOP & Internal Controls Reviews Internal AuditWith a highly capable, multi-disciplinary team, we assist organizations with globally accepted internal audit methodologies and standards with independent advice aided by data analytics. We also focus on the integration of the internal audit mission with enterprise objectives.We are the third line of defense that can be entrusted to showcase a precise reflection of whether crucial risks are being efficiently managed by the first and second lines of defense.Sarbanes-Oxley and Internal Financial Controls (SOX/IFC)We assist an organization’s management in implementing industry best practices for the development of concrete inbuilt controls. Our approaches follow a comprehensive yet cost-effective approach to ensure that an entity’s internal controls related to financial reporting comply with all aspects of regulatory requirements under the Sarbanes-Oxley Act, Companies Act (Internal Financial Controls or Internal Controls over Financial Reporting).Enterprise Risk Management (ERM)A robust ERM program is vital for sustainable long-term growth of an organization. Our ERM strategy comprises of -Integration of risk management with strategy and performanceEffective management of uncertainty (downside risk) and associated opportunities (upside risk)Creation of a ‘risk‐aware’ culture across the organizationBridging departmental silos and developing Centers of Excellence (CoE)Drawing on the expertise of highly skilled professionalsOur other On-Demand Services include (but not limited to):A robust ERM program is vital for sustainable long-term growth of an organization. Our ERM strategy comprises of -Governance ReviewWe help organizations enhance the value and efficiency of corporate governance and compliance processes, including effective reporting to internal and external stakeholders by conducting corporate governance audits and designing a governance framework. Key aspects of such review include evaluation of entity level controls, strengthening board oversight of management, positioning risk management as a critical responsibility of the board, encouraging sound remuneration practices to balance risk and long-term performance criteria, etc.Regulatory Compliance Review Our statutory compliance services include a broad review of statutory and regulatory compliances as per agreed-upon procedures to test the internal control design of an organization. The idea is to ensure compliance with various statutes to reveal the strengths and weaknesses in the internal control system in terms of compliance. This is followed by a clear plan on how to move forward.Anti-Money Laundering (AML) Review Our AML compliance review services aim at assisting businesses in achieving a higher level of regulatory compliance while adopting the best customer acceptance policy and driving its implementation. We aim to define the most relevant guidelines to prevent the organization from intentional and unintentional threats with requisite anti-money laundering policies and practices within the organization.Companies Auditor Report Order (CARO) Compliance SupportWith our rich experience of more than 50 years in assurance services, we assist an organization’s management in evaluating the reasonability of CARO compliance and provide specific recommendations for leveling up regulatory compliance.Quality Assurance We help businesses assess the positioning and operational effectiveness of the Internal Audit function through quality assurance and improvement programs. The aim is to provide a transparent evaluation of the Internal Audit (IA) department while benchmarking best practices and enabling the use of modern audit techniques. Based on the assessment results, we also support in designing training programs to handhold and train the IA team of the organization to scale up to Industry Standards.Process ReviewsIn today’s dynamic, competitive, and globalized environment, our integrated and advanced services for business process reviews provide end-to-end solutions that consistently deliver value to our clients. Our approach involves analysis and design of the workflow, and related procedures, within an organization to re-engineer processes through People, Process, and Technology (PPT) solutions.Standard Operating Procedures (SOP)SOPs are essential for maintaining compliance with processes for consistency in operations of an organization. We assist organizations in drafting SOPs and capturing step-by-step instructions at each stage. The purpose is to communicate the objectives of a process/function, improve employee productivity and speed up employee decision-making. Alongside training and implementation support, we further help organizations link the SOPs with KPAs (Key Performance Areas) and KRAs (Key Result Areas) to improve overall performance.Enterprise Resource Planning (ERP) Implementation SupportOur unique ERP solutions enable organizations to streamline operational processes and information flow in the enterprise, with strategic evaluation for a smooth and hassle-free implementation of relevant ERP systems.Third-Party Risk AssessmentIncreasing dependence on third-party relationships has heightened the risk profile of businesses and exposed organizations to a host of severe risk and compliance issues. We work with clients in managing their outsourcing risk by extending support in defining minimum standards for outsourcing risk management and leveraging technology in conducting risk assessment reviews of third-parties to evaluate their financial, legal, regulatory, operational, reputational risks, etc.Customized GRC Advisory ProjectsOur specialist teams have the expertise to find innovative solutions to unique problems of a business and specific aid that an organization’s management might require. These span across various functions, including Board Advisory, Functional Consultancy, Risk Intelligence Mapping, Techno-financial Reviews, Benchmarking Surveys, etc. alongside many others. ### Finance Controllership Support Health check/clean up of Financial Statements Over time, inefficient practices adopted by the Finance and Accounting (F&A) staff leads to disordered books. This undermines the reliability of financial statements and leads to non-compliance with existing laws. Modern enterprises are finding it increasingly difficult to handle audits and auditors. These difficulties may stem from either the employees’ lack of expertise in managing audits, or the continually expanding regulations. Nexdigm helps clients perform a comprehensive health check of their books and clean up of their records. A typical book clean-up procedure can include an in-depth review of books, inter-company reconciliations, compliance checks, fixed asset verification, and several other tasks. Audit Support Leveraging our extensive experience in the finance assurance domain, our team can help you manage auditors professionally, complete audits in time, and minimize audit qualifications. Our services include: Preparing financial statements following international accounting standards (IFRS, Ind AS, US GAAP, or Indian GAAP) Liaising with auditors Preparing audit schedules Advising on audit remarks or qualifications Representation to the board of directors or an audit committee Finance transformation Growing competition has compelled organizations to have the best in class organizational structure and processes to stay ahead of or at par with peers. In the current dynamic business environment, companies must continuously find ways to increase their market reach and sales with cost reduction and arrive at the optimum balance of skills, professionalism, and profitability. At Nexdigm, we understand these problems and have developed a proprietary solution aimed at unlocking value for your business. Our Finance Transformation solution can help you: Identify inefficiencies across your finance process Discover spare capacities Benchmark your organization structure and processes with global standards Our objective is to enable you to focus on upscaling your organization, optimizing technology and establishing efficient processes. Finance Organization Re-designing Analyzing, understanding, and documenting as-is job responsibilities Industry benchmarking Conducting a gap analysis through scorecards and renowned models Recommending a scalable revised organization structure Finance Process Optimization Consolidating key controls and processes Identifying gaps in the “as-is” process vis-à-vis optimization Implementing controls and process enhancements Finance Process Automation Assessing automation possibilities within the finance function Conducting a cost-benefit analysis for each of the possibilities Assisting in the implementation and customization of automation products Accounting Standard Transition (IFRS) MNCs are increasingly transitioning towards IFRS from other GAAPs. This shift may result in several aspects that fall beyond the purview of the finance function. At Nexdigm, we guide you through this transition by: Analyzing the impact of the convergence Supporting the decisions made on accounting policy choices Preparing financial statements (including the opening balance sheet) Implementing new reporting processes Ideating and implementing Enterprise Resource Planning (ERP) changes Specialized CFO Services We can also support business in their special initiatives related to the finance function. Our expert team can help your company navigate complex issues such as ERP Implementation Working capital enhancement Business intelligence dashboards Inventory optimization Inventory and fixed assets verification Designing SOPs ### Global Outsourcing At Nexdigm, we understand the operating models, regulatory needs, and quality standards of CPA, accounting, tax, and advisory firms. As firms face growing workloads, rising costs, and ongoing talent gaps, we provide a practical way to scale without losing control. Our support covers audit, tax compliance, CFO services, transaction advisory, and risk functions. We integrate with your teams to deliver consistent, high-quality work, helping you maintain service levels, improve turnaround times, and free up internal capacity for higher-value priorities. Nexdigm's Outsourcing Expertise Nexdigm provides scalable outsourcing solutions across: Assurance and CFO Advisory Transaction Advisory Tax Risk Advisory Assurance Audit Support GAAP Implementation and advisory Due Diligence Buy-side/ Sell-side Financial Due Diligence Data Book Preparation and Analysis Report Drafting and Reviews (Quality Checks) US Tax Tax Returns – Individual, Corporate, Partnership Report of Foreign Bank and Financial Accounts (FBAR) Filings Risk Advisory Internal audit Internal Controls / SOX SOP Writings CFO Advisory Accounting Support Finance Controllership Financial Modelling Business Valuations Business, Regulatory, and Intangible Assets Valuations Purchase Price Allocations PE Support – Portfolio Valuations Option Valuations IT Advisory / Technology Risk Advisory Data Analytics IT security ### Infrastructure Set-Up Nexdigm offers comprehensive support for establishing corporate infrastructure, guiding organizations from initial planning through to post-launch operations. Our approach encompasses comprehensive planning, meticulous implementation control, and rigorous governance. By integrating seamlessly with your team, Nexdigm ensures that your infrastructure projects are executed efficiently, within budget, and in compliance with all regulatory requirements. Nexdigm brings discipline, structure, and control to infrastructure operations Nexdigm's Infrastructure Management Solutions Planning Project Plan Resource Plan Budget Plan & Forecast Vendor On-boarding Plan Construction Plan Implementation Control Budget Management Compliance & Accounting Management Construction, Resource & Schedule Management Vendor On-boarding & Management Governance Regular MIS Routine Functional Updates/Progress Meetings Periodic Site Visits/Surprise Inspections Periodic Governance Meetings with the Steering Committee ### Program Management Nexdigm’s Program Management services help organizations navigate complex transformation initiatives and drive large-scale program rollouts with precision. We provide end-to-end program delivery, ensuring alignment with your strategic goals while maintaining a focus on governance, risk assessment, data-backed decision making and continuous improvement. Our experienced team acts as an extension of your leadership, deploying proven project management methodologies, including agile and hybrid approaches. We deliver tangible results through comprehensive services such as program tracking, resource management, and tailored change management support. Nexdigm's Comprehensive Program Management Services PMO (Managed Services) We act as an extension of your program leadership, overseeing delivery, governance, and controls. With PMP-certified professionals and structured methodologies, we ensure projects stay aligned, tracked, and reported across stakeholders. Project Delivery Management as a Service From business case development to execution, we take full ownership of critical projects. Our experience includes, and not limiting to: Contract Separation Support in billion-dollar business carve outs Outsourcing Assessment for Global Capability Centre Setup Due diligence and Target Operating Model designing Center of Excellence (CoE) development (functions like analytics, procurement) Quality Management System implementation Post-merger integration (PMI) for day-one readiness and beyond Functional PMO and SME Augmentation We provide domain-specific expertise across key verticals: Supply chain and Procurement Process / Technology Assessment and Vendor Selection (including pilot programs) Technology /IT Project Implementation Support Quality management Compliance and Regulatory Data Analytics and Business Intelligence Entity Setup Management Change Management Support Even the best plans fail without adoption. We help drive change from the inside — building communication strategies, training frameworks, and adoption programs that bridge the gap between leadership vision and front-line reality. ### CISO As A Service Why do you need a Virtual CISO? One of the biggest challenges of today’s technological advancement is information security threats. Organizations are working hard towards the protection of data. The businesses that lack a firm data protection policy result in reputational loss. Hence, they have a dedicated executive Chief Information Officer to monitor the information security aspects. Companies that don’t have an internal and dedicated cyber security executive are relying on a virtual Chief Information Officer (CISO). Virtual CISO consulting services help organizations think strategically about the best practices, policies, and procedures about information security. The role of virtual CISO is to help firms in building infosec capabilities to augment existing security structures and help organizations build resilience to unforeseen circumstances and situations. The virtual CISO team gathers complete information about the business in detail and provides solutions to the information security related issues. Protect Your Organization with a Virtual CISO Nexdigm provides customized solutions to security related issues as per the requirements of the organizations. Our virtual CISO advisory services will be a value addition and available for crises management. Some of the features of Nexdigm’s virtual CISO are as follows: Acts as a service model and allows to conduct critical information security activities like penetration testing and vulnerability assessments at a budgeted cost Provides appropriate guidance in terms of information security objectives, as well as regulatory compliance audit readiness service Access to team of Security Advisory experts Address information security needs to companies so that their technical team can stay focused on areas they’re best at Help in developing efficient information security best practices Employee training Our virtual CISO services shall act as a important pillar of information security within your organization, focused on meeting both Companies long term and short term goals. Services and offerings include: Managing and directing information security expert teams Running ongoing risk assessments on operational security Providing threat intelligence and manage enterprise security Crisis management Data Loss Prevention/Plan Implementation Vendor Contracts and Risk Management Compliance Readiness Initiatives Audit Remediation and Audit Management Information Risk Reviews and Risk Management SOC I, SOC II Readiness and Compliance Identity and Access Management Privacy Program Implementation Security Awareness Training Vulnerability Management Monitoring Data Classification ### Procurement Operations At Nexdigm, we optimize procurement functions & support Category Managers to drive cost savings, enhance vendor relations, & ensure operational efficiency. Our comprehensive suite of services spans end-to-end of procurement operations, from source-to-contract (S2C) to procure-to-pay (P2P). We integrate seamlessly with your team to elevate procurement from a transactional function to a key strategic enabler. Our approach is tailored to address challenges such as dynamic costs, supply chain disruptions, & the need for faster, agile & resilient procurement processes. We offer specialized services in contract management, supplier performance, spend analytics, procurement admin & sustainability initiatives, ensuring that your procurement operations are optimized for both short-term results & long-term growth. With a focus on compliance, technology & digital initiatives, & strategic sourcing, we empower your team to unlock value while maintaining control & transparency. Nexdigm's Strategic Procurement Solutions Strategic (source-to-contract) Activities Transactional (procure-to-pay) Activities Planning & Analysis Strategic Sourcing Supplier Management Contract Management Requisition & Admin Payments Management Data Collection & Categorization Market Intelligence & Supplier Research Supplier on-boarding & segmentation Contract Drafting, Review, Negotiation, & Execution Operational Purchasing Invoices & Expense Claims Processing Analysis, Visualization, Reporting, & Scorecards RFx Setup & Bid Management Supplier Performance Monitoring Playbook & Template Creation PO Creation & Tracking Payment Processing Requirements analysis & Cost Optimization Scenario Building & Analysis Supplier Risk Management Gap & Risk Analysis; Compliance Support Compliance Monitoring Travel & Expense Management Spend Estimation & Analysis Negotiation Support Supplier Relationship Governance Contract Analytics; Process Optimization Supplier Onboarding Reconciliations & Reporting Business plan creation Supplier Selection Price Mismatch & Discrepancy Resolution Contract Administration & Obligation Tracking Supplier Master Data Management Supplier Query Management Our Technology Expertise ### Global Outsourcing At Nexdigm, we understand the operating models, regulatory needs, and quality standards of CPA, accounting, tax, and advisory firms. As firms face growing workloads, rising costs, and ongoing talent gaps, we provide a practical way to scale without losing control. Our support covers audit, tax compliance, CFO services, transaction advisory, and risk functions. We integrate with your teams to deliver consistent, high-quality work, helping you maintain service levels, improve turnaround times, and free up internal capacity for higher-value priorities. Nexdigm's Outsourcing Expertise Nexdigm provides scalable outsourcing solutions across: Assurance and CFO Advisory Transaction Advisory Tax Risk Advisory Assurance Audit Support GAAP Implementation and advisory Due Diligence Buy-side/ Sell-side Financial Due Diligence Data Book Preparation and Analysis Report Drafting and Reviews (Quality Checks) US Tax Tax Returns – Individual, Corporate, Partnership Report of Foreign Bank and Financial Accounts (FBAR) Filings Risk Advisory Internal audit Internal Controls / SOX SOP Writings CFO Advisory Accounting Support Finance Controllership Financial Modelling Business Valuations Business, Regulatory, and Intangible Assets Valuations Purchase Price Allocations PE Support – Portfolio Valuations Option Valuations IT Advisory / Technology Risk Advisory Data Analytics IT security ### Infrastructure Set-Up Nexdigm offers comprehensive support for establishing corporate infrastructure, guiding organizations from initial planning through to post-launch operations. Our approach encompasses comprehensive planning, meticulous implementation control, and rigorous governance. By integrating seamlessly with your team, Nexdigm ensures that your infrastructure projects are executed efficiently, within budget, and in compliance with all regulatory requirements. Nexdigm brings discipline, structure, and control to infrastructure operations Nexdigm's Infrastructure Management Solutions Planning Project Plan Resource Plan Budget Plan & Forecast Vendor On-boarding Plan Construction Plan Implementation Control Budget Management Compliance & Accounting Management Construction, Resource & Schedule Management Vendor On-boarding & Management Governance Regular MIS Routine Functional Updates/Progress Meetings Periodic Site Visits/Surprise Inspections Periodic Governance Meetings with the Steering Committee ### Program Management Nexdigm’s Program Management services help organizations navigate complex transformation initiatives and drive large-scale program rollouts with precision. We provide end-to-end program delivery, ensuring alignment with your strategic goals while maintaining a focus on governance, risk assessment, data-backed decision making and continuous improvement. Our experienced team acts as an extension of your leadership, deploying proven project management methodologies, including agile and hybrid approaches. We deliver tangible results through comprehensive services such as program tracking, resource management, and tailored change management support. Nexdigm's Comprehensive Program Management Services PMO (Managed Services) We act as an extension of your program leadership, overseeing delivery, governance, and controls. With PMP-certified professionals and structured methodologies, we ensure projects stay aligned, tracked, and reported across stakeholders. Project Delivery Management as a Service From business case development to execution, we take full ownership of critical projects. Our experience includes, and not limiting to: Contract Separation Support in billion-dollar business carve outs Outsourcing Assessment for Global Capability Centre Setup Due diligence and Target Operating Model designing Center of Excellence (CoE) development (functions like analytics, procurement) Quality Management System implementation Post-merger integration (PMI) for day-one readiness and beyond Functional PMO and SME Augmentation We provide domain-specific expertise across key verticals: Supply chain and Procurement Process / Technology Assessment and Vendor Selection (including pilot programs) Technology /IT Project Implementation Support Quality management Compliance and Regulatory Data Analytics and Business Intelligence Entity Setup Management Change Management Support Even the best plans fail without adoption. We help drive change from the inside — building communication strategies, training frameworks, and adoption programs that bridge the gap between leadership vision and front-line reality. ### Payroll & HR Support Services When businesses have a global presence and workforce, payroll taxes and social security can have a major impact on costs, over and above visas, work permits, relocation, living allowances, and pay parity as per the location. Payroll management can be challenging, more so when it involves multiple countries. Our Single Country Payroll (SCP) and Multi-Country Payroll (MCP) solutions help organizations achieve their global growth objectives by efficiently managing their payroll and staying compliant across geographies. Nexdigm provides end-to-end, transparent, and single-point-contact solutions to businesses. We help you maximize focus on your core business by outsourcing high-volume payroll and human resource processes. Our team of payroll specialists serve clients across countries from our centralized delivery centers, which are certified for Data Security and Quality management. We act as your partners, providing end-to-end, transparent, and single-point-contact solutions for your complex payroll and HR processes. Payroll Processing Processing monthly payroll and computing employee benefits Payroll reimbursements, such as Leave Travel Allowance, motor car expenses, etc. Payroll registers and reports Full and final settlements Electronic salary and tax slips through ESS Employee helpdesk Income and Social Taxes Advising and implementing tax-efficient salary structures Registrations and declarations required as an employer for withholding tax purposes Advisory on the taxability of cash and non-cash remuneration/perquisites Calculation of social security contributions Wage/payroll tax for employers Preparation and filing of periodic returns Employee Benefits Management Compensation, benefits planning, and structuring Benefits administration Central Provident Fund / Provident Fund / Superfund contributions and deposits with different funds Reporting to funds ESOP related services including ESOP benefit computation and reporting Tax advisory and implications in case of globally mobile employees Taxability of one-off payments – redundancy, severance pay, long service leave, etc. Income tax returns for employees across multiple tax jurisdictions Reporting and Analytics Effective and meaningful analysis of data to help the management in decision-making Performance comparisons between country operations (accuracy, timeliness, cost, quality, etc.) Global Mobility Tax Advisory Salary and tax planning to inbound/outbound expatriates for home as well as host countries Advisory and assistance in claiming double tax avoidance/social security totalization benefits to globally mobile employees Support in the tax return and other compliances in home and host countries HR Policy Support Assistance in framing and implementing HR policies Assistance in preparation of employee handbooks, employee engagement letters, etc. Help and support in designing and implementing HRMS, Time and Attendance, Performance management, and other HR systems Identification of and selection of software systems providers Employee Expense Claims Reimbursements End-to-end solutions centered around employee expense claims management Building digitized work-flows and document management systems to enable paperless and seamless expense claims systems ### SOP & Internal Controls Reviews Internal Audit With a highly capable, multi-disciplinary team, we assist organizations with globally accepted internal audit methodologies and standards with independent advice aided by data analytics. We also focus on the integration of the internal audit mission with enterprise objectives. We are the third line of defense that can be entrusted to showcase a precise reflection of whether crucial risks are being efficiently managed by the first and second lines of defense. Sarbanes-Oxley and Internal Financial Controls (SOX/IFC) We assist an organization’s management in implementing industry best practices for the development of concrete inbuilt controls. Our approaches follow a comprehensive yet cost-effective approach to ensure that an entity’s internal controls related to financial reporting comply with all aspects of regulatory requirements under the Sarbanes-Oxley Act, Companies Act (Internal Financial Controls or Internal Controls over Financial Reporting). Enterprise Risk Management (ERM) A robust ERM program is vital for sustainable long-term growth of an organization. Our ERM strategy comprises of - Integration of risk management with strategy and performance Effective management of uncertainty (downside risk) and associated opportunities (upside risk) Creation of a ‘risk‐aware’ culture across the organization Bridging departmental silos and developing Centers of Excellence (CoE) Drawing on the expertise of highly skilled professionals Our other On-Demand Services include (but not limited to): A robust ERM program is vital for sustainable long-term growth of an organization. Our ERM strategy comprises of - Governance Review We help organizations enhance the value and efficiency of corporate governance and compliance processes, including effective reporting to internal and external stakeholders by conducting corporate governance audits and designing a governance framework. Key aspects of such review include evaluation of entity level controls, strengthening board oversight of management, positioning risk management as a critical responsibility of the board, encouraging sound remuneration practices to balance risk and long-term performance criteria, etc. Regulatory Compliance Review Our statutory compliance services include a broad review of statutory and regulatory compliances as per agreed-upon procedures to test the internal control design of an organization. The idea is to ensure compliance with various statutes to reveal the strengths and weaknesses in the internal control system in terms of compliance. This is followed by a clear plan on how to move forward. Anti-Money Laundering (AML) Review Our AML compliance review services aim at assisting businesses in achieving a higher level of regulatory compliance while adopting the best customer acceptance policy and driving its implementation. We aim to define the most relevant guidelines to prevent the organization from intentional and unintentional threats with requisite anti-money laundering policies and practices within the organization. Companies Auditor Report Order (CARO) Compliance Support With our rich experience of more than 50 years in assurance services, we assist an organization’s management in evaluating the reasonability of CARO compliance and provide specific recommendations for leveling up regulatory compliance. Quality Assurance We help businesses assess the positioning and operational effectiveness of the Internal Audit function through quality assurance and improvement programs. The aim is to provide a transparent evaluation of the Internal Audit (IA) department while benchmarking best practices and enabling the use of modern audit techniques. Based on the assessment results, we also support in designing training programs to handhold and train the IA team of the organization to scale up to Industry Standards. Process Reviews In today’s dynamic, competitive, and globalized environment, our integrated and advanced services for business process reviews provide end-to-end solutions that consistently deliver value to our clients. Our approach involves analysis and design of the workflow, and related procedures, within an organization to re-engineer processes through People, Process, and Technology (PPT) solutions. Standard Operating Procedures (SOP) SOPs are essential for maintaining compliance with processes for consistency in operations of an organization. We assist organizations in drafting SOPs and capturing step-by-step instructions at each stage. The purpose is to communicate the objectives of a process/function, improve employee productivity and speed up employee decision-making. Alongside training and implementation support, we further help organizations link the SOPs with KPAs (Key Performance Areas) and KRAs (Key Result Areas) to improve overall performance. Enterprise Resource Planning (ERP) Implementation Support Our unique ERP solutions enable organizations to streamline operational processes and information flow in the enterprise, with strategic evaluation for a smooth and hassle-free implementation of relevant ERP systems. Third-Party Risk Assessment Increasing dependence on third-party relationships has heightened the risk profile of businesses and exposed organizations to a host of severe risk and compliance issues. We work with clients in managing their outsourcing risk by extending support in defining minimum standards for outsourcing risk management and leveraging technology in conducting risk assessment reviews of third-parties to evaluate their financial, legal, regulatory, operational, reputational risks, etc. Customized GRC Advisory Projects Our specialist teams have the expertise to find innovative solutions to unique problems of a business and specific aid that an organization’s management might require. These span across various functions, including Board Advisory, Functional Consultancy, Risk Intelligence Mapping, Techno-financial Reviews, Benchmarking Surveys, etc. alongside many others. ### Global Outsourcing At Nexdigm, we understand the operating models, regulatory needs, and quality standards of CPA, accounting, tax, and advisory firms. As firms face growing workloads, rising costs, and ongoing talent gaps, we provide a practical way to scale without losing control. Our support covers audit, tax compliance, CFO services, transaction advisory, and risk functions. We integrate with your teams to deliver consistent, high-quality work, helping you maintain service levels, improve turnaround times, and free up internal capacity for higher-value priorities. Nexdigm's Outsourcing Expertise Nexdigm provides scalable outsourcing solutions across: Assurance and CFO Advisory Transaction Advisory Tax Risk Advisory Assurance Audit Support GAAP Implementation and advisory Due Diligence Buy-side/ Sell-side Financial Due Diligence Data Book Preparation and Analysis Report Drafting and Reviews (Quality Checks) US Tax Tax Returns – Individual, Corporate, Partnership Report of Foreign Bank and Financial Accounts (FBAR) Filings Risk Advisory Internal audit Internal Controls / SOX SOP Writings CFO Advisory Accounting Support Finance Controllership Financial Modelling Business Valuations Business, Regulatory, and Intangible Assets Valuations Purchase Price Allocations PE Support – Portfolio Valuations Option Valuations IT Advisory / Technology Risk Advisory Data Analytics IT security ### Infrastructure Set-Up Nexdigm offers comprehensive support for establishing corporate infrastructure, guiding organizations from initial planning through to post-launch operations. Our approach encompasses comprehensive planning, meticulous implementation control, and rigorous governance. By integrating seamlessly with your team, Nexdigm ensures that your infrastructure projects are executed efficiently, within budget, and in compliance with all regulatory requirements. Nexdigm brings discipline, structure, and control to infrastructure operations Nexdigm's Infrastructure Management Solutions Planning Project Plan Resource Plan Budget Plan & Forecast Vendor On-boarding Plan Construction Plan Implementation Control Budget Management Compliance & Accounting Management Construction, Resource & Schedule Management Vendor On-boarding & Management Governance Regular MIS Routine Functional Updates/Progress Meetings Periodic Site Visits/Surprise Inspections Periodic Governance Meetings with the Steering Committee ### Program Management Nexdigm’s Program Management services help organizations navigate complex transformation initiatives and drive large-scale program rollouts with precision. We provide end-to-end program delivery, ensuring alignment with your strategic goals while maintaining a focus on governance, risk assessment, data-backed decision making and continuous improvement. Our experienced team acts as an extension of your leadership, deploying proven project management methodologies, including agile and hybrid approaches. We deliver tangible results through comprehensive services such as program tracking, resource management, and tailored change management support. Nexdigm's Comprehensive Program Management Services PMO (Managed Services) We act as an extension of your program leadership, overseeing delivery, governance, and controls. With PMP-certified professionals and structured methodologies, we ensure projects stay aligned, tracked, and reported across stakeholders. Project Delivery Management as a Service From business case development to execution, we take full ownership of critical projects. Our experience includes, and not limiting to: Contract Separation Support in billion-dollar business carve outs Outsourcing Assessment for Global Capability Centre Setup Due diligence and Target Operating Model designing Center of Excellence (CoE) development (functions like analytics, procurement) Quality Management System implementation Post-merger integration (PMI) for day-one readiness and beyond Functional PMO and SME Augmentation We provide domain-specific expertise across key verticals: Supply chain and Procurement Process / Technology Assessment and Vendor Selection (including pilot programs) Technology /IT Project Implementation Support Quality management Compliance and Regulatory Data Analytics and Business Intelligence Entity Setup Management Change Management Support Even the best plans fail without adoption. We help drive change from the inside — building communication strategies, training frameworks, and adoption programs that bridge the gap between leadership vision and front-line reality. ### Market Research Understanding market dynamics, consumer behaviors, and preferences is vital for international companies to identify opportunities, gauge demand, and formulate successful strategies before entering a new geography. Our customized market research services are curated to fit your business needs and assist you with valuable insights such as customer preferences, market trends, competitive landscapes, and potential opportunities or threats. Our market research services help you: Understand emerging market trends Staying abreast of emerging market trends is critical for businesses to adapt and innovate. Changes in consumer preferences, technological advancements, regulatory shifts, and global economic conditions can significantly impact market dynamics. Understanding these trends enables businesses to anticipate shifts in demand, identify new opportunities, and adjust their strategies accordingly. Create an effective go-to-market strategy A go-to-market (GTM) strategy will help you outline how to introduce your products/services to your target audience considering key aspects such as market segmentation, product positioning, pricing strategies, distribution channels, and promotional tactics. An effective GTM strategy is essential for maximizing market penetration, achieving sustainable growth, and gaining a competitive edge. Follow dynamic consumer patterns Consumer behavior is constantly evolving due to various factors such as technological advancements, cultural shifts, economic conditions, and changes in lifestyle. Monitoring and understanding these patterns are crucial for global businesses to tailor their offerings, improve customer experience, and maintain market relevance. Discover untapped market opportunities Identifying available market opportunities allows businesses to capitalize on unmet needs or underserved segments within their industry. By conducting a business market research study, companies can effectively analyze consumer insights, evaluate the competitor landscape, and uncover potential areas for growth and innovation. Find the right partners and distributors Collaborating with the right partners and distributors is essential for expanding market reach, accessing new customer segments, and optimizing supply chain efficiency. Selecting reliable and compatible partners requires thorough due diligence, negotiation, and alignment of strategic objectives. Identify and mitigate potential risks Every business venture involves inherent risks such as market volatility, competitive threats, regulatory compliance, and operational challenges. Identifying and assessing these risks enables companies to develop risk mitigation strategies, contingency plans, and resilience measures to safeguard their interests and ensure long-term sustainability in global markets. Know your competition Understanding the competitive landscape is crucial for strategic decision-making, differentiation, and maintaining a competitive advantage. Analyzing competitors' strengths, weaknesses, market positioning, pricing strategies, and customer feedback provides valuable insights for benchmarking performance, identifying gaps, and refining business strategies. Nexdigm’s market research services help foreign businesses address these challenges to enhance their competitiveness, capitalize on opportunities, and achieve sustainable growth in today's dynamic global business environment. We methodically compile, catalogue, and analyze data about the market, consumers, and competitors to enable you to create an effective business plan. We use qualitative and quantitative methods, primary and secondary research techniques, and a variety of local and global sources of data to give you an in-depth and comprehensive overview of the market. Our Services   The Nexdigm Advantage Nexdigm is a partner-of-choice for trade associations, mid-market companies, and Fortune 500 businesses, signifying trust, expertise, and a track record of delivering value-added services to esteemed clients. Diverse Experience Understanding local and international perspectives enables us to offer comprehensive insights tailored to niche industries and markets, helping clients make informed decisions. Having worked with global and local companies on business market research reports, we understand what clients expect and weave in value-add information into our final reports. Concept to Commercialization Going beyond traditional advisory services, we also assist our clients throughout the entire business lifecycle, from conceptualization to commercialization. This includes helping clients establish new entities, set up operations (greenfield and brownfield), and navigate M&As, ensuring holistic support. Standardization and Cost Advantage Our multidisciplinary experts work with industry networks to understand and imbibe best practices while standardizing processes and maximizing cost advantages. By streamlining operations and utilizing specialized knowledge, we help clients save time and money, ultimately delivering a strong return on investment and maximizing the value of their investment value. Scalability Our ability to adapt back-end processes to align with evolving client needs facilitates scalability and flexibility. This empowers them to focus on their core operations while we provide the necessary support, enabling them to make strategic decisions and stay ahead of the competition. ### Pre-Investment Advisory In today's fast-paced world, it is critical for businesses to stay abreast of market trends, changing consumer needs, competition, and other factors that impact the business. Meeting customer demands along with maintaining brand and product relevance are key elements to sustain and thrive in the ever-evolving global economy. Market insights provide companies with information about the dynamic landscape and customer preferences. Through systematic data collection, organization, and analysis, businesses can make better, more informed decisions. Before committing to invest in a country, organizations must be aware of the market, tax, regulatory, legal framework, and much more. It is also imperative for them to have a know-how of on-ground realities, which may vary according to the geography and the region. At Nexdigm, we have the knowledge and experience to help you assess market opportunities with a critical eye while keeping in mind your business objectives, be it entry, expansion, or subsistence . With our expansive consulting experience, a combination of qualitative and quantitative research methods, and various local and global data sources, we deliver customized, comprehensive, in-depth market research reports to ensure that your advisory and research needs are not only met, but also act as a footboard to launch your organization into the next paradigm of business. Our services offer an independent perspective to help your business identify key issues and challenges while considering local regulations, trends, and consumer preferences to ensure we deliver information that meets your requirements and adds value to your growth story. Pre-Investment Advisory While entering a new market, it is critical for businesses and investors to comprehensively analyze and evaluate opportunities to make informed decisions, minimize risks, and maximize potential returns. Our capabilities within pre-investment advisory include: Business Feasibility: We help clients understand the investment landscape, assess financial viability, analyze market trends, and provide recommendations on strategies based on the client's objectives, risk tolerance, and resources. Advisory on Jurisdiction of Investment: While making an investment decision, it is critical to assess the most efficient route of investment based on immediate and future operations to be conducted. Such assessment can ensure maximization of benefits of international tax treaties and bilateral arrangements that could make the investment opportunity more lucrative. Advisory on Entity of Incorporation: We help clients understand the available entity structures and recommend the model that best suits their local mandate. Business Plan Creation and Vetting: Our focus is to help clients build efficient, long-term business plans in line with their goals, bringing in much-needed local perspective, analyzing the implications of the law and relevant economics, ensuring a relevant and realistic business plan is created. Location Planning: Our analysis includes a thorough grading mechanism so that clients can make the most appropriate choice in acquiring their preferred location, as we provide the necessary legal support and liaise with government authorities as required. ### Market Research In today's fast-paced world, it is critical for businesses to stay abreast of market trends, changing consumer needs, competition, and other factors that impact the business. Meeting customer demands along with maintaining brand and product relevance are key elements to sustain and thrive in the ever-evolving global economy. Market insights provide companies with information about the dynamic landscape and customer preferences. Through systematic data collection, organization, and analysis, businesses can make better, more informed decisions. Before committing to invest in a country, organizations must be aware of the market, tax, regulatory, legal framework, and much more. It is also imperative for them to have a know-how of on-ground realities, which may vary according to the geography and the region. At Nexdigm, we have the knowledge and experience to help you assess market opportunities with a critical eye while keeping in mind your business objectives, be it entry, expansion, or subsistence . With our expansive consulting experience, a combination of qualitative and quantitative research methods, and various local and global data sources, we deliver customized, comprehensive, in-depth market research reports to ensure that your advisory and research needs are not only met, but also act as a footboard to launch your organization into the next paradigm of business. Our services offer an independent perspective to help your business identify key issues and challenges while considering local regulations, trends, and consumer preferences to ensure we deliver information that meets your requirements and adds value to your growth story. ### Pre-Investment Advisory In today's fast-paced world, it is critical for businesses to stay abreast of market trends, changing consumer needs, competition, and other factors that impact the business. Meeting customer demands along with maintaining brand and product relevance are key elements to sustain and thrive in the ever-evolving global economy. Market insights provide companies with information about the dynamic landscape and customer preferences. Through systematic data collection, organization, and analysis, businesses can make better, more informed decisions. Before committing to invest in a country, organizations must be aware of the market, tax, regulatory, legal framework, and much more. It is also imperative for them to have a know-how of on-ground realities, which may vary according to the geography and the region. At Nexdigm, we have the knowledge and experience to help you assess market opportunities with a critical eye while keeping in mind your business objectives, be it entry, expansion, or subsistence . With our expansive consulting experience, a combination of qualitative and quantitative research methods, and various local and global data sources, we deliver customized, comprehensive, in-depth market research reports to ensure that your advisory and research needs are not only met, but also act as a footboard to launch your organization into the next paradigm of business. Our services offer an independent perspective to help your business identify key issues and challenges while considering local regulations, trends, and consumer preferences to ensure we deliver information that meets your requirements and adds value to your growth story. Pre-Investment Advisory While entering a new market, it is critical for businesses and investors to comprehensively analyze and evaluate opportunities to make informed decisions, minimize risks, and maximize potential returns. Our capabilities within pre-investment advisory include: Business Feasibility: We help clients understand the investment landscape, assess financial viability, analyze market trends, and provide recommendations on strategies based on the client's objectives, risk tolerance, and resources. Advisory on Jurisdiction of Investment: While making an investment decision, it is critical to assess the most efficient route of investment based on immediate and future operations to be conducted. Such assessment can ensure maximization of benefits of international tax treaties and bilateral arrangements that could make the investment opportunity more lucrative. Advisory on Entity of Incorporation: We help clients understand the available entity structures and recommend the model that best suits their local mandate. Business Plan Creation and Vetting: Our focus is to help clients build efficient, long-term business plans in line with their goals, bringing in much-needed local perspective, analyzing the implications of the law and relevant economics, ensuring a relevant and realistic business plan is created. Location Planning: Our analysis includes a thorough grading mechanism so that clients can make the most appropriate choice in acquiring their preferred location, as we provide the necessary legal support and liaise with government authorities as required. ### Market Research Understanding market dynamics, consumer behaviors, and preferences is vital for international companies to identify opportunities, gauge demand, and formulate successful strategies before entering a new geography. Our customized market research services are curated to fit your business needs and assist you with valuable insights such as customer preferences, market trends, competitive landscapes, and potential opportunities or threats. Our market research services help you: Understand emerging market trends Staying abreast of emerging market trends is critical for businesses to adapt and innovate. Changes in consumer preferences, technological advancements, regulatory shifts, and global economic conditions can significantly impact market dynamics. Understanding these trends enables businesses to anticipate shifts in demand, identify new opportunities, and adjust their strategies accordingly. Create an effective go-to-market strategy A go-to-market (GTM) strategy will help you outline how to introduce your products/services to your target audience considering key aspects such as market segmentation, product positioning, pricing strategies, distribution channels, and promotional tactics. An effective GTM strategy is essential for maximizing market penetration, achieving sustainable growth, and gaining a competitive edge. Follow dynamic consumer patterns Consumer behavior is constantly evolving due to various factors such as technological advancements, cultural shifts, economic conditions, and changes in lifestyle. Monitoring and understanding these patterns are crucial for global businesses to tailor their offerings, improve customer experience, and maintain market relevance. Discover untapped market opportunities Identifying available market opportunities allows businesses to capitalize on unmet needs or underserved segments within their industry. By conducting a business market research study, companies can effectively analyze consumer insights, evaluate the competitor landscape, and uncover potential areas for growth and innovation. Find the right partners and distributors Collaborating with the right partners and distributors is essential for expanding market reach, accessing new customer segments, and optimizing supply chain efficiency. Selecting reliable and compatible partners requires thorough due diligence, negotiation, and alignment of strategic objectives. Identify and mitigate potential risks Every business venture involves inherent risks such as market volatility, competitive threats, regulatory compliance, and operational challenges. Identifying and assessing these risks enables companies to develop risk mitigation strategies, contingency plans, and resilience measures to safeguard their interests and ensure long-term sustainability in global markets. Know your competition Understanding the competitive landscape is crucial for strategic decision-making, differentiation, and maintaining a competitive advantage. Analyzing competitors' strengths, weaknesses, market positioning, pricing strategies, and customer feedback provides valuable insights for benchmarking performance, identifying gaps, and refining business strategies. Nexdigm’s market research services help foreign businesses address these challenges to enhance their competitiveness, capitalize on opportunities, and achieve sustainable growth in today's dynamic global business environment. We methodically compile, catalogue, and analyze data about the market, consumers, and competitors to enable you to create an effective business plan. We use qualitative and quantitative methods, primary and secondary research techniques, and a variety of local and global sources of data to give you an in-depth and comprehensive overview of the market. Our Services The Nexdigm Advantage Nexdigm is a partner-of-choice for trade associations, mid-market companies, and Fortune 500 businesses, signifying trust, expertise, and a track record of delivering value-added services to esteemed clients. Diverse Experience Understanding local and international perspectives enables us to offer comprehensive insights tailored to niche industries and markets, helping clients make informed decisions. Having worked with global and local companies on business market research reports, we understand what clients expect and weave in value-add information into our final reports. Concept to Commercialization Going beyond traditional advisory services, we also assist our clients throughout the entire business lifecycle, from conceptualization to commercialization. This includes helping clients establish new entities, set up operations (greenfield and brownfield), and navigate M&As, ensuring holistic support. Standardization and Cost Advantage Our multidisciplinary experts work with industry networks to understand and imbibe best practices while standardizing processes and maximizing cost advantages. By streamlining operations and utilizing specialized knowledge, we help clients save time and money, ultimately delivering a strong return on investment and maximizing the value of their investment value. Scalability Our ability to adapt back-end processes to align with evolving client needs facilitates scalability and flexibility. This empowers them to focus on their core operations while we provide the necessary support, enabling them to make strategic decisions and stay ahead of the competition. ### Pre-Investment Advisory In today's fast-paced world, it is critical for businesses to stay abreast of market trends, changing consumer needs, competition, and other factors that impact the business. Meeting customer demands along with maintaining brand and product relevance are key elements to sustain and thrive in the ever-evolving global economy. Market insights provide companies with information about the dynamic landscape and customer preferences. Through systematic data collection, organization, and analysis, businesses can make better, more informed decisions. Before committing to invest in a country, organizations must be aware of the market, tax, regulatory, legal framework, and much more. It is also imperative for them to have a know-how of on-ground realities, which may vary according to the geography and the region. At Nexdigm, we have the knowledge and experience to help you assess market opportunities with a critical eye while keeping in mind your business objectives, be it entry, expansion, or subsistence . With our expansive consulting experience, a combination of qualitative and quantitative research methods, and various local and global data sources, we deliver customized, comprehensive, in-depth market research reports to ensure that your advisory and research needs are not only met, but also act as a footboard to launch your organization into the next paradigm of business. Our services offer an independent perspective to help your business identify key issues and challenges while considering local regulations, trends, and consumer preferences to ensure we deliver information that meets your requirements and adds value to your growth story. Pre-Investment Advisory While entering a new market, it is critical for businesses and investors to comprehensively analyze and evaluate opportunities to make informed decisions, minimize risks, and maximize potential returns. Our capabilities within pre-investment advisory include: Business Feasibility: We help clients understand the investment landscape, assess financial viability, analyze market trends, and provide recommendations on strategies based on the client's objectives, risk tolerance, and resources. Advisory on Jurisdiction of Investment: While making an investment decision, it is critical to assess the most efficient route of investment based on immediate and future operations to be conducted. Such assessment can ensure maximization of benefits of international tax treaties and bilateral arrangements that could make the investment opportunity more lucrative. Advisory on Entity of Incorporation: We help clients understand the available entity structures and recommend the model that best suits their local mandate. Business Plan Creation and Vetting: Our focus is to help clients build efficient, long-term business plans in line with their goals, bringing in much-needed local perspective, analyzing the implications of the law and relevant economics, ensuring a relevant and realistic business plan is created. Location Planning: Our analysis includes a thorough grading mechanism so that clients can make the most appropriate choice in acquiring their preferred location, as we provide the necessary legal support and liaise with government authorities as required. ### Cookies check page ### Quality at Nexdigm Quality at Nexdigm is built in our business design. Our efforts are directed towards not just doing things right the first time, but every time. We incorporate a mix of Quality Planning, Quality Control and inbuilt Quality Assurance into every assignment to ensure superior service delivery that continually evolves with time. Nexdigm puts paramount importance on ensuring quality and integrates this value into the business- enabling transformation and growth by integrating People, Processes, and Technology. Our associates embody quality principles to drive excellence even at the face of disruption. As a multidisciplinary organization with a strong global presence across geographies, we incorporate meticulous quality standards with the passion and purpose to confidently sail through turbulent business complexities. With a legacy spanning over six decades, we imbibe and deliver quality results that enable our clients to achieve operational excellence, practice effective management oversight, and foster continual improvement by setting up high-performance standards while ensuring the perennial growth of businesses. Nexdigm's Take on Quality! The Quality Approach at Nexdigm Aligning to the need to move beyond documentation and find the right balance between Processes, People, Performance Measures and Organizational mind-sets, we have adopted the ‘Plan-Do-Check-Act’ as a default approach to drive growth. Quality is built at design at every phase of the process/ project lifecycle. Quality impacts clients by ensuring their needs are met reliably, reducing problems, building trust, and fostering long-term, positive relationships. Quality the Differentiator Quality Digitalization has been adopted at an organizational level to promote quality, strengthen the quality culture, and draw inspiration for meaningful engagement. By allocating values across the quality spectrum, digitizing the intricacies of the quality approach, and analyzing the results, we seek to bring out the best quality for the organization to stay future-ready. The culture of the organization is driven through its people. Nexdigm believes in building capabilities in people. Lean and Six Sigma certification program are driven at strategic level and operation teams are empowered through usage of simple Basic 7 QC tools to drive operational excellence and improved value proposition. Nexdigm also invests in knowledge-sharing sessions, regular appreciations for demonstrating high quality, and participation in external forums to gain competitive edge and customer satisfaction. Nexdigm’s Quality Assurance Metrics Nexdigm is recognized globally for its unwavering commitment to quality, continuous improvement, and client satisfaction. As a trusted global partner, assuring quality is our primary responsibility. We are ISO/IEC 270001 certified for Information Security and ISO 9001 certified for Quality Management. We comply with GDPR and use a Personal Information Management System under the ISO/IEC 27701:2019 Standard. We have also been recognized in the Everest Peak Matrix for Finance & Accounting (FAO) and Procurement Outsourcing (PO) services. In addition, Nexdigm has been featured in the ISG Provider Lens for Procurement BPO and Transformation Services.   Quality Insights Efficient Project Crashing Through Six Sigma Principles Policies Anti-Bribery and Anti-Corruption (ABAC) Policy Whistleblower Policy ### Demo Slider ### Webinars ### Corporate Tax The UAE’s Ministry of Finance made a groundbreaking announcement of implementing Corporate Tax in the region, effective financial years from or after 1 June 2023. The UAE has undertaken this action in its attempts to adhere to global standards and to align with OECD’s Global Minimum Tax Proposal under Pillar 2. On 9 December 2022, the UAE Federal Tax Authority (FTA) released the final version of the UAE Corporate Tax (CT) law (hereinafter referred to as the law) through Federal Decree Law No. 47 of 2022. The law is largely based on the public consultation document issued earlier during the year 2022. However, it also contains certain new provisions which inter-alia include General Anti Abuse Rules, Small Business Relief, detailed definition of UAE sourced income, etc. Businesses based in UAE would need to be geared up to adapt to these new changes. The companies need to evaluate the applicability of the provisions, align structure to make it tax efficient in UAE, and align policies for related party transactions. Basis of Tax Tax residents would be liable for UAE CT on its worldwide income. Non-residents will be subject to UAE CT on taxable income from their PE in UAE and income which is sourced in the UAE. CT will be charged on the annual taxable income of a business. The rates are provided in the table below: UAE Corporate Tax Rates Income slab Rate of tax Taxable Income =< AED 375000 0% (A) Taxable Income > AED 375000 9% (B) Total tax liability A+B Free Zone Companies (FZCs) Special tax regime for FZCs FZCs are within the scope of UAE CT and would be required to obtain a Tax Identification Number (TIN) and also file income tax returns. FZCs would continue to be entitled to tax incentives under the UAE CT regime if they maintain adequate substance and comply with all regulatory requirements. FZCs would be liable to pay CT on the entire income in case of transactions with mainland entities. The specific exclusion is provided for passive income and group company transactions. Tax Administration Every person who falls within the scope of the UAE CT regime is required to register with the Federal Tax Authority (FTA) and obtain a TIN. Annual tax returns are required to be furnished by each company or person carrying on any business. Tax returns will have to be filed and CT liability will have to be paid up within 9 months from the end of the relevant tax period. UAE CT regime will be based on self-assessment principles. However, the FTA may review a CT return and issue an assessment within the timeframe prescribed in tax procedures law. A taxpayer may challenge an amended assessment issued by FTA by processes and procedures prescribed in the law. Clarifications may also be obtained from FTA on any CT-related matter. FZCs will have to be audited if they want to benefit from the 0% CT regime. How Nexdigm can help? Nexdigm has a highly experienced team of professionals who understands the complexity of the new law and also the importance of implementing the same in a correct manner to ensure there are no tax leakages. Nexdigm is well positioned to support mid-size and large corporates with its presence in UAE through three offices and also has a support team in India. Corporate and International Tax Advisory Corporate Tax Impact assessment Advising on structuring of businesses in a tax-efficient manner Advising on cross-border transactions and impact of recent changes Advising Free Zone Companies on requirements to avail 0% corporate tax regime Advising on the global restructuring of corporate structure and business models to minimize the impact of corporate tax, keeping in mind the overall effective tax rate for the group Compliance and Litigation Services Assistance in obtaining Tax Registration Number Preparation of Tax Computation for corporate tax purposes Assistance in filling relevant forms and filing of tax returns Litigation Support and representations ### Marketing Consent ### Corporate Social Responsibility Policy We, at Nexdigm, believe that our business is built around strong social relevance of inclusive growth. 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The Impact and Importance of Statutory Compliance in Social Security Legislation Statutory compliance ensures the effective implementation of social security laws, safeguarding employee welfare and promoting ethical... Contract Lifecycle Management in Poland: Market Insights and Strategic Pathways As Polish businesses navigate increasing regulatory complexity and global competition, Contract Lifecycle Management (CLM) is gaining recognition a... EPFO Unveils a Series of Digital, Compliance & Litigation Reforms EPFO has rolled out a set of digital, policy, and compliance reforms reinforcing its commitment to ease of living, doing business, and digital empo... India’s APA programme records landmark growth in FY 2024–25 The Central Board of Direct Taxes (CBDT) released its 7th Annual Report on the Advance Pricing Agreement (APA) Programme for FY 2024–2025, marking a... Tax Street – September 2025 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Maharashtra Cabinet Approves Labour Law Amendments, Pending Legislative Approval The Maharashtra government has approved amendments to the Factories Act, 1948 and the Maharashtra Shops and Establishments (Regulation of Employm... Tax Street – August 2025 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Who Wins Big in the India–UK Trade Pact The India–UK Comprehensive Economic and Trade Agreement (CETA) is more than just a trade pact; it is a game-changer for Indian exporters. With st... How Do US Tariffs Impact India? US tariffs are taxes imposed by the United States government on imported goods and services. While their stated purpose is to protect domestic indu... 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Tax Street – March 2025 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Tax Street – February 2025 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Unleashing Potential: AI’s Role in Reshaping M&A Dynamics In an era marked by unprecedented technological advancements and rapidly evolving business landscapes, the world of M&A is undergoing a profound ... Tax Street – January 2025 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... The New Income Tax Bill 2025: Is It Really a Game Changer? The Income Tax Bill 2025 has been introduced to replace the more than six-decade-old Income Tax Act 1961. With its proposed implementation from April ... Unpacking 2025 Budget: Strengthening the Transfer Pricing Assessment Framework with Block Assessments The Finance Minister, in her recent budget speech of 1 February 2025, briefly underlined Taxation Reforms as one of key reforms to realize the visio... Incentives to International Financial Service Centre (IFSC) The International Financial Services Centre (IFSC) in India has the potential to play a significant role in attracting global investments, promoting... Benefit of fresh lease life of 8 years to tax losses of amalgamating company: Proposed to be Withdrawn As per Section 72A and Section 72AA of the Income tax Act, 1961 (ITA), accumulated loss and unabsorbed depreciation of amalgamating/predecessor compa... Budget 2025 Highlights: What’s New in TDS and TCS provisions Budget 2025 has focused on rationalization of TDS and TCS provisions. The new norms are directed towards easing compliance provisions for businesses ... Key Highlights of the Union Budget 2025-26 As India advances towards its vision of Viksit Bharat 2047, the Union Budget 2025-26 emerges as a critical policy instrument designed to promote... A long-awaited and well-deserved change: Reforms in Personal Income Tax This was a historic 8th budget for Finance Minister Nirmala Sitharaman, the second of Modi Government 3.0, and finally, the middle class has been ap... Top 6 Budget 2025 Expectations: For Individual Taxpayers Government of India is already in the process of simplifying the income tax laws by introducing a new tax regime, TDS rate rationalization, a u... Decoding LinkedIn India’s SBO Disclosure Dilemma In the recent past, LinkedIn Technology Information Private Limited (“LinkedIn India” or “the Company”) has faced adjudication proceedings ... Tax Street – December 2024 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... 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Tax Street – July 2024 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Budget 2024 – What’s New? Amendment regarding TDS and TCS provisions TDS and TCS are widely used by the Government as a mechanism to collect taxes as and when transactions occur. This serves twofold purposes: O... Implications of Indian Budget 2024 for Non-Resident and Foreign Businesses The Union Budget presents a roadmap to India's burgeoning future, including major economic reforms and incentives. We have summarized a few key ... Union Budget 2024-25 The Union Budget 2024 represents a pivotal moment in India's economic journey. The new government has presented a detailed roadmap for India's burgeon... The future of FDI from land-bordering countries in India In April 2020, the government introduced Press Note 3 (PN3), requiring prior approval for all investments from bordering nations, including Chin... Budget Expectations – Sustainable Energy Sector The Interim Budget 2024 was announced in February 2024. It was an inclusive budget focusing on all the major sectors of the economy. In the Inte... Expectations on Indirect Taxes front The recently re-elected central government is set to present its thirteenth Union Budget on 23 July 2024. There is much anticipation from NDA 3.0 ... Key expectation from Transfer Pricing (‘TP’) perspective amidst the economic vision of the new government The Annual Budget 2024 will be presented in the Monsoon Session of Parliament. The Annual Budget 2024 is expected to build upon the principles of ... Direct Tax Recommendations for Budget 2024 The much-anticipated Union Budget 2024, under the Modi 3.0 government, will be presented on 23 July 2024. Globally, various stakeholders are keenl... Tax Street – June 2024 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Deemed Dividend under Section 2(22)(e) – Shareholders to Watch-out! Dividends traditionally have been taxable either in the hands of the company as Dividend Distribution Tax or in the hands of the shareholders as 'Inco... Limited Liability Partnership needs to disclose the Significant Beneficial Owner The Ministry of Corporate Affairs (MCA) had introduced the concept of Significant Beneficial Ownership (SBO) for Limited Liability Partnerships (... Dematerialization of Shares in Private Limited Companies Dematerialization is the process of converting physically held shares and securities (in the form of paper certificates) into a digital or electro... 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India-EFTA Trade & Economic Agreement: A Win-Win Deal In March, India marked a pivotal milestone in its pursuit of sustainable development, economic growth, and strengthening of its international tr... How GST ensured fast credit growth to MSMEs The Finance Ministry has expressed confidence that India’s economy is poised to become the world’s third largest within the next three years,... Tax Street – April 2024 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Substance and Significance of Beneficial Ownership Provisions This article focuses on the substantive provisions relating to the declaration of beneficial ownership in a company. Sections 89 and 90... Lok Sabha Elections 2024: Need for GST reforms to cater MSMEs The Goods and Services Tax (GST) regime, a pivotal reform in the nation's taxation structure, has evolved over the last seven years. Nonetheless, th... 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Chennai ITAT Ruling in Cognizant’s Shares Buyback: A Panoramic Analysis Recently, the Chennai Income-tax Appellate Tribunal (ITAT or Tribunal) in the case of Cognizant Technology Solutions India Pvt. Ltd (Company or th... Expansion into overseas markets: The tax and regulatory framework As the Indian GDP grows, the Indian industry continues to expand across the global, supplemented by digitalization. In recent years, there’s been... Tax Considerations for Mergers and Acquisitions: Structuring Deals for Optimal Tax Efficiency Mergers and Acquisitions (M&A) is the most popular route used by companies looking to consolidate businesses, expand operations, rationalize holdi... Online Gaming – Are all bets off? Who wins? Who loses? The GST Council in its 50th and 51st meetings had recommended to levy GST on Casino, Horse Racing and Online gaming at the uniform rate of 28% on ... Foreign Trade Policy 2023 Roadmap to India’s Global Leadership in Exports Over the years, India’s Foreign Trade Policies have reflected the nation’s standing among the world economies. The initial policies, which ca... 5 things early-stage start-ups must be aware of to avoid GST notices The last decade has witnessed an exponential rise in the start-up ecosystem in the country. While the COVID-19 outbreak and the effects of the lo... GST Council hits half-century An all-round performance While marking its 50th meeting milestone, the GST Council has announced a slew of recommendations relating to changes in GST rates, measures for ... Purchase of own shares under the scheme whether dehors buyback or capital reduction Recently, the Chennai Income-tax Appellate Tribunal (ITAT) in the case of Cognizant Technology Solutions India Pvt. Ltd [TS-531-ITAT-2023(CHNY)] (... Why Every Start-up Needs a Full-time or Virtual CFO Finance is a foundational pillar for start-ups where the role of a CFO differs significantly from that in an established corporation. While the rol... Tax Street – December 2023 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Tax Street – November 2023 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... From cost arbitrage to core value drivers: Setting up a successful GCC Global Capability Centers (GCC) have evolved from cost generators to strategic business enablers and value generators. During the initial stage, th... Investing in Manufacturing – Top Investment Destinations in Asia Global markets today are becoming more interconnected with liberalized trade policies, growing access across countries, and increasing bilateral ag... Incentives for New Manufacturing Set Ups in Uttar Pradesh Indian State Governments offer varied incentives under their respective state industrial development corporation policies to promote the set-up of ... Incentives for New Manufacturing Set Ups in Rajasthan Indian State Governments offer varied incentives under their respective state industrial development corporation policies to promote the set-up of ... Tax Street – October 2023 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Tax Street – September 2023 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Tax Street – August 2023 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Promotion for Research and Innovation in Pharma-MedTech The Government of India (GoI) has focused on encouraging manufacturing in India and introducing innovative technologies. It has been instrumental in e... Navigating the credit distribution saga The GST Council has its ears to the ground and is seeking to resolve to remove ambiguities. One such recommendation of the Council was to resolve a lo... Incentives for New Manufacturing Set Ups in Odisha Indian State Governments offer varied incentives under their respective state industrial development corporation policies to promote the set-up of ... Incentives for New Manufacturing Set Ups in Andhra Pradesh Indian State Governments offer varied incentives under their respective state industrial development corporation policies to promote the set-up of ... Tax Street – July 2023 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Tax Podcast EP:07 UAE Corporate Tax and Transfer Pricing The UAE Corporate Tax and Transfer Pricing implementation requires an in-depth ... Incentives for New Manufacturing Set Ups in Tamil Nadu Indian State Governments offer varied incentives under their respective state industrial development corporation policies to promote the set-up of ... Tax Street – June 2023 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Incentives for New Manufacturing Set Ups in Gujarat Indian State Governments offer varied incentives under their respective state industrial development corporation policies to promote the set-up of new... Family Arrangements – Taxation Aspects Involving Companies Over the years, India has witnessed the rise of many prominent family empires. A family business generally starts with a small business being set up... Tax Street – May 2023 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Incentives for New Manufacturing Set Ups in Karnataka Indian State Governments offer varied incentives under their respective state industrial development corporation policies to promote the set-up of n... Tax Street – April 2023 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... National Medical Device Policy 2023 On 26 April 2023, the Government of India (GOI) approved the National Medical Device Policy 2023. The Medical Devices sector is an inte... Incentives for New Manufacturing Set Ups in Maharashtra Indian State Governments offer varied incentives under their respective state industrial development corporation policies to promote the set-up of ... Significance and implications of the Apex Court’s Ruling on ‘Substantial Question of Law’ for Transfer Pricing matters The Hon’ble Apex Court, in its order dated 19 April 2023, in the case of SAP Labs India Pvt. Ltd. quashed and set aside the ruling of the High ... Secondment of employees – the tax controversy continues The taxability of salary reimbursement for seconded employees has been debatable with various contrary judicial precedents. The recent Supreme Cour... Tax Street – March 2023 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Foreign Companies may be required to file tax returns in India Impact of increase in withholding tax on rates for Fees for Technical Services and Royalty As per Indian Tax laws, paymen... GST on Transportation Services – Navigating through turbulent waters GST on services by way of transportation of goods by aircraft/vessel is certainly on a roller-coaster ride these days. The story began in Septemb... Foreign Tax Credit: Overview and Related issues The era of globalization and digitalization has brought a revolution in the way businesses are conducted, bringing the economies/geographies cl... Decoding the intricacies of the Angel Tax Provisions In the recently presented Union Budget 2023, it has been proposed to expand the applicability of Section 56(2)(viib) of the Income-Tax Act, 196... Incentives for New Manufacturing Set Ups in Haryana Indian State Governments offer varied incentives under their respective state industrial development corporation policies to promote the set-up of ... Tax Street – February 2023 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Tax Street – January 2023 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Union Budget 2023: Accelerate. Advance. Ascend. India remains steadfast on its course for progress. Despite the global geo-political and economic crises, India’s economic growth for the curre... Union Budget 2023 – Key Highlights The much-awaited Union Budget 2023 is out, and it can be said that budget is focused towards growth and continues on its path of boosting capital s... Healthcare Sector’s Expectation from Budget 2023 As we enter 2023, the world is recovering from the pandemic and is well on its way to reaching pre-pandemic level normalcy. India is no different and ... CFOs Expectations of Union Budget 2023 As Union Budget 2023-24, the last full-year budget for the current government, will be closely watched by India Inc. as it sets the tone for the econo... Tax Street – December 2022 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Tax Street – November 2022 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Tax Street – October 2022 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Tax Street – September 2022 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Rationalization of Entities: Simplify and Streamline your Business Technological advancements have made it easier for people to connect across the globe. In this pursuit of growth and global presence, many busine... Food Processing Sector in India: Opportunities and Challenges The Indian food processing sector is expected to grow to over half a trillion dollars by 2025 (from ~USD 260 billion in 2020, expected to achieve ... Tax Street – August 2022 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Tax Street – July 2022 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Tax Street – June 2022 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... India’s Grand Slam entry into the Aussie markets! After concerted efforts since 2011, an Economic Cooperation and Trade Agreement (ECTA) was signed in April 2022 between India and Australia, thus pavi... Tax Street – May 2022 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... NCLT allows amalgamation while rejecting invocation of GAAR Recently, the National Company Law Tribunal, Chandigarh Bench (Tribunal), while approving the Scheme of Amalgamation [(Re Panasonic Life Solution... Tax Street – April 2022 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Amendments to SEBI LODR and its impact on Related Party Transactions Over the years, Related Party Transactions (RPT) have become a key focus area for the board of directors, not only from a tax perspective but also to ... Tax Street – March 2022 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Healthcare Supply Chain Excellence In our podcast series, Healthcare... Tax Street – February 2022 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Intangible Asset Valuation – Valuing Customer Relationships Intangible asset valuation is a complex process. Though these assets do not have any physical substance, they are at the heart of any ... Women In Technology Our Women in Technology Podcast Se... Digital Assets – Special Tax Law for Cryptocurrency and Non-fungible Tokens India has become one of the largest markets for cryptocurrencies with Indians parking nearly USD 6.6 billion in cryptocurrencies until May this year... Tax Street – January 2022 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... India’s Union Budget 2022-23: Balance. Bolster. Boost. India's Union Budget 2022-23 provided a roadmap towards economic stability and growth. Finance Minister Nirmala Sitharaman presented the Union Budget ... Setting up Enterprise Analytics in 2022 Advanced Analytics, which includes Predictive Techniques, Machine Learning, and Artificial Intelligence, is leading the next wave of disruption. Us... Enterprise Analytics 101 – Think Next! Netflix uses its recommendation systems to keep you hooked. Uber uses real-time analytics to match you with fitting co-riders. Apart from these, on... Enterprise Analytics 102 – People Matter! As a generation growing up on science fiction, AI vs. homo sapiens always seemed like a near possibility. (hint – The Matrix). Will this be the n... Enterprise Analytics 104 – Insights to Action! Is the buzz around analytics dwindling? Once hyped as the gamechanger for every enterprise, is analytics letting businesses down now? While investm... Enterprise Analytics 105 – The Feedback Loop Amazon started as an online bookstore, and now, it has revolutionized the retail ecosystem completely. Netflix started as a DVD rental store, and n... What business leaders need to know before setting up Enterprise Analytics in 2022 Artificial Intelligence (AI) is the buzzword nowadays. Organizations across the globe are pouring investments worth billions of dollars into data... what people say "Setting up a new company in a foreign country is a complex undertaking, and the Nexdigm team helped us navigate the process from start to end, breaking down the numerous tasks in easy-to-understand terms. They have addressed all our concerns and stayed alongside us at every step, guiding us with promising solutions that resulted in the smooth set up of our entity." Debra A. Etrio Director Hatco Corporation "Operating in a foreign country, half-way around the world can be intimidating. With Nexdigm, we’re confident that we have a local partner looking out for us, keeping us compliant and giving us timely notice of potential problems and issues. You are indeed our trusted partners for our India operations." Edward J. Knauf VP - Corporate Controller Synacor, Inc. " Their quality of service is of the highest standard. The team has been an excellent support in proactively managing compliance well within the deadlines. The firm has an attitude of a partner rather than of a service provider and has demonstrated this by performing services beyond the scope of commissioned work based on requirements that emerge from time to time. This reduced our administrative burden and enabled us to focus on our core business. We look forward to a lasting relationship with Nexdigm." Khenneth Ebrahim CFO Tilad Investment Company Ltd "The Nexdigm team has performed beyond our expectations and the potential efficiencies on the MyAirops implementation have now been realized and more. The implementation would not have been successful if it were not for Nexdigm's design documentation and detailed testing. The design was thoughtful, well documented, and thoroughly communicated to the developers. The team’s testing feedback was critical in eliminating bugs and building financial controls into the new software. Our partnership has improved cycle processing times, reduced costs, and enhanced financial controls." Daniel Balestriere Financial Controller Gama Aviation "Breadth and depth of finance, contracting, and supply chain management expertise supplemented with intelligent automation and analytics help position Nexdigm as a strong challenger in ISG's 2023 Procurement BPO Services study for large accounts" Bruce Guptill Lead Analyst ISG Provider Lens Studies: Procurement, Cybersecurity, Partner Programs, Public Sector "Nexdigm provides end-to-end offerings, including operations consulting, managed services, and transformation support across the F&A value chain, with a strong focus on the P2P segment. Its rich experience in serving SMB clients, especially in the US and APAC geographies, continued investments in enhancing its proprietary and third-party solutions through partnerships, and its focus on customer-centric and collaborative approach came out as key its strengths." Vignesh Kannan Practice Director Everest Group "Its focused offerings covering contract management, account payables, and other tactical procurement operations with a good portfolio mix across client segments within the North American market has helped Nexdigm emerge as an Aspirant in Everest Group’s 2022 Procurement Outsourcing (PO) Services PEAK Matrix® Assessment. It has also expanded its delivery presence across onshore, nearshore, and offshore centres while continuing to strengthen its digital ecosystem through investments in both in-house solutions and third-party partnerships." Vignesh Kannan Practice Director Everest Group "The Nexdigm team is an invaluable asset to our organization, especially during staff shortages and peak workloads. They integrated seamlessly with our internal processes and consistently demonstrated professionalism and adaptability. The team was flexible in handling challenges and added real value throughout the engagement. Their efficiency and strong technical expertise ensured that objectives were met without compromising quality. Nexdigm’s positive and constructive approach fostered smooth collaboration with our employees. Their contributions significantly supported our operations during critical times, and their ability to align with our goals made the engagement highly effective." David Friedman Partner, Friedman CPA GROUP "Nexdigm has been engaged with Avanos for Audit and GST related Services. We are very happy working with Nexdigm. Their expertise, experience, quality of work, and people have helped us in delivering timely results. We look forward for more future engagement and collaboration with Nexdigm." Gaurav Mandavat Director & India Finance Lead Avanos Medical "We greatly appreciate Nexdigm support for the entire audit process. Lifescan started as a standalone entity some years back. It divested from a very large multinational company. As a new company, we were not sure how to start our audit or what to do. We were always short of our resources as well and we did not have any knowledge and expertise. This is where Nexdigm helped us to navigate through this complex process of our audit. With the help of their expertise, they were able to suggest us the methods for valuation, for intercompany balances and many other technical stuffs which was very alien to us. They had a very dedicated staff who were working 24/7 with us to get our audit before the timeline. They not only helped us with statutory audit, but they were able to help us with transfer pricing, tax audit and lot of other certification work as well. I would really recommend Nexdigm, because of their exceptional support, knowledge and the ability to navigate through difficult circumstances. Thank you." Paras Jasani Finance Controller Lifescan "As part of our provider screening process, we evaluate 7 to 10 firms. Nexdigm stood out as our top choice and delivered exceptional internal audit services. Nexdigm supported us in auditing IT compliance, AML area, guided us through cyber risk management controls and helped identify and address gaps in the FSA compliance. Their collaborative engagement with our compliance officer and IT team enabled effective testing of internal controls and led to a well-informed recommendation tailored to our needs. Their professional approach, deep understanding of compliance requirement and solution-oriented mindset gave us strong confidence on their capabilities. They demonstrated flexibility and a commitment to understand our business which made them a trusted partner. We'll be happy to recommend." Rajan Rosick Head of Administration and Corporate Integra Asset Management ### Podcasts ### demoslider Business Services Business Process Services We make sure that your processes keep pace with, and facilitate, business growth. Technology We help you optimize operations, maximize synergies and improve key indicators. Strategic Initiatives We manage and provide advice on major and complex strategic initiatives. Global Outsourcing At Nexdigm, we understand the operating models, regulatory needs, and quality standards of CPA, accounting, tax, and advisory firms. Professional Services Corporate Services We ease your compliance journey while entering India and support your business objectives. CFO Services We don’t just provide comprehensive advice but also take the lead in implementation. Tax & Regulatory We work as project managers with our goal being the success of your business and its continued growth. Assurance & Risk Advisory A strong foundation of Assurance & Risk Advisory can enable steady growth, irrespective of scale and diversity. Business Advisory Inorganic growth can provide a much-needed boost to a company’s capabilities. ### AD and Cookie Policy We Use Common Tracking Technologies We collect personal information about users over time and across different web sites when you use this site or service. We also have third parties that collect personal information this way. To do this, we use several common tracking tools. These may include browser cookies. We may also use web beacons, flash cookies, and similar technologies. Our vendors may also use these tools. In this policy “we” and “us” refers to both Nexdigm Pvt Ltd. and our vendors. We Use Tracking Technologies For a Variety of Reasons We use tracking tools, including cookies, on our websites. Third parties also use cookies on our sites. Cookies are small files that download when you access certain websites. To learn more, visit here or here. These pages also explain how you can manage and delete cookies. We use tracking tools: To recognize new visitors to our web sites. To recognize past customers. To store your password if you are registered on our site. To improve our website and better understand your visits on our platforms. To integrate with third party social media websites. To serve you with interest-based or targeted advertising (see below for more on interest-based advertising). To observe your behaviors and browsing activities over time across multiple websites or other platforms. To better understand the interests of our customers and our website visitors. We Engage in Interest-Based Advertising We and our partners display interest-based advertising using information gathered about you over time across multiple websites or other platforms. This might include apps. Interest-based advertising or “online behavioral advertising” includes ads served to you after you leave our website, encouraging you to return. They also include ads we think are relevant based on your browsing habits or online activities. These ads might be served on websites or on apps. They might also be served in emails. We might serve these ads, or third parties may serve ads. They might be about our products or other companies’ products. Where legally required we get consent to engage in interest-based advertising. How Do We Gather Relevant Information About You for Interest-Based Advertising? To decide what is relevant to you, we use information you make available to us when you interact with us, our affiliates, and other third parties. We gather this information using the tracking tools described above. For example, we or our partners might look at your browsing behaviors. We might look at these activities on our platforms or the platforms of others. We work with third parties who help gather this information. You Can Control Certain Tracking Tools Your browser may give you the ability to control cookies. How you do so depends on the type of cookie. Certain browsers can be set to reject browser cookies. To find out more about how to enable, disable, or delete cookies from your web browser, please visit here and here.  To control flash cookies, which we may use on certain websites from time to time, you can go here. Why? Because flash cookies cannot be controlled through your browser settings. Our Do Not Track Policy: Some browsers have a “Do Not Track” feature that allows you to tell a web site not to track you. These features are not all uniform. We do not currently respond to those signals. If you block cookies, certain functionality on our sites may not work. If you block or reject cookies, not all of the tracking described here will stop. Certain options you select are browser and device specific. Copyright You Can Opt-Out of Online Behavioral Advertising The Self-Regulatory Program for Online Behavioral Advertising provides consumers with the ability to opt-out of having their online behavior recorded and used for advertising purposes. To opt out of having your online behavior collected for advertising purposes, visit www.aboutads.info/choices. Some of the tracking technologies we may use do not participate in the Self-Regulatory Program for Online Behavioral Advertising. This means you will not be opted out by following the instructions above. Instead, click on the following link to get more information about how to opt-out of that tracker’s cookies: Twitter.  Certain choices you make are both browser and device-specific. We Use Specific Tracking Technologies Here is more information about the tracking technologies and cookies we currently use. We use all of these tracking technologies to improve our site and the experience of our visitors: Adobe Dynamic Tag Management and Omniture (Adobe Analytics): We use Adobe Analytics to track user behavior, traffic analysis and marketing optimization. Adobe Test & Target: Adobe Test & Target is a testing and optimization tool that allows us to create different variations of our websites so we can track the effectiveness of and traffic on each one. This also allows us to use information about your web-browsing activities so we can increase the effectiveness of our web pages. Bing Ads: Bing Ads allows us to have our advertisements appear at the top of the results page for certain search engines. We also use this tool to track visitors that click on our ads and visit our site. This helps us direct users to our website and determine the effectiveness of our online campaigns in terms of sales and user activity on our sites. Double Click: Double Click allows us to capture and report on the actions of users who visit our website after viewing or clicking on one of our paid ads. This allows us to determine the effectiveness of our online campaigns in terms of both sales and user activity on our sites.  Facebook Connect: We use this technology to allow users to share their experiences with our websites on Facebook and to track visitors to our sites who have interacted with our ads or posts on Facebook.  For example, we may collect your browser information, demographic data, and interaction data. This allows us to determine the effectiveness of our marketing efforts on Facebook. Facebook Custom Audience: We use Facebook Custom Audience to deliver ads on Facebook to a certain group of users. Google AdWords Conversion: We use conversion tracking to help us understand how effective our digital campaigns are. Google Analytics: We use Google Analytics to collect information about how visitors use our website. For example, we collect details of the site where the visitor has come from and the total number of times a visitor has been to our website. This allows us to determine the effectiveness of our online campaigns in terms of sales and user activity on our sites. Google Dynamic Re-marketing: We use these tracking tools to track user behavior over time and across third party sites to improve the effectiveness of our online advertising. We collect information about what ads users view and whether they click on the ads. We use this information to improve and customize our advertising. Google Tag Manager: We use Google Tag Manager to measure what features on our site are interesting to our users. It also helps us understand what portions of our site users clicked on during a certain time and how users arrived on our site. This allows us to determine the effectiveness of our online campaigns in terms of sales and user activity on our sites. Twitter: Twitter is an online social networking service that enables users to send and read short messages. We use the Twitter cookies to enable social sharing buttons on our sites, as well as to track social media and other web browsing behavior in order to target ads and promotions to your interests. For more information on how to opt-out of Twitter cookies, you can go here. Lead Squared: We use this tool to track users that have interacted with our email communications and visited our website. We may use this information to improve our emails and customize user experiences. We also use information collected through this tool to determine the effectiveness of our online campaigns in terms of sales and user activity on our sites. LinkedIn: We use LinkedIn cookies to enable social sharing buttons on our sites, as well as to track social media and other web browsing behavior in order to target ads and promotions to your interests. ### AD and Cookie Policy We Use Common Tracking Technologies We collect personal information about users over time and across different web sites when you use this site or service. We also have third parties that collect personal information this way. To do this, we use several common tracking tools. These may include browser cookies. We may also use web beacons, flash cookies, and similar technologies. Our vendors may also use these tools. In this policy “we” and “us” refers to both Nexdigm Pvt Ltd. and our vendors. We Use Tracking Technologies For a Variety of Reasons We use tracking tools, including cookies, on our websites. Third parties also use cookies on our sites. Cookies are small files that download when you access certain websites. To learn more, visit here or here. These pages also explain how you can manage and delete cookies. We use tracking tools: To recognize new visitors to our web sites. To recognize past customers. To store your password if you are registered on our site. To improve our website and better understand your visits on our platforms. To integrate with third party social media websites. To serve you with interest-based or targeted advertising (see below for more on interest-based advertising). To observe your behaviors and browsing activities over time across multiple websites or other platforms. To better understand the interests of our customers and our website visitors. We Engage in Interest-Based Advertising We and our partners display interest-based advertising using information gathered about you over time across multiple websites or other platforms. This might include apps. Interest-based advertising or “online behavioral advertising” includes ads served to you after you leave our website, encouraging you to return. They also include ads we think are relevant based on your browsing habits or online activities. These ads might be served on websites or on apps. They might also be served in emails. We might serve these ads, or third parties may serve ads. They might be about our products or other companies’ products. Where legally required we get consent to engage in interest-based advertising. How Do We Gather Relevant Information About You for Interest-Based Advertising? To decide what is relevant to you, we use information you make available to us when you interact with us, our affiliates, and other third parties. We gather this information using the tracking tools described above. For example, we or our partners might look at your browsing behaviors. We might look at these activities on our platforms or the platforms of others. We work with third parties who help gather this information. You Can Control Certain Tracking Tools Your browser may give you the ability to control cookies. How you do so depends on the type of cookie. Certain browsers can be set to reject browser cookies. To find out more about how to enable, disable, or delete cookies from your web browser, please visit here and here.  To control flash cookies, which we may use on certain websites from time to time, you can go here. Why? Because flash cookies cannot be controlled through your browser settings. Our Do Not Track Policy: Some browsers have a “Do Not Track” feature that allows you to tell a web site not to track you. These features are not all uniform. We do not currently respond to those signals. If you block cookies, certain functionality on our sites may not work. If you block or reject cookies, not all of the tracking described here will stop. Certain options you select are browser and device specific. Copyright You Can Opt-Out of Online Behavioral Advertising The Self-Regulatory Program for Online Behavioral Advertising provides consumers with the ability to opt-out of having their online behavior recorded and used for advertising purposes. To opt out of having your online behavior collected for advertising purposes, visit www.aboutads.info/choices. Some of the tracking technologies we may use do not participate in the Self-Regulatory Program for Online Behavioral Advertising. This means you will not be opted out by following the instructions above. Instead, click on the following link to get more information about how to opt-out of that tracker’s cookies: Twitter.  Certain choices you make are both browser and device-specific. We Use Specific Tracking Technologies Here is more information about the tracking technologies and cookies we currently use. We use all of these tracking technologies to improve our site and the experience of our visitors: Adobe Dynamic Tag Management and Omniture (Adobe Analytics): We use Adobe Analytics to track user behavior, traffic analysis and marketing optimization. Adobe Test & Target: Adobe Test & Target is a testing and optimization tool that allows us to create different variations of our websites so we can track the effectiveness of and traffic on each one. This also allows us to use information about your web-browsing activities so we can increase the effectiveness of our web pages. Bing Ads: Bing Ads allows us to have our advertisements appear at the top of the results page for certain search engines. We also use this tool to track visitors that click on our ads and visit our site. This helps us direct users to our website and determine the effectiveness of our online campaigns in terms of sales and user activity on our sites. Double Click: Double Click allows us to capture and report on the actions of users who visit our website after viewing or clicking on one of our paid ads. This allows us to determine the effectiveness of our online campaigns in terms of both sales and user activity on our sites.  Facebook Connect: We use this technology to allow users to share their experiences with our websites on Facebook and to track visitors to our sites who have interacted with our ads or posts on Facebook.  For example, we may collect your browser information, demographic data, and interaction data. This allows us to determine the effectiveness of our marketing efforts on Facebook. Facebook Custom Audience: We use Facebook Custom Audience to deliver ads on Facebook to a certain group of users. Google AdWords Conversion: We use conversion tracking to help us understand how effective our digital campaigns are. Google Analytics: We use Google Analytics to collect information about how visitors use our website. For example, we collect details of the site where the visitor has come from and the total number of times a visitor has been to our website. This allows us to determine the effectiveness of our online campaigns in terms of sales and user activity on our sites. Google Dynamic Re-marketing: We use these tracking tools to track user behavior over time and across third party sites to improve the effectiveness of our online advertising. We collect information about what ads users view and whether they click on the ads. We use this information to improve and customize our advertising. Google Tag Manager: We use Google Tag Manager to measure what features on our site are interesting to our users. It also helps us understand what portions of our site users clicked on during a certain time and how users arrived on our site. This allows us to determine the effectiveness of our online campaigns in terms of sales and user activity on our sites. Twitter: Twitter is an online social networking service that enables users to send and read short messages. We use the Twitter cookies to enable social sharing buttons on our sites, as well as to track social media and other web browsing behavior in order to target ads and promotions to your interests. For more information on how to opt-out of Twitter cookies, you can go here. Lead Squared: We use this tool to track users that have interacted with our email communications and visited our website. We may use this information to improve our emails and customize user experiences. We also use information collected through this tool to determine the effectiveness of our online campaigns in terms of sales and user activity on our sites. LinkedIn: We use LinkedIn cookies to enable social sharing buttons on our sites, as well as to track social media and other web browsing behavior in order to target ads and promotions to your interests. ### Disclaimer Please read these terms and conditions carefully. By accessing the site, and any pages thereof, you agree to be bound by the terms and conditions below. The information and material contained in these pages and the terms, conditions and descriptions that appear are subject to change. No Warranty The information and material contained in this site, including text, graphics, links or other items are provided "as is", "as available". Nexdigm Pvt. Ltd. (Nexdigm) does not warrant the accuracy, adequacy or completeness of this information and material and expressly disclaims liability for errors or omissions in this information and material. No warranty of any kind, implied, express or statutory, including but not limited to the warranties of non-infringement of third-party rights, title, merchantability, fitness for a particular purpose and freedom from computer virus, is given in conjunction with the information and material. Copyright Material copyrighted by Nexdigm or owned by any individual or entity is presented here for personal, non-commercial use only. Documents, content or images contained in this website may not be copied or reproduced in any form without the written permission of Nexdigm. Limitation of Liability In no event will Nexdigm be liable for any damages, including without limitation direct or indirect, special, incidental or consequential damages, losses or expenses arising in connection with any failure of performance, error, omission, interruption, defect, delay in operation or transmission, computer virus or line or system failure. Even Nexdigm, or any representation thereof, is advised of the possibility of such damages, losses or expenses. Visit hyperlinks to other internet resources at your own risk; the content, accuracy, opinions expressed and other links provided by these resources are not investigated, verified, monitored or endorsed by Nexdigm. Nexdigm Pvt. Ltd. (Nexdigm) is a member firm of the “Nexia International” network. Nexia International is a leading worldwide network of independent accounting and consulting firms, providing a comprehensive portfolio of audit, accountancy, tax and advisory services. “Nexia International” also refers to the trading name of Nexia International Limited, a company registered in the Isle of Man, which operates the Nexia International network. Company registration number: 53513C. Registered office: 1st floor, Sixty Circular Road, Douglas, Isle of Man, IM1 1SA. Nexia International Limited does not deliver services in its own name or otherwise. Nexia International Limited and the member firms of the Nexia International network (including those members which trade under a name which includes the word NEXIA) are not part of a worldwide partnership. Nexia International Limited does not accept any responsibility for the commission of any act, or omission to act by, or the liabilities of, any of its members. Each member firm within the Nexia International network is a separate legal entity. Nexia International Limited does not accept liability for any loss arising from any action taken, or omission, on the basis of the content on this website or any documentation and external links provided. The trade marks NEXIA INTERNATIONAL, NEXIA and the NEXIA logo are owned by Nexia International Limited and used under licence. References to Nexia or Nexia International are to Nexia International Limited or to the “Nexia International” network of firms, as the context may dictate. ### Disclaimer Please read these terms and conditions carefully. By accessing the site, and any pages thereof, you agree to be bound by the terms and conditions below. The information and material contained in these pages and the terms, conditions and descriptions that appear are subject to change. No Warranty The information and material contained in this site, including text, graphics, links or other items are provided "as is", "as available". Nexdigm Pvt. Ltd. (Nexdigm) does not warrant the accuracy, adequacy or completeness of this information and material and expressly disclaims liability for errors or omissions in this information and material. No warranty of any kind, implied, express or statutory, including but not limited to the warranties of non-infringement of third-party rights, title, merchantability, fitness for a particular purpose and freedom from computer virus, is given in conjunction with the information and material. Copyright Material copyrighted by Nexdigm or owned by any individual or entity is presented here for personal, non-commercial use only. Documents, content or images contained in this website may not be copied or reproduced in any form without the written permission of Nexdigm. Limitation of Liability In no event will Nexdigm be liable for any damages, including without limitation direct or indirect, special, incidental or consequential damages, losses or expenses arising in connection with any failure of performance, error, omission, interruption, defect, delay in operation or transmission, computer virus or line or system failure. Even Nexdigm, or any representation thereof, is advised of the possibility of such damages, losses or expenses. Visit hyperlinks to other internet resources at your own risk; the content, accuracy, opinions expressed and other links provided by these resources are not investigated, verified, monitored or endorsed by Nexdigm. Nexdigm Pvt. Ltd. (Nexdigm) is a member firm of the “Nexia International” network. Nexia International is a leading worldwide network of independent accounting and consulting firms, providing a comprehensive portfolio of audit, accountancy, tax and advisory services. “Nexia International” also refers to the trading name of Nexia International Limited, a company registered in the Isle of Man, which operates the Nexia International network. Company registration number: 53513C. Registered office: 1st floor, Sixty Circular Road, Douglas, Isle of Man, IM1 1SA. Nexia International Limited does not deliver services in its own name or otherwise. Nexia International Limited and the member firms of the Nexia International network (including those members which trade under a name which includes the word NEXIA) are not part of a worldwide partnership. Nexia International Limited does not accept any responsibility for the commission of any act, or omission to act by, or the liabilities of, any of its members. Each member firm within the Nexia International network is a separate legal entity. Nexia International Limited does not accept liability for any loss arising from any action taken, or omission, on the basis of the content on this website or any documentation and external links provided. The trade marks NEXIA INTERNATIONAL, NEXIA and the NEXIA logo are owned by Nexia International Limited and used under licence. References to Nexia or Nexia International are to Nexia International Limited or to the “Nexia International” network of firms, as the context may dictate. ### Privacy Policy We are committed to complying with applicable Data Protection Laws DIFC Data Protection Policy Last updated: 1 January 2025 Nexdigm Consulting Limited (DIFC) (collectively “Nexdigm”, “we” or “us”) values your security and privacy. NEXDIGM, as a DIFC registered entity, must comply with Data Protection Law, DIFC Law No. 5 of 2020 (the “DP Law”), and may for certain types of personal data processing, be subject to laws from other jurisdictions. As such, it is the policy of NEXDIGM to respect the privacy of its website services and app users. In accordance with DIFC DP Law and as applicable our [Terms of Use], NEXDIGM collects information about you when you use or access our websites and other web-based products, information or services (collectively, the “Website Services”) as well as through other interactions and communications you have with us, such as through the NEXDIGM App (the “App”). This data protection policy (the “Policy") sets out the basis on which any information, including any personal data, we collect from you, or you provide to us, will be processed by NEXDIGM. Each time you access or use the Website Services or provide us with information, by doing so you are accepting and, where possible, consenting to the practices described in this Policy. Scope and Application This Policy applies to persons anywhere in the world who access or use NEXDIGM’s Website Services or the App (“Users”). Collection of Information Information you give us This is information you give us about you by providing information or filling in forms on the App or any NEXDIGM-owned Website Services, or by corresponding with us (for example, by telephone, e-mail or any other digital or electronic form). It includes for example information you provide when you register using the NEXDIGM-provided online client portal, or download and register to use the App, search for the App in app stores (including but not limited to Apple App Store and Google Play Store), share data via the App's social media functions, and when you report a problem with the App, or any of our Website Services. If you contact us, NEXDIGM will keep at least an electronic record of such correspondence, including personal information shared at that time. The personal information you give us may include your name, address, e-mail address and phone number, certain device information, username, password, residential building, work address, photograph and other registration information you choose to provide (“Personal Information” or “Personal Data”). The Website Services or App collect and process Personal Data for specific, lawful purposes only, or for the performance of tasks carried out in the interests of NEXDIGM. The Website Services or App are not targeted, intended or expected to be of use to children. Apart from providing information for specific services or purposes, as directed by NEXDIGM processes, User-provided contributions of content or contact information regarding or about children are expressly prohibited. Information we collect about you and your device Each time you use our Website Services or App we will automatically collect the following information: technical information, including the type of mobile device you use, a unique device identifier (for example, mobile network information, your mobile operating system, the type of mobile browser you use, device token, device type, time zone setting (“Device Information”); details of your use of our Website Services or App including, but not limited to traffic data, weblogs and other communication data, and the resources that you access (“Log Information”). location information, if the Website Services or App uses GPS technology to determine your current location. If you wish to use the particular feature, you may be asked to consent to your data being used for this purpose. You can alter your consent and sharing selections at any time via your mobile device settings. Other Information We May Collect Through Your Use of the Website Services or the App When you use any Website Services or the App, we may collect Personal Information as well as demographic information, for example information that you submit, or that we collect, which may include, but is not limited to, post code, hometown, gender, username, mobile network information, your mobile operating system, the type of mobile browser you use, time zone setting, device location, IP address, SMS data, transaction information, age/birth date, browsing history information, searching history information, and registration history information (“Demographic Information”). Use of Personal Data We may use Personal Data which you provide to us or we collect from you to: Provide, maintain, and improve our App and Website Services, including, for example, to facilitate payments, send receipts, provide products and services you request (and send related information about them), develop new features, provide customer support to Users, authenticate users, and send administrative messages, whether information or required by applicable law; Perform internal administration and operations, including, for example, to prevent fraud and abuse of our Website Services; to troubleshoot software bugs and operational problems; to conduct data analysis, testing, and research; and to monitor and analyze usage and activity trends; Send you communications we think will be of interest to you, including information about products, services, promotions, news, and NEXDIGM events, where permissible under DIFC Laws and according to any other applicable laws; Notify you about changes to our App and Website Services; Allow you to participate in any interactive features of our App or Website Services; Keep our App and Website Services safe and secure; and Personalize and improve the Website Services, including to provide or recommend features, content, social connections, referrals, and advertisements. Processing, Storage and Transfer of Personal Data We will take all steps reasonably necessary to ensure your data is processed fairly and lawfully, in accordance with the DP Law, other applicable laws and this Policy. By submitting your Personal Data (including Log, Device and / or Demographic Information), you agree to such transfer, storing or processing in order for NEXDIGM to perform its general administrative and regulatory functions, including but not limited to responding to enquiries you raise via the App or Website Services or maintaining contacts for future informational or promotional activities. Unless otherwise notified, NEXDIGM does not ordinarily engage in automated decision making when processing your Personal Data. You agree that we have the right to transfer the Personal Data described in this Policy to and from, and process and store it in, the United Arab Emirates and (where applicable or required) with processors in other countries, some of which may have less protective privacy laws than those where you reside. Where this is the case, we will take appropriate security measures to protect your Personal Data in accordance with this Policy. All information security policies are strictly enforced. Please see section 7 below for further details. To preserve the integrity of our databases, to carry out on-going Website Services on behalf of all Users, for research, analytics and statistics purposes and to ensure compliance with applicable laws and regulations, we retain Personal Data submitted by Users for a reasonable length of time unless otherwise prescribed by applicable law. NEXDIGM is not responsible for the accuracy of the information you provide, and will modify or update your Personal Data in our databases upon your request, as further outlined below. We will erase or archive from active use your Personal Data upon request, unless we are required to retain it in accordance with NEXDIGM or other applicable laws or to perform agreed services. By accessing or using the App or Website Services, you do hereby represent and warrant that you understand that all information submitted by you through the App or Website Services or otherwise to NEXDIGM may be used by NEXDIGM in accordance with applicable laws and its policies. Sharing of Personal Data We may share Personal Data which we collect about you as described in this Policy or as described at the time of collection or sharing, including as follows: Scope and Application This Policy applies to persons anywhere in the world who access or use NEXDIGM’s Website Services or the App (“Users”). Through Our Website Services or the App We may share your Personal Data: With third parties to provide you a service you requested through a partnership or promotional offering made by a third party or us; With third parties with whom you choose to let us share your Personal Data, for example other apps or websites that integrate with our API or Website Services, or those with an API or Service with which we integrate; and Other Types of Data Sharing We may share your Personal Data: With NEXDIGM subsidiaries and affiliated entities; With vendors, consultants, marketing and advertising partners, and other service providers who need access to such Personal Data to carry out work on our behalf or to perform a contract we enter into with them; In response to a request for information by a competent authority or government entities if we determine that such disclosure is in accordance with, or is otherwise required by, any applicable law, regulation, or legal process; With law enforcement officials, government entities or authorities, or other third parties as required by applicable law; With third parties in connection with, or during negotiations of, any merger, sale of company assets, consolidation or restructuring, financing, or acquisition of all or a portion of our business by or into another company; If we otherwise notify you and you consent to the sharing; With third parties in an aggregated and/or anonymized form which cannot reasonably be used to identify you All sharing of Personal Data aligns to the extent possible with the NEXDIGM Government Data Sharing Policy, which is an internal NEXDIGM policy that governs fair and lawful sharing of Personal Data requested by government entities within the UAE and elsewhere. Your Rights and Choices Marketing and Opting Out NEXDIGM supports Users’ legal rights to opt-out of receiving communications from us and our partners. You have the option to ask us not to process your Personal Data for marketing purposes and to remove it from our database, to not receive future communications or to no longer receive our App or Website Services. You may change your preferences at any time. Please note that we may continue to send you transactional or service-related e-mails despite your desire to not receive promotional or marketing e-mail messages. Additionally, please note that if you elect to opt-out of receiving promotional e-mails from one of our Website Services or the App, you may continue to receive promotional emails from our other websites, providers or other, non-affiliated marketers whose services you may have accessed via NEXDIGM Website Services or App. Finally, while we may remove your individual contact information from our professional contacts database, please be aware that if such information is in a different third party's marketing directory through your request or election, you will need to request removal with such third party directly. Access to and Correction of Your Personal Information You have the right to access information held about you. Your right of access can be exercised in accordance with DIFC and other applicable laws. Any access request generally comes at no cost to you, but may, where permissible, be subject to a fee to meet any extraordinary administrative costs in providing you with details of the information we hold about you. When you contact us about a potential Personal Data error, we will endeavor to confirm or verify the information in question, then correct verified inaccuracies and respond to the original inquiry. We will endeavor to send a correction notice to businesses or others whom we know to have received the inaccurate data, where required and / or appropriate. However, some third parties and third party sites may continue to process inaccurate data about you until their databases and display of data are refreshed in accordance with their update schedules, or until you contact them personally to ensure the correction is made in their own files. You may also request that we restrict, erase or otherwise process your Personal Data in line with the relevant articles providing for such rights set out in the DP Law. Changes to this Policy We may change this Policy from time to time and without notice. If we make significant changes in the way we treat your Personal Data, or to the Policy, we will endeavor to provide you notice through the App or Website Services or by some other means, such as email. Your continued use of the App or Website Services after such notice constitutes your acceptance of the changes. We encourage you to periodically review this Policy for the latest information on our privacy practices. We provide links to it through: The App or Website Services Referencing it in our Terms of Use Incorporating it into our contracts, agreements, and other documents as necessary or appropriate Security Precautions NEXDIGM makes every effort to ensure that your Personal Data is secure on its system. NEXDIGM has staff dedicated to maintaining our data protection and security policies, periodically reviewing them and making sure that NEXDIGM employees are aware of our data protection and security practices. Unfortunately, no data transmission over the internet can be guaranteed to be 100% secure. As a result, NEXDIGM cannot warrant or guarantee the security of any Personal Data you transmit to us, and you do so at your own risk. NEXDIGM has established policies and procedures for securely managing information and protecting Personal Data against unauthorized access. We continually assess our data privacy, information management and security practices. We do this in the following ways: Establishing policies and procedures for securely managing information; Limiting employee access to viewing only necessary information in order to perform his or her duties; Protecting against unauthorized access to Personal Data by using data encryption, authentication and virus detection technology, as required; Requiring service providers with whom we do business to comply with relevant data privacy legal and regulatory requirements; Monitoring our websites through recognized online privacy and security organizations; Conducting background checks on employees and providing training to our employees. If you have any further questions about our security and processing activities, please contact the Data Protection team / Officer or refer to our [Terms of Use]. To the extent permitted by applicable law, NEXDIGM expressly disclaims any liability that may arise should any other third parties obtain the Personal Data you submit. Cookies A cookie is a small text file that is unique to the web browser on your computer or mobile device, which is used to retain user preferences, and enhance browsing experience ("Cookie"). NEXDIGM uses Cookies to track overall site usage and enables us to provide a better user experience. We do not use Cookies to “see” other data on your computer or determine your email address. Types of cookies we drop and the information collected using them include: Essential Google Tag Manager - helps make tag management simple, easy and reliable by allowing marketers and webmasters to deploy website tags all in one place. Site Analytics Google Analytics - gives website owners the digital analytics tools needed to analyse data from all touchpoints in one place, for a deeper understanding of the customer experience. Pingdom - monitors sites and servers on the internet, alerting the website owners if any problems are detected. Hotjar - by combining both analysis and feedback tools, Hotjar helps website owners understand what users want, care about and interact with on their website by visually representing their clicks, taps and scrolling behavior. Advertising Twitter Advertising - enables website owners to track and measure the actions users take after viewing or engaging with ads on Twitter. Facebook Advertising - lets website owners measure, optimize and build audiences for advertising campaigns. LinkedIn Analytics – enables website owners to promote their company updates to targeted audiences on desktop, mobile, and tablet. Most browsers accept and maintain Cookies by default. Check the ‘Help’ or ‘Settings’ menu of your browser to learn how to change your Cookie preferences. You can choose to alter Cookies settings related to the use of our Website Services, but this may limit your ability to access certain areas of the Website. External Links The Website and the App may contain links to other websites on the Internet that are owned and operated by third parties (the "External Sites"). These links are provided solely as a convenience to you and not as an endorsement by NEXDIGM of the contents of or reliability on such External Sites. You acknowledge that NEXDIGM is not responsible for the availability of, or the information and content of any External Site. You should contact the site administrator or webmaster for those External Sites if you have any concerns regarding such links or the content located on such external Sites. If you decide to access linked third party websites, you do so at your own risk. NEXDIGM does not accept liability, and shall not be liable to you for any loss or damage arising from or as a result of your acting upon the content of another website to which you may link from the Website Services or the App. NEXDIGM Buildings Security Building security records containing sign in and sign out information collected at the time of visiting and departing a NEXDIGM-owned building will be maintained in accordance with this Policy. Contact Us If you have any questions, comments and requests related to this Policy, or if you have any complaints related to how NEXDIGM processes your personal data, please contact DPO at dpo.office@nexdigm.com Alternatively you can contact us through our website. Company Name: Nexdigm Consulting Ltd Company Address: DIFC, Emirates Financial Towers, 503-C South Tower, DIFC, PO Box 507260, Dubai, UAE ADGM Data Protection Policy Objective We have formulated this Privacy Policy to help you understand how we deal with the personal data collected from our employees, contractors, associates, vendors and clients. Scope This policy applies to employees, partners, contractors, associates, consultants, vendors, retainers, clients of Nexdigm Pvt. Ltd. and visitors to our website. Policy Statement We are committed to the protection and responsible use of your personal data and promotion of individual privacy rights. Through the use of appropriate administrative, physical, and technical safeguards, we strive to protect personally identifiable information that we maintain or disseminate to ensure that it is not obtained by unauthorized individuals or used in unauthorized ways. Framework We may collect, store, process, use, transfer and disclose such information about individuals (“Data Subjects”) which may constitute Personal Information including Sensitive Personal Data or Information under the Information Technology (Reasonable security practices and procedures and sensitive personal data or information) Rules, 2011 or Personal Data under the General Data Protection Regulation (Regulation (EU) 2016/679 of the European Parliament and of the Council of April 27, 2016) (“GDPR”) or any other applicable law. This policy explains the practices we follow with respect to collection, use, disclosure, transfer, security and protection of Personal Information, rights of Data Subjects, breach management and other related aspects. Meaning And Collection Of Personal Data "Personal Data" means any data relating to a Data Subject which is capable of identifying such Data Subject directly or indirectly such as name, an identification number, location data, an online identifier or one or more factors specific to the physical, physiological, genetic, mental, economic, cultural or social identity of that Data Subject. Personal Data will include Sensitive Personal Information and Special Categories of Personal Information unless otherwise stated. We will strive to ensure that Personal Data collected by us is adequate, relevant and limited to what is necessary in relation to the intended purpose. We or any person or entity duly authorized on our behalf may collect a variety of Personal Data as required by us to fulfill our responsibilities and obligations as an employer, associate, client or service provider. Such Personal Data may be collected or received by us when you interact with us on our website, e-mail, mobile apps or other web-based applications or by way of personal, telephonic or audio-visual meetings or when you provide to us any documents containing your Personal Information. The Personal Data collected by us could include one or more of the following: Name, birthdate, phone numbers, mailing address, email addresses, contact details, education documents, reference letters, relieving certificates, photographs, passwords to our portal, passport information; Financial information such as bank account details, financial statements, permanent account number, annual income, details regarding payment instruments, tax deducted at source, service tax registration; Physical, physiological and mental health condition, medical records and history; Information gathered through use of bio-metrics such as fingerprints, eye retina, iris, voice patterns, facial recognition; Professional certifications and registrations; Disciplinary and grievance procedures, the results of credit and criminal background checks, Voicemails, e-mails, correspondence and other work product and communications created, stored or transmitted by an employee using our computer or communications equipment; Driving license number, vehicle registration number; Information captured on security systems, including CCTV and key card entry systems; Information provided by way of participation in surveys, enquiries, subscriptions and job applications Consent For Personal Data Where processing of Personal Data requires consent, we will obtain your written consent to collect, use and process your Personal Data. With respect to Personal Data disclosed to us by a data controller, we will contractually obligate the data controller to ensure compliance with all legal requirements relating to obtaining of consent. We will maintain and protect the appropriate security, integrity and confidentiality of such Personal Information. In case you refuse to provide the required Personal Data or withdraw your consent at any point of time, we shall have the discretion to discontinue, refuse or withdraw our services for which the information was sought. In case of our employees, associates, partners, consultants, contractors and retainers, we may terminate the employment or service contract or modify the terms of employment or service contract. Use Of Personal Data The Personal Data collected or received by us may be used or processed by us or any person or entity duly authorized by us for purposes including: Administrative, operational and business purposes; To execute our contractual obligations; To process and respond to requests and queries; Conducting market or customer satisfaction research; Payment of salaries, fees or reimbursements into bank accounts; Verification of certain information; Providing individuals with information concerning products and services which we believe will be of interest; Detection, investigation and prevention of fraud and other crimes or malpractice; Providing Personal Data to any person or entity engaged by us to render services relating to payment, human resources, accounting etc. to support our business activities on a ‘need to know’ basis; Dealing with requests, enquiries or complaints and other client related activities; Carrying out activities connected with the running of our business such as personnel training, quality control and in connection with the transfer of any part of our business Addressing network integrity and security issues; Protecting our networks and security systems, including monitoring and detection of potential threats, such as hacking, virus dissemination and other security vulnerabilities; Making available Personal Data to governmental or regulatory authorities or to a court or judicial officer as may be required under applicable law; Carrying out any activity in connection with a legal, governmental or regulatory requirement, for the purpose of compliance of a legal obligation in connection with legal proceedings under applicable law including cyber incidents, prosecution, and punishment for offenses, protecting and defending our rights or property or to protect another person’s safety, or to help investigations, monitor or prevent or take action regarding unlawful and illegal activities, suspected fraud, potential threat to the safety or security of any person; Recording and monitoring electronic communications, to the extent permitted by applicable law, to ensure compliance with our legal and regulatory obligations and internal policies and for the purposes outlined above; Evaluate applications for employment; Manage all aspects of an employee’s employment relationship, including, but not limited to, payroll, benefits, corporate travel and other reimbursable expenses, development and training, absence monitoring, performance appraisal, disciplinary and grievance processes and other general administrative and human resource related processes; Develop manpower and succession plans; Protect the safety and security of staff and property including taking measures to facilitate assistance and support in case of emergency such as inserting contact numbers, blood group details on identity cards Administer formalities with respect to termination of employment; Provide and maintain references; Maintain emergency contact and beneficiary details. Processing for the purposes of this policy refers to online and offline processing and includes activities such as copying, filing, and feeding information into a database. We maintain Personal Data in an organised and easily accessible manner. We will use the Personal Data only for the purpose for which it has been collected. Disclosure Of Personal Data We may at times disclose and/or transfer Personal Data to third parties in cases where it is necessary for discharging our contractual obligations and/or providing services to you and/or if you have consented for the same. We may, on a need basis, disclose and/or transfer Personal Data to: associates, affiliates, partners, other persons or bodies corporate to enable them to provide services to you on our behalf or provide services to us or assist us in client engagements which involves receipt and collection of, receiving, processing, storing, dealing or handling personal information. any relevant entity in the event of a reorganization, merger or sale; any third party pursuant to a requirement of a governmental or regulatory body or an order of a court of competent jurisdiction or as may be required under applicable law. If we outsource the processing of your Personal Data to third parties or provide your Personal Data to third party service providers, we will oblige those third parties to protect your Personal Data with appropriate security measures and prohibit them from using your Personal Data for their own purposes or from disclosing your Personal Data to others. We will adhere to consent and intimation requirements where your Personal Data is being shared with third parties. Security Practices And Controls We will take all reasonable steps to ensure that Personal Data is stored in a secure environment and protected from unauthorized access, modification or disclosure. We strive to keep the Personal Data secure through implementation of the security practices and controls. Personal Data is stored using systems which have restricted access and which are housed in facilities with physical security measures. We have a comprehensive information security programmed documented in the form of our Information Security Policy (ISMS/Nexdigm SKP/CSP_0501) which contains managerial, technical, operational and physical security control measures. Our offices are ISO 27001, ISO 29100 and BS10012 certified to manage the security of Personal Data. We have a designated Chief Information Security Officer responsible for operation and maintenance of our security programmed and controls to enforce the security policy and for providing advice and guidance on its implementation and maintenance. Updation Of Personal Data We strive to keep our records updated with latest and updated Personal Information. To enable this, you can ask us to update or change any Personal Data collected by us to enable us to meet the objectives stated above. Retention Of Personal Data We will retain Personal Data only for such period as may be required to observe, perform and comply with our obligations or as otherwise required under applicable law or practice. Rights Of Data Subjects Under GDPR (if applicable to you), you as a Data Subject have a number of rights with regard to your Personal Data that we want to summarily make you aware of: Right to Access: As a Data Subject, you have the right to access your Personal Data being processed by us and understand the purpose, recipients to whom your Personal Data has been disclosed and the envisaged period of retention of Personal Information. Right to Rectification: You have the right to rectify any inaccuracy in your Personal Data obtained and being processed by us. Right to Erasure: You have the right to get your Personal Data erased on grounds of completion of purpose, withdrawal of consent, unlawful processing of data or pursuant to exercise of right to restrict processing or any statutory requirement. Right to Restriction of Processing: You have the right to require us to restrict processing of your Personal Data on grounds where you contest the accuracy of the Personal Data being processed and in case of unlawful processing among others. Right to Data Portability: You have the right to receive your Personal Data collected and being processed by us in a structured, commonly used and machine-readable format and have the right to transmit such Personal Data to another controller without any hindrance from us when processing of Personal Data is based on consent and where processing is carried out by automated means. Right to object to processing: You have the right to object to the processing of your Personal Data on grounds and if such Personal Data is being processed for direct marketing purposes. Right to lodge complaints: Where you believe that we have violated or presented a potential risk to your right to privacy, you have the right to lodge a complaint with the supervisory authority under the applicable regulations. Right to withdraw consent: You may at any time withdraw your consent by writing to us at the below mentioned e-mail address. You may exercise your rights by writing to us at privacy.skpg@nexdigm.com. Exercise of the above rights shall be in accordance with GDPR and other applicable regulations. Data Protection Officer Our Chief Information Security Officer (CISO) is also our Data Protection Officer and may be contacted at ciso@nexdigm.com. Breach Management We have an established Security and Privacy Incident Policy to outline various threats and vulnerabilities that may lead to breach of security and privacy of Personal Data and processes to guide and implement response to such incidents. In case of any privacy related concerns, feedback or grievance, you may contact us at privacy.skpg@nexdigm.com. Changes To Policy We may update our Privacy Policy from time to time. The updated policy will be posted on our website. ### Privacy Policy Objective We have formulated this Privacy Policy to help you understand how we deal with the personal data collected from our employees, contractors, associates, vendors and clients. Scope This policy applies to employees, partners, contractors, associates, consultants, vendors, retainers, clients of Nexdigm Pvt. Ltd. and visitors to our website. Policy Statement We are committed to the protection and responsible use of your personal data and promotion of individual privacy rights. Through the use of appropriate administrative, physical, and technical safeguards, we strive to protect personally identifiable information that we maintain or disseminate to ensure that it is not obtained by unauthorized individuals or used in unauthorized ways. Framework We may collect, store, process, use, transfer and disclose such information about individuals (“Data Subjects”) which may constitute Personal Information including Sensitive Personal Data or Information under the Information Technology (Reasonable security practices and procedures and sensitive personal data or information) Rules, 2011 or Personal Data under the General Data Protection Regulation (Regulation (EU) 2016/679 of the European Parliament and of the Council of April 27, 2016) (“GDPR”) or any other applicable law. This policy explains the practices we follow with respect to collection, use, disclosure, transfer, security and protection of Personal Information, rights of Data Subjects, breach management and other related aspects. Meaning And Collection Of Personal Data "Personal Data" means any data relating to a Data Subject which is capable of identifying such Data Subject directly or indirectly such as name, an identification number, location data, an online identifier or one or more factors specific to the physical, physiological, genetic, mental, economic, cultural or social identity of that Data Subject. Personal Data will include Sensitive Personal Information and Special Categories of Personal Information unless otherwise stated. We will strive to ensure that Personal Data collected by us is adequate, relevant and limited to what is necessary in relation to the intended purpose. We or any person or entity duly authorized on our behalf may collect a variety of Personal Data as required by us to fulfill our responsibilities and obligations as an employer, associate, client or service provider. Such Personal Data may be collected or received by us when you interact with us on our website, e-mail, mobile apps or other web-based applications or by way of personal, telephonic or audio-visual meetings or when you provide to us any documents containing your Personal Information. The Personal Data collected by us could include one or more of the following: Name, birthdate, phone numbers, mailing address, email addresses, contact details, education documents, reference letters, relieving certificates, photographs, passwords to our portal, passport information; Financial information such as bank account details, financial statements, permanent account number, annual income, details regarding payment instruments, tax deducted at source, service tax registration; Physical, physiological and mental health condition, medical records and history; Information gathered through use of bio-metrics such as fingerprints, eye retina, iris, voice patterns, facial recognition; Professional certifications and registrations; Disciplinary and grievance procedures, the results of credit and criminal background checks, Voicemails, e-mails, correspondence and other work product and communications created, stored or transmitted by an employee using our computer or communications equipment; Driving license number, vehicle registration number; Information captured on security systems, including CCTV and key card entry systems; Information provided by way of participation in surveys, enquiries, subscriptions and job applications Consent For Personal Data Where processing of Personal Data requires consent, we will obtain your written consent to collect, use and process your Personal Data. With respect to Personal Data disclosed to us by a data controller, we will contractually obligate the data controller to ensure compliance with all legal requirements relating to obtaining of consent. We will maintain and protect the appropriate security, integrity and confidentiality of such Personal Information. In case you refuse to provide the required Personal Data or withdraw your consent at any point of time, we shall have the discretion to discontinue, refuse or withdraw our services for which the information was sought. In case of our employees, associates, partners, consultants, contractors and retainers, we may terminate the employment or service contract or modify the terms of employment or service contract. Use Of Personal Data The Personal Data collected or received by us may be used or processed by us or any person or entity duly authorised by us for purposes including: Administrative, operational and business purposes; To execute our contractual obligations; To process and respond to requests and queries; Conducting market or customer satisfaction research; Payment of salaries, fees or reimbursements into bank accounts; Verification of certain information; Providing individuals with information concerning products and services which we believe will be of interest; Detection, investigation and prevention of fraud and other crimes or malpractice; Providing Personal Data to any person or entity engaged by us to render services relating to payment, human resources, accounting etc. to support our business activities on a ‘need to know’ basis; Dealing with requests, enquiries or complaints and other client related activities; Carrying out activities connected with the running of our business such as personnel training, quality control and in connection with the transfer of any part of our business Addressing network integrity and security issues; Protecting our networks and security systems, including monitoring and detection of potential threats, such as hacking, virus dissemination and other security vulnerabilities; Making available Personal Data to governmental or regulatory authorities or to a court or judicial officer as may be required under applicable law; Carrying out any activity in connection with a legal, governmental or regulatory requirement, for the purpose of compliance of a legal obligation in connection with legal proceedings under applicable law including cyber incidents, prosecution, and punishment for offenses, protecting and defending our rights or property or to protect another person’s safety, or to help investigations, monitor or prevent or take action regarding unlawful and illegal activities, suspected fraud, potential threat to the safety or security of any person; Recording and monitoring electronic communications, to the extent permitted by applicable law, to ensure compliance with our legal and regulatory obligations and internal policies and for the purposes outlined above; Evaluate applications for employment; Manage all aspects of an employee’s employment relationship, including, but not limited to, payroll, benefits, corporate travel and other reimbursable expenses, development and training, absence monitoring, performance appraisal, disciplinary and grievance processes and other general administrative and human resource related processes; Develop manpower and succession plans; Protect the safety and security of staff and property including taking measures to facilitate assistance and support in case of emergency such as inserting contact numbers, blood group details on identity cards Administer formalities with respect to termination of employment; Provide and maintain references; Maintain emergency contact and beneficiary details. Processing for the purposes of this policy refers to online and offline processing and includes activities such as copying, filing, and feeding information into a database. We maintain Personal Data in an organised and easily accessible manner. We will use the Personal Data only for the purpose for which it has been collected. Disclosure Of Personal Data We may at times disclose and/or transfer Personal Data to third parties in cases where it is necessary for discharging our contractual obligations and/or providing services to you and/or if you have consented for the same. We may, on a need basis, disclose and/or transfer Personal Data to: associates, affiliates, partners, other persons or bodies corporate to enable them to provide services to you on our behalf or provide services to us or assist us in client engagements which involves receipt and collection of, receiving, processing, storing, dealing or handling personal information. any relevant entity in the event of a reorganization, merger or sale; any third party pursuant to a requirement of a governmental or regulatory body or an order of a court of competent jurisdiction or as may be required under applicable law. If we outsource the processing of your Personal Data to third parties or provide your Personal Data to third party service providers, we will oblige those third parties to protect your Personal Data with appropriate security measures and prohibit them from using your Personal Data for their own purposes or from disclosing your Personal Data to others. We will adhere to consent and intimation requirements where your Personal Data is being shared with third parties. Security Practices And Controls We will take all reasonable steps to ensure that Personal Data is stored in a secure environment and protected from unauthorized access, modification or disclosure. We strive to keep the Personal Data secure through implementation of the security practices and controls. Personal Data is stored using systems which have restricted access and which are housed in facilities with physical security measures. We have a comprehensive information security programmed documented in the form of our Information Security Policy (ISMS/Nexdigm SKP/CSP_0501) which contains managerial, technical, operational and physical security control measures. Our offices are ISO 27001, ISO 29100 and BS10012 certified to manage the security of Personal Data. We have a designated Chief Information Security Officer responsible for operation and maintenance of our security programmed and controls to enforce the security policy and for providing advice and guidance on its implementation and maintenance. Updation Of Personal Data We strive to keep our records updated with latest and updated Personal Information. To enable this, you can ask us to update or change any Personal Data collected by us to enable us to meet the objectives stated above. Retention Of Personal Data We will retain Personal Data only for such period as may be required to observe, perform and comply with our obligations or as otherwise required under applicable law or practice. Rights Of Data Subjects Under GDPR (if applicable to you), you as a Data Subject have a number of rights with regard to your Personal Data that we want to summarily make you aware of: Right to Access: As a Data Subject, you have the right to access your Personal Data being processed by us and understand the purpose, recipients to whom your Personal Data has been disclosed and the envisaged period of retention of Personal Information. Right to Rectification: You have the right to rectify any inaccuracy in your Personal Data obtained and being processed by us. Right to Erasure: You have the right to get your Personal Data erased on grounds of completion of purpose, withdrawal of consent, unlawful processing of data or pursuant to exercise of right to restrict processing or any statutory requirement. Right to Restriction of Processing: You have the right to require us to restrict processing of your Personal Data on grounds where you contest the accuracy of the Personal Data being processed and in case of unlawful processing among others. Right to Data Portability: You have the right to receive your Personal Data collected and being processed by us in a structured, commonly used and machine-readable format and have the right to transmit such Personal Data to another controller without any hindrance from us when processing of Personal Data is based on consent and where processing is carried out by automated means. Right to object to processing: You have the right to object to the processing of your Personal Data on grounds and if such Personal Data is being processed for direct marketing purposes. Right to lodge complaints: Where you believe that we have violated or presented a potential risk to your right to privacy, you have the right to lodge a complaint with the supervisory authority under the applicable regulations. Right to withdraw consent: You may at any time withdraw your consent by writing to us at the below mentioned e-mail address. You may exercise your rights by writing to us at privacy.skpg@nexdigm.com. Exercise of the above rights shall be in accordance with GDPR and other applicable regulations. Data Protection Officer Our Chief Information Security Officer (CISO) is also our Data Protection Officer and may be contacted at ciso@nexdigm.com. Breach Management We have an established Security and Privacy Incident Policy to outline various threats and vulnerabilities that may lead to breach of security and privacy of Personal Data and processes to guide and implement response to such incidents. In case of any privacy related concerns, feedback or grievance, you may contact us at privacy.skpg@nexdigm.com. Changes To Policy We may update our Privacy Policy from time to time. The updated policy will be posted on our website. ### Thank You Thank you for submitting the request we will get back to you soon. ### Thank You Thank you for submitting the request we will get back to you soon. ### Thank You Thank you for submitting the request we will get back to you soon. ### download presentation Download Presentation ### Cloud Security Advisory Service The increasing trend in the cost of maintaining and managing IT infrastructure inhouse has led organizations to migrate to the cloud. However, the risks faced by organizations are not mitigated merely by this transition. Migrating to the cloud does not eliminate all risks for organizations. In fact, organizations must first assess vulnerabilities for cloud hosted data. What are these newer risks that an organization is now exposed to? What needs to be done to address the same? Who do I reach out to for any concerns? At Nexdigm, our team of experienced and qualified cloud security advisors can support your organization as it traverses through these challenges. The phased manner of approach helps organizations address these areas in a structured manner. Our customizable solutions have been developed keeping in mind each entity has its unique challenges. We help you address this by relying on globally acceptable frameworks to form a baseline for your organization. Our Services Discover Cloud Security Risk Assessment using our proprietary platform: Cloud Tool Automated Testing Vulnerability Assessment and Penetration Testing (VAPT) Manage Implementation of Frameworks Policies and Procedures Guidelines Cloud Risk Registers Control Flow Blueprints Protect Shared Service Centre Hypercare on the implementation Continuous Monitoring ### Third Party Risk Management Services Vendors today have become an integral part of our business ecosystem. Every organization requires a well-managed vendor system to build confidence in their service offering. A well developed, comprehensive Vendor Management service can help an organization scale to greater heights. Humanoide A platform designed from the ground up to help manage your vendor risk management lifecycle. ### Cyber Resiliency Service (Virtual CISO Office) A thoughtfully curated customizable set of services to meet your concerns around Cyber Security. We believe in supporting our partners at every step through their journey and hence, these services have been built to address identified areas in detail to help build a robust security system. Our team of technical, domain, and security experts invest their time and expertise with your team by adopting a pre-defined mutually acceptable Approach and Methodology. We understand that an activity of this scale is not just limited to securing the tangible and intangible technological assets, but also has an over arching dependency on the people involved within the organization. Our periodic training sessions are developed to prepare inhouse cybersecurity teams to meet current and anticipated challenges. ### Hacking as a Service Our state-of-the-art inhouse Ethical Hacking Lab is designed to conduct Vulnerability Assessments, Penetration Tests along with Secure Code reviews to help you identify and pre-empt attacks before they strike. The digital era has exposed the world to the unforgiving side of the web. Entities, Governments, and Nations can be held at ransom by merely sitting in the confines of ones’ home. Organizations face the challenge of updating hack-preventing tactics as well as installing several technologies to protect the system before falling victim to a hacker. Our Hacking as a Service solutions aim to help you answer the following crucial questions: What are the kind of vulnerabilities that an attacker can see? What application/system would a hacker be most interested to access? How would the information be used? How can the vulnerability be fixed? The results of our ethical hacking solutions help you: Identify Vulnerabilities – Get into the shoes of hacker to identify vulnerabilities Secure Network – Implement a secure network architecture to minimize the probability of an attack Create a Robust Defense System – Build stronger and more resilient defense mechanism to defend against any threat Build client/customer trust – A secure and stable security mechanism will strengthen client trust and help build stronger relationships with your client ### Press Releases ### Media Listing ### E-Registration ### Cloud Security Advisory Service The increasing trend in the cost of maintaining and managing IT infrastructure inhouse has led organizations to migrate to the cloud. However, the risks faced by organizations are not mitigated merely by this transition. Migrating to the cloud does not eliminate all risks for organizations. In fact, organizations must first assess vulnerabilities for cloud hosted data. What are these newer risks that an organization is now exposed to? What needs to be done to address the same? Who do I reach out to for any concerns? At Nexdigm, our team of experienced and qualified cloud security advisors can support your organization as it traverses through these challenges. The phased manner of approach helps organizations address these areas in a structured manner. Our customizable solutions have been developed keeping in mind each entity has its unique challenges. We help you address this by relying on globally acceptable frameworks to form a baseline for your organization. Our Services Discover Cloud Security Risk Assessment using our proprietary platform: Cloud Tool Automated Testing Vulnerability Assessment and Penetration Testing (VAPT) Manage Implementation of Frameworks Policies and Procedures Guidelines Cloud Risk Registers Control Flow Blueprints Protect Shared Service Centre Hypercare on the implementation Continuous Monitoring ### Third Party Risk Management Services Vendors today have become an integral part of our business ecosystem. Every organization requires a well-managed vendor system to build confidence in their service offering. A well developed, comprehensive Vendor Management service can help an organization scale to greater heights. Humanoide A platform designed from the ground up to help manage your vendor risk management lifecycle. ### CISO As A Service Why do you need a Virtual CISO? One of the biggest challenges of today’s technological advancement is information security threats. Organizations are working hard towards the protection of data. The businesses that lack a firm data protection policy result in reputational loss. Hence, they have a dedicated executive Chief Information Officer to monitor the information security aspects. Companies that don’t have an internal and dedicated cyber security executive are relying on a virtual Chief Information Officer (CISO). Virtual CISO consulting services help organizations think strategically about the best practices, policies, and procedures about information security. The role of virtual CISO is to help firms in building infosec capabilities to augment existing security structures and help organizations build resilience to unforeseen circumstances and situations. The virtual CISO team gathers complete information about the business in detail and provides solutions to the information security related issues. Protect Your Organization with a Virtual CISO Nexdigm provides customized solutions to security related issues as per the requirements of the organizations. Our virtual CISO advisory services will be a value addition and available for crises management. Some of the features of Nexdigm’s virtual CISO are as follows: Acts as a service model and allows to conduct critical information security activities like penetration testing and vulnerability assessments at a budgeted cost Provides appropriate guidance in terms of information security objectives, as well as regulatory compliance audit readiness service Access to team of Security Advisory experts Address information security needs to companies so that their technical team can stay focused on areas they’re best at Help in developing efficient information security best practices Employee training Our virtual CISO services shall act as a important pillar of information security within your organization, focused on meeting both Companies long term and short term goals. Services and offerings include: Managing and directing information security expert teams Running ongoing risk assessments on operational security Providing threat intelligence and manage enterprise security Crisis management Data Loss Prevention/Plan Implementation Vendor Contracts and Risk Management Compliance Readiness Initiatives Audit Remediation and Audit Management Information Risk Reviews and Risk Management SOC I, SOC II Readiness and Compliance Identity and Access Management Privacy Program Implementation Security Awareness Training Vulnerability Management Monitoring Data Classification ### Hacking as a Service Our state-of-the-art inhouse Ethical Hacking Lab is designed to conduct Vulnerability Assessments, Penetration Tests along with Secure Code reviews to help you identify and pre-empt attacks before they strike. The digital era has exposed the world to the unforgiving side of the web. Entities, Governments, and Nations can be held at ransom by merely sitting in the confines of ones’ home. Organizations face the challenge of updating hack-preventing tactics as well as installing several technologies to protect the system before falling victim to a hacker. Our Hacking as a Service solutions aim to help you answer the following crucial questions: What are the kind of vulnerabilities that an attacker can see? What application/system would a hacker be most interested to access? How would the information be used? How can the vulnerability be fixed? The results of our ethical hacking solutions help you: Identify Vulnerabilities – Get into the shoes of hacker to identify vulnerabilities Secure Network – Implement a secure network architecture to minimize the probability of an attack Create a Robust Defense System – Build stronger and more resilient defense mechanism to defend against any threat Build client/customer trust – A secure and stable security mechanism will strengthen client trust and help build stronger relationships with your client ### Finance Controllership Support Health check/clean up of Financial Statements Over time, inefficient practices adopted by the Finance and Accounting (F&A) staff leads to disordered books. This undermines the reliability of financial statements and leads to non-compliance with existing laws. Modern enterprises are finding it increasingly difficult to handle audits and auditors. These difficulties may stem from either the employees’ lack of expertise in managing audits, or the continually expanding regulations. Nexdigm helps clients perform a comprehensive health check of their books and clean up of their records. A typical book clean-up procedure can include an in-depth review of books, inter-company reconciliations, compliance checks, fixed asset verification, and several other tasks. Audit Support Leveraging our extensive experience in the finance assurance domain, our team can help you manage auditors professionally, complete audits in time, and minimize audit qualifications. Our services include: Preparing financial statements following international accounting standards (IFRS, Ind AS, US GAAP, or Indian GAAP) Liaising with auditors Preparing audit schedules Advising on audit remarks or qualifications Representation to the board of directors or an audit committee Finance transformation Growing competition has compelled organizations to have the best in class organizational structure and processes to stay ahead of or at par with peers. In the current dynamic business environment, companies must continuously find ways to increase their market reach and sales with cost reduction and arrive at the optimum balance of skills, professionalism, and profitability. At Nexdigm, we understand these problems and have developed a proprietary solution aimed at unlocking value for your business. Our Finance Transformation solution can help you: Identify inefficiencies across your finance process Discover spare capacities Benchmark your organization structure and processes with global standards Our objective is to enable you to focus on upscaling your organization, optimizing technology and establishing efficient processes. Finance Organization Re-designing Analyzing, understanding, and documenting as-is job responsibilities Industry benchmarking Conducting a gap analysis through scorecards and renowned models Recommending a scalable revised organization structure Finance Process Optimization Consolidating key controls and processes Identifying gaps in the “as-is” process vis-à-vis optimization Implementing controls and process enhancements Finance Process Automation Assessing automation possibilities within the finance function Conducting a cost-benefit analysis for each of the possibilities Assisting in the implementation and customization of automation products Accounting Standard Transition (IFRS) MNCs are increasingly transitioning towards IFRS from other GAAPs. This shift may result in several aspects that fall beyond the purview of the finance function. At Nexdigm, we guide you through this transition by: Analyzing the impact of the convergence Supporting the decisions made on accounting policy choices Preparing financial statements (including the opening balance sheet) Implementing new reporting processes Ideating and implementing Enterprise Resource Planning (ERP) changes Specialized CFO Services We can also support business in their special initiatives related to the finance function. Our expert team can help your company navigate complex issues such as ERP Implementation Working capital enhancement Business intelligence dashboards Inventory optimization Inventory and fixed assets verification Designing SOPs ### Cloud Security Advisory Service In the competitive world of digitization, cloud has become a need of the hour. An organization’s strategic plans include cloud development as an important criterion. While service on demand is the “mantra” for cloud success, organizations lag on security posture and regulatory compliance. In the shared responsibility model, one must understand the security responsibilities that lie with the provider and the customer. Nexdigm comes with expertise and experience in Cloud Security for its customers worldwide. Security Risk Assessment is performed according to the industry standards with a unique assessment methodology based on cloud vendors. Our compliance model helps organizations achieve a safer and secure environment. The governance model is built to perform risk assessments and conduct cloud audits to meet standards and compliance requirements. Our Services Discover Cloud Security Risk Assessment using our proprietary platform: Cloud Tool Automated Testing Vulnerability Assessment and Penetration Testing (VAPT) Manage Implementation of Frameworks Policies and Procedures Guidelines Cloud Risk Registers Control Flow Blueprints Protect Shared Service Centre Hypercare on the implementation Continuous Monitoring ### Third Party Risk Management Services Vendors today have become an integral part of our business ecosystem. Every organization requires a well-managed vendor system to build confidence in their service offering. A well developed, comprehensive Vendor Management service can help an organization scale to greater heights. Humanoide A platform designed from the ground up to help manage your vendor risk management lifecycle. ### CISO As A Service Why do you need a CISO? One of the biggest challenges of today’s technological advancement is information security threats. Organizations are working hard towards the protection of data. The businesses that lack a firm data protection policy result in reputational loss. Hence, they have a dedicated executive Chief Information Security Officer to monitor the information security aspects. Companies that don’t have an internal and dedicated cyber security executive are relying on a virtual Chief Information Security Officer (CISO). CISO-As-A-Service helps organizations think strategically about the best practices, policies, and procedures for information security, build infosec capabilities to augment existing security structures, and help organizations build resilience to unforeseen circumstances and situations. CISO As A Service helps gather complete information about the business in detail and provides solutions to the information security related issues. Protect Your Organization with a CISO-As-A-Service Nexdigm provides customized solutions to security related issues as per the requirements of the organizations. Our CISO-As-A-Service will be a value addition and available for crises management. Some of the features of Nexdigm’s CISO-As-A-Service are as follows: Acts as a service model and allows to conduct critical information security activities like penetration testing and vulnerability assessments at a budgeted cost Provides appropriate guidance in terms of information security objectives, as well as regulatory compliance audit readiness service Access to team of Security Advisory experts Address information security needs to companies so that their technical team can stay focused on areas they’re best at Help in developing efficient information security best practices Employee training Our CISO-As-A-Service shall act as a important pillar of information security within your organization, focused on meeting both Companies long term and short term goals. Services and offerings include: Managing and directing information security expert teams Running ongoing risk assessments on operational security Providing threat intelligence and manage enterprise security Crisis management Data Loss Prevention/Plan Implementation Vendor Contracts and Risk Management Compliance Readiness Initiatives Audit Remediation and Audit Management Information Risk Reviews and Risk Management SOC I, SOC II Readiness and Compliance Identity and Access Management Privacy Program Implementation Security Awareness Training Vulnerability Management Monitoring Data Classification ### Hacking as a Service With the implementation of new technologies and business practices such as cloud computing, virtualization, bring your own device (BYOD), vendor outsourcing, IoT devices, companies face ever more targeted and sophisticated attacks from organized crime, hacktivism, politics, individuals and script kiddies. Regardless of the measures, firewalls, Intrusion Prevention System (IPS), antivirus, best security architecture, automated checks, many businesses fall victim to these attacks due to unintentional inaccuracies. As a result, enterprises are beginning to acknowledge the importance of human experience and analysis. this is where HaaS comes in. Our Cyber Security service reduces the attack probability of your applications, IT, and network infrastructure against external and insider attacks. What Nexdigm can do for you? Application Security Provide Vulnerability Assessments and Penetration Testing (VAPT) services with a bug bounty approach for your Web applications and Mobile applications. Infrastructure Security Assessments We offer solutions to protect critical infrastructure servers and network devices. CTF (Capture the Flag) techniques to find open ports and gain privileges to check if the network is secure. Secure Code Review (SCR) Perform manual as well as automated tests and reviews of your application source code to identify security-related weaknesses, technical and business logic vulnerabilities. Software Composition Analysis (SCA) Assess and evaluate license, component quality risks and identify IP/Patent infringement. Configuration Reviews Conduct firewall and cloud configuration reviews providing recommendations as per industry best practices. Phishing Simulation Test your associate’s knowledge against a simulated/planned phishing attack. WCAG Compliance Our expert team of developers helps you make web content more accessible to people with disabilities and hereby achieve WCAG 2.0 and 2.1 Compliance as per need. Nexdigm follows frameworks like OWASP, MITRE, NIST, CIS controls (formerly known as SANS Top 25), CWE, COBIT, ISO 27000 series, for ensuring security as per global industry standards. Our team includes Certified Ethical Hackers (CEH), Certified Information Systems Auditor (CISA), Certified Information Systems Security Professional (CISSP), Certified Lead Implementer Professional (CLIP), and various globally recognized certifications. Our Threat Intelligent Protection Management (TIPM) Platform which is integrated with MITRE ATT&CK framework will give you a dashboard for seamless collaboration, have a vulnerability repository, prepare automated reports/documents, and more. ### Joint Ventures Synergies arising in a joint venture facilitates businesses as they expeditiously bridge the gaps that could impede their individual growth in the constantly evolving business environment. Working in a joint venture, however, can be a complex feat. It is pertinent to identify a partner that best complements your requirements, and comprehensively lays down the foundation for the collaborative relationship to ensure its success. Our deal advisory team assists you in defining your objectives for the joint venture and consequently identifying a suitable partner to integrate with your commercial and cultural requirements. Our holistic approach addresses regulatory as well as commercial matters that are crucial for the systematic execution of the transaction succeeded by a rewarding alliance. We focus on reducing future complexities in the joint venture by addressing critical aspects such as Defining the scope of the joint venture and creating a joint business plan Arriving at the shareholding of the parties based on the value of contributions Evaluating alternate structures for the execution of the joint venture Assessing any adverse commercial/regulatory implications arising from the proposed venture Defining the rights and responsibilities of the partners Protecting your interests by negotiating favorable terms such as exit rights ### Divestitures Identifying a suitable acquirer and effectively communicating the business potential is fundamental to maximize returns in a sale transaction. Our deal advisors prioritize your objective for sale or divestment while also considering the value synergies for the buyer to maximize closure probability and expedite the sale process. From evaluating the suitability of market conditions to validating the business rationale of the sale, we help you strategize what, how, and when to monetize. With an extensive team addressing commercial as well as taxation and regulatory matters, we assist you in meticulously structuring the transaction to eliminate probable risks. Our Approach Strategize and structure the divestment Assist with financial modelling and valuation Prepare pitch documents Identify prospective acquirers and convey business potential Separation planning and transaction structuring Assist in term sheet negotiations Aid addressal of due diligence findings Negotiate terms of definitive agreements Facilitate transaction closure ### Mergers and Acquisitions While acquiring an existing business that meets requisite parameters can accelerate the growth of a company, careful selection of the target and thorough negotiations are essential to ensure an advantageous transaction. At Nexdigm, we help you assess the business potential and focus on the underlying factors that lead to a successful acquisition. We help you define the objective and framework of the intended acquisition and identify an appropriate target, extensively negotiating commercial terms to maximize value. Our priority is to safeguard you by suggesting countermeasures to potential exposures while carefully evaluating the transaction structure. In doing so, due consideration is given to cultural, legal, commercial, tax, and exchange control aspects. Our Approach Evaluate rationale for proposed acquisition Define strategy and screening criteria Screen potential targets and initiate dialog Assess value of business and synergies Review proposed transaction structure Assist in term sheet negotiations Manage financial and tax due diligence Suggest optimal financing strategies Finalize terms of definitive and ancillary agreements Assist in regulatory procedures to consummate the transaction Facilitate transaction closure ### Insights ### Services ### Finance Controller Services The evolving nature of business requires a dedicated team of finance experts who can support routine finance and compliance activities. Such support ensures seamless delivery, while adhering to every compliance requirement and efficiently managing the finance process. We partner with you and take complete ownership of the Finance and Accounting (F&A) functions, including ERP implementation, legacy accounting, and audit support. Our 50+ years of experience in F&A have enabled us to build a robust ecosystem with industry-leading practices. Our partner-led approach and in-depth domain knowledge helps clients minimize risks associated with the F&A function. ### Global Transfer Pricing With a rise in cross-border transactions between group companies and stringent norms being imposed by governments across the globe, transfer pricing entails one of the most significant tax risks. Also, recent changes by the Organization for Economic Co-operation and Development (OECD), in the area of Base Erosion and Profit Shifting (BEPS), have made it imperative for companies to find an efficient yet legally acceptable transfer pricing solution. India introduced transfer pricing regulations in the year 2001. Ever since then, Nexdigm has been one of the very few firms in India to have a full-fledged and dedicated transfer pricing practice. Our team provides a global perspective based on our long-standing experience of how the transfer pricing law and jurisprudence evolved and what positions work at a practical level, given the risk appetite of a client. We have dedicated access to the Bureau Van Dijk (BvD) and other global and Indian databases, enabling our team to provide solutions to our global clients. Our Services Devising Global Transfer Pricing policies Tax-efficient supply chain management Base Erosion and Profit Shifting (BEPS) Advisory Country-specific documentation Benchmarking studies Compliances Competent Authority negotiations, Advance Pricing Agreements and Litigation Support Cross-border agreements Implementation and Operational Assistance Valuation Global Transfer Pricing With a dedicated team of 35+ professionals, the global transfer pricing team at Nexdigm offers a full range of transfer pricing services and independent advice for MNCs. Our team comprises of transfer pricing experts, economists, valuation experts, and business consulting specialists to provide holistic and integrated transfer pricing solutions to our clients. Country-specific transfer pricing landscape Australia Bangladesh Hong Kong India Indonesia KSA Malaysia Nigeria Singapore Sri Lanka Tanzania Thailand UAE Vietnam ### CFO Support Services (USA) The evolving nature of business requires a dedicated team of finance experts who can support routine finance and compliance activities. Such support ensures seamless delivery, while adhering to every compliance requirement and efficiently managing the finance process. We partner with you and take complete ownership of the Finance and Accounting (F&A) functions, including ERP implementation, legacy accounting, and audit support. Our 50+ years of experience in F&A have enabled us to build a robust ecosystem with industry-leading practices. Our partner-led approach and in-depth domain knowledge helps clients minimize risks associated with the F&A function. CFO Services – Mitigating Risks and Improving Performance ### Business Consulting Our project management services are designed to provide end-to-end functional support and ensure its successful and timely completion. The Nexdigm advantage is that we provide holistic solutions covering the key areas of business including: Pre-investment SupportThis includes market analysis, business feasibility, competition mapping, incentive identification as well as location planning to help companies understand the crucial aspects of setting up a business. Finance & RegulatoryThis includes support in Capital Structuring, CFO services, Budgeting and Forecasting, Incentive Support, Bank Loan Syndication, Project Accounting, Tax and Secretarial compliances, and more. On-site SupportThis includes on-site team deployment for Vendor identification (Construction, MEP, PMC, Machinery Installation Company, etc.), liaising with various stakeholders, project monitoring and reporting of on-ground operations including aggregation of reporting from the PMC company. Other Services ManagementThis includes supporting in machinery procurement, IT setup & Risk Advisory, HR recruitment and policy support, and more. Business Feasibility Study We assess the current market scenario, customer trends, competition, economic viability and regulatory aspects to ascertain whether your investment will be sustainable and profitable. Business Plan Support Business plans help in structuring a company’s long-term goals and key milestones to be achieved in line with their objectives. While creating a business plan, we consider costs, tax and regulatory laws as well as strategic initiatives. Incentives Knowledge regarding incentives and how to avail them can be a key differentiator when measuring profitability. Several types of incentives are available including capital grants, exemptions, tax/cost reimbursements, utility tariff reduction, etc. These may vary on the basis of country, sector, employment generation, etc. Nexdigm also helps by directly liaising with government authorities to obtain the incentives for your company. Incorporation of an entity Nexdigm can help you plan for your incorporation by choosing an entity type that best suits the operational and administrative goals. Each entity form has a different set of regulations, tax based compliances and legal liabilities. We help you navigate these complexities to drive value for your company. Location Planning, Scouting, and Acquisition The location of a set up has several implications on the future of a business. A number of factors need to be considered including proximity to customers/suppliers, availability and cost of manpower, accessibility of electricity, water, etc. The location also forms a key consideration due to local regulatory and taxation regimes. We help assess these factors and support in the implementation by liaising with government authorities. Registrations & Approvals When it comes to business setups, approvals and regulations are crucial. Registrations would include Business Regulations and Factory Regulations. We help obtain these registrations to ensure the project is completed on time and operations can begin according to plan. Advisory and On-going support We provide regulatory, legal, tax, and HR assistance along with project accounting support. Our other ongoing services include accounting, book-keeping, direct and indirect tax compliances, company secretarial services, audit and assurance services, and regular incentive evaluation. ### Strategic Initiatives (USA) While organizations are typically well-geared to manage the day-to-day aspects of business efficiently, new strategic planning initiatives tend to be complex projects with multiple work streams involved. Market Research In today's fast-paced world, it is critical for businesses to stay abreast of market trends, changing consumer needs, competition, and other factors that impact the business. Meeting customer demands along with maintaining brand and product relevance are key elements to sustain and thrive in the ever-evolving global economy. Market insights provide companies with information about the dynamic landscape and customer preferences. Through systematic data collection, organization, and analysis, businesses can make better, more informed decisions. Business Consulting Our project management services are designed to provide end-to-end functional support and ensure its successful and timely completion. Program Management Nexdigm’s Program Management services help organizations navigate complex transformation initiatives and drive large-scale program rollouts with precision. We provide end-to-end program delivery, ensuring alignment with your strategic goals while maintaining a focus on governance, risk assessment, data-backed decision making and continuous improvement. Global Shared Services Shared Services Centers or Global Capability Centers (GCC) have evolved from cost generators to strategic business enablers and value generators. Nexdigm has a robust methodology that systematically assesses all processes in the context of your business and its specific. We then identify what aspects should to be handled as core business activities and what can be consolidated into a GCC to optimize resource utilization, deliver improved service levels at a lower cost, etc. Our ability to handle multilingual transactions can help you build a truly global GCC set-up. Infrastructure Set-Up Nexdigm offers comprehensive support for establishing corporate infrastructure, guiding organizations from initial planning through to post-launch operations. Our approach encompasses comprehensive planning, meticulous implementation control, and rigorous governance. By integrating seamlessly with your team, Nexdigm ensures that your infrastructure projects are executed efficiently, within budget, and in compliance with all regulatory requirements. ### Professional Services (USA) With constantly evolving tax and assurance practices, Nexdigm has continually remained a market leader in the professional service lines. With a global purview of regulatory and business insights, the firm is well placed to offer innovative solutions to businesses worldwide. ### Business Analytics The absolute amount of data generated by businesses every day is unparalleled. CFOs prefer if their company’s revenues are positively influenced by business intelligence automation that utilizes this data to inform and support each and every stress point of the company’s financial structure. Nexdigm's Business Analytics services help businesses in all industries identify and capture value from their data and transform it into competitive advantages. We data-mine, data-analyze, and streamline all functions, including Marketing, Procurement, Finance, Operations, Risk, Human Resources, Sales, and Manufacturing. Our global team of consultants, data scientists, engineers, and analysts possess the technical and industry-specific expertise to enable these data analytics solutions. We deliver insights and value for clients through a wide range of models and tools, providing one-off, transformational, and evolving analytics solutions. Using analytics has become a strategic imperative, leading to fundamental changes in the way a business is run. Effective use of data and analytics can lead to: Enhanced profitability Revenue Growth New Business Models We help our clients in their transformational journeys by developing and delivering value-based solutions using analytics and intelligent automation technologies across business verticals. In line with our vision of providing analytics consulting services that work, we conduct a detailed assessment of our clients' businesses. We design solutions that are intricately customized to their needs, which may include: Creation of an Analytics Roadmap Data Cleaning Data Management Data Lake Analytics Center of Excellence Process Optimization using Analytics Preparation of Dynamic Dashboards with Business Insights Predictive Analytics Business Analytics is one of our newfangled data analytics services that helps generate value from a company’s data at a sustainable rhythm. We use advanced analytics and machine learning as crucial transformation methodologies to modify your existing processes. Nexdigm’s intelligent automation services enable revenue recognition, augmentation, and cost rationalization for clients all across the board. Our targeted solutions include Data Analysis & Insights, Data Engineering, Data Visualization, and Data Science. Sales and Distribution Data Management Analytics   Business Analytics ### Supply Chain The supply chain is as complex, as it is important to a company. Optimally balanced supply chain practices can be a major differentiator in the industry, tackling a number of issues that arise in day-to-day business processes. These issues can be rooted in various stages of a company’s operations, often spanning across procurement, production, and distribution or dealer distribution. Some of the crucial concerns are Forecasting Errors Inventory or Stock-outs Visibility across the organization Logistics and Delivery Missing Enablers – Organization structure, KPIs, systems and tools. Our Services Strategic Tactical Operational Plan Footprint Design Working Capital Optimization Project Management Demand Planning Supply Planning Source Category Management Spend Analytics Purchase Price Variance Analysis Tail-spend Management Make Make Vs Buy Decision Capacity Planning Waste Reduction Margin Anlysis And Cost Allocation Deliver Distribution Network Design Warehouse Operations Optimization Inventory Management Freight Management Select Credentials ### Finance Competitive pressures compel businesses to have best-in-class finance structures and processes to remain viable. This must be achieved while keeping cost reduction and an optimal balance of skills, professionalism, and profitability in mind. At Nexdigm, we understand these problems and have developed a proprietary solution to harness the true capabilities of your business. Our Finance Transformation solution can help you: Identify inefficiencies across your finance process Discover spare capacities/resources Benchmark your organization's structure and processes with global standards Our objective is to enable you to focus on up-scaling your organization, optimizing technology and establishing efficient processes. Finance Organization Re-designing Analyzing, understanding, and documenting "as-is" job responsibilities Industry benchmarking Gap analysis through scorecards Recommending a scalable revised organization structure Finance Process Optimization Consolidating key controls and processes Identifying gaps in the “as-is” process vis-à-vis optimization Implementing controls and process enhancements Finance Process Automation Assessing automation possibilities in the finance function Conducting a cost-benefit analysis for each of the possibilities Assisting in the implementation of automation products The Nexdigm Advantage Qualified experts with rich experience and in-depth knowledge across the finance domain A legacy of successful solution developments Use of advanced technology platforms (for a data-driven approach) Use of automation solutions to reduce manual effort Substantial cost-savings for your finance function ### Technology Solutions We live in a world that cannot avoid business technology solutions because they optimize operations, job functions, and other organizational aspects without overusing human capital. They are a positive agent of corporate power in the business world. But these solutions also come with threats. Cybercrime, data breaches, and incidents of corporate espionage are just as frequent, and security measures must be put in place, planned, and streamlined on a daily basis. How do you remediate threats that have not yet materialized? You need talent that has mastered the technology and the concomitant processes that go with it. Services like ethical hacking make a company’s IT frameworks and cloud platforms more resilient to the risk of data theft and virus attacks. Organizations need to find trustworthy experts who are correct fits for their organization in order to probe the system and reveal vulnerabilities that can then be plugged in. Then, in case your company prefers to outsource the job of managing the entire information system, within the purview of risk management, your organization would need to hire similarly relevant remote chief information security officers (CISOs) from business process consultancies. Furthermore, in the world of increased cloud adoption, organizations also must look to hiring a cloud consultant to optimize their cloud environments for security, upholding business agility, and boosting operational efficiency. Our business technology solutions practice helps support organizations just like yours to manage and optimize processes while minimizing risks from cyber-attacks and vulnerabilities that are inherent to the applications/solutions that you use.   We offer a partner-led approach to the following services: Hacking as a Service Cyber Resiliency (Virtual CISO Office) Third-Party Risk Management Services Cloud Advisory Services   At Nexdigm, we believe in delivering our services embedded with business technology solutions that help you maximize the realizable benefits with a minimal investment of both time and resources, an end-to-end service paradigm to help businesses traverse uncertainty with confidence. ### Cyber Security & Data Privacy Cyber Security Organizations today have to face challenges with respect to Technology in all aspects of business areas, not to mention the overarching requirement for adherence to compliance requirements. All this while ensuring growth and stability. Technology is a vast ocean that needs the support and guidance of a partner who is skilled to manoeuvre the storm in sight as well as anticipate the upcoming change in tide. In order to be able to capitalize on business opportunities and build a stronger customer relationship, it is most imperative to be assured of a strong and resilient Cyber Security posture. As businesses face planned and unplanned growth with dependencies on interconnected systems a more focused and strategic approach to cyber security is most critical. Today addressing Cyber Security concerns is not just limited to a department or a function instead it requires involvement from the highest authorities within the organization. It needs to be in tune with the goals and vision of the organization. A Cyber Security strategy program can be effective only if implemented across with involvement from all stakeholders – assisting to build confidence to face every challenge and turn it into an opportunity. Nexdigm team of experts can help you through your journey with our customized solutions and personal approach to your concerns. Qualified experts with the team understand your business need, growth plan and help you ascertain risks providing recommendations more suited to your growth needs while adhering to compliance requirements. We help simplify and connect with all sponsors to build a more proactive, strong ,and sustainable Cyber Security culture within the organization. We believe to help our partners – Traverse the uncertainty of the interconnected world with confidence. Our Services Discover We deliver a quick health-check of your cybersecurity readiness assessment through our platform. Clients are free to choose from our online or consultant-assisted assessment. Manage Our team of experts can provide advice as well as implement: Governance frameworks Regulatory compliances Policies and procedures Risk Registers Certifications Protect We help you maintain your cybersecurity posture through: Virtual CISO/DPO office Cyber resiliency services Managed services Data Privacy and Protection Your organization could be a Data Controller or a Data Processor or a sub-processor or probably wearing different hats for different sets of Personally Identifiable Information (PII). Under a growing number of Data Privacy regulations across the globe you may be challenged with Data Privacy questions like: What data is collected across organization How it is collected How it is processed Disclosure around data life cycle - ensuring retention meets obligations Whether you are required to appoint a Data Processing Officer ( DPO) Whether your third-party ecosystem has adequate data protection controls to meet compliance requirements. At Nexdigm, we help our clients to easily navigate the ever-evolving, complex global privacy regulations with support of the six pillars of our Privacy Compliance Management Program. This involves Strategy and Governance, Organization and Accountability, Policy, Process and Data Culture, Training and Awareness, Privacy Response, and DPO Services. What Nexdigm can do for your organization? We offer the following range of services to suit your needs. Discover Readiness Online readiness assessments, detailed maturity report to introspect the current Privacy posture of the organization. Manage Our team of professionals help build privacy frameworks, polices and procedures guidelines, data inventory, Record of Processing Activities (ROPA) to prepare the organization with compliance requirements. We also help in filing with respective Personal Data Privacy authorities in various countries. Protect DPO service and third-party vendor risk management to protect the Privacy Compliance posture. ### Technology (USA) The dependency on technology brings a lot of accompanying risks that need to be dealt with on a daily basis. From vulnerabilities in algorithms used to run infrastructures to sophisticated spam emails, hackers devise new and innovative ways to break the system. Most enterprises accept that these technologies are intertwined in most operational risks, which may involve a breach in company data, coordinated denial-of-service attacks, etc. The intricacy and weaknesses of the IT frameworks are of equivalent concern. At the point when opportunities for innovation emerge, the monetary, administrative, and reputational suggestions can be extreme. On the off chance that an enterprise loses client information, they can face legal liabilities and a potential loss of clients. It goes without saying, the amount of damage to the company's reputation is also quite severe. Mitigation of technological risk requires a systematic approach that extends beyond IT-centric solutions. Understanding your organizational needs and helping you choose technology that complements your business process is what we at Nexdigm excel at. We help you determine the right choices from a range of available options impacting requirements, development time, and budget. Our experts help you understand the variety of options available and how these options can be optimally utilized. Cyber Security & Data Privacy  We make sure you discover the threats, vulnerabilities, and risks beforehand. Our cybersecurity experts perform a readiness assessment so that whenever external enemies strike, your IT frameworks are left intact and running, with no operational downtime, data loss, and concomitant legal liabilities. We go from A to Z within your information systems and then provide governance frameworks, policies and procedures, certifications, and a working cybersecurity posture. Our business technology consulting includes online or location-assisted processes. We also assess the data life cycle and whether the third-party ecosystem needs controls to meet compliance requirements. Technology Solutions  Given the myriad layers of data and the security required to monitor all of it, our business technology consulting must cover all angles. We take it upon ourselves to find, hire, and provide ethical hackers to improve your company’s IT frameworks and cloud consultants to optimize your cloud environments. We also help in the hiring and provision of chief information security officers (CISOs) to oversee and plan your data security ecosystems. Cloud Migration In a world where an organization's processes often need to be scaled and flexed across vast geographic spheres of influence, cloud migration is key. Applications, data resources, and other systems are assessed, compliance-tested, and readied by Nexdigm’s business technology consulting before they are migrated to the cloud. Your data’s security is our priority as we mitigate risks in this nascent phase to avoid system downtime.   ### Global Shared Services Shared Services Centers or Global Capability Centers (GCC) have evolved from cost generators to strategic business enablers and value generators. Nexdigm has a robust methodology that systematically assesses all processes in the context of your business and its specific. We then identify what aspects should to be handled as core business activities and what can be consolidated into a GCC to optimize resource utilization, deliver improved service levels at a lower cost, etc. Our ability to handle multilingual transactions can help you build a truly global GCC set-up. Nexdigm’s Solution Nexdigm has a robust methodology towards creating a customized solution best suited to your business needs, which includes: Business process assessment: We systematically assess the relevant processes and sub-processes in the context of your business to identify what needs to be close to the business and what can be consolidated into a shared services center. Identify engagement model: Once the design blueprint is approved, we build, transition, and manage the shared services operations. Optimization: The critical mass achieved enables us to leverage processes and technology, and optimize resource utilization, delivering improved service levels at lower cost. In fact, our ability to handle transactions in languages other than English helps us deliver a truly global shared services set-up. There are certain clear advantages when setting up a GCC, including: Team Management In centralized teams, the corporate or regional headquarters do not need to manage dispersed teams remotely, avoiding challenges and extra costs in coordination, human resource management, and ensuring uniform implementation of policies and processes. Cross-national Operations For a business with a multinational footprint, differences in time zones, languages, and cultures are serious concerns. A centralized team can reduce management challenges, and ease process optimization, accuracy, and reporting. Flexibility In a centralized model, teams can be scaled up or down based on growth rates, work is process dependent rather than person dependent, and technology can be deployed to enhance efficiency. Shared Services Model These inherent advantages motivate businesses to create a structure that leverages the benefits of both - having a lean process team close to the business, as well as a shared services set-up that handles the large volume, rule-based, process-driven aspects. You can also choose the engagement model that suits your needs. Set-up your Global Capability Centers in India with Nexdigm ### Procurement Operations At Nexdigm, we optimize procurement functions & support Category Managers to drive cost savings, enhance vendor relations, & ensure operational efficiency. Our comprehensive suite of services spans end-to-end of procurement operations, from source-to-contract (S2C) to procure-to-pay (P2P). We integrate seamlessly with your team to elevate procurement from a transactional function to a key strategic enabler. Our approach is tailored to address challenges such as dynamic costs, supply chain disruptions, & the need for faster, agile & resilient procurement processes. We offer specialized services in contract management, supplier performance, spend analytics, procurement admin & sustainability initiatives, ensuring that your procurement operations are optimized for both short-term results & long-term growth. With a focus on compliance, technology & digital initiatives, & strategic sourcing, we empower your team to unlock value while maintaining control & transparency. Nexdigm's Strategic Procurement Solutions Strategic (source-to-contract) Activities Transactional (procure-to-pay) Activities Planning & Analysis Strategic Sourcing Supplier Management Contract Management Requisition & Admin Payments Management Data Collection & Categorization Market Intelligence & Supplier Research Supplier on-boarding & segmentation Contract Drafting, Review, Negotiation, & Execution Operational Purchasing Invoices & Expense Claims Processing Analysis, Visualization, Reporting, & Scorecards RFx Setup & Bid Management Supplier Performance Monitoring Playbook & Template Creation PO Creation & Tracking Payment Processing Requirements analysis & Cost Optimization Scenario Building & Analysis Supplier Risk Management Gap & Risk Analysis; Compliance Support Compliance Monitoring Travel & Expense Management Spend Estimation & Analysis Negotiation Support Supplier Relationship Governance Contract Analytics; Process Optimization Supplier Onboarding Reconciliations & Reporting Business plan creation Supplier Selection Price Mismatch & Discrepancy Resolution Contract Administration & Obligation Tracking Supplier Master Data Management Supplier Query Management Our Technology Expertise ### Contract Management Nexdigm Contract Management Services Contracts are the key to strong business relationships. Nexdigm helps teams from the procurement, legal, finance, and MA departments strike the right balance between expediency and business risks. Our experienced attorneys are capable of aligning multiple stakeholders while providing an integrated view of commercial as well as legal aspects. Nexdigm can help you reduce your contracting costs and elevate the experience of all stakeholders involved by standardizing processes, choosing the right technology, and leveraging our wealth of specialized knowledge. At Nexdigm, we treat the contract management process from end to end. In fact, we recognize that every contract has a lifecycle and needs to be managed at every stage of that cycle. Our contract management services can radically change the way you manage contracts, thereby effectively managing risk without, in any way, sacrificing business needs and urgency. We help you develop standardized templates for different contract types and playbooks that provide guidance for all foreseeable negotiation situations. These enable quick turnaround of contracts and, at the same time, ensure that contract risks remain within defined boundaries. When you choose Nexdigm as your delivery partner to provide a fully managed service, we not only set up contract management solutions; we also write your large-volume, template-driven contracts, negotiate them within the boundaries authorized by you, get them executed, and archive them for future retrieval and renewal. This frees your in-house legal team for more complex work and strategic initiatives. The bottom line is that your senior leadership is assured of a structured framework for initiating, signing, and maintaining commercial contracts without losing the flexibility of doing business. You also receive a systematic implementation of contract risk management that enables business growth at the cost of no legal violation. ### Commercial Operations Distributors are a critical component within any company’s sales ecosystem. They not only help the company achieve its targets, but also are critical while understanding consumer mindset. Dealers typically liaise with multiple functions within a company (sales, finance, legal, etc.) resulting in numerous contact points. This often leads to confusion, dissatisfaction, and escalations. These situations often have a direct impact on sales, order fulfillment, etc. Companies, on the other hand, view these interactions as non-critical processes. Managing distributor relationships invariably results in the sales team spending more time on resolving issues rather than their core focus related to strategy formulation and execution. In addition, companies must also ensure that all transactions with distributors are aligned to company policies. Compliance is a key aspect that companies need to keep in mind while driving sales or marketing efforts. In short, companies must actively manage distributor relationships to meet their growth, control, or compliance objectives. This is where we step in. Our technology-based solutions and process-driven approach helps clients streamline activities and focus on the most crucial aspects. We help achieve the fine balance between compliance and commercial activities. Our Services Contract AdministrationEnsure all contracts with distributors are valid, enforceable, and compliant while managing commercial risks. Master Data ManagementEnsure due diligence is carried out in terms of creation, edits, and management of customer data in the ERP. Sales Order ReleaseDeep dive into orders on hold, scrutinizing all factors involved and ensuring necessary approvals/documentation are received to release the orders. Cash ApplicationTimely application of open invoices to ensure accurate outstanding statements. Claims Processing Timely processing of claims raised by distributors for sales promotion activities. Secondary Sales Data Management & Reporting We use technology and analytical tools to ascertain the accuracy and visibility of secondary sales data which improves decision-making. Distributor-related ComplianceEnsuring compliance with organizational policies in terms of IT security, inventory management, and quality control. The Nexdigm Advantage With a dedicated team of techno-commercial specialists, Nexdigm has the manpower, technology, and experience to handle numerous third-party transactions, including commercial processes, compliances, and audits. Our experts have managed commercial operations for mid-sized enterprises, large-scale multinational companies (MNCs), and Fortune 500 companies across industries and sectors. Improved Distributor SatisfactionFaster processing of claims and unified helpdesk to manage all administrative responsibilities thereby improving distributor satisfaction. Improved Credit Control & Audit RatingsRule- and approval-based order release, strict adherence to compliance measures, and audit support in all activities enabling reduction in audit queries and improved credit control. Business ContinuityProactive management of agreements ensuring that renewals are taken up well in advance hence preventing business interruption. Risk ManagementIndependent and robust verification of documents and timely action giving more control over elements such as revenue leakages and frauds. Improved Efficiency of Sales ForceSales force is freed from administrative responsibilities such as collections, queries etc. They have more time to focus on their core business; primary sales and marketing execution. Focused Finance ManagementFinance executives are freed from voluminous and recurrent tasks of transaction processing so that they can focus more on core F&A operations. ### Finance and Accounting Increasingly, when every function in the business is expected to deliver tangible outcomes and support business, in-house finance and accounting (F&A) teams that are caught up with transaction management struggle to meet these expectations. They often spend significant amounts of time: Coordinating with procurement teams on vendor issues Responding to sales teams on invoice and collection issues assuring the meeting of numerous deadlines for tax compliances, filings with corporate regulators, month-end and year-end close schedules, internal and external audits, management reporting, and so much more. Furthermore, finding the right people and retaining them is a challenge in itself. This is compounded by the relentless pressure to manage headcount while coping with increasing transaction volumes, complexity, and compliance requirements. We provide you with a full range of finance and accounting processes. With us as your delivery partner, you have an extended team that has the expertise, agility, flexibility, and service orientation to meet your dynamic needs. Free from day to day worries of transactions management, resourcing, and people management, you can turn your energy, time and attention to add value to the business, keeping tight control over finances, and ensuring compliance with regulatory obligations. When we partner with you, we take responsibility for your process and provide a fully managed service. What is non-core for your business is our core business. Our passion for continual improvement ensures that your processes remain efficient and effective. We use technology intelligently so that processes are scalable, and headcount does not increase linearly with transaction volumes. Processes and delivery teams remain lean. Our project governance framework ensures that you have complete visibility of the things that matter, i.e., the key project metrics and outcomes, thus giving you all the control you need, without having to micro-manage. ### Business Process Services (USA) Business Process That Evolve With You Nexdigm’s Business Process Services (BPS) help organizations boost operational efficacy through intelligent, tech-enabled and agile processes. Whether you're looking to reduce costs, streamline functions or scale sustainably, our solutions are designed to support your business goals at every stage. The Nexdigm Edge Experience2+ decades, 100+ clients across industries, multi-geography projects ExpertiseMulti-skilled team, customizable industry-specific offerings TechnologyTech-enabled services and In-built Process Automation & Data Analytics Tailored to Your Objective For Large Enterprises Unlock volume efficiencies and tech-powered optimization Reduce cost per transaction Realize untapped growth with automation Refine strategies to accelerate growth For Small & Medium Businesses (SMBs) Professionally run operations with consulting support Reduce staffing and compliance challenges Reap maximum output with minimal costs Recalibrate teams for rapid progression Our Process Business processes should enable progress — not hinder it. At Nexdigm, we re-engineer operations to eliminate bottlenecks, accelerate growth, and drive meaningful transformation. With a proven track record across diverse industries, we help organizations reimagine their back-office functions and unlock their full potential. Our Recognitions ### Business Services (USA) At Nexdigm, we understand that all worthwhile opportunities come with considerable complexities. Our experts help you perfect the basic business processes so that focus on your core business remains undeterred and your organization scales up on all quality parameters. ### Services ### Direct Tax Every business has a tax, and every tax has compliance. Appropriate compliance management goes a long way in ensuring that the tax obligations of a business are addressed, and the tax costs are predictable. Compliance reporting often becomes the primary source of reporting information to the Revenue Authorities, on which further tax inquiries are based, which makes it one of the most critical functions in the tax environment. The global business environment is becoming increasingly dynamic, and the tax and regulatory environment are under stress to keep pace. Additional compliance measures are being introduced in India from time to time to bring newer transactions and information under the tax net – with the objective that better tax administration requires more and better information. Our Services Preparation/review of Corporate Tax Returns Revenue Audits and Litigation Effective Tax Rate Management Tax Health-checks With holding tax compliance and advisory Certification Services Expat Tax Services Tax trainings for a corporate's in-house tax team Our Business Tax team is geared to help you in effectively handling your business tax compliance and advisory needs. With our rich experience involved in the history and progress of the Indian tax law and administration, we help you build stable and sustainable tax strategies combing the technical, practical, and commercial aspects. ### Due Diligence We support investors, corporates, and private equity firms in the UAE by providing independent and insightful Financial Due Diligence services. Our approach goes beyond reviewing historical numbers—we help identify key value drivers, validate the sustainability of earnings, assess working capital requirements, and uncover potential risks that may impact the transaction. Our team provides a clear view on revenue quality, cost structures, debt obligations, and cash flows, while also highlighting red flags and opportunities for operational improvement. Whether you are acquiring a family-owned business, entering a joint venture, or investing in a growth-stage company, our Financial Due Diligence ensures that you have a comprehensive understanding of the target’s financial health before you commit capital. Our Services Financial and Tax Due Diligence Vendor Diligence Vendor and Data room Assistance IT Compliance, Risk Advisory Commercial Due Diligence ### Transaction Support The holistic approach of Nexdigm to Transaction Advisory comes from a thorough understanding of ground realities. We understand that it is not merely individual activities, such as target identification or due diligence that determine the success of a transaction, but it is how such activities are collectively managed as a project. Our team is involved at every stage of the process followed by post-transaction hand-holding until our client is ready for the final handover. We work as project managers with our goal being the success of your business and its continued growth. We don’t just work as your advisers or consultants but more as your "Implementation Partners. We provide end-to-end Transaction Advisory Services to global and regional investors, corporates, and private equity firms seeking to acquire or invest in businesses across the UAE and the wider Middle East. Our role is to help clients navigate the entire deal lifecycle—from identifying the right opportunities to executing transactions successfully. We combine local market expertise with global best practices, ensuring that every decision is backed by robust analysis, due diligence, and strategic guidance. Our Transaction Advisory offers include: Financial Due DiligenceIndependent review of financial performance, risks, and opportunities Valuations & Fairness OpinionsTransparent, defensible valuations for transactions M&A Advisory SupportBuy-side and sell-side support, deal structuring, and negotiation assistance Integration & Post-Deal SupportEnsuring seamless transition and value realization after acquisition Restructuring & Carve-outsStrategic support for reorganizations and divestments Whether you are a global investor entering the Middle East or a local group expanding regionally, our Transaction Advisory team ensures you protect value, mitigate risks, and maximize returns on every deal. ### Business Advisory (UAE) At Nexdigm, we go beyond conventional consulting. As your trusted business advisory partner, we combine deep domain knowledge with cross-functional expertise to deliver solutions that are practical, scalable, and forward-looking. In today’s dynamic environment, organizations need more than just advice — they need clarity, agility, and execution support. That’s where we come in Why Nexdigm? Global Perspective, Local Expertise With a presence across multiple geographies and deep domain knowledge, we bring a well-rounded perspective tailored to your business context. Cross-Functional Expertise Our advisory services draw on specialists from finance, operations, technology, and compliance—delivering integrated and impactful solutions. Client-Centric, Value-Driven We don’t just advise—we partner with you. Our goal is to create tangible value and measurable outcomes that support your strategic priorities Transaction Lifecycle ### Internal Audit & Process Reviews Internal Audit Nexdigm's Internal Audit team comprising of multidisciplinary professionals assists organizations with globally accepted internal audit methodologies and standards. We specialize in rendering independent advice aided by data analytics, focusing on aligning the internal audit mission with enterprise objectives. We are the third line of defense that can be entrusted to showcase a precise reflection of whether crucial risks are being efficiently managed by the first and second lines of defense. Sarbanes-Oxley and Internal Financial Controls (SOX/IFC) We assist an organization’s management in implementing industry best practices to develop concrete inbuilt controls. Our approaches follow a comprehensive yet cost-effective trajectory to ensure that an entity’s internal controls related to financial reporting comply with all aspects of regulatory requirements under the Sarbanes-Oxley Act, Companies Act (Internal Financial Controls or Internal Controls over Financial Reporting). Enterprise Risk Management (ERM) A robust ERM program is vital for the sustainable long-term growth of an organization. Our ERM strategy comprises of - Integration of risk management with strategy and performance Effective management of uncertainty (downside risk) and associated opportunities (upside risk) Creation of a ‘risk‐aware’ culture across the organization Bridging departmental silos and developing Centers of Excellence (CoE) Drawing on the expertise of highly-skilled professionals Our other On-Demand Services include (but are not limited to): Governance ReviewWe help organizations enhance the value and efficiency of corporate governance and compliance processes, including effective reporting to internal and external stakeholders. This is done by conducting corporate governance audits and designing a governance framework that focuses on key aspects such as evaluation of entity-level controls, strengthening board oversight of management, positioning risk management as a critical responsibility of the board, encouraging sound remuneration practices to balance risk, etc. Regulatory Compliance Review Our statutory compliance services include a broad review of statutory and regulatory compliances as per agreed-upon procedures to test the internal control design of an organization. The idea is to ensure compliance with various statutes to reveal the strengths and weaknesses in the internal control system in terms of compliance. This is followed by a clear plan on how to move forward. Anti-Money Laundering (AML) Review Our AML compliance review services aim at assisting businesses in achieving a higher level of regulatory compliance while adopting the best customer acceptance policy and driving its implementation. We aim to define the most relevant guidelines to prevent the organization from intentional and unintentional threats with requisite anti-money laundering policies and practices. Companies Auditor Report Order (CARO) Compliance SupportWith our rich experience of more than 60 years in assurance services, we assist an organization’s management in evaluating the reasonability of CARO compliance and provide specific recommendations for leveling up regulatory compliance. Quality Assurance We help businesses assess the positioning and operational effectiveness of the Internal Audit function through quality assurance and improvement programs. The aim is to provide a transparent evaluation of the Internal Audit (IA) department while benchmarking best practices and enabling the use of modern audit techniques. Based on the assessment results, we also support in designing training programs to handhold and train the IA team of the organization to scale up to industry standards. Process Reviews Our integrated and advanced business process reviews provide end-to-end solutions that consistently deliver value to our clients in today's competitive and globalized environment. Our approach involves analysis and design of the workflow as well as related procedures within an organization to re-engineer processes through People, Process, and Technology (PPT) solutions. Standard Operating Procedures (SOP) SOPs are essential for maintaining compliance with processes for consistency in an organization's operations. We assist organizations in drafting SOPs and capturing step-by-step instructions at each stage. The purpose is to communicate the objectives of a process/function, improve employee productivity, and speed up employee decision-making. Alongside training and implementation support, we also help organizations link SOPs with KPAs (Key Performance Areas) and KRAs (Key Result Areas) to improve overall performance. Enterprise Resource Planning (ERP) Implementation Support Our unique ERP solutions enable organizations to streamline operational processes and information flow in the enterprise, with strategic evaluation for a smooth and hassle-free implementation of relevant ERP systems. Third-Party Risk Assessment Increasing dependence on third-party relationships has heightened the risk profile of businesses and exposed organizations to a host of severe risk and compliance issues. We work with clients to manage their outsourcing risk by extending support in defining minimum standards for outsourcing. We leverage technology in conducting risk assessment reviews of third-parties to evaluate financial, legal, regulatory, operational, and reputational risks. Customized GRC Advisory Projects Our specialist teams have the expertise to find innovative solutions to unique problems of a business and provide specific aid that an organization’s management might require. These span across various functions, including Board Advisory, Functional Consultancy, Risk Intelligence Mapping, Techno-financial Reviews, Benchmarking Surveys, etc. ### Assurance & Risk Advisory (UAE) Whether an organization wants to climb the ladder steadily or mark its place on the top, it requires good governance, secure risk mitigation strategies, and a sturdy compliance framework to create value for its stakeholders. Passion-driven business leaders often provide a realistic analysis of their vision and long-term operational policies to avoid undue traps that might jeopardize the organization as a whole. A strong foundation of fundamental Assurance and Risk Advisory (ARA) can give your company firm roots to ensure steady growth, irrespective of scale and diversity. At Nexdigm, our ARA services are centered around client vision and objectives, as opposed to utopian standards, making our risk management services relevant and practically useful. We understand the need for constant innovation and data-driven futuristic strategies. This consequently gives leadership robust tools for efficiently monitoring operations as well as timely warnings in cases of mandated and voluntary non-compliance. We work as an extension of your company and adopt a partner-led approach for both advisory and implementation functions. Delivery Models Our advisory role in an organization takes the lead from a business need of self-access and innovation. This fundamental urge to continually improve forms the base of our internal audit solutions that can be leveraged in different ways. Complete Outsourcing – Strategic Internal Audit (IA) solutions implemented with resources from Nexdigm Co-sourcing – Resources from your organization efficiently team up with Nexdigm resources for successful strategic and operational implementation of proposed IA solutions CAE Services – Nexdigm can act as the organization’s Chief Audit Executive (CAE) to focus, integrate, and communicate organizational Governance, Risk and Compliance (GRC) policies while optimizing the internal audit function. Other bespoke models to address the specific requirements of an organization * The term “resources” in the above context includes people, processes, methodologies, technologies, and tools required to carry out internal audit activities. ### FATCA and Common Reporting Standard (UAE) The United States of America (USA) enacted the Foreign Account Tax Compliance Act (FATCA) in 2010 for the reporting of assets held by US taxpayers in offshore accounts and through non-US entities. In line with this, the US entered into bilateral agreements with governments of several countries for the exchange of information. Following FATCA, Common Reporting Standard (CRS) was enacted by various countries including the United Arab Emirates (UAE). Pursuant to the implementation of CRS, financial institutions are required to comply with reporting requirements on an annual basis. Nexdigm provides an extensive range of services with respect to FATCA/CRS compliances which includes analyzing and evaluating whether an entity is a financial institution and handling the due compliances under the FATCA and CRS regulations. Our Services Entity classification Classification of the entity under the regulation and evaluating whether it is subject to any compliance requirement under FATCA/CRS. On-boarding the account holders Drafting self-certification for the account holders to correctly provide their information for the purposes of reporting. Registration Provide support with respect to registration on IRS and local portals. Principal Point of Contact [PPOC] Provide assistance to financial institutions by acting as a PPOC for the purpose of coordinating with FATCA/CRS authorities. Due Diligence procedures Setting up Due Diligence procedures for effective implementation of the regulations. Reporting assistance Providing support in undertaking the reporting compliance with the regulatory authorities. Our Credentials Conducted analyses to determine the classification of the entity and identified relevant implications arising from them. We suggested a way forward based on applicable FATCA/CRS regulations for several UAE entities (including entities in the DIFC and ADGM region) Assistance in filing the FATCA/CRS returns for entities of Cayman Islands Complete Due Diligence and assistance in undertaking reporting under FATCA/CRS regulations for Indian entities ### Value Added Tax (UAE) While many economies across the globe are experiencing volatility, UAE has taken several initiatives to streamline their business ecosystem. UAE introduced Value Added Taxes (VAT) in 2018, a new tax system for businesses and individuals, which would help the government earn a steady stream of revenue. As the reform was a relatively new concept for the region, businesses were uncertain about the future compliance landscape. The country also developed Free Zones of which some are Designated Zones and Financial Free Zones with independent jurisdictions making legal and regulatory processes more complex. At Nexdigm, we have a thorough understanding of different tax regimes and their applicability as we help clients across the world with their tax and compliance requirements. The businesses in UAE need to mandatorily register once they cross the revenue threshold (i.e. supplies made or import of goods or services) of AED 375000. For the UAE market, we support businesses through: Advisory On-call advisory on critical issues Tax Structuring VAT Health Check Tax Due Diligence Advice on GCC VAT VAT Registration VAT De-registration Impact Assessment Assess readiness and impact of: Tax Finance & Accounting Technology Processes People Supply Chain Compliance Management On-going Tax Compliances Consulting and Query Resolution Conduct Governance Meetings Support Services Setting-up Process and Preparing SOPs VAT Amendment Support Contract review Voluntary Disclosure Filing Support VAT Refund Support including Business Visitor and any other special case scenario Support for FTA Audit and also conducting Mock Demo before actual FTA audit ### Transfer Pricing & International Tax (UAE) Transfer Pricing The UAE also proposes to introduce formal Transfer Pricing (TP) rules and TP Documentation requirements in line with the TP Guidelines issued by the Organisation for Economic Cooperation and Development (OECD TP Guidelines). TP Documentation The consultation paper suggests that TP Rules and TP Documentation requirements would be in line with the OECD TP Guidelines. Incidentally, OECD TP guidelines recommend three-tier TP Documentation to be maintained by taxpayers: Country-by-Country Reporting (CbCR) The UAE has already introduced CbCR requirements in the past, applicable from FY 2019. UAE tax resident entities that are members of multinational groups with annual consolidated revenues of AED 3.15 billion (approximately USD 860 million) or more in the preceding year are required to comply with the CbCR filing requirements. Group Master File It is a document that can be best described as a blueprint of the global business operations and TP policies of the MNE group. It includes details of intangible assets owned by the group, key financial arrangements of the group, key intra-group service arrangements, etc. Local File Local File or TP Study Report typically has transaction-level details of a specific entity within the jurisdiction. The local file encompasses a complete analysis of the arm’s length nature of covered related party transactions. The final law with respect to the UAE CT regime is likely to provide further details on the extent to which TP would apply to different kinds of licensees. For example, licensees in the free zone have been provided exemption from the UAE CT regime (subject to certain conditions), however, whether such entities would also be exempted from the TP regime would be known only when the final regulations are released by the Ministry of Finance (MoF). How Nexdigm can help? Nexdigm’s Global TP practice has been consistently ranked as one of the leading TP firms by various institutions. The team has a perfect blend of highly experienced team of professionals and access to the most prominent databases, which are critical for performing TP analysis. Nexdigm is well positioned to support mid-size and large corporates with its presence in the UAE through its three offices and also has a support team in India. Transfer Pricing Advisory TP Impact Assessment Formulating TP compliant operating structures Implementation of Global TP Policy Compliance and Litigation Services TP documentation TP Litigation Support and representation International Tax In 2018, UAE became the 116th country to join the Inclusive Framework on BEPS (Base Erosion and Profit Shifting). This has led to various tax reforms within UAE to align the tax policies with BEPS and to shed its image as a tax haven. Now as the authorities plan to introduce Corporate Income Tax in the UAE, companies need to adopt suitable tax positions and maintain correct documentation. Additionally, UAE is also a part of the following international reporting standards: FATCA (Foreign Account Tax Compliance Act) introduced by USA CRS (Common Reporting Standard) introduced by OECD (Organisation for Economic Co-operation and Development) Therefore, it becomes essential that multinational entities which undertake cross-border activities in the UAE to determine the tax outflow and compliance requirements of UAE as well as foreign jurisdictions. Nexdigm provides a range of international tax services wherein we cater to all your tax matters and depending on your business needs, even provide an in-house tax team. Our services include independent business advisory, business structuring, as well as assistance in tax and regulatory compliances. We ensure you stay compliant with all regulatory and tax matters in the UAE with greater accountability that comes from our decades of experience. Our International Tax Services in UAE include: Corporate Advisory and Consultancy We consult businesses from a global tax and regulatory perspective, specifically keeping in mind the BEPS standards. With our unwavering focus on the client’s business objective, we don’t just come up with solutions, we help implement them. Investment Structuring We help in setting up tax-efficient structures and analyzing alternative investment jurisdictions. We assist international clients at various stages of investment achieve their macro objectives. Impact of Digital Taxation in various jurisdiction OECD is in the advance stages of implementing Pillar I and Pillar II inclusive framework for challenges arising out of digital transaction across the globe. The impact of the same could be significant to companies having business in various jurisdiction without any presence. We assist in evaluating the impact of the same to optimize structures. Permanent Establishment (PE) Exposures We identify the potential PE exposures to avoid unnecessary tax outflow within any jurisdiction. Our portfolio includes working closely with clients to build business models that are PE proof. We provide holistic compliance services, which include maintaining books of accounts and undertaking required compliances. ### Tax & Regulatory Businesses are crossing international borders, and these borders are becoming increasingly blurred as the complexity of any MNC’s tax affairs grows exponentially. Managing uncertainties and complexities can no longer be treated as afterthoughts. As a trusted tax advisor to leading MNCs for more than five decades, our Tax and Regulatory Services practice is one of the most highly regarded tax groups in India. Multi-disciplinary Tax Team of Nexdigm comprises of dedicated tax professionals with in-depth technical knowledge and practical experience. Our team works with various types of clients, ranging from Fortune 500 corporations to closely-held businesses and high net-worth individuals. We specialize in providing sound and practical advice in corporate tax, international tax, indirect tax, transfer pricing, regulatory matters, and expatriate tax. We also assist clients in structuring a wide range of transactions, from private equity deals to corporate acquisitions and disposals. ### Outsourced Finance Officer Service Dubai International Financial Centre (DIFC) and Abu Dhabi Global Markets (ADGM) are governed by financial and regulatory frameworks. As part of these rules, regulated entities in the DIFC and ADGM region have to adhere to perioidic regulatory reporting. Additionally, the regulated entities also require regular monitoring of capital adequacy and liquidity positioning, which are assigned to an authorized Finance Officer who has in-depth understanding and experience of such regulatory requirements. This Finance Officer can either be an in-house or outsourced resource. Why choose an Outsourced Finance Officer Small and medium-sized organizations established in the DIFC and ADGM region would typically like to focus more on their core operations of business and therefore, they prefer appointing an Outsourced Finance Officer. Companies have limited expertise in regulatory compliance matters and not enough time to manage this function internally. The budget is also a significant factor in hiring a full-time in-house Finance Officer and may not be a viable option for most entities. On the other hand, appointing an Outsourced Finance Officer turns out to be cost-effective as you only spend for the time and expertise you require. The role of a Finance Officer entails maximizing efficiencies in working and reporting systems within the legislative framework, reviewing accounting systems and procedures, and providing recommendations to the client and internal teams on finance and accounting processes. The Finance Officer needs to be focused on keeping abreast of the latest developments in the DIFC and ADGM region, prepare business plans and forecasts along with timely regulatory filings. Our Services Team of qualified and experienced Finance Officers, providing services to entities registered as Category 3 and 4, who will assist you in: Monitoring and adhering to capital adequacy and liquidity positioning/norms mentioned by regulators Preparing and submitting quarterly and annual EPRS filings Reviewing and submitting periodical management reports Assisting management to prepare projections Liaising with regulators and auditors Assisting in DIFC Employee Workplace Savings (DEWS) compliance One-stop solution for other requirements such as: Value Added Tax (VAT) compliances – VAT registration and return filings Economic Substance Regulations (ESR) compliances – Notification and report filings Data Protection Officer (DPO) support DEWS monthly compliances Internal audits Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) International tax advisory ### Registrations, Renewals and Visa Processing Incorporation and Registrations Due to a favorable business environment and backing from the local government, many investors are opting to start new businesses in UAE. Any entrepreneur looking to start a business in this region should have a valid license from the respective Regulatory Authority. Generally, a business license in UAE can be subdivided into three categories: Commercial licenses (for all trading activities) Professional licenses (for professionals, craftsmen, tax advisors, and business consultants) Industrial licenses (for carrying out manufacturing activities) There are broadly three jurisdictions in UAE amongst which foreign entrepreneurs can choose to set up a proposed entity (the mainland, free zones, or offshore). Every jurisdiction has their unique specifications and benefits. To help you set up, we at Nexdigm can: Assist in selecting an appropriate jurisdiction for the proposed business setup Coordinate with the selected Regulatory Authority for the proposed business setup Record information on detailed administrative steps and guidance in establishing the entity (we will work closely with the respective authorities for this process) Manage company name registration and pre-approvals Draft business setup related documents (Memorandum of Association, Power of Attorney, Board Resolution, business introductory forms, applications, etc.) Obtain pre-approvals from the respective authorities for all business documents Legalize business setup documentation (as per required by the relevant Ministry) in the UAE Obtain legal translation if required Support you in obtaining relevant documentation regarding an office lease agreement Make all applicable payments to the lease department, licensing and registration department, and labor department Submit all relevant documentation and follow-up with the authorities Obtain a company license Register the newly-established company with the labor department Register the company with online portals for visa, licensing, and other administrative purposes Open a UAE bank account for the newly incorporated entity Renewals Once a business license is obtained, the legal entity license is valid for one year from the date of issuance. Every business needs to renew its license in UAE every year, as per the rules of the governing authority, to remain legitimate. To help you continue operations, we at Nexdigm can: Assist in collation of the prescribed license renewal documents Submit the required documentation and fees to the Regulatory Authority Conduct correspondence and meetings with the respective authority, if required Assist in getting external approval, if required Employment Visa, Family Sponsorship, or Residence Visa We can also assist your employees migrating to the region in a variety of ways including visa application and processing for employees and their dependents. Nexdigm provides a host of Visa services which include: Visa application process Visa stamping Visa renewal Visa cancellation VIP services for medical fitness test Liaising with Regulatory Authorities for issuance of an Emirates ID. Secretarial Compliances We assist businesses with corporate secretary duties and responsibilities such as preparing proper documentation regarding the minutes of a board meeting, compliance with all legal requirements of appropriate government authorities, and maintenance of corporate records and books. Nexdigm shall take care of your compliance and regulatory matters so that you may focus on making a name and capturing market share. Nexdigm offers a full range of high quality, cost-effective company secretarial services tailored to the requirements of your business. Our team will support you in complying with the complex and changing obligations in the UAE, enabling your business to focus on its core activities and company goals. To help you manage your compliances, we at Nexdigm can provide: Annual Compliance Services Preparing and maintaining corporate documentation such as notice of meeting, minutes of the annual shareholders meeting, and the approval of accounts Arranging the Annual General Meeting (AGM), issuing notices, and providing the location of the meeting. Additionally, if required, we can attend shareholder meetings as a reporting secretary and record all proceedings Preparing and maintaining statutory registers to comply with the applicable regulations Filing of the company’s annual accounts with the applicable authority (as required under the applicable commercial companies’ laws and regulations) Document Monitoring Issuing a reminder notice at least one calendar month before the filing deadline for preparing and filing audited financial statements, in line with the constitutional documents of the entity Providing quarterly updates in compliance with company secretarial obligations Advice and Assistance Providing guidance and recommending a suitable office space based on your company’s commercial license Recommending the company to an auditor (if necessary) and liaising with the auditor to provide the required information maintained by Nexdigm Providing general advice regarding corporate secretarial practices and liaising with the group and third parties as necessary Providing an annual health check of the legal entity, if required Supporting event-based and ad-hoc compliances ### CFO Services The evolving nature of business requires a dedicated team of finance experts who can support routine finance and compliance activities. Such support ensures seamless delivery while adhering to compliance requirements and efficiently managing the finance process. We partner with you and take complete ownership of the Finance and Accounting (F&A) functions, including ERP implementation, legacy accounting, and audit support. Our 50+ years of experience in F&A have enabled us to build a robust ecosystem with industry-leading practices. Our partner-led approach and in-depth domain knowledge helps clients minimize risks associated with the F&A function. CFO Services – Mitigating Risks and Improving Performance ### Secretarial and Tax Compliance With the dynamic legislation and the fast-evolving regulatory landscape, all businesses that operate in India need to carry out compliances under various tax and regulatory laws. While the regulatory laws are primarily focused on ensuring transparency and efficiency, compliances under tax laws are required to support the government in their revenue collection process. Understanding the tax and regulatory structure of India is extremely important, and Nexdigm uses a partnering approach to assist clients with corporate governance and regulatory and statutory compliances. With a customer-centric approach and an integrated team structure, Nexdigm ensures that you remain compliant the local laws, while you focus on achieving your business goals. Our Services Board and committee meeting management Assistance in conducting of shareholders meeting (including annual meeting) Maintenance of corporate records Corporate governance advisory Advisory and compliance with event-based reporting, like a change of director, change of registered office, allotment of shares, etc. Compliance advisory and support Foreign exchange regulation support Dividend and share transfer management ### Payroll & HR Support Services When businesses have a global presence and workforce, payroll taxes and social security can have a major impact on costs, over and above visas, work permits, relocation, living allowances, and pay parity as per the location. Payroll management can be challenging, more so when it involves multiple countries. Our Single Country Payroll (SCP) and Multi-Country Payroll (MCP) solutions help organizations achieve their global growth objectives by managing their payroll efficiently and by staying compliant across geographies. Nexdigm provides end-to-end, transparent, and single-point-contact solutions to multinationals and other businesses. We help clients maximize focus on their core business by outsourcing their high-volume payroll and human resource processes. Our team of payroll specialists serves clients across countries from our centralized delivery center, which is certified for Data Security and Quality management. We act as your partners, providing end-to-end, transparent, and single-point-contact solutions for your complex payroll and HR processes. Payroll Processing Processing monthly payroll and computing employee benefits Payroll reimbursements, such as Leave Travel Allowance, motor car expenses, etc. Payroll registers and reports Full and final settlements Electronic salary and tax slips through ESS Employee helpdesk Income and Social Taxes Advising and implementing tax-efficient salary structures Registrations and declarations required as an employer for withholding tax purposes Advisory on the taxability of cash and non-cash remuneration/perquisites Calculation of social security contributions Wage/payroll tax for employers Preparation and filing of periodic returns Employee Benefits Management Compensation, benefits planning and structuring Benefits administration Central Provident Fund / Provident Fund / Superfund contributions and deposits with different funds Reporting to funds ESOP related services including ESOP benefit computation and reporting Tax advisory and implications in case of globally mobile employees Taxability of one-off payments – redundancy, severance pay, long service leave, etc. Income tax returns for employees across multiple tax jurisdictions Reporting and Analytics Effective and meaningful analysis of data to help the management in decision-making Performance comparisons between country operations (accuracy, timeliness, cost, quality, etc.) Global Mobility Tax Advisory Salary and tax planning to inbound/outbound expatriates for home as well as host countries Advisory and assistance in claiming double tax avoidance/social security totalization benefits to globally mobile employees Support in the tax return and other compliances in home and host countries HR Policy Support Assistance in framing and implementing HR policies Assistance in preparation of employee handbooks, employee engagement letters, etc. Help and support in designing and implementing HRMS, Time and Attendance, Performance management, and other HR systems Identification of and selection of software systems providers Employee Expense Claims Reimbursements End-to-end solutions centered around employee expense claims management Building digitized work-flows and document management systems to enable paperless and seamless expense claims systems ### Finance & Accounting The Finance and Accounting function is critical for any business, big or small, start-up, or well-established. It forms an integral part of the business operations and is vital for organizations in terms of compliance, performance evaluation, decision-making, and strategy development. Businesses are always under pressure to establish, maintain, and grow operations while simultaneously reducing costs. Our focus is to ease the burden of multinationals in India, by supporting their business objectives, while also mitigating compliance risks. Under the umbrella of Outsourced Accounting and Finance Controlling, we offer the following services: Accounting system set up, including internal controls Systematic maintenance of a complete set of accounting records Compliance and risk management ERP set up and migration Periodic management reporting Year-end statutory compliance support including liaison for audit and tax filings Treasury management The Nexdigm Advantage An umbrella service with a single point of contact for your convenience Ability to work on your preferred ERP platform Holistic service through a combination of front-ending finance controllers backed by a team of experts in each domain Keeping you up-to-date on your entity’s compliances and Indian regulatory environment through quarterly Compliance Dossiers Feedback mechanism to address any issues that may arise during service delivery ### Corporate Services (UAE) While entering a new market, businesses need to establish sound processes and replicate their international business practices, while also adhering to local regulations and compliances. For this, you need expert and practical advice from professional partners who have not only local expertise but also a global outlook. At Nexdigm, our focus is to ease the journey of multinationals entering new geographies by supporting their business objectives, while also mitigating compliance risks. Equipped with a team of professionals, robust processes, and rich experience of partnering with multinational companies, we are well-suited to be your trusted partner in expansion. ### Professional Services With constantly evolving tax and assurance practices, Nexdigm has continually remained a market leader in the professional service lines. With a global purview of regulatory and business insights, the firm is well placed to offer innovative solutions to businesses worldwide. ### Technology Solutions We live in a world surrounded by Technology Solutions that make a difference in optimizing the way we operate and do business. The solutions come with their threats, risks, and exposures that need to be remediated on an ongoing basis. Our Technology Solutions practice helps support organizations just like yours to manage and optimize processes yet minimize risks from cyberattacks and vulnerabilities that are inherent to the applications/solutions that you use. We offer a partner-led approach to the following services: Hacking as a Service Cyber Resiliency (Virtual CISO Office) Virtual DPO Services Third Party Risk Management Services Cloud Advisory Services At Nexdigm, we believe in delivering our services embedded with solutions that help you maximize the realizable benefits with minimal investment of both time and resources. An end-to-end service paradigm to help businesses Traverse Uncertainty with Confidence. ### Cyber Security & Data Privacy Cyber Security Organizations today have to face challenges with respect to Technology in all aspects of business areas, not to mention the overarching requirement for adherence to compliance requirements. All this while ensuring growth and stability. Technology is a vast ocean that needs the support and guidance of a partner who is skilled to manoeuvre the storm in sight as well as anticipate the upcoming change in tide. In order to be able to capitalize on business opportunities and build a stronger customer relationship, it is most imperative to be assured of a strong and resilient Cyber Security posture. As businesses face planned and unplanned growth with dependencies on interconnected systems a more focused and strategic approach to cyber security is most critical. Today addressing Cyber Security concerns is not just limited to a department or a function instead it requires involvement from the highest authorities within the organization. It needs to be in tune with the goals and vision of the organization. A Cyber Security strategy program can be effective only if implemented across with involvement from all stakeholders – assisting to build confidence to face every challenge and turn it into an opportunity. Nexdigm team of experts can help you through your journey with our customized solutions and personal approach to your concerns. Qualified experts with the team understand your business need, growth plan and help you ascertain risks providing recommendations more suited to your growth needs while adhering to compliance requirements. We help simplify and connect with all sponsors to build a more proactive, strong ,and sustainable Cyber Security culture within the organization. We believe to help our partners – Traverse the uncertainty of the interconnected world with confidence. Our Services Discover We deliver a quick health-check of your cybersecurity readiness assessment through our platform. Clients are free to choose from our online or consultant-assisted assessment. Manage Our team of experts can provide advice as well as implement: Governance frameworks Regulatory compliances Policies and procedures Risk Registers Certifications Protect We help you maintain your cybersecurity posture through: Virtual CISO/DPO office Cyber resiliency services Managed services Data Privacy and Protection Your organization could be a Data Controller or a Data Processor or a sub-processor or probably wearing different hats for different sets of Personally Identifiable Information (PII). Under a growing number of Data Privacy regulations across the globe you may be challenged with Data Privacy questions like: What data is collected across organization How it is collected How it is processed Disclosure around data life cycle - ensuring retention meets obligations Whether you are required to appoint a Data Processing Officer ( DPO) Whether your third-party ecosystem has adequate data protection controls to meet compliance requirements. At Nexdigm, we help our clients to easily navigate the ever-evolving, complex global privacy regulations with support of the six pillars of our Privacy Compliance Management Program. This involves Strategy and Governance, Organization and Accountability, Policy, Process and Data Culture, Training and Awareness, Privacy Response, and DPO Services. What Nexdigm can do for your organization? We offer the following range of services to suit your needs. Discover Readiness Online readiness assessments, detailed maturity report to introspect the current Privacy posture of the organization. Manage Our team of professionals help build privacy frameworks, polices and procedures guidelines, data inventory, Record of Processing Activities (ROPA) to prepare the organization with compliance requirements. We also help in filing with respective Personal Data Privacy authorities in various countries. Protect DPO service and third-party vendor risk management to protect the Privacy Compliance posture. ### Technology (UAE) The dependency on technology brings a lot of accompanying risks that need to be dealt with on a daily basis. From vulnerabilities in algorithms used to run infrastructures to sophisticated spam emails, hackers devise new and innovative ways to break the system. Most enterprises accept that these technologies are intertwined with most operational risks, which may involve a breach of company data, coordinated denial-of-service attacks, etc. The intricacy and weaknesses of the IT frameworks are of equivalent concern. At the point when opportunities for innovation emerge, the monetary, administrative, and reputational suggestions can be extreme. On the off chance that an enterprise loses client information, it can face legal liabilities and a potential loss of clients. It goes without saying, the amount of damage to the company's reputation is also quite severe. Mitigation of technological risk requires a systematic approach that extends beyond IT-centric solutions. Understanding your organizational needs and helping you choose technology that complements your business process is what we at Nexdigm excel at. We help you determine the right choices from a range of available options impacting requirements, development time, and budget. Our experts help you understand the variety of options available and how these options can be optimally utilized. Business Analytics The absolute amount of data generated by businesses every day is unparalleled. CFOs prefer if their company’s revenues are positively influenced by business intelligence automation that utilizes this data to inform and support each and every stress point of the company’s financial structure. Cyber Security & Data Privacy We make sure you discover the threats, vulnerabilities, and risks beforehand. Our cybersecurity experts perform a readiness assessment so that whenever external enemies strike, your IT frameworks are left intact and running, with no operational downtime, data loss, and concomitant legal liabilities. We go from A to Z within your information systems and then provide governance frameworks, policies and procedures, certifications, and a working cybersecurity posture. Our business technology consulting includes online or location-assisted processes. We also assess the data life cycle and whether the third-party ecosystem needs controls to meet compliance requirements. CISO As A Service One of the biggest challenges of today’s technological advancement is information security threats. Organizations are working hard towards the protection of data. The businesses that lack a firm data protection policy result in reputational loss. Hence, they have a dedicated executive Chief Information Security Officer to monitor the information security aspects. Technology Solutions We live in a world that cannot avoid business technology solutions because they optimize operations, job functions, and other organizational aspects without overusing human capital. They are a positive agent of corporate power in the business world ### Market Research In today's fast-paced world, it is critical for businesses to stay abreast of market trends, changing consumer needs, competition, and other factors that impact the business. Meeting customer demands along with maintaining brand and product relevance are key elements to sustain and thrive in the ever-evolving global economy. Market insights provide companies with information about the dynamic landscape and customer preferences. Through systematic data collection, organization, and analysis, businesses can make better, more informed decisions. Before committing to invest in a country, organizations must be aware of the market, tax, regulatory, legal framework, and much more. It is also imperative for them to have a know-how of on-ground realities, which may vary according to the geography and the region. At Nexdigm, we have the knowledge and experience to help you assess market opportunities with a critical eye while keeping in mind your business objectives, be it entry, expansion, or subsistence . With our expansive consulting experience, a combination of qualitative and quantitative research methods, and various local and global data sources, we deliver customized, comprehensive, in-depth market research reports to ensure that your advisory and research needs are not only met, but also act as a footboard to launch your organization into the next paradigm of business. Our services offer an independent perspective to help your business identify key issues and challenges while considering local regulations, trends, and consumer preferences to ensure we deliver information that meets your requirements and adds value to your growth story. ### Business Consulting Our project management services are designed to provide end-to-end functional support and ensure its successful and timely completion. The Nexdigm advantage is that we provide holistic solutions covering the key areas of business including: Pre-investment SupportThis includes market analysis, business feasibility, competition mapping, incentive identification as well as location planning to help companies understand the crucial aspects of setting up a business. Finance & RegulatoryThis includes support in Capital Structuring, CFO services, Budgeting and Forecasting, Incentive Support, Bank Loan Syndication, Project Accounting, Tax and Secretarial compliances, and more. On-site SupportThis includes on-site team deployment for Vendor identification (Construction, MEP, PMC, Machinery Installation Company, etc.), liaising with various stakeholders, project monitoring and reporting of on-ground operations including aggregation of reporting from the PMC company. Other Services ManagementThis includes supporting in machinery procurement, IT setup & Risk Advisory, HR recruitment and policy support, and more. Business Feasibility Study We assess the current market scenario, customer trends, competition, economic viability and regulatory aspects to ascertain whether your investment will be sustainable and profitable. Business Plan Support Business plans help in structuring a company’s long-term goals and key milestones to be achieved in line with their objectives. While creating a business plan, we consider costs, tax and regulatory laws as well as strategic initiatives. Incentives Knowledge regarding incentives and how to avail them can be a key differentiator when measuring profitability. Several types of incentives are available including capital grants, exemptions, tax/cost reimbursements, utility tariff reduction, etc. These may vary on the basis of country, sector, employment generation, etc. Nexdigm also helps by directly liaising with government authorities to obtain the incentives for your company. Incorporation of an entity Nexdigm can help you plan for your incorporation by choosing an entity type that best suits the operational and administrative goals. Each entity form has a different set of regulations, tax based compliances and legal liabilities. We help you navigate these complexities to drive value for your company. Location Planning, Scouting, and Acquisition The location of a set up has several implications on the future of a business. A number of factors need to be considered including proximity to customers/suppliers, availability and cost of manpower, accessibility of electricity, water, etc. The location also forms a key consideration due to local regulatory and taxation regimes. We help assess these factors and support in the implementation by liaising with government authorities. Registrations & Approvals When it comes to business setups, approvals and regulations are crucial. Registrations would include Business Regulations and Factory Regulations. We help obtain these registrations to ensure the project is completed on time and operations can begin according to plan. Advisory and On-going support We provide regulatory, legal, tax, and HR assistance along with project accounting support. Our other ongoing services include accounting, book-keeping, direct and indirect tax compliances, company secretarial services, audit and assurance services, and regular incentive evaluation. ### Strategic Initiatives (UAE) While organizations are typically well-geared to manage the day-to-day aspects of business efficiently, new strategic planning initiatives tend to be complex projects with multiple work streams involved. Market Research In today's fast-paced world, it is critical for businesses to stay abreast of market trends, changing consumer needs, competition, and other factors that impact the business. Meeting customer demands along with maintaining brand and product relevance are key elements to sustain and thrive in the ever-evolving global economy. Market insights provide companies with information about the dynamic landscape and customer preferences. Through systematic data collection, organization, and analysis, businesses can make better, more informed decisions. Business Consulting Our project management services are designed to provide end-to-end functional support and ensure its successful and timely completion. Program Management Nexdigm’s Program Management services help organizations navigate complex transformation initiatives and drive large-scale program rollouts with precision. We provide end-to-end program delivery, ensuring alignment with your strategic goals while maintaining a focus on governance, risk assessment, data-backed decision making and continuous improvement. Global Shared Services Shared Services Centers or Global Capability Centers (GCC) have evolved from cost generators to strategic business enablers and value generators. Nexdigm has a robust methodology that systematically assesses all processes in the context of your business and its specific. We then identify what aspects should to be handled as core business activities and what can be consolidated into a GCC to optimize resource utilization, deliver improved service levels at a lower cost, etc. Our ability to handle multilingual transactions can help you build a truly global GCC set-up. Infrastructure Set-Up Nexdigm offers comprehensive support for establishing corporate infrastructure, guiding organizations from initial planning through to post-launch operations. Our approach encompasses comprehensive planning, meticulous implementation control, and rigorous governance. By integrating seamlessly with your team, Nexdigm ensures that your infrastructure projects are executed efficiently, within budget, and in compliance with all regulatory requirements. ### Business Analytics The absolute amount of data generated by businesses every day is unparalleled. CFOs prefer if their company’s revenues are positively influenced by business intelligence automation that utilizes this data to inform and support each and every stress point of the company’s financial structure. Nexdigm's Business Analytics services help businesses in all industries identify and capture value from their data and transform it into competitive advantages. We data-mine, data-analyze, and streamline all functions, including Marketing, Procurement, Finance, Operations, Risk, Human Resources, Sales, and Manufacturing. Our global team of consultants, data scientists, engineers, and analysts possess the technical and industry-specific expertise to enable these data analytics solutions. We deliver insights and value for clients through a wide range of models and tools, providing one-off, transformational, and evolving analytics solutions. Using analytics has become a strategic imperative, leading to fundamental changes in the way a business is run. Effective use of data and analytics can lead to: Enhanced profitability Revenue Growth New Business Models We help our clients in their transformational journeys by developing and delivering value-based solutions using analytics and intelligent automation technologies across business verticals. In line with our vision of providing analytics consulting services that work, we conduct a detailed assessment of our clients' businesses. We design solutions that are intricately customized to their needs, which may include: Creation of an Analytics Roadmap Data Cleaning Data Management Data Lake Analytics Center of Excellence Process Optimization using Analytics Preparation of Dynamic Dashboards with Business Insights Predictive Analytics Business Analytics is one of our newfangled data analytics services that helps generate value from a company’s data at a sustainable rhythm. We use advanced analytics and machine learning as crucial transformation methodologies to modify your existing processes. Nexdigm’s intelligent automation services enable revenue recognition, augmentation, and cost rationalization for clients all across the board. Our targeted solutions include Data Analysis & Insights, Data Engineering, Data Visualization, and Data Science. Sales and Distribution Data Management Analytics   Business Analytics ### Supply Chain The supply chain is as complex, as it is important to a company. Optimally balanced supply chain practices can be a major differentiator in the industry, tackling a number of issues that arise in day-to-day business processes. These issues can be rooted in various stages of a company’s operations, often spanning across procurement, production, and distribution or dealer distribution. Some of the crucial concerns are Forecasting Errors Inventory or Stock-outs Visibility across the organization Logistics and Delivery Missing Enablers – Organization structure, KPIs, systems and tools. Our Services Strategic Tactical Operational Plan Footprint Design Working Capital Optimization Project Management Demand Planning Supply Planning Source Category Management Spend Analytics Purchase Price Variance Analysis Tail-spend Management Make Make Vs Buy Decision Capacity Planning Waste Reduction Margin Anlysis And Cost Allocation Deliver Distribution Network Design Warehouse Operations Optimization Inventory Management Freight Management Select Credentials ### Finance Competitive pressures compel businesses to have best-in-class organizational structures and processes to remain viable. Given dynamic market pressures, it is a challenge to deliver consistent market share and revenue growth. This must be achieved while keeping cost reduction and an optimal balance of skills, professionalism, and profitability in mind. At Nexdigm, we understand these problems and have developed a proprietary solution to harness the true capabilities of your business. Our Finance Transformation solution can help you: Identify inefficiencies across your finance process Discover spare capacities/resources Benchmark your organization's structure and processes with global standards Our objective is to enable you to focus on up-scaling your organization, optimizing technology and establishing efficient processes. Finance Organization Re-designing Analyzing, understanding, and documenting "as-is" job responsibilities Industry benchmarking Gap analysis through scorecards and renowned models Recommending a scalable revised organization structure Finance Process Optimization Consolidating key controls and processes Identifying gaps in the “as-is” process vis-à-vis optimization Implementing controls and process enhancements Finance Process Automation Assessing automation possibilities in the finance function Conducting a cost-benefit analysis for each of the possibilities Assisting in the implementation of automation products The Nexdigm Advantage Qualified experts with rich experience and in-depth knowledge across the finance domain A legacy of successful solution developments Use of advanced technology platforms (for a data-driven approach) Substantial cost-savings for your finance function ### Finance Transformation Nexdigm’s finance transformation services help businesses monitor and plan for inevitable changes in their market needs and strategies. With expertise in services ranging across all matters of financial intelligence in business, such as accounting management, supply chain management, Business Analytics, and MIS reporting, we are equipped to deal with the various changes required of your company to create more revenue growth, a competitive advantage, and a greater market share. Companies Progress Best Under Financial Data Analytics We make sure your business does not remain stagnant and that you gain the maximum value out of its financial system. Our philosophy is that all business functions should center around finance before the company can progress in any positive direction. We oversee performance management, budgeting, forecasting, profitability understanding, and more. We propose a data-driven culture where KPI frameworks and predictive financial analytics set up the future of your company, coming up with "what if" scenarios that inform spending and investments for greater ROI. Financial and MIS reporting needs to become a general operation so that all your financial data support visualization, planning, and concomitant process improvements for the company’s success. Nexdigm’s Three-part Transformation Process Our team is steeped in the operation and understanding of technology and how to utilize it to implement business transformation strategies. Our business operations transformation services have three parts. Finance Reorganization Analyzing Job Responsibilities  Scorecards for Gap Analysis Strategizing & Benchmarking    Financial Process Digitization  Recommending a Revised Structure    Finance Process Optimization Journey Mapping of Q2C, O2C, & R2R Revenue Recognition Digitally Customized Credit Risk, Planning, and Forecasting Design of KPI Frameworks  Design of KPI Frameworks    Finance Process Automation Financial Data Management Financial Analytics Implementation Financial Applications Modernization Finance Applications Integration, Automation & AI Integration of Applications with Departments Data Visualization via Dashboards   Nexdigm helps bring about business operations transformation for companies in order to maintain their high market values in a world whose microeconomics move as fast as the sun. We uphold a finance-first philosophy while developing operating models, improving core technologies, and streamlining departmental performance. Our finance transformation services consultation is for those organizations that want to revamp their finance processes to save on costs, enhance efficiency, and improve stakeholder experiences. ### Global Shared Services Shared Services Centers or Global Capability Centers (GCC) have evolved from cost generators to strategic business enablers and value generators. Nexdigm has a robust methodology that systematically assesses all processes in the context of your business and its specific. We then identify what aspects should to be handled as core business activities and what can be consolidated into a GCC to optimize resource utilization, deliver improved service levels at a lower cost, etc. Our ability to handle multilingual transactions can help you build a truly global GCC set-up. Nexdigm’s Solution Nexdigm has a robust methodology towards creating a customized solution best suited to your business needs, which includes: Business process assessment: We systematically assess the relevant processes and sub-processes in the context of your business to identify what needs to be close to the business and what can be consolidated into a shared services center. Identify engagement model: Once the design blueprint is approved, we build, transition, and manage the shared services operations. Optimization: The critical mass achieved enables us to leverage processes and technology, and optimize resource utilization, delivering improved service levels at lower cost. In fact, our ability to handle transactions in languages other than English helps us deliver a truly global shared services set-up. There are certain clear advantages when setting up a GCC, including: Team Management In centralized teams, the corporate or regional headquarters do not need to manage dispersed teams remotely, avoiding challenges and extra costs in coordination, human resource management, and ensuring uniform implementation of policies and processes. Cross-national Operations For a business with a multinational footprint, differences in time zones, languages, and cultures are serious concerns. A centralized team can reduce management challenges, and ease process optimization, accuracy, and reporting. Flexibility In a centralized model, teams can be scaled up or down based on growth rates, work is process dependent rather than person dependent, and technology can be deployed to enhance efficiency. Shared Services Model These inherent advantages motivate businesses to create a structure that leverages the benefits of both - having a lean process team close to the business, as well as a shared services set-up that handles the large volume, rule-based, process-driven aspects. You can also choose the engagement model that suits your needs. Set-up your Global Capability Centers in India with Nexdigm ### Contract Management Nexdigm Contract Management Services Contracts are the key to strong business relationships. Nexdigm helps teams from the procurement, legal, finance, and MA departments strike the right balance between expediency and business risks. Our experienced attorneys are capable of aligning multiple stakeholders while providing an integrated view of commercial as well as legal aspects. Nexdigm can help you reduce your contracting costs and elevate the experience of all stakeholders involved by standardizing processes, choosing the right technology, and leveraging our wealth of specialized knowledge. At Nexdigm, we treat the contract management process from end to end. In fact, we recognize that every contract has a lifecycle and needs to be managed at every stage of that cycle. Our contract management services can radically change the way you manage contracts, thereby effectively managing risk without, in any way, sacrificing business needs and urgency. We help you develop standardized templates for different contract types and playbooks that provide guidance for all foreseeable negotiation situations. These enable quick turnaround of contracts and, at the same time, ensure that contract risks remain within defined boundaries. When you choose Nexdigm as your delivery partner to provide a fully managed service, we not only set up contract management solutions; we also write your large-volume, template-driven contracts, negotiate them within the boundaries authorized by you, get them executed, and archive them for future retrieval and renewal. This frees your in-house legal team for more complex work and strategic initiatives. The bottom line is that your senior leadership is assured of a structured framework for initiating, signing, and maintaining commercial contracts without losing the flexibility of doing business. You also receive a systematic implementation of contract risk management that enables business growth at the cost of no legal violation. ### Commercial Operations Distributors are a critical component within any company’s sales ecosystem. They not only help the company achieve its targets, but also are critical while understanding consumer mindset. Dealers typically liaise with multiple functions within a company (sales, finance, legal, etc.) resulting in numerous contact points. This often leads to confusion, dissatisfaction, and escalations. These situations often have a direct impact on sales, order fulfillment, etc. Companies, on the other hand, view these interactions as non-critical processes. Managing distributor relationships invariably results in the sales team spending more time on resolving issues rather than their core focus related to strategy formulation and execution. In addition, companies must also ensure that all transactions with distributors are aligned to company policies. Compliance is a key aspect that companies need to keep in mind while driving sales or marketing efforts. In short, companies must actively manage distributor relationships to meet their growth, control, or compliance objectives. This is where we step in. Our technology-based solutions and process-driven approach helps clients streamline activities and focus on the most crucial aspects. We help achieve the fine balance between compliance and commercial activities. Our Services Contract AdministrationEnsure all contracts with distributors are valid, enforceable, and compliant while managing commercial risks. Master Data ManagementEnsure due diligence is carried out in terms of creation, edits, and management of customer data in the ERP. Sales Order ReleaseDeep dive into orders on hold, scrutinizing all factors involved and ensuring necessary approvals/documentation are received to release the orders. Cash ApplicationTimely application of open invoices to ensure accurate outstanding statements. Claims Processing Timely processing of claims raised by distributors for sales promotion activities. Secondary Sales Data Management & Reporting We use technology and analytical tools to ascertain the accuracy and visibility of secondary sales data which improves decision-making. Distributor-related ComplianceEnsuring compliance with organizational policies in terms of IT security, inventory management, and quality control. The Nexdigm Advantage With a dedicated team of techno-commercial specialists, Nexdigm has the manpower, technology, and experience to handle numerous third-party transactions, including commercial processes, compliances, and audits. Our experts have managed commercial operations for mid-sized enterprises, large-scale multinational companies (MNCs), and Fortune 500 companies across industries and sectors. Improved Distributor SatisfactionFaster processing of claims and unified helpdesk to manage all administrative responsibilities thereby improving distributor satisfaction. Improved Credit Control & Audit RatingsRule- and approval-based order release, strict adherence to compliance measures, and audit support in all activities enabling reduction in audit queries and improved credit control. Business ContinuityProactive management of agreements ensuring that renewals are taken up well in advance hence preventing business interruption. Risk ManagementIndependent and robust verification of documents and timely action giving more control over elements such as revenue leakages and frauds. Improved Efficiency of Sales ForceSales force is freed from administrative responsibilities such as collections, queries etc. They have more time to focus on their core business; primary sales and marketing execution. Focused Finance ManagementFinance executives are freed from voluminous and recurrent tasks of transaction processing so that they can focus more on core F&A operations. ### Finance and Accounting Increasingly, when every function in the business is expected to deliver tangible outcomes and support business, in-house finance and accounting (F&A) teams that are caught up with transaction management struggle to meet these expectations. They often spend significant amounts of time: coordinating with procurement teams on vendor issues responding to sales teams on invoice and collection issues assuring the meeting of numerous deadlines for tax compliances, filings with corporate regulators, month-end and year-end close schedules, internal and external audits, management reporting, and so much more. Furthermore, finding the right people and retaining them is a challenge in itself. This is compounded by the relentless pressure to manage headcount while coping with increasing transaction volumes, complexity, and compliance requirements. We provide you with a full range of finance and accounting processes. With us as your delivery partner, you have an extended team that has the expertise, agility, flexibility, and service orientation to meet your dynamic needs. Free from day to day worries of transactions management, resourcing, and people management, you can turn your energy, time and attention to add value to the business, keeping tight control over finances, and ensuring compliance with regulatory obligations. When we partner with you, we take responsibility for your process and provide a fully managed service. What is non-core for your business is our core business. Our passion for continual improvement ensures that your processes remain efficient and effective. We use technology intelligently so that processes are scalable, and headcount does not increase linearly with transaction volumes. Processes and delivery teams remain lean. Our project governance framework ensures that you have complete visibility of the things that matter, i.e., the key project metrics and outcomes, thus giving you all the control you need, without having to micro-manage. ### Business Process Services (UAE) Business Process That Evolve With You Nexdigm’s Business Process Services (BPS) help organizations boost operational efficacy through intelligent, tech-enabled and agile processes. Whether you're looking to reduce costs, streamline functions or scale sustainably, our solutions are designed to support your business goals at every stage. The Nexdigm Edge Experience2+ decades, 100+ clients across industries, multi-geography projects ExpertiseMulti-skilled team, customizable industry-specific offerings TechnologyTech-enabled services and In-built Process Automation & Data Analytics Tailored to Your Objective For Large Enterprises Unlock volume efficiencies and tech-powered optimization Reduce cost per transaction Realize untapped growth with automation Refine strategies to accelerate growth For Small & Medium Businesses (SMBs) Professionally run operations with consulting support Reduce staffing and compliance challenges Reap maximum output with minimal costs Recalibrate teams for rapid progression Our Process Business processes should enable progress — not hinder it. At Nexdigm, we re-engineer operations to eliminate bottlenecks, accelerate growth, and drive meaningful transformation. With a proven track record across diverse industries, we help organizations reimagine their back-office functions and unlock their full potential. Our Recognitions ### Business Services At Nexdigm, we understand that all worthwhile opportunities come with considerable complexities. Our experts help you perfect the basic business processes so that focus on your core business remains undeterred and your organization scales up on all quality parameters. ### Services ### Insights ### UAE Business Services Business Process Services Technology Strategic Initiatives Global Outsourcing Professional Services Corporate Services CFO Services Tax & Regulatory Assurance & Risk Advisory Business Advisory UAE holds a distinct position in the world for its strategic location, which gives it a competitive advantage and serves as the biggest trading center in the Middle East. UAE acts as a regional headquarters for various multinationals owing to the favourable tax systems, investment-friendly laws and incentives, state-of-the-art infrastructure, stable government, and availability of international talent. Newer initiatives such as Long-term Visas, 100% Ownership in Mainland, and the World Expo 2020 showcases the government’s intent to invest in global businesses and state-of-the-art technologies. These developments attract many multinational companies to the region to expand their businesses and will help them capitalize on the plethora of opportunities available in the region. UAE is home to 45 Free Zones which are dedicated to various industries and sectors including two of the largest Financial Free Zones in the region - Dubai International Financial Center (DIFC) and Abu Dhabi Global Market (ADGM). These Financial Free Zones host the Top International Banks and Financial Institutions, and is a burgeoning hub for Fintech operations globally. Nexdigm understands the needs of growing businesses and tailors solutions to meet your unique business needs. We share our deep domain and industry knowledge with clients across all industries. As an end-to-end professional services provider, we advise clients of all sizes on matters related to strategic projects, expansion plans, and managing on-going operations. Our expertise in handling various compliances globally enables us to leverage experience in navigating newer developments in the regulatory landscape of UAE and the larger GCC region. We recognize the needs of global businesses as varied, requiring not merely solutions, but holistic integrated solutions. With the help our global network and local experts, we provide services that address all aspects relevant to a business from conceptualization to implementation and continuance. Transition to the new paradigm of business with the support of subject matter experts who help you Think Next! Read More Start preparing for Corporate Tax ImplementationRead more Nexdigm Insightswhat's new Nexdigm consistently produces thought leadership, publications and updates on the latest developments in the world of business. We strive to provide the information that matters most to professionals across the globe. Discover our thought leadership Tax Street – October 2025 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... The Impact and Importance of Statutory Compliance in Social Security Legislation Statutory compliance ensures the effective implementation of social security laws, safeguarding employee welfare and promoting ethical... Contract Lifecycle Management in Poland: Market Insights and Strategic Pathways As Polish businesses navigate increasing regulatory complexity and global competition, Contract Lifecycle Management (CLM) is gaining recognition a... 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Tax Street – June 2023 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Incentives for New Manufacturing Set Ups in Gujarat Indian State Governments offer varied incentives under their respective state industrial development corporation policies to promote the set-up of new... Family Arrangements – Taxation Aspects Involving Companies Over the years, India has witnessed the rise of many prominent family empires. A family business generally starts with a small business being set up... Tax Street – May 2023 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Incentives for New Manufacturing Set Ups in Karnataka Indian State Governments offer varied incentives under their respective state industrial development corporation policies to promote the set-up of n... Tax Street – April 2023 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... National Medical Device Policy 2023 On 26 April 2023, the Government of India (GOI) approved the National Medical Device Policy 2023. The Medical Devices sector is an inte... Incentives for New Manufacturing Set Ups in Maharashtra Indian State Governments offer varied incentives under their respective state industrial development corporation policies to promote the set-up of ... Significance and implications of the Apex Court’s Ruling on ‘Substantial Question of Law’ for Transfer Pricing matters The Hon’ble Apex Court, in its order dated 19 April 2023, in the case of SAP Labs India Pvt. Ltd. quashed and set aside the ruling of the High ... Secondment of employees – the tax controversy continues The taxability of salary reimbursement for seconded employees has been debatable with various contrary judicial precedents. The recent Supreme Cour... Tax Street – March 2023 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Foreign Companies may be required to file tax returns in India Impact of increase in withholding tax on rates for Fees for Technical Services and Royalty As per Indian Tax laws, paymen... GST on Transportation Services – Navigating through turbulent waters GST on services by way of transportation of goods by aircraft/vessel is certainly on a roller-coaster ride these days. The story began in Septemb... Foreign Tax Credit: Overview and Related issues The era of globalization and digitalization has brought a revolution in the way businesses are conducted, bringing the economies/geographies cl... Decoding the intricacies of the Angel Tax Provisions In the recently presented Union Budget 2023, it has been proposed to expand the applicability of Section 56(2)(viib) of the Income-Tax Act, 196... Incentives for New Manufacturing Set Ups in Haryana Indian State Governments offer varied incentives under their respective state industrial development corporation policies to promote the set-up of ... Tax Street – February 2023 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Tax Street – January 2023 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Union Budget 2023: Accelerate. Advance. Ascend. India remains steadfast on its course for progress. Despite the global geo-political and economic crises, India’s economic growth for the curre... Union Budget 2023 – Key Highlights The much-awaited Union Budget 2023 is out, and it can be said that budget is focused towards growth and continues on its path of boosting capital s... Healthcare Sector’s Expectation from Budget 2023 As we enter 2023, the world is recovering from the pandemic and is well on its way to reaching pre-pandemic level normalcy. India is no different and ... CFOs Expectations of Union Budget 2023 As Union Budget 2023-24, the last full-year budget for the current government, will be closely watched by India Inc. as it sets the tone for the econo... Tax Street – December 2022 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Tax Street – November 2022 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Tax Street – October 2022 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Tax Street – September 2022 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Rationalization of Entities: Simplify and Streamline your Business Technological advancements have made it easier for people to connect across the globe. In this pursuit of growth and global presence, many busine... Food Processing Sector in India: Opportunities and Challenges The Indian food processing sector is expected to grow to over half a trillion dollars by 2025 (from ~USD 260 billion in 2020, expected to achieve ... Tax Street – August 2022 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Tax Street – July 2022 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Tax Street – June 2022 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... India’s Grand Slam entry into the Aussie markets! After concerted efforts since 2011, an Economic Cooperation and Trade Agreement (ECTA) was signed in April 2022 between India and Australia, thus pavi... Tax Street – May 2022 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... NCLT allows amalgamation while rejecting invocation of GAAR Recently, the National Company Law Tribunal, Chandigarh Bench (Tribunal), while approving the Scheme of Amalgamation [(Re Panasonic Life Solution... Tax Street – April 2022 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Amendments to SEBI LODR and its impact on Related Party Transactions Over the years, Related Party Transactions (RPT) have become a key focus area for the board of directors, not only from a tax perspective but also to ... Tax Street – March 2022 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Healthcare Supply Chain Excellence In our podcast series, Healthcare... Tax Street – February 2022 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Intangible Asset Valuation – Valuing Customer Relationships Intangible asset valuation is a complex process. Though these assets do not have any physical substance, they are at the heart of any ... Women In Technology Our Women in Technology Podcast Se... Digital Assets – Special Tax Law for Cryptocurrency and Non-fungible Tokens India has become one of the largest markets for cryptocurrencies with Indians parking nearly USD 6.6 billion in cryptocurrencies until May this year... Tax Street – January 2022 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... India’s Union Budget 2022-23: Balance. Bolster. Boost. India's Union Budget 2022-23 provided a roadmap towards economic stability and growth. Finance Minister Nirmala Sitharaman presented the Union Budget ... Setting up Enterprise Analytics in 2022 Advanced Analytics, which includes Predictive Techniques, Machine Learning, and Artificial Intelligence, is leading the next wave of disruption. Us... Enterprise Analytics 101 – Think Next! Netflix uses its recommendation systems to keep you hooked. Uber uses real-time analytics to match you with fitting co-riders. Apart from these, on... Enterprise Analytics 102 – People Matter! As a generation growing up on science fiction, AI vs. homo sapiens always seemed like a near possibility. (hint – The Matrix). Will this be the n... Enterprise Analytics 104 – Insights to Action! Is the buzz around analytics dwindling? Once hyped as the gamechanger for every enterprise, is analytics letting businesses down now? While investm... Enterprise Analytics 105 – The Feedback Loop Amazon started as an online bookstore, and now, it has revolutionized the retail ecosystem completely. Netflix started as a DVD rental store, and n... What business leaders need to know before setting up Enterprise Analytics in 2022 Artificial Intelligence (AI) is the buzzword nowadays. Organizations across the globe are pouring investments worth billions of dollars into data... Events 24Nov 2020 Diversify to Differentiate – Think India, Think Next! – Success Showcase This webinar covers advantages and key considerations, regulatory reforms, and incentive programs that have affected investing and FDI in India. ### Due Diligence Growth means change, and change involves risk. Stepping out of the known into the unknown always carries a risk of failure. To thrive with such risk, it is important to have accurate and timely intelligence. A professionally executed due diligence process equips investors, partners, and lenders with an effective and comprehensive snapshot that helps gauge financial, organizational, and reputational risks. Our Services Financial and Tax Due Diligence Vendor Diligence Vendor and Data Room Assistance IT Compliance, Risk Advisory Forensic, Integrity, and Background Checks Commercial Due Diligence A simple and efficient software that is hassle-free is the first choice for every organization. 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Discover our thought leadership Tax Street – October 2025 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... The Impact and Importance of Statutory Compliance in Social Security Legislation Statutory compliance ensures the effective implementation of social security laws, safeguarding employee welfare and promoting ethical... Contract Lifecycle Management in Poland: Market Insights and Strategic Pathways As Polish businesses navigate increasing regulatory complexity and global competition, Contract Lifecycle Management (CLM) is gaining recognition a... EPFO Unveils a Series of Digital, Compliance & Litigation Reforms EPFO has rolled out a set of digital, policy, and compliance reforms reinforcing its commitment to ease of living, doing business, and digital empo... India’s APA programme records landmark growth in FY 2024–25 The Central Board of Direct Taxes (CBDT) released its 7th Annual Report on the Advance Pricing Agreement (APA) Programme for FY 2024–2025, marking a... Tax Street – September 2025 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Maharashtra Cabinet Approves Labour Law Amendments, Pending Legislative Approval The Maharashtra government has approved amendments to the Factories Act, 1948 and the Maharashtra Shops and Establishments (Regulation of Employm... Tax Street – August 2025 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Who Wins Big in the India–UK Trade Pact The India–UK Comprehensive Economic and Trade Agreement (CETA) is more than just a trade pact; it is a game-changer for Indian exporters. With st... How Do US Tariffs Impact India? US tariffs are taxes imposed by the United States government on imported goods and services. While their stated purpose is to protect domestic indu... Tax Street – July 2025 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... India Payroll Updates: ELI Scheme, SPREE 2025, and PAN-Aadhaar Relief In a landmark move to catalyze employment and formal workforce expansion, the Government of India has introduced the Employment Linked Incentive ... From Traditional to Agile: The New Era of Internal Auditing In today's fast-paced business environment, traditional auditing methods often fall short in addressing the dynamic needs of organizations. Enter... Tax Street – June 2025 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Financial Reporting and Risk Management Outsourcing In the earlier period of outsourcing (1995-2000), a few global names began outsourcing less technical work as an experiment, slowly expanding to ... EPFO Update: Simplifying Employee Benefit Management The Employees’ Provident Fund Organization (EPFO) has embarked on a transformative journey with creating a faster, smarter, and more transparen... AI-Powered Financial Reporting and Analytics AI is revolutionizing financial reporting and analytics by enhancing accuracy, efficiency, and decision-making. Previously, financial process oft... Tax Street – May 2025 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Tax Street – April 2025 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Procurement Fraud in India – A Silent Threat to Businesses Procurement frauds have become a major hurdle for businesses in India. These fraudulent activities not only lead to financial losses but also erode... Tax Street – March 2025 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Tax Street – February 2025 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Unleashing Potential: AI’s Role in Reshaping M&A Dynamics In an era marked by unprecedented technological advancements and rapidly evolving business landscapes, the world of M&A is undergoing a profound ... Tax Street – January 2025 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... The New Income Tax Bill 2025: Is It Really a Game Changer? The Income Tax Bill 2025 has been introduced to replace the more than six-decade-old Income Tax Act 1961. With its proposed implementation from April ... Unpacking 2025 Budget: Strengthening the Transfer Pricing Assessment Framework with Block Assessments The Finance Minister, in her recent budget speech of 1 February 2025, briefly underlined Taxation Reforms as one of key reforms to realize the visio... Incentives to International Financial Service Centre (IFSC) The International Financial Services Centre (IFSC) in India has the potential to play a significant role in attracting global investments, promoting... Benefit of fresh lease life of 8 years to tax losses of amalgamating company: Proposed to be Withdrawn As per Section 72A and Section 72AA of the Income tax Act, 1961 (ITA), accumulated loss and unabsorbed depreciation of amalgamating/predecessor compa... Budget 2025 Highlights: What’s New in TDS and TCS provisions Budget 2025 has focused on rationalization of TDS and TCS provisions. The new norms are directed towards easing compliance provisions for businesses ... Key Highlights of the Union Budget 2025-26 As India advances towards its vision of Viksit Bharat 2047, the Union Budget 2025-26 emerges as a critical policy instrument designed to promote... A long-awaited and well-deserved change: Reforms in Personal Income Tax This was a historic 8th budget for Finance Minister Nirmala Sitharaman, the second of Modi Government 3.0, and finally, the middle class has been ap... Top 6 Budget 2025 Expectations: For Individual Taxpayers Government of India is already in the process of simplifying the income tax laws by introducing a new tax regime, TDS rate rationalization, a u... Decoding LinkedIn India’s SBO Disclosure Dilemma In the recent past, LinkedIn Technology Information Private Limited (“LinkedIn India” or “the Company”) has faced adjudication proceedings ... Tax Street – December 2024 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Tax Street – November 2024 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Tax Street – October 2024 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Unlocking Successful Negotiation: The Balance between Legal Expertise and Effective Communication Negotiation is vital in managing contracts effectively as it influences various aspects of a deal, right from deal formation to resolving confli... Tax Street – September 2024 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Tax Street – August 2024 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Tax Street – July 2024 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Budget 2024 – What’s New? Amendment regarding TDS and TCS provisions TDS and TCS are widely used by the Government as a mechanism to collect taxes as and when transactions occur. This serves twofold purposes: O... Implications of Indian Budget 2024 for Non-Resident and Foreign Businesses The Union Budget presents a roadmap to India's burgeoning future, including major economic reforms and incentives. We have summarized a few key ... Union Budget 2024-25 The Union Budget 2024 represents a pivotal moment in India's economic journey. The new government has presented a detailed roadmap for India's burgeon... The future of FDI from land-bordering countries in India In April 2020, the government introduced Press Note 3 (PN3), requiring prior approval for all investments from bordering nations, including Chin... Budget Expectations – Sustainable Energy Sector The Interim Budget 2024 was announced in February 2024. It was an inclusive budget focusing on all the major sectors of the economy. In the Inte... Expectations on Indirect Taxes front The recently re-elected central government is set to present its thirteenth Union Budget on 23 July 2024. There is much anticipation from NDA 3.0 ... Key expectation from Transfer Pricing (‘TP’) perspective amidst the economic vision of the new government The Annual Budget 2024 will be presented in the Monsoon Session of Parliament. The Annual Budget 2024 is expected to build upon the principles of ... Direct Tax Recommendations for Budget 2024 The much-anticipated Union Budget 2024, under the Modi 3.0 government, will be presented on 23 July 2024. Globally, various stakeholders are keenl... Tax Street – June 2024 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Deemed Dividend under Section 2(22)(e) – Shareholders to Watch-out! Dividends traditionally have been taxable either in the hands of the company as Dividend Distribution Tax or in the hands of the shareholders as 'Inco... Limited Liability Partnership needs to disclose the Significant Beneficial Owner The Ministry of Corporate Affairs (MCA) had introduced the concept of Significant Beneficial Ownership (SBO) for Limited Liability Partnerships (... Dematerialization of Shares in Private Limited Companies Dematerialization is the process of converting physically held shares and securities (in the form of paper certificates) into a digital or electro... Tax Street – May 2024 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Incentives for New Manufacturing Set Ups in India India's push for local manufacturing is evidenced by the various government incentives offered to attract increased investment. With its dynamic ma... Valuation of Optionally Convertible Debt Instruments Convertible securities emerged during the nineteenth century in the U.S. This was during a period in which securing capital in a swiftly expanding ... Navigating the New Trade Agreements – A Strategic Guide for Exporters India's recent endeavors in bilateral and Free Trade Agreements (FTAs) signal a transformative era for various stakeholders. With an aim to reduce ... India-EFTA Trade & Economic Agreement: A Win-Win Deal In March, India marked a pivotal milestone in its pursuit of sustainable development, economic growth, and strengthening of its international tr... How GST ensured fast credit growth to MSMEs The Finance Ministry has expressed confidence that India’s economy is poised to become the world’s third largest within the next three years,... Tax Street – April 2024 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Substance and Significance of Beneficial Ownership Provisions This article focuses on the substantive provisions relating to the declaration of beneficial ownership in a company. Sections 89 and 90... Lok Sabha Elections 2024: Need for GST reforms to cater MSMEs The Goods and Services Tax (GST) regime, a pivotal reform in the nation's taxation structure, has evolved over the last seven years. Nonetheless, th... Incentives for New Manufacturing Set Ups in Punjab Indian State Governments offer varied incentives under their respective state industrial development corporation policies to promote the set-up of n... Revamping Indian Real Estate: How Amendments to Insolvency Laws Promote Resolving Projects? From an optimistic future outlook, the Indian real estate market appears bright. According to a Concorde analysis, the real estate industry is expe... How Companies Can Avoid Unnecessary GST Frauds The Goods and Services Tax (GST) regime was implemented with the primary aim of simplifying the taxation system. However, despite concerted eff... India’s Macro Economic Outlook: A CFO’s Viewpoint 2024 could be an unpredictable year for the Indian economy. Being an election year, the re-election of the current government would provide a furth... Tax Street – March 2024 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... GST in Realty: Building Blocks or Stumbling Stones? When GST was implemented on 1 July 2017, it set the foundation for a monumental tax structure that continues to be constructed, piece-by-piece, re... Mandatory ISD Provisions: Do they end the need to cross charge? The debate between the Input Service Distributor (ISD) vs. Cross Charge mechanism has been ongoing since the introduction of the GST regime. Bef... Tax Street – February 2024 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... IFRS vs ASC: Valuation Perspective This article aims to highlight the key valuation triggers that stem from the application of various International Financial Reporting Standards (IFRS... Specter of multi-authority, repetitive and multi-directional proceedings haunting GST-payers The GST regime, implemented in 2017, turns seven years soon, stepping into its proverbial childhood. In many ways, the sweeping tax reform ha... Historical Perspective and Conceptual Understanding of Beneficial Interest/Ownership Entities such as companies, trusts, foundations, partnerships, and other types of legal persons and arrangements conduct a wide variety of comm... India’s Path to Progress As the Indian government led by Prime Minister Narendra Modi completes one decade, we take this opportunity to look back at some of the key deve... Tax Street – January 2024 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Key Highlights – Food Processing Industry Budget 2024 charts a growth-focused course, emphasizing capital expenditure for positive economic impact. Initiatives in transport and green ... Key Highlights of Interim Budget 2024 The Interim Budget 2024 was a reflection of past achievements and attempted to provide an impetus to India’s current optimistic trajectory. The... Healthcare Sector Expectations from Budget 2024 The COVID-19 pandemic put a spotlight on healthcare systems across the globe and exposed areas of improvement within the system. Post-pandemic, all ... Food Processing Sector Expectations from Budget 2024 As India gears up for Union Budget 2024-2025 which sets the tone for national development, the Food Processing Sector expects an emphasis on agricu... Getting acquainted with the concept of “deemed international transaction” in India Transfer Pricing (TP) in India, was first introduced in 2001, in the Income-tax Act 1961 (the Act) and has seen various developments in the past ... Chennai ITAT Ruling in Cognizant’s Shares Buyback: A Panoramic Analysis Recently, the Chennai Income-tax Appellate Tribunal (ITAT or Tribunal) in the case of Cognizant Technology Solutions India Pvt. Ltd (Company or th... Expansion into overseas markets: The tax and regulatory framework As the Indian GDP grows, the Indian industry continues to expand across the global, supplemented by digitalization. In recent years, there’s been... Tax Considerations for Mergers and Acquisitions: Structuring Deals for Optimal Tax Efficiency Mergers and Acquisitions (M&A) is the most popular route used by companies looking to consolidate businesses, expand operations, rationalize holdi... Online Gaming – Are all bets off? Who wins? Who loses? The GST Council in its 50th and 51st meetings had recommended to levy GST on Casino, Horse Racing and Online gaming at the uniform rate of 28% on ... Foreign Trade Policy 2023 Roadmap to India’s Global Leadership in Exports Over the years, India’s Foreign Trade Policies have reflected the nation’s standing among the world economies. The initial policies, which ca... 5 things early-stage start-ups must be aware of to avoid GST notices The last decade has witnessed an exponential rise in the start-up ecosystem in the country. While the COVID-19 outbreak and the effects of the lo... GST Council hits half-century An all-round performance While marking its 50th meeting milestone, the GST Council has announced a slew of recommendations relating to changes in GST rates, measures for ... Purchase of own shares under the scheme whether dehors buyback or capital reduction Recently, the Chennai Income-tax Appellate Tribunal (ITAT) in the case of Cognizant Technology Solutions India Pvt. Ltd [TS-531-ITAT-2023(CHNY)] (... Why Every Start-up Needs a Full-time or Virtual CFO Finance is a foundational pillar for start-ups where the role of a CFO differs significantly from that in an established corporation. While the rol... Tax Street – December 2023 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Tax Street – November 2023 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... From cost arbitrage to core value drivers: Setting up a successful GCC Global Capability Centers (GCC) have evolved from cost generators to strategic business enablers and value generators. During the initial stage, th... Investing in Manufacturing – Top Investment Destinations in Asia Global markets today are becoming more interconnected with liberalized trade policies, growing access across countries, and increasing bilateral ag... Incentives for New Manufacturing Set Ups in Uttar Pradesh Indian State Governments offer varied incentives under their respective state industrial development corporation policies to promote the set-up of ... Incentives for New Manufacturing Set Ups in Rajasthan Indian State Governments offer varied incentives under their respective state industrial development corporation policies to promote the set-up of ... Tax Street – October 2023 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Tax Street – September 2023 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Tax Street – August 2023 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Promotion for Research and Innovation in Pharma-MedTech The Government of India (GoI) has focused on encouraging manufacturing in India and introducing innovative technologies. It has been instrumental in e... Navigating the credit distribution saga The GST Council has its ears to the ground and is seeking to resolve to remove ambiguities. One such recommendation of the Council was to resolve a lo... Incentives for New Manufacturing Set Ups in Odisha Indian State Governments offer varied incentives under their respective state industrial development corporation policies to promote the set-up of ... Incentives for New Manufacturing Set Ups in Andhra Pradesh Indian State Governments offer varied incentives under their respective state industrial development corporation policies to promote the set-up of ... Tax Street – July 2023 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Tax Podcast EP:07 UAE Corporate Tax and Transfer Pricing The UAE Corporate Tax and Transfer Pricing implementation requires an in-depth ... Incentives for New Manufacturing Set Ups in Tamil Nadu Indian State Governments offer varied incentives under their respective state industrial development corporation policies to promote the set-up of ... Tax Street – June 2023 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Incentives for New Manufacturing Set Ups in Gujarat Indian State Governments offer varied incentives under their respective state industrial development corporation policies to promote the set-up of new... Family Arrangements – Taxation Aspects Involving Companies Over the years, India has witnessed the rise of many prominent family empires. A family business generally starts with a small business being set up... Tax Street – May 2023 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Incentives for New Manufacturing Set Ups in Karnataka Indian State Governments offer varied incentives under their respective state industrial development corporation policies to promote the set-up of n... Tax Street – April 2023 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... National Medical Device Policy 2023 On 26 April 2023, the Government of India (GOI) approved the National Medical Device Policy 2023. The Medical Devices sector is an inte... Incentives for New Manufacturing Set Ups in Maharashtra Indian State Governments offer varied incentives under their respective state industrial development corporation policies to promote the set-up of ... Significance and implications of the Apex Court’s Ruling on ‘Substantial Question of Law’ for Transfer Pricing matters The Hon’ble Apex Court, in its order dated 19 April 2023, in the case of SAP Labs India Pvt. Ltd. quashed and set aside the ruling of the High ... Secondment of employees – the tax controversy continues The taxability of salary reimbursement for seconded employees has been debatable with various contrary judicial precedents. The recent Supreme Cour... Tax Street – March 2023 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Foreign Companies may be required to file tax returns in India Impact of increase in withholding tax on rates for Fees for Technical Services and Royalty As per Indian Tax laws, paymen... GST on Transportation Services – Navigating through turbulent waters GST on services by way of transportation of goods by aircraft/vessel is certainly on a roller-coaster ride these days. The story began in Septemb... Foreign Tax Credit: Overview and Related issues The era of globalization and digitalization has brought a revolution in the way businesses are conducted, bringing the economies/geographies cl... Decoding the intricacies of the Angel Tax Provisions In the recently presented Union Budget 2023, it has been proposed to expand the applicability of Section 56(2)(viib) of the Income-Tax Act, 196... Incentives for New Manufacturing Set Ups in Haryana Indian State Governments offer varied incentives under their respective state industrial development corporation policies to promote the set-up of ... Tax Street – February 2023 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Tax Street – January 2023 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Union Budget 2023: Accelerate. Advance. Ascend. India remains steadfast on its course for progress. Despite the global geo-political and economic crises, India’s economic growth for the curre... Union Budget 2023 – Key Highlights The much-awaited Union Budget 2023 is out, and it can be said that budget is focused towards growth and continues on its path of boosting capital s... Healthcare Sector’s Expectation from Budget 2023 As we enter 2023, the world is recovering from the pandemic and is well on its way to reaching pre-pandemic level normalcy. India is no different and ... CFOs Expectations of Union Budget 2023 As Union Budget 2023-24, the last full-year budget for the current government, will be closely watched by India Inc. as it sets the tone for the econo... Tax Street – December 2022 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Tax Street – November 2022 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Tax Street – October 2022 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Tax Street – September 2022 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Rationalization of Entities: Simplify and Streamline your Business Technological advancements have made it easier for people to connect across the globe. In this pursuit of growth and global presence, many busine... 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Healthcare Supply Chain Excellence In our podcast series, Healthcare... Tax Street – February 2022 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... Intangible Asset Valuation – Valuing Customer Relationships Intangible asset valuation is a complex process. Though these assets do not have any physical substance, they are at the heart of any ... Women In Technology Our Women in Technology Podcast Se... Digital Assets – Special Tax Law for Cryptocurrency and Non-fungible Tokens India has become one of the largest markets for cryptocurrencies with Indians parking nearly USD 6.6 billion in cryptocurrencies until May this year... Tax Street – January 2022 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxatio... India’s Union Budget 2022-23: Balance. Bolster. Boost. India's Union Budget 2022-23 provided a roadmap towards economic stability and growth. Finance Minister Nirmala Sitharaman presented the Union Budget ... Setting up Enterprise Analytics in 2022 Advanced Analytics, which includes Predictive Techniques, Machine Learning, and Artificial Intelligence, is leading the next wave of disruption. Us... Enterprise Analytics 101 – Think Next! Netflix uses its recommendation systems to keep you hooked. Uber uses real-time analytics to match you with fitting co-riders. Apart from these, on... Enterprise Analytics 102 – People Matter! As a generation growing up on science fiction, AI vs. homo sapiens always seemed like a near possibility. (hint – The Matrix). Will this be the n... Enterprise Analytics 104 – Insights to Action! Is the buzz around analytics dwindling? Once hyped as the gamechanger for every enterprise, is analytics letting businesses down now? While investm... Enterprise Analytics 105 – The Feedback Loop Amazon started as an online bookstore, and now, it has revolutionized the retail ecosystem completely. Netflix started as a DVD rental store, and n... What business leaders need to know before setting up Enterprise Analytics in 2022 Artificial Intelligence (AI) is the buzzword nowadays. Organizations across the globe are pouring investments worth billions of dollars into data... Events 24Nov 2020 Diversify to Differentiate – Think India, Think Next! – Success Showcase This webinar covers advantages and key considerations, regulatory reforms, and incentive programs that have affected investing and FDI in India. ### Japan Nexdigm is a privately held, independent global organization that helps companies across geographies meet the needs of a dynamic business environment. Our focus on problem-solving, supported by our multifunctional expertise, enables us to deliver customized solutions tailored for our clients. We recognize the needs of global businesses as varied, requiring not merely solutions, but complete, 360-degree solutions. Stemming from your needs, we provide services that address all aspects relevant to a business from conceptualization to implementation and continuance. At Nexdigm, we share our deep domain and industry knowledge with clients across all industries. We advise clients of all sizes on strategic initiatives, operational transformation, and technology. Our advisory expertise helps organizations achieve efficiencies and reduce costs. In addition to high-level strategic work, we provide implementation assistance to ensure we deliver on our strategic direction. Our willingness to “roll-up-our sleeves” and work alongside our clients is one of our most distinguishing characteristics. Transition to the new paradigm of business with the support of subject matter experts who help you Think Next! OUR EXPERTISE Business Process Out-Sourcing HR Administration Payroll Administration & HR Compliance Finance & Accounting Procure to Pay Order to Cash Record to Report Master Data Maintenance Contract Management Contract Lifecycle Management On-going Contract Authoring, Negotiation, and Execution Abstraction, Summarization, and Obligations Management Transaction Advisory M&A and Divestiture Advisory Transaction Support Due Diligence & Valuations Economic Analysis Corporate Services Pre-Investment Advisory & Market Research Business Establishment (Greenfield & Brownfield) Functional Set-up (F&A, Payroll, Administration, HR, Corporate &Tax Compliance) CFO Support & Finance Controller Services Logistics Support (Supply Chain management, 3PL, Sourcing) Taxation & Assurance Accounting Internal Audit & Process Reviews Global Transfer Pricing Cross-border Tax Supply Chain Consulting Procurement Inventory & Network Optimization Demand Forecasting Supply Chain Center of Excellence Think Next! ### Real Estate Coming Soon ### Automobiles Coming Soon ### Energy and Natural Resources Coming Soon ### IT and ITeS Coming Soon ### Banking and Finance The Banking and Finance sector has transformed over a period because of digitization and frequent amendments introduced by the regulators. While the industry has migrated to internet facilities, matching the evolving expectations of customers has been a challenge. Financial institutions have to build efficiencies through technology implementation in every sphere to stay competitive and future-ready. On the other hand, keeping pace with regulatory expectations can be taxing, and institutions/organizations may have to bear the cost of compliance. Our services are designed to help organizations overcome these hindrances and focus on building and growing their business. With our expertise and partner led approach, we ensure that the business is successful as well as sustainable. Our Services Business Consulting Technology Cybersecurity Hacking as a Service (HaaS) Consulting Project Management Advanced Data Analytics and Optimization Business Services Data Management for Family Offices Revenue and Payment Verification of Brokerage Finance and Accounting Support Contract Management Professional Services Compliance Support Outsourced Finance Officer Solutions in DIFC and ADGM Know Your Customer (KYC) Taxation Forensics Internal Audit Fund Set-up and Tax Structuring ### Manufacturing Coming Soon ### Food Processing The global food processing industry is a matured sector and has witnessed phenomenal growth in the past decades. Currently, the sector is at the cusp of dynamic change due to changing lifestyle behaviors, growing demand, food safety, demand for higher quality and sustainability to name a few. While the global industry is foraying into the future, in many countries, the food processing industry is still playing catch up. With our industry experience, setup knowledge, and multidisciplinary teams, Nexdigm is well equipped to assist organizations in establishing, expanding and refining operations of Food Processing companies. We ensure that businesses have the robust support they need to look forward and Think Next! Our Services Greenfield & Brownfield Supply Chain Optimization Finance & Account Management Compliance Support Analytics & Dashboards Assurance & Risk Advisory Efficiency Improvement Reducing Wastage Improving Supply Chains Strengthening Margins Consumer Insights Gaining Competitive Edge Overall Process Efficiency Solutions for Issues at Hand Strategic Initiatives Pre-Investment Advisory Expansion Mergers & Acquisitions Post-Merger Integration Restructuring / Closing Down Managing Change Regulations / IT Setup Technology Change Management Ongoing Operations Support Governance (Audit, IT, Data Security) Tax Advisory and Litigation Compliance Services Finance & Accounting Dealer Distribution Management Contract Management ### Business Closure and Project Management Services Business Closure The closure of a corporate involves several due processes to be legally dissolved. With the current economic challenges and regulatory changes, business closure has gained importance as entity rationalization has become critical as corporates are compelled to rationalize their presence in multiple forms and locations. We harness our in-house expertise to draw up low-risk solutions that suit a company’s interests while limiting risks post-dissolution in a time-bound manner. Our Services An integrated approach for closure activities Rationalizing presence Dissolving companies through appropriate modes of liquidation Closing of offices (LO, BO, PO, etc.) Representation before regulatory authorities Repatriation of assets remaining after liquidation Project Management A company’s management team can focus on business strategies, assigning a third-party service provider to manage certain unstructured, customized projects. The activities for such projects involve identifying and managing risks, careful resource management, smart budgeting, and clear communication across multiple teams and stakeholders to ensure that project is completed as planned. Our Services Business entry and exit strategies Setting up a business Registrations, licenses, approvals, and permissions from various regulatory authorities Implementing mergers, demergers, and business transfers Assistance on winding-up ### Interim Finance Office More often than not, companies lack a dedicated finance controller or a CFO. This could be attributed to a variety of reasons, including the set up of a business in a new location (leaving little to focus on financial aspects), the attrition of key employees and senior management, or even an evolving accounting and compliance landscape that creates a gap in skilled financial management. Our dedicated team helps you ensure continued reporting and compliance by handling your daily Finance and Accounting (F&A) activities. We handle the entire range of F&A services, including: Financial strategy Management of compliances Cash flow management and forecasting Accounting and bookkeeping Representing the F&A function to the board of directors or other parties Financial decision-making Internal control review ### Commercial Operations Distributors are a critical component within any company’s sales ecosystem. They not only help the company achieve its targets, but also are critical while understanding consumer mindset. Dealers typically liaise with multiple functions within a company (sales, finance, legal, etc.) resulting in numerous contact points. This often leads to confusion, dissatisfaction, and escalations. These situations often have a direct impact on sales, order fulfillment, etc. Companies, on the other hand, view these interactions as non-critical processes. Managing distributor relationships invariably results in the sales team spending more time on resolving issues rather than their core focus related to strategy formulation and execution. In addition, companies must also ensure that all transactions with distributors are aligned to company policies. Compliance is a key aspect that companies need to keep in mind while driving sales or marketing efforts. In short, companies must actively manage distributor relationships to meet their growth, control, or compliance objectives. This is where we step in. Our technology-based solutions and process-driven approach helps clients streamline activities and focus on the most crucial aspects. We help achieve the fine balance between compliance and commercial activities. Our Services Contract AdministrationEnsure all contracts with distributors are valid, enforceable, and compliant while managing commercial risks. Master Data ManagementEnsure due diligence is carried out in terms of creation, edits, and management of customer data in the ERP. Sales Order ReleaseDeep dive into orders on hold, scrutinizing all factors involved and ensuring necessary approvals/documentation are received to release the orders. Cash ApplicationTimely application of open invoices to ensure accurate outstanding statements. Claims Processing Timely processing of claims raised by distributors for sales promotion activities. Secondary Sales Data Management & Reporting We use technology and analytical tools to ascertain the accuracy and visibility of secondary sales data which improves decision-making. Distributor-related ComplianceEnsuring compliance with organizational policies in terms of IT security, inventory management, and quality control. The Nexdigm Advantage With a dedicated team of techno-commercial specialists, Nexdigm has the manpower, technology, and experience to handle numerous third-party transactions, including commercial processes, compliances, and audits. Our experts have managed commercial operations for mid-sized enterprises, large-scale multinational companies (MNCs), and Fortune 500 companies across industries and sectors. Improved Distributor SatisfactionFaster processing of claims and unified helpdesk to manage all administrative responsibilities thereby improving distributor satisfaction. Improved Credit Control & Audit RatingsRule- and approval-based order release, strict adherence to compliance measures, and audit support in all activities enabling reduction in audit queries and improved credit control. Business ContinuityProactive management of agreements ensuring that renewals are taken up well in advance hence preventing business interruption. Risk ManagementIndependent and robust verification of documents and timely action giving more control over elements such as revenue leakages and frauds. Improved Efficiency of Sales ForceSales force is freed from administrative responsibilities such as collections, queries etc. They have more time to focus on their core business; primary sales and marketing execution. Focused Finance ManagementFinance executives are freed from voluminous and recurrent tasks of transaction processing so that they can focus more on core F&A operations. ### Finance and Accounting Increasingly, when every function in the business is expected to deliver tangible outcomes and support business, in-house finance and accounting (F&A) teams that are caught up with transaction management struggle to meet these expectations. They often spend significant amounts of time: coordinating with procurement teams on vendor issues responding to sales teams on invoice and collection issues assuring the meeting of numerous deadlines for tax compliances, filings with corporate regulators, month-end and year-end close schedules, internal and external audits, management reporting, and so much more. Furthermore, finding the right people and retaining them is a challenge in itself. This is compounded by the relentless pressure to manage headcount while coping with increasing transaction volumes, complexity, and compliance requirements. We provide you with a full range of finance and accounting processes. With us as your delivery partner, you have an extended team that has the expertise, agility, flexibility, and service orientation to meet your dynamic needs. Free from day to day worries of transactions management, resourcing, and people management, you can turn your energy, time and attention to add value to the business, keeping tight control over finances, and ensuring compliance with regulatory obligations. When we partner with you, we take responsibility for your process and provide a fully managed service. What is non-core for your business is our core business. Our passion for continual improvement ensures that your processes remain efficient and effective. We use technology intelligently so that processes are scalable, and headcount does not increase linearly with transaction volumes. Processes and delivery teams remain lean. Our project governance framework ensures that you have complete visibility of the things that matter, i.e., the key project metrics and outcomes, thus giving you all the control you need, without having to micro-manage. ### Technology Solutions We live in a world that cannot avoid business technology solutions because they optimize operations, job functions, and other organizational aspects without overusing human capital. They are a positive agent of corporate power in the business world. But these solutions also come with threats. Cybercrime, data breaches, and incidents of corporate espionage are just as frequent, and security measures must be put in place, planned, and streamlined on a daily basis. How do you remediate threats that have not yet materialized? You need talent that has mastered the technology and the concomitant processes that go with it. Services like ethical hacking make a company’s IT frameworks and cloud platforms more resilient to the risk of data theft and virus attacks. Organizations need to find trustworthy experts who are correct fits for their organization in order to probe the system and reveal vulnerabilities that can then be plugged in. Then, in case your company prefers to outsource the job of managing the entire information system, within the purview of risk management, your organization would need to hire similarly relevant remote chief information security officers (CISOs) from business process consultancies. Furthermore, in the world of increased cloud adoption, organizations also must look to hiring a cloud consultant to optimize their cloud environments for security, upholding business agility, and boosting operational efficiency. Our business technology solutions practice helps support organizations just like yours to manage and optimize processes while minimizing risks from cyber-attacks and vulnerabilities that are inherent to the applications/solutions that you use.   We offer a partner-led approach to the following services: Hacking as a Service Cyber Resiliency (Virtual CISO Office) Third-Party Risk Management Services Cloud Advisory Services   At Nexdigm, we believe in delivering our services embedded with business technology solutions that help you maximize the realizable benefits with a minimal investment of both time and resources, an end-to-end service paradigm to help businesses traverse uncertainty with confidence. ### Cyber Security & Data Privacy Cyber SecurityOrganizations today have to face challenges with respect to Technology in all aspects of business areas, not to mention the overarching requirement for adherence to compliance requirements. All this while ensuring growth and stability. Technology is a vast ocean that needs the support and guidance of a partner who is skilled to manoeuvre the storm in sight as well as anticipate the upcoming change in tide. In order to be able to capitalize on business opportunities and build a stronger customer relationship, it is most imperative to be assured of a strong and resilient Cyber Security posture. As businesses face planned and unplanned growth with dependencies on interconnected systems a more focused and strategic approach to cyber security is most critical. Today addressing Cyber Security concerns is not just limited to a department or a function instead it requires involvement from the highest authorities within the organization. It needs to be in tune with the goals and vision of the organization. A Cyber Security strategy program can be effective only if implemented across with involvement from all stakeholders – assisting to build confidence to face every challenge and turn it into an opportunity. Nexdigm team of experts can help you through your journey with our customized solutions and personal approach to your concerns. Qualified experts with the team understand your business need, growth plan and help you ascertain risks providing recommendations more suited to your growth needs while adhering to compliance requirements. We help simplify and connect with all sponsors to build a more proactive, strong ,and sustainable Cyber Security culture within the organization. We believe to help our partners – Traverse the uncertainty of the interconnected world with confidence. Our Services Discover We deliver a quick health-check of your cybersecurity readiness assessment through our platform. Clients are free to choose from our online or consultant-assisted assessment. Manage Our team of experts can provide advice as well as implement: Governance frameworks Regulatory compliances Policies and procedures Risk Registers Certifications Protect We help you maintain your cybersecurity posture through: Virtual CISO/DPO office Cyber resiliency services Managed services Data Privacy and Protection Your organization could be a Data Controller or a Data Processor or a sub-processor or probably wearing different hats for different sets of Personally Identifiable Information (PII). Under a growing number of Data Privacy regulations across the globe you may be challenged with Data Privacy questions like: What data is collected across organization How it is collected How it is processed Disclosure around data life cycle - ensuring retention meets obligations Whether you are required to appoint a Data Processing Officer ( DPO) Whether your third-party ecosystem has adequate data protection controls to meet compliance requirements. At Nexdigm, we help our clients to easily navigate the ever-evolving, complex global privacy regulations with support of the six pillars of our Privacy Compliance Management Program. This involves Strategy and Governance, Organization and Accountability, Policy, Process and Data Culture, Training and Awareness, Privacy Response, and DPO Services. What Nexdigm can do for your organization? We offer the following range of services to suit your needs. Discover Readiness Online readiness assessments, detailed maturity report to introspect the current Privacy posture of the organization. Manage Our team of professionals help build privacy frameworks, polices and procedures guidelines, data inventory, Record of Processing Activities (ROPA) to prepare the organization with compliance requirements. We also help in filing with respective Personal Data Privacy authorities in various countries. Protect DPO service and third-party vendor risk management to protect the Privacy Compliance posture. ### Technology The dependency on technology brings a lot of accompanying risks that need to be dealt with on a daily basis. From vulnerabilities in algorithms used to run infrastructures to sophisticated spam emails, hackers devise new and innovative ways to break the system. Most enterprises accept that these technologies are intertwined with most operational risks, which may involve a breach of company data, coordinated denial-of-service attacks, etc. The intricacy and weaknesses of the IT frameworks are of equivalent concern. At the point when opportunities for innovation emerge, the monetary, administrative, and reputational suggestions can be extreme. On the off chance that an enterprise loses client information, it can face legal liabilities and a potential loss of clients. It goes without saying, the amount of damage to the company's reputation is also quite severe. Mitigation of technological risk requires a systematic approach that extends beyond IT-centric solutions. Understanding your organizational needs and helping you choose technology that complements your business process is what we at Nexdigm excel at. We help you determine the right choices from a range of available options impacting requirements, development time, and budget. Our experts help you understand the variety of options available and how these options can be optimally utilized. Business Analytics The absolute amount of data generated by businesses every day is unparalleled. CFOs prefer if their company’s revenues are positively influenced by business intelligence automation that utilizes this data to inform and support each and every stress point of the company’s financial structure. Cyber Security & Data Privacy We make sure you discover the threats, vulnerabilities, and risks beforehand. Our cybersecurity experts perform a readiness assessment so that whenever external enemies strike, your IT frameworks are left intact and running, with no operational downtime, data loss, and concomitant legal liabilities. We go from A to Z within your information systems and then provide governance frameworks, policies and procedures, certifications, and a working cybersecurity posture. Our business technology consulting includes online or location-assisted processes. We also assess the data life cycle and whether the third-party ecosystem needs controls to meet compliance requirements. CISO As A Service One of the biggest challenges of today’s technological advancement is information security threats. Organizations are working hard towards the protection of data. The businesses that lack a firm data protection policy result in reputational loss. Hence, they have a dedicated executive Chief Information Security Officer to monitor the information security aspects. Technology Solutions We live in a world that cannot avoid business technology solutions because they optimize operations, job functions, and other organizational aspects without overusing human capital. They are a positive agent of corporate power in the business world ### Market Research In today's fast-paced world, it is critical for businesses to stay abreast of market trends, changing consumer needs, competition, and other factors that impact the business. Meeting customer demands along with maintaining brand and product relevance are key elements to sustain and thrive in the ever-evolving global economy. Market insights provide companies with information about the dynamic landscape and customer preferences. Through systematic data collection, organization, and analysis, businesses can make better, more informed decisions. Before committing to invest in a country, organizations must be aware of the market, tax, regulatory, legal framework, and much more. It is also imperative for them to have a know-how of on-ground realities, which may vary according to the geography and the region. At Nexdigm, we have the knowledge and experience to help you assess market opportunities with a critical eye while keeping in mind your business objectives, be it entry, expansion, or subsistence . With our expansive consulting experience, a combination of qualitative and quantitative research methods, and various local and global data sources, we deliver customized, comprehensive, in-depth market research reports to ensure that your advisory and research needs are not only met, but also act as a footboard to launch your organization into the next paradigm of business. Our services offer an independent perspective to help your business identify key issues and challenges while considering local regulations, trends, and consumer preferences to ensure we deliver information that meets your requirements and adds value to your growth story. ### Business Consulting Our project management services are designed to provide end-to-end functional support and ensure its successful and timely completion. The Nexdigm advantage is that we provide holistic solutions covering the key areas of business including: Pre-investment SupportThis includes market analysis, business feasibility, competition mapping, incentive identification as well as location planning to help companies understand the crucial aspects of setting up a business. Finance & RegulatoryThis includes support in Capital Structuring, CFO services, Budgeting and Forecasting, Incentive Support, Bank Loan Syndication, Project Accounting, Tax and Secretarial compliances, and more. On-site SupportThis includes on-site team deployment for Vendor identification (Construction, MEP, PMC, Machinery Installation Company, etc.), liaising with various stakeholders, project monitoring and reporting of on-ground operations including aggregation of reporting from the PMC company. Other Services ManagementThis includes supporting in machinery procurement, IT setup & Risk Advisory, HR recruitment and policy support, and more. Business Feasibility Study We assess the current market scenario, customer trends, competition, economic viability and regulatory aspects to ascertain whether your investment will be sustainable and profitable. Business Plan Support Business plans help in structuring a company’s long-term goals and key milestones to be achieved in line with their objectives. While creating a business plan, we consider costs, tax and regulatory laws as well as strategic initiatives. Incentives Knowledge regarding incentives and how to avail them can be a key differentiator when measuring profitability. Several types of incentives are available including capital grants, exemptions, tax/cost reimbursements, utility tariff reduction, etc. These may vary on the basis of country, sector, employment generation, etc. Nexdigm also helps by directly liaising with government authorities to obtain the incentives for your company. Incorporation of an entity Nexdigm can help you plan for your incorporation by choosing an entity type that best suits the operational and administrative goals. Each entity form has a different set of regulations, tax based compliances and legal liabilities. We help you navigate these complexities to drive value for your company. Location Planning, Scouting, and Acquisition The location of a set up has several implications on the future of a business. A number of factors need to be considered including proximity to customers/suppliers, availability and cost of manpower, accessibility of electricity, water, etc. The location also forms a key consideration due to local regulatory and taxation regimes. We help assess these factors and support in the implementation by liaising with government authorities. Registrations & Approvals When it comes to business setups, approvals and regulations are crucial. Registrations would include Business Regulations and Factory Regulations. We help obtain these registrations to ensure the project is completed on time and operations can begin according to plan. Advisory and On-going support We provide regulatory, legal, tax, and HR assistance along with project accounting support. Our other ongoing services include accounting, book-keeping, direct and indirect tax compliances, company secretarial services, audit and assurance services, and regular incentive evaluation. ### Career Details Career Details ### Healthcare The global healthcare sector is focused on advancing medical care through continuous innovation and on maximizing access of this care to populations around the world. The rapid pace of change makes the healthcare maze complex to navigate and difficult to master. Organizations must constantly re-invent themselves so that they can live up to the expectation of making healthcare affordable and accessible. With its deep industry experience, technical know-how, and multidisciplinary teams, Nexdigm is well-equipped to assist organizations as they navigate the change. We ensure that businesses have the robust support that they need to look forward and Think Next! Our Services Ongoing Operations Support Finance, Accounting and Business Processes Procure to Pay Order to Cash Record to Report Master Maintenance Healthcare Compliances Customer Service Contract Management Setting up Contract Management System Contract Standardization Abstraction and Summarization Obligation Tracking Global Payroll & Compliances Payroll Processing Compliance Management Customized Solutions Taxation and Compliances Transfer Pricing Financial Planning and Analysis Reporting and Analytics Financial Closure and Audit Support IT Risk Management Internal Audit Operations Transformation Operational Transformation Supply Chain Transformation Demand Management and Planning Financial Models and Profitability Analysis Inventory Management Vendor and Contract Management Logistics / Network Evaluation Program Management Finance Process Transformation Centralize under Center of Excellence (CoE) Technology Deployment Process Redesign for Simplification, Standardization Data Analytics & Centers of Excellence (CoE) Customer Sales & Marketing Supply Chain Central Monitoring & Dashboards Finances Human Resource CoE Strategic Initiatives Greenfield / Brownfield Expansion M&A / JVs Post Merger Integration Restructuring / Winding Down Manage Change / IT–Setup Technology Change Management ### FAQ's Where can I find the current opportunities available at Nexdigm? All vacancies open at Nexdigm are listed in the Current Openings section of our careers website. Candidates have the option of refining search based on job function, location or keywords. Has my application been submitted? If you have applied for a job at Nexdigm through our Current Openings section, a message of your successful applcation will be displayed on the page post submission. Once your profile is found suitable, our recruiters shall get in touch with you regarding the current openings at Nexdigm. Where can I see the criteria for selection for the role I am interested in? The criterion is mentioned in the Job Description published with the position on the Careers Page. One can go through the same and apply if you consider yourself a good candidate. How can I check the status of my application? If your profile is found suitable for the position, our recruitment team shall get in touch with you. As we receive a large number of applications, a situation may arise where the position gets closed prior to your application (as we process profiles on a first come first serve basis). How will I receive the result of my interview? Your recruiter can help you understand the specific timeline of the opening you've applied for. You should hear back from them with a status update within a week of your interview. What is the career progression path like at Nexdigm? All our practices/functions have defined career grids establishing a growth path for our associates. Depending on the practice/function, the recruiter would provide clarity in the beginning of the hiring process. Does Nexdigm have an employee referral program? We do have an employee referral program and encourage you to reach out to any friends or former colleagues who are currently a part of Nexdigm to have them recommend you for the position. What can I expect when I work at Nexdigm? Nexdigm is an employee-centric organization. We are built on the core value of ‘A culture of care’. We offer multi-faceted growth opportunities to focused and driven professionals. Our culture offers a favorable learning environment to groom your professional skills. Combined with its performance-based orientation, our culture provides unbiased and equitable opportunities for all. What kind of learning initiatives does Nexdigm offer to employees? Learning initiatives are calendared and categorized as Behavioral, Technical and Compliance-based. Depending on the development need and upskilling required of the required associate, interventions are designed to keep the learner at the core of our growth initiatives. These interventions are planned and executed in line with all practices/functions. ### Subscription We are continually working on sharing relevant alerts and publications to keep you informed on the latest developments. Our mailers include: Alerts Business/Regulatory Alerts: Updates on FDI regulations, company regulations, and other policy developments Tax Alerts: Alerts on the latest direct and indirect tax developments in India VAT Alert (GCC): Regular updates about latest developments on Value Added Tax in the Gulf region Newsletters Tax Street: A monthly newsletter summarizing the trends in Indirect Tax, Direct Tax, and Transfer Pricing across the world and India GST Trail: Our monthly newsletter outlining relevant Circulars, Notifications and technical updates across the Goods and Services Tax landscape. Payroll Pulse: Our new bi-monthly newsletter curated for Payroll and HR professionals navigating evolving regulatory landscapes. Designed for professionals across geographies, this newsletter is designed to distill complex developments into clear, actionable guidance. More Articles, Thought Leadership, Publications and Industry Reports: Insightful knowledge-sharing articles by industry experts on current topics. Thought leadership or industry research publications share detailed analysis and decision-making support. This includes Doing Business in India guide, Union Budget publication, and other sector-specific reports related to niches of healthcare, food processing and more Corporate Announcements: Updates on significant milestones Events and Webinars: Invitations for knowledge-sharing sessions on diverse topics, delivered by subject-matter experts ### Careers People and Culture We respect and care for our team, clients and society alike Read More Job Search Current Opportunities Join a team that allows you to grow and gives you the freedom to make creative decisions View All ### Migrate db Event page ### Industries Since its inception, Nexdigm has catered to numerous industries. Over time, we developed a specialized focus in Healthcare and Food Processing. Our solutions and services are customized, and we have domain knowledge across most industries so we can cater to our clients' unique consulting and professional requirements. Our leaders use their experience and insights to illustrate industry trends and deliver actionable solutions to our clients. We are often a source of thought leadership publications and knowledge-sharing initiatives across the globe. Healthcare Food Processing Manufacturing Banking and Finance IT and ITeS Energy and Natural Resources Automobiles Real Estate ### Finance Process Automation & Optimization Competitive pressures compel businesses to have best-in-class finance structures and processes to remain viable. This must be achieved while keeping cost reduction and an optimal balance of skills, professionalism, and profitability in mind. At Nexdigm, we understand these problems and have developed a proprietary solution to harness the true capabilities of your business. Our Finance Transformation solution can help you: Identify inefficiencies across your finance process Discover spare capacities/resources Benchmark your organization's structure and processes with global standards Our objective is to enable you to focus on up-scaling your organization, optimizing technology and establishing efficient processes. Finance Organization Re-designing Analyzing, understanding, and documenting "as-is" job responsibilities Industry benchmarking Gap analysis through scorecards Recommending a scalable revised organization structure Finance Process Optimization Consolidating key controls and processes Identifying gaps in the “as-is” process vis-à-vis optimization Implementing controls and process enhancements Finance Process Automation Assessing automation possibilities in the finance function Conducting a cost-benefit analysis for each of the possibilities Assisting in the implementation of automation products The Nexdigm Advantage Qualified experts with rich experience and in-depth knowledge across the finance domain A legacy of successful solution developments Use of advanced technology platforms (for a data-driven approach) Use of automation solutions to reduce manual effort Substantial cost-savings for your finance function ### Brand Story - Nexdigm The digital revolution has triggered a transition from an era where businesses were ‘built to last’, to where businesses need to be ‘built to change’ to last. Nexdigm stems from the epiphany of the ‘now’ that is constantly evolving. The vision flows from the knowledge of its leaders that the only thing that helps them grow is their willingness to step up in time. The wisdom earned by accompanying clients on their varied development curves, while constantly stretching up to all their business needs, has led Nexdigm to bloom into Nexdigm. Nexdigm represents our global readiness to serve our clients and lead ourselves into the 'Next Paradigm' of business. The new identity brings fresh energy to support organizations with specialized services across industries. Equipped with the steady foundation of a deep-rooted existence, Nexdigm, shaped to ride waves of the future, is bound to be touched by the winds of change. Unlike most consultants, we don’t just assist in helping clients set sail in the direction of their choice. We ensure that we handhold them until they reach the shore, stress-free. We don’t just ideate; we implement. The Logo: The Nexdigm logo with intertwining lines represents our multi functional capabilities across Business Services and Professional Services, coming together to create an integrated solution for our clients. The wave embodies the agility and flexibility that we employ, alongside world-class professional and ethical standards. It imbibes our approach of partnership and collaboration while signifying the rapid pace with which we are innovating and digitizing. Nexdigm resonates our plunge into a new paradigm of business; it is our commitment to ‘Think Next.’ ### Regulatory Advisory Any corporate entity is subject to various laws and regulations. It requires a high degree of diligence and capability to identify and address potential risks. This demands expertise in diverse areas such as routine compliances, capital raising, fund distribution, opinions on complex regulatory issues, corporate governance, regulatory permissions, restructuring, and labor issues. At Nexdigm, we have a strong corporate practice that specializes in unraveling complex regulatory issues. Our services include complete project management during the set up of a business unit, aligning with various regulatory authorities for approvals (viz. Ministry of Corporate Affairs, RBI, SEBI, other business registrations, etc.), and managing all the regulatory compliances during the organization’s tenure. Our Services Company Law and Limited Liability Partnership Advisory Drafting Corporate Documents (Memorandum/Articles of Association, Minutes and Reports, etc.) Facilitating the issuance of securities on a rights basis, private placement, or preferential allotment Conceptualizing and implementing corporate actions (buy-back of securities, capital reduction, variation in shareholders rights, securities transfers, etc.) Converting a Company into Limited Liability Partnership (LLP) and vice versa Advise on Corporate Law ​ Foreign Exchange Control/FDI Advisory Implementing and reporting Foreign Investments ​Securing External Commercial Borrowings (ECB) ​Overseas Direct Investment (ODI) related issues ​Establishing an Indian entity (LO, BO, PO, etc.) and managing their compliances ​Coordinating with Authorized Dealer Banks on various matters ​Advising on Foreign Exchange Laws and critical issues like conversion of payables Securities Laws/SEBI (LODR) Advisory/Other Regulatory Advisory Listing Regulation compliance and informal guidance from SEBI ​Name change of entity ​Governance issues ​Securities Laws ​Takeover code matters (transfer of shares among promoters, family settlements, etc.) ​Voluntary delisting from regional stock exchanges ### Restructuring With businesses transcending borders and the world becoming a global marketplace, companies are actively looking at aligning their value drivers and tax positions with their overall business strategy to be competitive in the market and beneficial to stakeholders. Our team focuses on designing tailor-made solutions to build restructuring strategies holistically addressing tax opportunities and risks throughout the transaction lifecycle, from initial due diligence through post-deal implementation. We provide end-to-end assistance in implementing the desired transaction from a tax and regulatory perspective as a Project Leader or as a Project Partner along with your existing service providers/professionals. Our Services Business and Operational Restructuring Transaction Structuring Entry and Exit Strategies Cross Border Mergers Review and Negotiation of Business Agreements Tax Due Diligence Post-project Management Support ### Transaction Support Inorganic growth can provide a much-needed boost to a company’s capabilities. However, India can be a challenging environment for concluding deals, and these opportunities are handled with great care and expertise. One of the greatest impediments to a successful transaction is failing to identify the correct partner. We believe that successful deals are those that result in win-win situations for all parties involved. With this in mind, we assist our clients in assessing a business’s strategic fit by evaluating potential synergies that would catalyze the achievement of long-term business objectives. Our strong multinational client base along with our association with trade bodies and global networks gives us a strategic edge that augments our ability to identify a suitable partner. Equally crucial for the transaction’s success is the collective execution of all activities across its lifecycle and the skills to discover the missing pieces. With extensive experience in cross-border deals and a thorough understanding of ground realities, our approach ensures seamless end-to-end execution of transactions with various objectives, such as mergers and acquisitions, joint ventures, management buyouts, divestitures, spin-offs, and strategic alliances. ### Business Tax Every business has a tax, and every tax has compliance. Appropriate compliance management goes a long way in ensuring that the tax obligations of a business are addressed, and the tax costs are predictable. Compliance reporting often becomes the primary source of reporting information to the Revenue Authorities, on which further tax inquiries are based, which makes it one of the most critical functions in the tax environment. The global business environment is becoming increasingly dynamic, and the tax and regulatory environment are under stress to keep pace. Additional compliance measures are being introduced in India from time to time to bring newer transactions and information under the tax net – with the objective that better tax administration requires more and better information. Our Services Preparation/review of Corporate Tax Returns Revenue Audits and Litigation Effective Tax Rate Management Tax Health-checks With holding tax compliance and advisory Certification Services Expat Tax Services Tax trainings for a corporate's in-house tax team Our Business Tax team is geared to help you in effectively handling your business tax compliance and advisory needs. With our rich experience involved in the history and progress of the Indian tax law and administration, we help you build stable and sustainable tax strategies combing the technical, practical, and commercial aspects. ### Tax & Regulatory Businesses have grown exponentially, and their presence is expanding beyond borders. This growth has resulted in increasing their tax liability exponentially. Managing uncertainties and complexities can no longer be treated as afterthoughts. As a trusted tax advisor to leading MNCs for more than five decades, our tax and regulatory practice is one of the most highly regarded tax groups in India. Awarded the India Tax Firm of the Year, 2016 by International Tax Review, the tax team at Nexdigm helps organizations formulate effective strategies to optimize taxes, implement innovative tax planning, and effectively manage compliance and litigation. With more than 175 members, the multidisciplinary Tax Team of Nexdigm comprises of dedicated tax professionals with in-depth technical knowledge and practical experience. Our team works with various clients, ranging from Fortune 500 corporations to closely-held businesses and high net-worth individuals. We specialize in providing sound and practical advice in corporate tax, international tax, indirect tax, transfer pricing, dispute resolution, regulatory matters, and expatriate tax. We also assist clients in structuring a wide range of transactions, from private equity deals to corporate acquisitions and disposals. We do not just provide comprehensive advice, but also take the lead in implementing the advice and defending it before government authorities. Foreign Remittances - Compliance made easy! ### Private Client & Family Office As the assets of individuals and businesses grow, so do the magnitude and complexity of the monetary risk. Tax efficiency for the wealth of individuals and families is a fusion of assets held by the family and expectations. We work closely with promoters and family offices to provide tailor-made solutions through comprehensive risk analysis of your profile, to help your family or business achieve its intended objectives by reducing administrative work and balancing your lifestyle. Our Services Tax & Accounting Tax Advisory & Compliances M&A Tax Bookkeeping, Fund Accounting & Reporting Payroll Succession Planning Will Trust Settlement Arrangement Internal Restructuring Restructuring Tax Structuring Risk Management Entity Reporting Transactions Buy/Sale-side Support Project Management Technology Business Analytics Cyber Security and Data Privacy CISO As a Service Technology Solutions ### Foreign Portfolio Investors The increasingly globalized world permits investors to consider exploring foreign markets, allowing them to build a diversified portfolio, which not only helps them achieve their investment objectives but also provides attractive returns. The Indian government offers foreign investors an opportunity to invest in Indian markets through the Foreign Portfolio Investor (FPI) route. The increasing attractiveness of the Indian economy and Indian securities, the large basket of securities in which FPIs can invest in, and easing of the regulatory framework have resulted in a steady increase in the number of FPIs registering in India and the quantum of FPI investments in India. While the returns from the Indian markets are attractive, FPIs need to ensure that they are tax compliant in India so that there are no surprises in the future, which could negatively impact the actual return earned from Indian securities. Given the voluminous nature of transactions undertaken by FPIs daily, efficiency in tax compliances and tax costs are imperative factors for FPIs to optimize their post-tax returns. Our Services Structuring FPI operations from an income tax perspective FPI registration Permanent account number (PAN) application Digital signature certificate (DSC) application Regulatory and Accounting Services Computation of income & tax thereon Providing weekly/daily tax computation for NAV purposes Issue of remittance letter/certificate Preparation and filing of tax returns Representation and Litigation With an in-depth understanding of the tax and regulatory framework applicable to FPIs, the Nexdigm FPI team provides a complete bouquet of taxation services to FPIs comprising of advisory services (including advise on structuring investments into India in a tax-efficient manner), day-to-day accounting of transactions, compliance services (tax returns and remittance certificates), and representation before the tax and regulatory authorities.   ### International Tax In a world of intensified global competition, the key to business success is keeping your tax strategy agile and aligned with your corporate strategy, while keeping an eye on your worldwide effective tax rate. In a post-BEPS scenario, this would be extremely challenging, and businesses will have to re-evaluate their operational, financing, and holding structures, and assess their tax strategy to develop a sustainable tax framework. Our Services India Entry Strategy Inbound/Outbound Investment Structuring Tax Optimization and Tax Risk Management FEMA Advisory Permanent Establishment (PE) Advisory and Risk Mitigation BEPS and GAAR Advisory EPC Contract Structuring and Bid Valuation The International Tax team of Nexdigm is geared to assist you in providing solutions, in respect of all your cross-border transactions, keeping in mind the BEPS developments. ### UAE Dubai Emirates Financial Towers, 503-C South Tower, DIFC, PO Box 507260, Dubai, UAE +971 4 2866677 ThinkNext@nexdigm.com Branch 1801-29, One by Omniyat Tower Business Bay, PO Box 507260, Dubai, UAE +971 4 2445057 Abu Dhabi DD-14-116-001, DD-14-116-002 WeWork X Hub71 Al Khatem Tower, ADGM Square Al Maryah Island Abu Dhabi, UAE For media enquiries, please write to us at communications@nexdigm.com. ### North America Chicago 2917 Oak Brook Hills Road, Oak Brook, IL 60523 +1 630 818 1830 ThinkNext@nexdigm.com For media enquiries, please write to us at communications@nexdigm.com. ### Past Events ### Upcoming Events ### Strategic Initiatives While organizations are typically well-geared to manage the day-to-day aspects of business efficiently, new strategic planning initiatives tend to be complex projects with multiple work streams involved. Market Research In today's fast-paced world, it is critical for businesses to stay abreast of market trends, changing consumer needs, competition, and other factors that impact the business. Meeting customer demands along with maintaining brand and product relevance are key elements to sustain and thrive in the ever-evolving global economy. Market insights provide companies with information about the dynamic landscape and customer preferences. Through systematic data collection, organization, and analysis, businesses can make better, more informed decisions. Business Consulting Our project management services are designed to provide end-to-end functional support and ensure its successful and timely completion. Program Management Nexdigm’s Program Management services help organizations navigate complex transformation initiatives and drive large-scale program rollouts with precision. We provide end-to-end program delivery, ensuring alignment with your strategic goals while maintaining a focus on governance, risk assessment, data-backed decision making and continuous improvement. Global Shared Services Shared Services Centers or Global Capability Centers (GCC) have evolved from cost generators to strategic business enablers and value generators. Nexdigm has a robust methodology that systematically assesses all processes in the context of your business and its specific. We then identify what aspects should to be handled as core business activities and what can be consolidated into a GCC to optimize resource utilization, deliver improved service levels at a lower cost, etc. Our ability to handle multilingual transactions can help you build a truly global GCC set-up. Infrastructure Set-Up Nexdigm offers comprehensive support for establishing corporate infrastructure, guiding organizations from initial planning through to post-launch operations. Our approach encompasses comprehensive planning, meticulous implementation control, and rigorous governance. By integrating seamlessly with your team, Nexdigm ensures that your infrastructure projects are executed efficiently, within budget, and in compliance with all regulatory requirements. ### Site Map ### Videos ### Profile ### Case Study Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum. ### Ad and Cookie Policy We Use Common Tracking Technologies We collect personal information about users over time and across different web sites when you use this site or service. We also have third parties that collect personal information this way. To do this, we use several common tracking tools. These may include browser cookies. We may also use web beacons, flash cookies, and similar technologies. Our vendors may also use these tools. In this policy “we” and “us” refers to both Nexdigm Pvt Ltd. and our vendors. We Use Tracking Technologies For a Variety of Reasons We use tracking tools, including cookies, on our websites. Third parties also use cookies on our sites. Cookies are small files that download when you access certain websites. To learn more, visit here or here. These pages also explain how you can manage and delete cookies. We use tracking tools: To recognize new visitors to our web sites. To recognize past customers. To store your password if you are registered on our site. To improve our website and better understand your visits on our platforms. To integrate with third party social media websites. To serve you with interest-based or targeted advertising (see below for more on interest-based advertising). To observe your behaviors and browsing activities over time across multiple websites or other platforms. To better understand the interests of our customers and our website visitors. We Engage in Interest-Based Advertising We and our partners display interest-based advertising using information gathered about you over time across multiple websites or other platforms. This might include apps. Interest-based advertising or “online behavioral advertising” includes ads served to you after you leave our website, encouraging you to return. They also include ads we think are relevant based on your browsing habits or online activities. These ads might be served on websites or on apps. They might also be served in emails. We might serve these ads, or third parties may serve ads. They might be about our products or other companies’ products. Where legally required we get consent to engage in interest-based advertising. How Do We Gather Relevant Information About You for Interest-Based Advertising? To decide what is relevant to you, we use information you make available to us when you interact with us, our affiliates, and other third parties. We gather this information using the tracking tools described above. For example, we or our partners might look at your browsing behaviors. We might look at these activities on our platforms or the platforms of others. We work with third parties who help gather this information. You Can Control Certain Tracking Tools Your browser may give you the ability to control cookies. How you do so depends on the type of cookie. Certain browsers can be set to reject browser cookies. To find out more about how to enable, disable, or delete cookies from your web browser, please visit here and here.  To control flash cookies, which we may use on certain websites from time to time, you can go here. Why? Because flash cookies cannot be controlled through your browser settings. Our Do Not Track Policy: Some browsers have a “Do Not Track” feature that allows you to tell a web site not to track you. These features are not all uniform. We do not currently respond to those signals. If you block cookies, certain functionality on our sites may not work. If you block or reject cookies, not all of the tracking described here will stop. Certain options you select are browser and device specific. Copyright You Can Opt-Out of Online Behavioral Advertising The Self-Regulatory Program for Online Behavioral Advertising provides consumers with the ability to opt-out of having their online behavior recorded and used for advertising purposes. To opt out of having your online behavior collected for advertising purposes, visit www.aboutads.info/choices. Some of the tracking technologies we may use do not participate in the Self-Regulatory Program for Online Behavioral Advertising. This means you will not be opted out by following the instructions above. Instead, click on the following link to get more information about how to opt-out of that tracker’s cookies: Twitter.  Certain choices you make are both browser and device-specific. We Use Specific Tracking Technologies Here is more information about the tracking technologies and cookies we currently use. We use all of these tracking technologies to improve our site and the experience of our visitors: Adobe Dynamic Tag Management and Omniture (Adobe Analytics): We use Adobe Analytics to track user behavior, traffic analysis and marketing optimization. Adobe Test & Target: Adobe Test & Target is a testing and optimization tool that allows us to create different variations of our websites so we can track the effectiveness of and traffic on each one. This also allows us to use information about your web-browsing activities so we can increase the effectiveness of our web pages. Bing Ads: Bing Ads allows us to have our advertisements appear at the top of the results page for certain search engines. We also use this tool to track visitors that click on our ads and visit our site. This helps us direct users to our website and determine the effectiveness of our online campaigns in terms of sales and user activity on our sites. Double Click: Double Click allows us to capture and report on the actions of users who visit our website after viewing or clicking on one of our paid ads. This allows us to determine the effectiveness of our online campaigns in terms of both sales and user activity on our sites.  Facebook Connect: We use this technology to allow users to share their experiences with our websites on Facebook and to track visitors to our sites who have interacted with our ads or posts on Facebook.  For example, we may collect your browser information, demographic data, and interaction data. This allows us to determine the effectiveness of our marketing efforts on Facebook. Facebook Custom Audience: We use Facebook Custom Audience to deliver ads on Facebook to a certain group of users. Google AdWords Conversion: We use conversion tracking to help us understand how effective our digital campaigns are. Google Analytics: We use Google Analytics to collect information about how visitors use our website. For example, we collect details of the site where the visitor has come from and the total number of times a visitor has been to our website. This allows us to determine the effectiveness of our online campaigns in terms of sales and user activity on our sites. Google Dynamic Re-marketing: We use these tracking tools to track user behavior over time and across third party sites to improve the effectiveness of our online advertising. We collect information about what ads users view and whether they click on the ads. We use this information to improve and customize our advertising. Google Tag Manager: We use Google Tag Manager to measure what features on our site are interesting to our users. It also helps us understand what portions of our site users clicked on during a certain time and how users arrived on our site. This allows us to determine the effectiveness of our online campaigns in terms of sales and user activity on our sites. Twitter: Twitter is an online social networking service that enables users to send and read short messages. We use the Twitter cookies to enable social sharing buttons on our sites, as well as to track social media and other web browsing behavior in order to target ads and promotions to your interests. For more information on how to opt-out of Twitter cookies, you can go here. Lead Squared: We use this tool to track users that have interacted with our email communications and visited our website. We may use this information to improve our emails and customize user experiences. We also use information collected through this tool to determine the effectiveness of our online campaigns in terms of sales and user activity on our sites. LinkedIn: We use LinkedIn cookies to enable social sharing buttons on our sites, as well as to track social media and other web browsing behavior in order to target ads and promotions to your interests. ### Disclaimer Please read these terms and conditions carefully. By accessing the site, and any pages thereof, you agree to be bound by the terms and conditions below. The information and material contained in these pages and the terms, conditions and descriptions that appear are subject to change. No Warranty The information and material contained in this site, including text, graphics, links or other items are provided "as is", "as available". Nexdigm Pvt. Ltd. (Nexdigm) does not warrant the accuracy, adequacy or completeness of this information and material and expressly disclaims liability for errors or omissions in this information and material. No warranty of any kind, implied, express or statutory, including but not limited to the warranties of non-infringement of third-party rights, title, merchantability, fitness for a particular purpose and freedom from computer virus, is given in conjunction with the information and material. Copyright Material copyrighted by Nexdigm or owned by any individual or entity is presented here for personal, non-commercial use only. Documents, content or images contained in this website may not be copied or reproduced in any form without the written permission of Nexdigm. Limitation of Liability In no event will Nexdigm be liable for any damages, including without limitation direct or indirect, special, incidental or consequential damages, losses or expenses arising in connection with any failure of performance, error, omission, interruption, defect, delay in operation or transmission, computer virus or line or system failure. Even Nexdigm, or any representation thereof, is advised of the possibility of such damages, losses or expenses. Visit hyperlinks to other internet resources at your own risk; the content, accuracy, opinions expressed and other links provided by these resources are not investigated, verified, monitored or endorsed by Nexdigm. Nexdigm Pvt. Ltd. (Nexdigm) is a member firm of the “Nexia International” network. Nexia International is a leading worldwide network of independent accounting and consulting firms, providing a comprehensive portfolio of audit, accountancy, tax and advisory services. “Nexia International” also refers to the trading name of Nexia International Limited, a company registered in the Isle of Man, which operates the Nexia International network. Company registration number: 53513C. Registered office: 1st floor, Sixty Circular Road, Douglas, Isle of Man, IM1 1SA. Nexia International Limited does not deliver services in its own name or otherwise. Nexia International Limited and the member firms of the Nexia International network (including those members which trade under a name which includes the word NEXIA) are not part of a worldwide partnership. Nexia International Limited does not accept any responsibility for the commission of any act, or omission to act by, or the liabilities of, any of its members. Each member firm within the Nexia International network is a separate legal entity. Nexia International Limited does not accept liability for any loss arising from any action taken, or omission, on the basis of the content on this website or any documentation and external links provided. The trade marks NEXIA INTERNATIONAL, NEXIA and the NEXIA logo are owned by Nexia International Limited and used under licence. References to Nexia or Nexia International are to Nexia International Limited or to the “Nexia International” network of firms, as the context may dictate. ### Internal Audit & Process Reviews Internal Audit Nexdigm's Internal Audit team comprising of multidisciplinary professionals assists organizations with globally accepted internal audit methodologies and standards. We specialize in rendering independent advice aided by data analytics, focusing on aligning the internal audit mission with enterprise objectives. We are the third line of defense that can be entrusted to showcase a precise reflection of whether crucial risks are being efficiently managed by the first and second lines of defense. Sarbanes-Oxley and Internal Financial Controls (SOX/IFC) We assist an organization’s management in implementing industry best practices to develop concrete inbuilt controls. Our approaches follow a comprehensive yet cost-effective trajectory to ensure that an entity’s internal controls related to financial reporting comply with all aspects of regulatory requirements under the Sarbanes-Oxley Act, Companies Act (Internal Financial Controls or Internal Controls over Financial Reporting). Enterprise Risk Management (ERM) A robust ERM program is vital for the sustainable long-term growth of an organization. Our ERM strategy comprises of - Integration of risk management with strategy and performance Effective management of uncertainty (downside risk) and associated opportunities (upside risk) Creation of a ‘risk‐aware’ culture across the organization Bridging departmental silos and developing Centers of Excellence (CoE) Drawing on the expertise of highly-skilled professionals Our other On-Demand Services include (but are not limited to): Governance ReviewWe help organizations enhance the value and efficiency of corporate governance and compliance processes, including effective reporting to internal and external stakeholders. This is done by conducting corporate governance audits and designing a governance framework that focuses on key aspects such as evaluation of entity-level controls, strengthening board oversight of management, positioning risk management as a critical responsibility of the board, encouraging sound remuneration practices to balance risk, etc. Regulatory Compliance Review Our statutory compliance services include a broad review of statutory and regulatory compliances as per agreed-upon procedures to test the internal control design of an organization. The idea is to ensure compliance with various statutes to reveal the strengths and weaknesses in the internal control system in terms of compliance. This is followed by a clear plan on how to move forward. Anti-Money Laundering (AML) Review Our AML compliance review services aim at assisting businesses in achieving a higher level of regulatory compliance while adopting the best customer acceptance policy and driving its implementation. We aim to define the most relevant guidelines to prevent the organization from intentional and unintentional threats with requisite anti-money laundering policies and practices. Companies Auditor Report Order (CARO) Compliance SupportWith our rich experience of more than 60 years in assurance services, we assist an organization’s management in evaluating the reasonability of CARO compliance and provide specific recommendations for leveling up regulatory compliance. Quality Assurance We help businesses assess the positioning and operational effectiveness of the Internal Audit function through quality assurance and improvement programs. The aim is to provide a transparent evaluation of the Internal Audit (IA) department while benchmarking best practices and enabling the use of modern audit techniques. Based on the assessment results, we also support in designing training programs to handhold and train the IA team of the organization to scale up to industry standards. Process Reviews Our integrated and advanced business process reviews provide end-to-end solutions that consistently deliver value to our clients in today's competitive and globalized environment. Our approach involves analysis and design of the workflow as well as related procedures within an organization to re-engineer processes through People, Process, and Technology (PPT) solutions. Standard Operating Procedures (SOP) SOPs are essential for maintaining compliance with processes for consistency in an organization's operations. We assist organizations in drafting SOPs and capturing step-by-step instructions at each stage. The purpose is to communicate the objectives of a process/function, improve employee productivity, and speed up employee decision-making. Alongside training and implementation support, we also help organizations link SOPs with KPAs (Key Performance Areas) and KRAs (Key Result Areas) to improve overall performance. Enterprise Resource Planning (ERP) Implementation Support Our unique ERP solutions enable organizations to streamline operational processes and information flow in the enterprise, with strategic evaluation for a smooth and hassle-free implementation of relevant ERP systems. Third-Party Risk Assessment Increasing dependence on third-party relationships has heightened the risk profile of businesses and exposed organizations to a host of severe risk and compliance issues. We work with clients to manage their outsourcing risk by extending support in defining minimum standards for outsourcing. We leverage technology in conducting risk assessment reviews of third-parties to evaluate financial, legal, regulatory, operational, and reputational risks. Customized GRC Advisory Projects Our specialist teams have the expertise to find innovative solutions to unique problems of a business and provide specific aid that an organization’s management might require. These span across various functions, including Board Advisory, Functional Consultancy, Risk Intelligence Mapping, Techno-financial Reviews, Benchmarking Surveys, etc. ### Indirect Tax The implementation of GST in India, the progressive introduction of VAT in GCC countries, and the vast and unprecedented consequences on the US sales tax ecosystem resulting from the landmark Way fair judgment by the US Supreme Court mean that the indirect tax regime continues to be a dynamic space globally. In the Indian context, the ever-evolving GST and its inter-linking with the Customs law and the Foreign Trade Policy (FTP) present its own challenges. The ongoing assessments and litigation add another layer of complexity in the indirect tax domain. Businesses require assistance in not only dealing with these intricacies but also ensuring they maximize the various benefits and incentives provided by the government in the form of exemptions, refunds, drawbacks, scrips, etc. In addition, the assessments and litigation for the erstwhile tax regime continue to add to the existing turmoil of the entire indirect tax net. At Nexdigm, our strong talent pool, combined with our partnering approach towards our clients, ensures that we provide comprehensive solutions by taking a holistic view of your business. Through our team of qualified and experienced professionals equipped to provide regular knowledge updates in a lucid style, you will be ideally positioned to understand the ever-changing indirect tax landscape and make an informed decision while constructing your supply chain. This would help you minimize tax costs and risks while taking advantage of the various exemptions, abatements, credits, and set-offs. Our Services Advisory & Compliance On-call real- time advisory Tax structuring Tax impact studies Health checks Transactional advisory Project advisory Tax due diligence Filing GST returns Deputation of employees Customs & FTP Customs Valuation - Special Valuation Branch Proceedings Customs refunds OSPC audit Exports Benefits under MEIS, SEIS, AA, EPCG, etc. Closure and surrender of FTP licenses Obtaining registrations such as IEC, RCMC, etc. Representation & Litigation Assistance in filing replies to show cause notices Representation at appellate stages Representation before CBIC and GST Council Assistance in Anti-profiteering proceedings Audits and Others GST audits Assistance during GST departmental audit GST Refunds Legacy law assessments SEZ and EOU compliances Assistance in audits and assessments under erstwhile laws ### Global Transfer Pricing With a rise in cross-border transactions between group companies and stringent norms being imposed by governments across the globe, transfer pricing entails one of the most significant tax risks. Also, recent changes by the Organization for Economic Co-operation and Development (OECD), in the area of Base Erosion and Profit Shifting (BEPS), have made it imperative for companies to find an efficient yet legally acceptable transfer pricing solution. India introduced transfer pricing regulations in the year 2001. Ever since then, Nexdigm has been one of the very few firms in India to have a full-fledged and dedicated transfer pricing practice. Our team provides a global perspective based on our long-standing experience of how the transfer pricing law and jurisprudence evolved and what positions work at a practical level, given the risk appetite of a client. We have dedicated access to the Bureau Van Dijk (BvD) and other global and Indian databases, enabling our team to provide solutions to our global clients. Our Services Devising Global Transfer Pricing policies Tax-efficient supply chain management Base Erosion and Profit Shifting (BEPS) Advisory Country-specific documentation Benchmarking studies Compliances Competent Authority negotiations, Advance Pricing Agreements and Litigation Support Cross-border agreements Implementation and Operational Assistance Valuation Global Transfer Pricing With a dedicated team of 35+ professionals, the global transfer pricing team at Nexdigm offers a full range of transfer pricing services and independent advice for MNCs. Our team comprises of transfer pricing experts, economists, valuation experts, and business consulting specialists to provide holistic and integrated transfer pricing solutions to our clients. Country-specific transfer pricing landscape Australia Bangladesh Canada Hong Kong India Indonesia KSA Malaysia Nigeria Singapore Sri Lanka Tanzania Thailand UAE Vietnam ### Direct & Indirect Tax Every business needs to keep a keen eye on the tax and compliance implications pertinent to their geography and sector. Understanding the processes and regulations that need to be followed is crucial when ascertaining profitability. Our global team of experts at Nexdigm are equipped with the tools and knowledge to handle your tax and regulatory requirements. We specialize in providing sound and practical advice in corporate tax, international tax, indirect tax, transfer pricing, dispute resolution, regulatory matters, and expatriate tax. We also assist clients in structuring a wide range of transactions, from private equity deals to corporate acquisitions and disposals. We do not just provide comprehensive advice, but also take the lead in implementing the advice and defending it before government authorities. ### CFO Services The evolving nature of business requires a dedicated team of finance experts who can support routine finance and compliance activities. Such support ensures seamless delivery while adhering to compliance requirements and efficiently managing the finance process. We partner with you and take complete ownership of the Finance and Accounting (F&A) functions, including ERP implementation, legacy accounting, and audit support. Our 50+ years of experience in F&A have enabled us to build a robust ecosystem with industry-leading practices. Our partner-led approach and in-depth domain knowledge helps clients minimize risks associated with the F&A function. CFO Services – Mitigating Risks and Improving Performance ### Company Secretarial With the dynamic legislation and the fast-evolving regulatory landscape, all businesses that operate in India need to carry out compliances under various tax and regulatory laws. While the regulatory laws are primarily focused on ensuring transparency and efficiency, compliances under tax laws are required to support the government in its revenue collection process. Understanding India's tax and regulatory structure is extremely important, and Nexdigm uses a partnering approach to assist clients with corporate governance as well as regulatory and statutory compliances. With a customer-centric approach and an integrated team structure, Nexdigm ensures that you remain compliant with local laws while you focus on achieving your business goals. Our Services Board and committee meeting management Assistance in conducting shareholder meetings (including annual meetings) Maintenance of corporate records Corporate governance advisory Advisory and compliance with event-based reporting, such as change of director, change of registered office, allotment of shares, etc. Compliance advisory and support Foreign exchange regulation support Dividend and share transfer management ### Outsourced Finance & Regulatory Compliance The Finance and Accounting function is critical for any business, big or small, start-up, or well-established. It forms an integral part of the business operations and is vital for organizations in terms of compliance, performance evaluation, decision-making, and strategy development. Businesses are always under pressure to establish, maintain, and grow operations while simultaneously reducing costs. Our focus is to ease the burden of multinationals in India, by supporting their business objectives, while also mitigating compliance risks. Under Outsourced Accounting and Finance Controlling, we offer the following services: Accounting system set up, including internal controls Systematic maintenance of a complete set of accounting records Compliance and risk management Set up and migration of ERP Periodic management reporting Year-end statutory compliance support, including liaison for audit and tax filings Treasury management The Nexdigm Advantage An umbrella service with a single point of contact for your convenience Ability to work on your preferred ERP platform Holistic service through a combination of front-ending finance controllers who are backed by a team of experts in each domain Keeping you up-to-date on your entity’s compliances and the Indian regulatory environment through quarterly Compliance Dossiers Feedback mechanism to address any issues that may arise during service delivery ### Entity Set-Up India is one of the fastest-growing economies in the world today. With a considerable rise in the overall purchasing power of the population, as witnessed in the recent times, businesses from across the globe are actively investing in India’s growth story. The young population and abundant talent make it an attractive business hub. India is also home to some large pockets of significant natural resources, attracting a myriad of multinationals to expand their manufacturing, intermediary, and service businesses to India. Nexdigm supports businesses from across the world establish their presence in India. We partner with clients to guide them through the complete set-up process and the various regulatory requirements to ensure a smooth set-up of their presence in India. Our Services Entry strategy support to meet your India business goals Regulatory and foreign exchange advisory and assistance Entity establishment support Business registration Post-incorporation compliance, under Company Law and Foreign Exchange regulations ### Contract Management Nexdigm Contract Management Services Contracts are the key to strong business relationships. Nexdigm helps teams from the procurement, legal, finance, and MA departments strike the right balance between expediency and business risks. Our experienced attorneys are capable of aligning multiple stakeholders while providing an integrated view of commercial as well as legal aspects. Nexdigm can help you reduce your contracting costs and elevate the experience of all stakeholders involved by standardizing processes, choosing the right technology, and leveraging our wealth of specialized knowledge. At Nexdigm, we treat the contract management process from end to end. In fact, we recognize that every contract has a lifecycle and needs to be managed at every stage of that cycle. Our contract management services can radically change the way you manage contracts, thereby effectively managing risk without, in any way, sacrificing business needs and urgency. We help you develop standardized templates for different contract types and playbooks that provide guidance for all foreseeable negotiation situations. These enable quick turnaround of contracts and, at the same time, ensure that contract risks remain within defined boundaries. When you choose Nexdigm as your delivery partner to provide a fully managed service, we not only set up contract management solutions; we also write your large-volume, template-driven contracts, negotiate them within the boundaries authorized by you, get them executed, and archive them for future retrieval and renewal. This frees your in-house legal team for more complex work and strategic initiatives. The bottom line is that your senior leadership is assured of a structured framework for initiating, signing, and maintaining commercial contracts without losing the flexibility of doing business. You also receive a systematic implementation of contract risk management that enables business growth at the cost of no legal violation. ### Payroll & HR Support Services Expanding across borders brings complexity in payroll tax compliance, social security, local labor laws, and cost structures. These factors, along the challenges of visas, relocation, pay parity, and multiple jurisdictions' make payroll management increasingly critical. Nexdigm provides end-to-end, transparent, and single-point-of-contact Payroll and HR processes. Our global solutions are designed to support your growth objectives by reducing risk, improving efficiency, and helping you scale your business. Payroll Processing Processing payroll and employee benefits computation Reimbursement management, including Leave Travel Allowance and flexible benefit components. Payroll registers and reports Full and final settlements Employee helpdesk support through Employee Self-Service portals Income and Social Taxes Structuring tax-efficient salaries Registrations and declarations required for employer tax obligations Tax advisory for cash and non-cash remuneration and perquisites Social Security Contribution Calculation Payroll and tax processing for employers Preparation and filing of periodic returns Reporting and Analytics Effective and meaningful analysis of data to help the management in decisionmaking Comparative analysis across countries (accuracy, timeliness, cost, quality, etc.) Global Mobility Tax Advisory Salary, Payroll and tax management for inbound and outbound expatriates Advisory and assistance for double tax avoidance and social security totalization benefits Tax return preparation and compliance support for mobile employees HR Support Assistance in framing and implementing HR policies Assistance in preparation of employee handbooks, employment letters/contracts, etc. Help with implementing HRMS, time and attendance systems, and performance management tools Employee Benefits Management Compensation, benefits planning, and structuring Benefits administration Central Provident Fund / Provident Fund / Superfund contributions and deposits with different funds Labour law compliance (establishment compliance) ESOP implementation, computation, and reporting Tax advisory and implications Taxability of one-off payments – redundancy, severance pay, long service leave, etc. Income tax returns for employees across multiple tax jurisdictions Employee Expense Claims Reimbursements End-to-end solutions centered around managing the business expense claims of employees Building digitized workflows and document management systems to enable paperless and seamless expense claims systems Technology-Led Solution Customized HRMS implementation and other eTech Platform Integration with global HRMS software Single sign-on access Digital tool for labour law compliance Data-driven decision-making through analytics dashboards ### Global Shared Services Shared Services Centers or Global Capability Centers (GCC) have evolved from cost generators to strategic business enablers and value generators. Nexdigm has a robust methodology that systematically assesses all processes in the context of your business and its specific. We then identify what aspects should to be handled as core business activities and what can be consolidated into a GCC to optimize resource utilization, deliver improved service levels at a lower cost, etc. Our ability to handle multilingual transactions can help you build a truly global GCC set-up. Nexdigm’s Solution Nexdigm has a robust methodology towards creating a customized solution best suited to your business needs, which includes: Business process assessment: We systematically assess the relevant processes and sub-processes in the context of your business to identify what needs to be close to the business and what can be consolidated into a shared services center. Identify engagement model: Once the design blueprint is approved, we build, transition, and manage the shared services operations. Optimization: The critical mass achieved enables us to leverage processes and technology, and optimize resource utilization, delivering improved service levels at lower cost. In fact, our ability to handle transactions in languages other than English helps us deliver a truly global shared services set-up. There are certain clear advantages when setting up a GCC, including: Team Management In centralized teams, the corporate or regional headquarters do not need to manage dispersed teams remotely, avoiding challenges and extra costs in coordination, human resource management, and ensuring uniform implementation of policies and processes. Cross-national Operations For a business with a multinational footprint, differences in time zones, languages, and cultures are serious concerns. A centralized team can reduce management challenges, and ease process optimization, accuracy, and reporting. Flexibility In a centralized model, teams can be scaled up or down based on growth rates, work is process dependent rather than person dependent, and technology can be deployed to enhance efficiency. Shared Services Model These inherent advantages motivate businesses to create a structure that leverages the benefits of both - having a lean process team close to the business, as well as a shared services set-up that handles the large volume, rule-based, process-driven aspects. You can also choose the engagement model that suits your needs. Set-up your Global Capability Centers in India with Nexdigm ### Global The increasingly globalized business environment and parallel technology developments have brought about a stark change in the way that businesses operate. Expanding companies need to advance steadily in the face of this ‘globalization’ which makes being ‘local’ while being ‘global’ a necessary mandate. Through our presence in leading world markets along with the Nexia network, we at Nexdigm, act as your extension, as you leverage from business opportunities across the world. Our team of professionals has collaborated with clients from over 45 countries including Fortune 500 companies, multinational corporations, private equity, venture capital, and family-owned enterprises, and holds the necessary expertise to lend support across sectors and geographies. While helping you navigate cumbersome compliances, regulation differences, widespread projects, and other business processes, we partner with you to allow your business to focus on what it does best and grow further. Nexdigm – USA The North American market has long been a focus area for Nexdigm. Through direct operations in Chicago, USA, we are readily available to clients with on-ground support and round-the-clock delivery across time zones. We are trusted advisors and partners to numerous multinational corporations operating in and from the USA. Our services to these businesses are multi-disciplinary, encompassing service lines like Business Consulting, Transaction Support, Business Process Management, Corporate Services, Tax Risk Management, and more. Nexdigm – UAE With our office in Dubai, Nexdigm offers comprehensive business solutions for companies operating in and from UAE. As a firm, we are geared to provide end-to-end support for organizations headquartered in the sub-continent as well as the businesses that aim at leveraging the UAE market as a part of their global expansion plans. Our extensive knowledge of tax structuring and VAT compliances allows helps us to provide sound business consultation, tax guidance, and accounting services with dedicated teams of over 1000 members so that our clients can focus on their core business. Nexdigm – Japan Nexdigm has worked very closely with Japanese businesses on various projects including entry strategy, market research, etc. Over the years, we have built strong relationships with leading Japanese banks, law firms, and other such institutions, making our services to Japanese businesses more holistic and increasing accessibility to other vital services. Nexia Network Nexdigm is a grateful member of Nexia International, the ninth largest global network of independent accounting and consulting firms, providing access to comprehensive audit, accountancy, tax and advisory services to clients worldwide. Our relationship with Nexia enables us to provide quality, result-oriented business solutions to clients in over 120 countries. More information on the network can be found on nexia.com. ### Privacy Policy Objective We have formulated this Privacy Policy to help you understand how we deal with the personal data collected from our employees, contractors, associates, vendors and clients. Scope This policy applies to employees, partners, contractors, associates, consultants, vendors, retainers, clients of Nexdigm Pvt. Ltd. and visitors to our website. Policy Statement We are committed to the protection and responsible use of your personal data and promotion of individual privacy rights. Through the use of appropriate administrative, physical, and technical safeguards, we strive to protect personally identifiable information that we maintain or disseminate to ensure that it is not obtained by unauthorized individuals or used in unauthorized ways. Framework We may collect, store, process, use, transfer and disclose such information about individuals (“Data Subjects”) which may constitute Personal Information including Sensitive Personal Data or Information under the Information Technology (Reasonable security practices and procedures and sensitive personal data or information) Rules, 2011 or Personal Data under the General Data Protection Regulation (Regulation (EU) 2016/679 of the European Parliament and of the Council of April 27, 2016) (“GDPR”) or any other applicable law. This policy explains the practices we follow with respect to collection, use, disclosure, transfer, security and protection of Personal Information, rights of Data Subjects, breach management and other related aspects. Meaning And Collection Of Personal Data "Personal Data" means any data relating to a Data Subject which is capable of identifying such Data Subject directly or indirectly such as name, an identification number, location data, an online identifier or one or more factors specific to the physical, physiological, genetic, mental, economic, cultural or social identity of that Data Subject. Personal Data will include Sensitive Personal Information and Special Categories of Personal Information unless otherwise stated. We will strive to ensure that Personal Data collected by us is adequate, relevant and limited to what is necessary in relation to the intended purpose. We or any person or entity duly authorized on our behalf may collect a variety of Personal Data as required by us to fulfill our responsibilities and obligations as an employer, associate, client or service provider. Such Personal Data may be collected or received by us when you interact with us on our website, e-mail, mobile apps or other web-based applications or by way of personal, telephonic or audio-visual meetings or when you provide to us any documents containing your Personal Information. The Personal Data collected by us could include one or more of the following: Name, birthdate, phone numbers, mailing address, email addresses, contact details, education documents, reference letters, relieving certificates, photographs, passwords to our portal, passport information; Financial information such as bank account details, financial statements, permanent account number, annual income, details regarding payment instruments, tax deducted at source, service tax registration; Physical, physiological and mental health condition, medical records and history; Information gathered through use of bio-metrics such as fingerprints, eye retina, iris, voice patterns, facial recognition; Professional certifications and registrations; Disciplinary and grievance procedures, the results of credit and criminal background checks, Voicemails, e-mails, correspondence and other work product and communications created, stored or transmitted by an employee using our computer or communications equipment; Driving license number, vehicle registration number; Information captured on security systems, including CCTV and key card entry systems; Information provided by way of participation in surveys, enquiries, subscriptions and job applications Consent For Personal Data Where processing of Personal Data requires consent, we will obtain your written consent to collect, use and process your Personal Data. With respect to Personal Data disclosed to us by a data controller, we will contractually obligate the data controller to ensure compliance with all legal requirements relating to obtaining of consent. We will maintain and protect the appropriate security, integrity and confidentiality of such Personal Information. In case you refuse to provide the required Personal Data or withdraw your consent at any point of time, we shall have the discretion to discontinue, refuse or withdraw our services for which the information was sought. In case of our employees, associates, partners, consultants, contractors and retainers, we may terminate the employment or service contract or modify the terms of employment or service contract. Use Of Personal Data The Personal Data collected or received by us may be used or processed by us or any person or entity duly authorised by us for purposes including: Administrative, operational and business purposes; To execute our contractual obligations; To process and respond to requests and queries; Conducting market or customer satisfaction research; Payment of salaries, fees or reimbursements into bank accounts; Verification of certain information; Providing individuals with information concerning products and services which we believe will be of interest; Detection, investigation and prevention of fraud and other crimes or malpractice; Providing Personal Data to any person or entity engaged by us to render services relating to payment, human resources, accounting etc. to support our business activities on a ‘need to know’ basis; Dealing with requests, enquiries or complaints and other client related activities; Carrying out activities connected with the running of our business such as personnel training, quality control and in connection with the transfer of any part of our business Addressing network integrity and security issues; Protecting our networks and security systems, including monitoring and detection of potential threats, such as hacking, virus dissemination and other security vulnerabilities; Making available Personal Data to governmental or regulatory authorities or to a court or judicial officer as may be required under applicable law; Carrying out any activity in connection with a legal, governmental or regulatory requirement, for the purpose of compliance of a legal obligation in connection with legal proceedings under applicable law including cyber incidents, prosecution, and punishment for offenses, protecting and defending our rights or property or to protect another person’s safety, or to help investigations, monitor or prevent or take action regarding unlawful and illegal activities, suspected fraud, potential threat to the safety or security of any person; Recording and monitoring electronic communications, to the extent permitted by applicable law, to ensure compliance with our legal and regulatory obligations and internal policies and for the purposes outlined above; Evaluate applications for employment; Manage all aspects of an employee’s employment relationship, including, but not limited to, payroll, benefits, corporate travel and other reimbursable expenses, development and training, absence monitoring, performance appraisal, disciplinary and grievance processes and other general administrative and human resource related processes; Develop manpower and succession plans; Protect the safety and security of staff and property including taking measures to facilitate assistance and support in case of emergency such as inserting contact numbers, blood group details on identity cards Administer formalities with respect to termination of employment; Provide and maintain references; Maintain emergency contact and beneficiary details. Processing for the purposes of this policy refers to online and offline processing and includes activities such as copying, filing, and feeding information into a database. We maintain Personal Data in an organised and easily accessible manner. We will use the Personal Data only for the purpose for which it has been collected. Disclosure Of Personal Data We may at times disclose and/or transfer Personal Data to third parties in cases where it is necessary for discharging our contractual obligations and/or providing services to you and/or if you have consented for the same. We may, on a need basis, disclose and/or transfer Personal Data to: associates, affiliates, partners, other persons or bodies corporate to enable them to provide services to you on our behalf or provide services to us or assist us in client engagements which involves receipt and collection of, receiving, processing, storing, dealing or handling personal information. any relevant entity in the event of a reorganization, merger or sale; any third party pursuant to a requirement of a governmental or regulatory body or an order of a court of competent jurisdiction or as may be required under applicable law. If we outsource the processing of your Personal Data to third parties or provide your Personal Data to third party service providers, we will oblige those third parties to protect your Personal Data with appropriate security measures and prohibit them from using your Personal Data for their own purposes or from disclosing your Personal Data to others. We will adhere to consent and intimation requirements where your Personal Data is being shared with third parties. Security Practices And Controls We will take all reasonable steps to ensure that Personal Data is stored in a secure environment and protected from unauthorized access, modification or disclosure. We strive to keep the Personal Data secure through implementation of the security practices and controls. Personal Data is stored using systems which have restricted access and which are housed in facilities with physical security measures. We have a comprehensive information security programmed documented in the form of our Information Security Policy (Nexdigm Information Security v_2.3) which contains managerial, technical, operational and physical security control measures. Our offices are ISO 27001, ISO 29100 and BS10012 certified to manage the security & privacy of Personal Data. We have a designated Chief Information Security Officer responsible for operation and maintenance of our security programmed and controls to enforce the security policy and for providing advice and guidance on its implementation and maintenance. Updation Of Personal Data We strive to keep our records updated with latest and updated Personal Information. To enable this, you can ask us to update or change any Personal Data collected by us to enable us to meet the objectives stated above. Retention Of Personal Data We will retain Personal Data only for such period as may be required to observe, perform and comply with our obligations or as otherwise required under applicable law or practice. Rights Of Data Subjects Under GDPR (if applicable to you), you as a Data Subject have a number of rights with regard to your Personal Data that we want to summarily make you aware of: Right to Access: As a Data Subject, you have the right to access your Personal Data being processed by us and understand the purpose, recipients to whom your Personal Data has been disclosed and the envisaged period of retention of Personal Information. Right to Rectification: You have the right to rectify any inaccuracy in your Personal Data obtained and being processed by us. Right to Erasure: You have the right to get your Personal Data erased on grounds of completion of purpose, withdrawal of consent, unlawful processing of data or pursuant to exercise of right to restrict processing or any statutory requirement. Right to Restriction of Processing: You have the right to require us to restrict processing of your Personal Data on grounds where you contest the accuracy of the Personal Data being processed and in case of unlawful processing among others. Right to Data Portability: You have the right to receive your Personal Data collected and being processed by us in a structured, commonly used and machine-readable format and have the right to transmit such Personal Data to another controller without any hindrance from us when processing of Personal Data is based on consent and where processing is carried out by automated means. Right to object to processing: You have the right to object to the processing of your Personal Data on grounds and if such Personal Data is being processed for direct marketing purposes. Right to lodge complaints: Where you believe that we have violated or presented a potential risk to your right to privacy, you have the right to lodge a complaint with the supervisory authority under the applicable regulations. Right to withdraw consent: You may at any time withdraw your consent by writing to us at the below mentioned e-mail address. You may exercise your rights by writing to us at privacy@nexdigm.com. Exercise of the above rights shall be in accordance with GDPR and other applicable regulations. Data Protection Officer Our Chief Information Security Officer (CISO) can be reached at CISO@nexdigm.com and our Data Protection Officer (DPO) can be reached at DPO.Office@nexdigm.com. Breach Management We have an established Security and Privacy Incident Policy to outline various threats and vulnerabilities that may lead to breach of security and privacy of Personal Data and processes to guide and implement response to such incidents. In case of any privacy related concerns, feedback or grievance, you may contact us at CISO@Nexdigm.com or ITCR@Nexdigm.com. Changes To Policy We may update our Privacy Policy from time to time. The updated policy will be posted on our website. ### Offices ### Contact Us India   USA   UAE   Canada   Japan   Poland   America USA Oak Brook, IL +1 630 361 0152 Canada Toronto +1 647 707 5066 Europe Poland Warsaw Middle East UAE Dubai - DIFC +971 4 2866677 Dubai - Mainland +971 4 2445057 Abu Dhabi - Asia India Mumbai +91 22 6730 9000 Pune +91 20 6720 3800 Gurugram +91 124 474 8800 Hyderabad +91 40 2325 1800 Bengaluru +91 80 4277 7800 Japan Tokyo +81 (0)3-6683-8393 Reach out to us at ThinkNext@nexdigm.com for any queries. ### Contact Us1 Enquire Now TitleDrMrMissMrsMsProf Select Services Finance & Accounting Management Commercial Operations Contract Management Process Improvement Shared Services Finance Supply Chain Intelligent Automation & Accelerated Analytics (ia3) Mergers, Acquisitions, Divestitures & Restructuring Greenfield & Brownfield Program Management/Business Consulting Pre-Investment Advisory & Market Research Cyber Security & Data Privacy Technology solutions Cloud Migration Business Establishment Finance and Accounting Payroll, Administration & HR Compliance Corporate & Tax Compliance CFO Support & Finance Controller Services Direct Tax & Indirect Tax Transfer Pricing & International Tax M&A Tax & Regulatory Services Accounting Advisory Internal Audit & Process Reviews Technology Risk Forensics Transaction Support Due Diligence & Valuations Economic Analysis Urmi Axis, 7th FloorFamous Studio LaneDr. E. Moses Road, Mahalaxmi Mumbai 400 011 Tel: +91 22 6730 9000 Email: skpgrp.info@skpgroup.com ### Alumni   TitleDrMrMissMrsMsProf   ### Current Openings Assistant Manager - Market Research Location City Gurugram Employee Type Permanent Posted 10 month(s) ago Office Location : DLF Cyber City, Gurugram, Haryana, India , Department : Greenfield & Market Research Assistant Manager - Indirect Tax - Mumbai Location City Mumbai Employee Type Permanent Posted 8 month(s) ago Office Location : Lower Parel , Mumbai, Maharashtra, India , Department : Indirect Tax Associate / Senior Associate - Mumbai Location City Mumbai Employee Type Permanent Posted 7 month(s) ago Office Location : Lower Parel , Mumbai, Maharashtra, India , Department : Banking and Financial Services Manager/Sr. Manager - Indirect Tax Location City Bengaluru Employee Type Permanent Posted 7 month(s) ago Office Location : Barton Centre, Bengaluru, Karnataka, India , Department : Indirect Tax Senior Executive - Transfer Pricing Location City Gurugram,Pune Employee Type Permanent Posted 6 month(s) ago Office Location : DLF Cyber City, Gurugram, Haryana, India ,Pashan, Pune, Maharashtra, India , Department : Transfer Pricing Manager - Contract Management Services - Gurugram Location City Gurugram Employee Type Permanent Posted 6 month(s) ago Office Location : Udyog Vihar Phase IV, Gurugram, Haryana, India , Department : Contract Management Services Assistant Manager/Deputy Manager - International Tax Location City Mumbai Employee Type Permanent Posted 5 month(s) ago Office Location : Lower Parel , Mumbai, Maharashtra, India , Department : International Tax & MA Tax Assistant Manager- Market Research- Internal Research Initiatives Location City Mumbai Employee Type Permanent Posted 5 month(s) ago Office Location : Lower Parel , Mumbai, Maharashtra, India , Department : Greenfield & Market Research Sr. Manager - Indirect Taxation Location City Mumbai Employee Type Permanent Posted 5 month(s) ago Office Location : Lower Parel , Mumbai, Maharashtra, India , Department : Indirect Tax Executive - Market Research Location City Mumbai Employee Type Permanent Posted 4 month(s) ago Office Location : Lower Parel , Mumbai, Maharashtra, India , Department : Greenfield & Market Research Site Engineer - Mumbai Location City Mumbai Employee Type Fixed Term Posted 3 month(s) ago Office Location : Lower Parel , Mumbai, Maharashtra, India , Department : Infrastructure Senior Executive - Business Tax Location City Gurugram Employee Type Permanent Posted 3 month(s) ago Office Location : DLF Cyber City, Gurugram, Haryana, India , Department : Business Tax Assistant Manager - AP/GL Accounting - Pune Location City Pune Employee Type Permanent Posted 2 month(s) ago Office Location : Pashan, Pune, Maharashtra, India , Department : Finance and Accounts Trainee - Market Research Location City Bengaluru Employee Type Intern Posted 2 month(s) ago Office Location : HM Towers, Bengaluru, Karnataka, India , Department : Greenfield & Market Research Executive - Transfer Pricing Location City Pune Employee Type Permanent Posted 2 month(s) ago Office Location : Pashan, Pune, Maharashtra, India , Department : Transfer Pricing Manager - Market Research - Gurugram Location City Gurugram Employee Type Permanent Posted 2 month(s) ago Office Location : DLF Cyber City, Gurugram, Haryana, India , Department : Greenfield & Market Research Team leader - General Ledger - Pune Location City Pune Employee Type Permanent Posted 1 month(s) ago Office Location : Pashan, Pune, Maharashtra, India , Department : Finance and Accounts Assistant - Business Tax Location City Mumbai Employee Type Permanent Posted 1 month(s) ago Office Location : Lower Parel , Mumbai, Maharashtra, India , Department : Business Tax Senior Application Developer - BS Location City Pune Employee Type Permanent Posted 1 month(s) ago Office Location : Pashan, Pune, Maharashtra, India , Department : Business Solutions Team Lead - Business Solutions Location City Pune Employee Type Permanent Posted 1 month(s) ago Office Location : Pashan, Pune, Maharashtra, India , Department : Business Solutions Assistant Manager - Valuation Location City Mumbai Employee Type Permanent Posted 28 day(s) ago Office Location : Lower Parel , Mumbai, Maharashtra, India , Department : Transaction Advisory Lead Associate - Mortgage Lending - Pune Location City Pune Employee Type Permanent Posted 25 day(s) ago Office Location : Pashan, Pune, Maharashtra, India , Department : Finance and Accounts Assistant Manager/Deputy Manager - Tax Technology Location City Mumbai Employee Type Permanent Posted 23 day(s) ago Office Location : Lower Parel , Mumbai, Maharashtra, India , Department : Business Tax Trainee - Lead Generation Location City Gurugram Employee Type Intern Posted 16 day(s) ago Office Location : DLF Cyber City, Gurugram, Haryana, India , Department : Greenfield & Market Research Executive - Tech Support - Call Coordinator Location City Mumbai Employee Type Fixed Term Posted 16 day(s) ago Office Location : Lower Parel , Mumbai, Maharashtra, India , Department : Tech Support Consultant - Content Specialist Location City Mumbai Employee Type Consultant Posted 10 day(s) ago Office Location : Lower Parel , Mumbai, Maharashtra, India , Department : Communications Executive - FP&A Location City Mumbai Employee Type Permanent Posted 7 day(s) ago Office Location : Lower Parel , Mumbai, Maharashtra, India , Department : Risk Assurance and Advisory Executive - Transfer Pricing Location City Gurugram Employee Type Permanent Posted 19 hour(s) ago Office Location : DLF Cyber City, Gurugram, Haryana, India , Department : Transfer Pricing Load More If you enjoyed this article ### People and Culture Nexdigm is an employee-centric organization. The organization has been built on a ‘Culture of Care’, which is a core value for us. Nexdigm offers multi-faceted growth opportunities to focused and driven professionals. Our culture offers a favorable learning environment to take your professional skills to the next level. Combined with our performance-based orientation, our culture provides unbiased and equitable opportunities for all. Learning initiatives at Nexdigm are calendared and categorized as Behavioral, Technical, and Compliance. Depending on the development need and upskilling required, interventions are designed to ensure our people are constantly learning. The key tenets of our organization's success lies in hard work, commitment and perseverance. Nexdigm acknowledges the performance of our associates in both intrinsic and extrinsic ways. Our Rewards & Recognition program provides a platform to acknowledge and appreciate efforts in a fair and timely manner. Associates, who have been with us for a longer duration hold a special place in our collective history. As a gesture of appreciation to thank our associates and celebrate their tenure, we have long service awards for the completion of 5, 10, 15, and 20 years' of association with Nexdigm. We believe that it is due to the consistent efforts of our associates that we are able to successfully evolve to the scale and repute that we have today. That is exactly why we are committed to nurturing our ‘Culture of Care’ in every aspect. ### Careers Coming Soon… ### Recognitions Procurement Services 2023, 2024 Featured in ISG Provider Lens™ Procurement Outsourcing (PO) 2022, 2023, 2024 Featured in Everest Group’s PEAK Matrix® Report Procurement Business Process Transformation 2023, 2024 Featured in Avasant’s RadarView™ Finance and Accounting Outsourcing 2023, 2024 Featured in ISG Provider Lens™ Finance and Accounting Outsourcing (FAO) 2022, 2023, 2024 Featured in Everest Group’s PEAK Matrix® Report F&A Business Process Transformation 2023, 2024 Featured in Avasant’s RadarView™ Highly Commended for Digital Project of the Year 2023 Recognized by Global Sourcing Association (GSA) UK Awards Operational Improvement Award (APAC) for Contract Management Services 2021 Shortlisted for the World Commerce & Contracting (WCC) Innovation & Excellence Awards 2021 ITR World Tax Recommended Firm World Tax Recommended firm 2019 & 2020 Recommended by International Tax Review as a Leading Tax Firm Winner of the Advisory Project Winner Of The Advisory Project of the year 2019 Recognized by The Accountant and International Accounting Bulletin for the exceptional support provided during the Post Merger Integration for Cardinal Health in the APAC region Maulik Doshi: Highly Regarded Practitioner, Transfer Pricing Highly Regarded Practitioner, Transfer Pricing 2019, 2025 Maulik Doshi, Managing Director, Transfer Pricing was recognized in Euromoney’s Transfer Pricing - Expert Guides, 2019 Winner of the Advisory Project Winner Of The Advisory Project of the year 2017 Nexdigm was recognized in the Digital Accountancy Forum and Awards by IAB for the comprehensive Greenfield setup support provided to Avgol Nonwovens Winner of Indian Tax Firm Winner of Indian Tax Firm of the Year 2016 Recognized at the International tax Review’s Asia Tax Awards in 2016 Deepti Ahuja: Personality of the Year Personality of the Year 2017 Deepti Ahuja, Vice President, Global Sales and Business Development was felicitated by The Accountant and International Accounting Bulletin, for her remarkable contribution to the organization and the accounting and consulting industry ### Leadership MANAGING COMMITTEE Ramesh Bangera Chairperson Nimish Shah Member of Managing Committee – Co-CEO - Business Services, Business Consulting, and Technology Mayank Lakhani Member of Managing Committee – Co-CEO - Professional Services, Entity Setup & Management, and Corporate Functions ADVISOR Bimal Tanna Senior Global Business Advisor LEADERSHIP TEAM Manoj Gidwani Senior Vice President – Global Marketing, Sales – Professional Services, and Transaction Advisory Services Maulik Doshi Managing Director – Direct Tax, Regulatory, and Payroll Services Alpana Shirgaonkar Senior Executive Director – Business Process Management and Group Quality Vinay Sancheti Senior Director and Head – Entity Setup & Management Kalwant Singh Senior Director – Finance PRINCIPAL CONSULTANTS Mehul Shah Special Advisor – Corporate Initiatives Mark Kennedy Country Head – Business Development – Nexdigm – Japan ### Who We Are Nexdigm is a privately held, independent global organization that helps companies across geographies meet the needs of a dynamic business environment. Our focus on problem-solving, supported by our multifunctional expertise, enables us to deliver customized solutions tailored for our clients. We provide integrated, digitally-driven solutions encompassing Business and Professional Services across industries, helping companies address challenges at all stages of their business lifecycle. Through our direct operations in the USA, Poland, the UAE, and India, we serve a diverse range of client base, spanning multinationals, listed companies, privately-owned companies, and family-owned businesses from over 50 countries. By combining strategic insight with hands-on execution, we help businesses not only develop and optimize strategies but also implement them effectively. Our collaborative approach ensures that we work alongside our clients as partners, translating plans into tangible outcomes that drive growth and efficiency. At Nexdigm, quality, data privacy, and confidentiality are fundamental to everything we do. We are ISO/IEC 27001 certified for information security and ISO 9001 certified for quality management. Additionally, we comply with GDPR and uphold stringent data protection standards through our Personal Information Management System, implemented under the ISO/IEC 27701:2019 Standard. We have been recognized over the years by global organizations, including the Everest Group Peak Matrix® Assessment, International Tax Review, World Commerce and Contracting, ISG Provider Lens™ Quadrant Report, International Accounting Bulletin, Avasant RadarView™ Market Assessment, and Global Sourcing Association (GSA) UK. Nexdigm resonates with our plunge into a new paradigm of business; it is our commitment to Think Next.   Click here to know about our Corporate Social Responsibility Policy. ### About Us SKP is a long established, rapidly growing professional services group headquartered in Mumbai with offices across India and overseas. We specialize in providing sound business and tax guidance, and accounting services to international companies that are currently conducting or initiating business in India, as well as those expanding overseas. We serve over 1,200 clients including multinationals, companies listed on major stock exchanges, privately held and family-owned businesses from over 45 countries. Our services support clients across different stages of their life-cycle, from planning and evaluating market entry, business set up, growth, maturity to winding up. We provide business consulting services, M&A transactional support, assurance services, domestic and international tax, transfer pricing, corporate services, and finance and accounting outsourcing support. The full range of services ensures that clients receive the required continuity of support, to meet their varied business needs. Our teams have a rich experience in India, bringing in a strong understanding of India’s complex regulatory, tax and accounting environment to enable efficient solutions for business challenges. Our versatile multi-disciplinary teams have served a wide range of industries and geographies. Over the last decade, SKP has been also able to leverage and build capabilities across other key global markets providing transnational support to numerous clients. From inception, SKP’s founders have ensured a culture that values the highest levels of professional standards and personalized service. This progressive and collaborative mindset enables us to serve our clients with integrity, delivering high quality, innovative results. Clients value our collaborative approach that enables us to partner with our clients, understand their needs and constraints and provide effective holistic 360-degree solutions. With offices in Mumbai, Pune, Hyderabad, New Delhi, Chennai and Bengaluru, Dubai and Chicago we offer customized solutions to businesses across the world. ### Assurance & Risk Advisory Whether an organization wants to climb the ladder steadily or mark its place on the top, it requires good governance, secure risk mitigation strategies, and a sturdy compliance framework to create value for its stakeholders. Passion-driven business leaders often provide a realistic analysis of their vision and long-term operational policies to avoid undue traps that might jeopardize the organization as a whole. A strong foundation of fundamental Assurance and Risk Advisory (ARA) can give your company firm roots to ensure steady growth, irrespective of scale and diversity. At Nexdigm, our ARA services are centered around client vision and objectives, as opposed to utopian standards, making our risk management services relevant and practically useful. We understand the need for constant innovation and data-driven futuristic strategies. This consequently gives leadership robust tools for efficiently monitoring operations as well as timely warnings in cases of mandated and voluntary non-compliance. We work as an extension of your company and adopt a partner-led approach for both advisory and implementation functions. Delivery Models Our advisory role in an organization takes the lead from a business need of self-access and innovation. This fundamental urge to continually improve forms the base of our internal audit solutions that can be leveraged in different ways. Complete Outsourcing – Strategic Internal Audit (IA) solutions implemented with resources from Nexdigm Co-sourcing – Resources from your organization efficiently team up with Nexdigm resources for successful strategic and operational implementation of proposed IA solutions CAE Services – Nexdigm can act as the organization’s Chief Audit Executive (CAE) to focus, integrate, and communicate organizational Governance, Risk and Compliance (GRC) policies while optimizing the internal audit function. Other bespoke models to address the specific requirements of an organization * The term “resources” in the above context includes people, processes, methodologies, technologies, and tools required to carry out internal audit activities. ### Professional Services With constantly evolving tax and assurance practices, Nexdigm has continually remained a market leader in the professional service lines. With a global purview of regulatory and business insights, the firm is well placed to offer innovative solutions to businesses worldwide. ### Corporate Services While entering the Indian market, businesses need to establish sound processes and replicate their international business practices, while also adhering to local regulations and compliances. For this, you need expert and practical advice from professional partners who have not only local expertise but also a global outlook. At Nexdigm, our focus is to ease the journey of multinationals entering India by supporting their business objectives, while also mitigating compliance risks. Servicing clients from six metro cities in India and equipped with a team of professionals, robust processes, and rich experience of partnering with multinational companies, we are well-suited to be your trusted partner in India. India: Diversify to Differentiate Diversify to Differentiate – Think India, Think Next! ### Business Process Services Business Process That Evolve With You Nexdigm’s Business Process Services (BPS) help organizations boost operational efficacy through intelligent, tech-enabled and agile processes. Whether you're looking to reduce costs, streamline functions or scale sustainably, our solutions are designed to support your business goals at every stage. The Nexdigm Edge Experience2+ decades, 100+ clients across industries, multi-geography projects ExpertiseMulti-skilled team, customizable industry-specific offerings TechnologyTech-enabled services and In-built Process Automation & Data Analytics Tailored to Your Objective For Large Enterprises Unlock volume efficiencies and tech-powered optimization Reduce cost per transaction Realize untapped growth with automation Refine strategies to accelerate growth For Small & Medium Businesses (SMBs) Professionally run operations with consulting support Reduce staffing and compliance challenges Reap maximum output with minimal costs Recalibrate teams for rapid progression Our Process Business processes should enable progress — not hinder it. At Nexdigm, we re-engineer operations to eliminate bottlenecks, accelerate growth, and drive meaningful transformation. With a proven track record across diverse industries, we help organizations reimagine their back-office functions and unlock their full potential. Our Recognitions ### Business Services Business growth is paramount. For that to actualize, your in-house teams have to be working unhindered within your core business processes. Multitasking with non-core tasks can counteract the ongoing march of shareholder value and the widening of operating margins. Non-core business activity requires its own specialists who can assure you of quality within quick deadlines. How does Nexdigm treat non-core activities? The non-core activities of your business form the core of our business advisory services. We make it our business to help you focus on your core business. At Nexdigm, we understand that all worthwhile opportunities come with considerable complexities. Our experts help you perfect the basic business processes so that you can focus energy and resources on getting your organization to scale up on all quality parameters. ### Home Nexdigm represents our global readiness to serve our clients and lead ourselves into the 'Next Paradigm' of business. Ideation to Implementation Value based Flexible Onshore & Offshore Business Services Business Process Services We make sure that your processes keep pace with, and facilitate, business growth. Technology We help you optimize operations, maximize synergies and improve key indicators. Strategic Initiatives We manage and provide advice on major and complex strategic initiatives. Global Outsourcing At Nexdigm, we understand the operating models, regulatory needs, and quality standards of CPA, accounting, tax, and advisory firms. Professional Services Corporate Services We ease your compliance journey while entering India and support your business objectives. CFO Services We don’t just provide comprehensive advice but also take the lead in implementation. Tax & Regulatory We work as project managers with our goal being the success of your business and its continued growth. Assurance & Risk Advisory A strong foundation of Assurance & Risk Advisory can enable steady growth, irrespective of scale and diversity. Business Advisory Inorganic growth can provide a much-needed boost to a company’s capabilities. Nexdigm Insights What's New Nexdigm consistently produces thought leadership, publications and updates on the latest developments in the world of business. We strive to provide the information that matters most to professionals across the globe. Discover our thought leadership Industries Nexdigm and its leaders bring their experience and insights to illustrate industry trends and deliver actionable solutions to our client. Healthcare Automobiles Manufacturing Banking and Finance Food Processing Energy and Natural Resources IT and ITeS Real Estate Show more Our Alliances Events 24Nov 2020 Diversify to Differentiate – Think India, Think Next! – Success Showcase This webinar covers advantages and key considerations, regulatory reforms, and incentive programs that have affected investing and FDI in India. ### Media ### Events ### All Insights ### Valuations Knowing the worth of your business is one of the cornerstones for sound managerial decision-making. Valuation is no longer restricted to its use as a traditional jargon when buying or selling a business, but also supports Business as Usual activities using targeted scrutiny. Nexdigm provides independent and professional advice on valuation that integrates aspects of accounting, financial reporting, tax planning, corporate transactions and regulatory compliances. We also advise our clients on the valuation of corporate transactions, including mergers and acquisitions, joint ventures and restructuring assignments. Our Approach Understanding business and transaction Financial and industry analysis Validation of assumptions Selecting valuation methodology Sensitivity analysis Determining fair value Our Services Commercial Valuation Business Valuations Intangible Asset Valuation Litigation Valuation Fairness Opinion Ind AS Valuation Purchase Price Allocation Impairment Testing Fair Valuation of Financial Instruments Hybrid Instruments Financial Assets/Investments Regulatory Valuation Foreign Exchange Management Income Tax Transfer Pricing Corporate Governance Insolvency and bankruptcy Corporate Planning Business Plan Financial Modelling Model Validation Complex Structuring ESOPs Succession Planning ### Business Analytics The absolute amount of data generated by businesses every day is unparalleled. CFOs prefer if their company’s revenues are positively influenced by business intelligence automation that utilizes this data to inform and support each and every stress point of the company’s financial structure. Nexdigm's Business Analytics services help businesses in all industries identify and capture value from their data and transform it into competitive advantages. We data-mine, data-analyze, and streamline all functions, including Marketing, Procurement, Finance, Operations, Risk, Human Resources, Sales, and Manufacturing. Our global team of consultants, data scientists, engineers, and analysts possess the technical and industry-specific expertise to enable these data analytics solutions. We deliver insights and value for clients through a wide range of models and tools, providing one-off, transformational, and evolving analytics solutions. Using analytics has become a strategic imperative, leading to fundamental changes in the way a business is run. Effective use of data and analytics can lead to: Enhanced profitability Revenue Growth New Business Models We help our clients in their transformational journeys by developing and delivering value-based solutions using analytics and intelligent automation technologies across business verticals. In line with our vision of providing analytics consulting services that work, we conduct a detailed assessment of our clients' businesses. We design solutions that are intricately customized to their needs, which may include: Creation of an Analytics Roadmap Data Cleaning Data Management Data Lake Analytics Center of Excellence Process Optimization using Analytics Preparation of Dynamic Dashboards with Business Insights Predictive Analytics Business Analytics is one of our newfangled data analytics services that helps generate value from a company’s data at a sustainable rhythm. We use advanced analytics and machine learning as crucial transformation methodologies to modify your existing processes. Nexdigm’s intelligent automation services enable revenue recognition, augmentation, and cost rationalization for clients all across the board. Our targeted solutions include Data Analysis & Insights, Data Engineering, Data Visualization, and Data Science. ### Supply Chain Operations & Transformation The Supply Chain is as complex, as it is important to a company. Optimally balanced Supply Chain practices can be a major differentiator in the industry, tackling a number of issues that arise in day-to-day business processes. These issues can be rooted in various stages of a company’s operations, often spanning across procurement, production, and distribution or dealer distribution. Some of the crucial concerns are: Forecasting errors in demand and supply planning Stock-outs and Inventory Management Visibility to stakeholders Logistics and Delivery Missing Enablers – Organizational structure, KPIs, systems and tools. Our Services   Strategic Tactical Operational Plan Footprint Design Working Capital Optimization Project Management Demand Planning Supply Planning Source Category Management Spend Analytics Purchase Price Variance Analysis Tail-spend Management Make Make Vs Buy Decision Capacity Planning Waste Reduction Margin Analysis and Cost Allocation Deliver Distribution Network Design Warehouse Operations Optimization Inventory Management Freight Management Select Credentials ### Mergers Integration Apart from day-to-day operations, businesses have to deal with many business situations that bring their own sets of challenges and require different execution skills. Our Services The risks associated with these situations are diverse and, at times, exponentially more significant than routine operations. Such projects require cross-functional teams, consultants, and even different companies on either side of the transaction to collaborate. These stakeholders would have their agendas, priorities, and action plans. The success of such transactions depends on the coordination across teams for identifying, escalating and resolving issues while ensuring there is timely and proper communication. Quick, coherent, and unbiased on-ground reporting to bring out relevant issues and enable informed decision-making from the top management is critical. An efficient solution is to have an experienced, multidisciplinary Project Management team with the experience of resolving issues common to such situations. Our dedicated team of experts at Nexdigm has experience in managing a variety of large transactions/projects. We understand the issues and risks associated with these situations and know how to mitigate them. We have the relevant experience for every step of the lifecycle and have developed tools and templates to ensure optimal execution of the project. We are also supported by an experienced multidisciplinary team of consultants and experts who provide their perspective on the varied tax, legal, operational, financial, and strategic aspects. Being well-versed with the various facets of project management, we can provide step-by-step assistance throughout the transaction, right from strategizing to executing and closing the transaction. Our strategic tasks include creating a roadmap, execution plan, budget, and timeline while execution-related tasks include monitoring, tracking, reporting, identifying and communicating risks and issues, and interacting with consultants. If the need arises, we are prepared to fill any gaps in terms of consulting or execution at any point in time during the project. ### Business Advisory Inorganic growth can provide a much-needed boost to a company’s capabilities. However, India can be a challenging environment for concluding deals involving mergers, acquisitions, and joint ventures, making it essential for such agreements to be handled with great care and expertise. Investors must evaluate the target company's accounting, tax, regulatory, legal, management, and cultural aspects. While investors would like to have complete and accurate information to make critical decisions, such information is not readily available and is often difficult to evaluate. The success of a deal may hinge on the ability to discover and analyze the missing pieces. On-ground knowledge greatly improves the probability of a deal’s proper execution and success. The holistic approach of Nexdigm to Transaction Advisory comes from a thorough understanding of ground realities. We understand that it is not merely individual activities, such as target identification or due diligence that determine the success of a transaction, but rather how such activities are collectively managed as a project. Our team is involved at every stage of the process, followed by post-transaction hand-holding until our client is ready for the final handover. We work as project managers with our goal being the success of your business and its continued growth. We don’t just work as your advisors or consultants but more as your "Implementation Partners." ### Finance Transformation Nexdigm’s finance transformation services help businesses monitor and plan for inevitable changes in their market needs and strategies. With expertise in services ranging across all matters of financial intelligence in business, such as accounting management, supply chain management, Business Analytics, and MIS reporting, we are equipped to deal with the various changes required of your company to create more revenue growth, a competitive advantage, and a greater market share. Companies Progress Best Under Financial Data Analytics We make sure your business does not remain stagnant and that you gain the maximum value out of its financial system. Our philosophy is that all business functions should center around finance before the company can progress in any positive direction. We oversee performance management, budgeting, forecasting, profitability understanding, and more. We propose a data-driven culture where KPI frameworks and predictive financial analytics set up the future of your company, coming up with "what if" scenarios that inform spending and investments for greater ROI. Financial and MIS reporting needs to become a general operation so that all your financial data support visualization, planning, and concomitant process improvements for the company’s success. Nexdigm’s Three-part Transformation Process Our team is steeped in the operation and understanding of technology and how to utilize it to implement business transformation strategies. Our business operations transformation services have three parts. Finance Reorganization Analyzing Job Responsibilities  Scorecards for Gap Analysis Strategizing & Benchmarking    Financial Process Digitization  Recommending a Revised Structure    Finance Process Optimization Journey Mapping of Q2C, O2C, & R2R Revenue Recognition Digitally Customized Credit Risk, Planning, and Forecasting Design of KPI Frameworks  Design of KPI Frameworks    Finance Process Automation Financial Data Management Financial Analytics Implementation Financial Applications Modernization Finance Applications Integration, Automation & AI Integration of Applications with Departments Data Visualization via Dashboards   Nexdigm helps bring about business operations transformation for companies in order to maintain their high market values in a world whose microeconomics move as fast as the sun. We uphold a finance-first philosophy while developing operating models, improving core technologies, and streamlining departmental performance. Our finance transformation services consultation is for those organizations that want to revamp their finance processes to save on costs, enhance efficiency, and improve stakeholder experiences. ### Services ### UAE VAT – Current Policies and the Way Ahead Nexdigm hosted a focused knowledge session unpacking the recent developments and future trajectory of UAE VAT law. It served as a practical briefing for tax professionals, CFOs, and compliance officers navigating a rapidly evolving VAT regime. The discussion began with a detailed breakdown of the upcoming e-invoicing mandate. Attendees were taken through the phased implementation timeline, mandatory technical formats, and the transition to real-time invoice reporting via accredited Peppol service providers. The importance of organizational readiness, standardization using the PINT AE data dictionary, and common operational challenges were also discussed. The session then moved into recent public clarifications issued by the Federal Tax Authority. This included a nuanced explanation of VAT treatment for cryptocurrency mining—distinguishing between self-mining and mining as a service—along with the conditions under which input VAT can be recovered. For financial institutions, the VAT treatment of SWIFT messaging services was clarified, especially around invoicing obligations and documentation for input tax recovery. The valuation of barter transactions was another key topic, covering how market value should be assessed and documented when no cash is exchanged. A practical interpretation of the tax treatment of bundled gold and making services was also shared, highlighting how composite and multiple supply rules apply in such cases. The speakers also addressed changes around self-invoicing and reverse charge obligations for cross-border service recipients, and the core conditions for input tax recovery. This led into a practical segment on filing challenges—particularly with VAT registration and amendments—and how businesses can navigate common system issues. Attendees were guided through the reconsideration and penalty waiver processes, including eligibility, timelines, and documentation best practices. Finally, recent technical amendments were discussed, such as recognizing errors in tax treatment as a valid basis for output tax correction, and the authority of the FTA to offset recoverable tax against outstanding penalties. Throughout the session, the emphasis remained on making complex policy shifts understandable and actionable. The event provided tax and finance professionals with the clarity needed to manage compliance today while preparing for the changes ahead. ### GST in Action – A Practical Perspective As part of the conference, Sanjay Chhabria delivered a comprehensive session on Customs – Supply Chain and International Trade, exploring the crucial intersection of customs law and indirect taxation. The session unpacked key components of customs legislation, beginning with constitutional and legal definitions of import/export and the taxable event under the Customs Act, 1962. Participants were guided through the principles of classification and valuation of goods, with focus on how duties are calculated, including BCD, IGST, and anti-dumping duties. Sanjay delved into real-world import scenarios—such as high-seas sales, second-hand machinery, software imports, and free samples—clarifying their tax treatment and compliance obligations. He also addressed valuation mechanisms under Section 14, distinguishing customs valuation from GST valuation. The latter half of the session focused on government-led trade facilitation schemes like Advance Authorization, EPCG, RoDTEP, and the AEO (Authorized Economic Operator) program. Emphasis was placed on eligibility, compliance timelines, and the duty benefits available under each. By bridging regulatory understanding with business application, the session equipped tax professionals and supply chain leaders with practical strategies for customs compliance, cost management, and leveraging export incentives within the GST framework. ### 8th National Direct Tax Summit and Awards 2025 The presentation began by identifying the key drivers in M&A transactions, categorizing them into internal factors such as consolidation, focus on core business, tax optimization, streamlining, repatriation of capital, succession planning, and the pursuit of tangible results. It also considered external factors like growth through acquisition, divestments, leverage and debt management, managing distress or insolvency, capital or fund raising, and adapting to business and industry requirements. The discussion then extended into various restructuring options that were available, including mergers and amalgamations, demergers, slump sales, itemized sales of assets, share transfers, buybacks or capital reduction of shares, gifts, and other arrangements under the Companies Law/LLP Act. Each option presented distinct characteristics, such as the tribunal process, cash or non-cash considerations, tax implications, and the possibility of utilizing losses. The presentation also addressed key tax issues in M&A, such as tax on deferred consideration, deductibility of non-compete payments, treatment of investments, carryforward of losses, goodwill allocation, slump sale successions, GAAR, treaty access, company conversions to LLPs, foreign company mergers, valuation aspects, and indirect transfers. Moreover, the webinar highlighted other tax developments that affected M&A transactions, including slump sale exchanges, reconstitution of partnerships, amendments to the LLP Act, changes in goodwill eligibility for depreciation, revenue rights to review NCLT orders, modified return filings, shareholding change applicability under IBC, new OI regulations, and changes in buyback rules following the Finance Act 2024—particularly concerning their treatment at par with dividends. Additionally, the presentation covered key rulings in M&A transactions, providing insights into cases such as Ajanta Pharma Limited, Panasonic India Pvt. Ltd., and Cummins Auto Services Ltd., which offered guidance on commercial rationale, GAAR implications, and the treatment of losses in M&A scenarios. The webinar further advised on tax due diligence best practices, emphasizing the importance of indemnity and warranty clauses, understanding the target entity's business and industry, reviewing tax filings and compliance, verifying income and deductions, examining litigation and dispute history, and addressing key issues specific to the target. It also discussed General Anti-Avoidance Rules (GAAR), highlighting their applicability, basic provisions, and implications for tax benefits. Lastly, the presentation provided an overview of the provisions on indirect transfers, with a focus on the taxation of gains from the transfer of shares or interests in overseas entities deriving value from assets in India, along with the related compliance requirements. ### Recent Corporate tax assessment trends/GST Litigation The webinar focused on recent Corporate Tax Assessment Trends and GST Litigation Challenges and Resolutions. It covered recent amendments, trends in assessments, and key points to watch in assessment notices and orders. Specifically, the webinar addressed the Indian government's intention to reduce litigation and build trust through various steps taken since 2014, including clarity through a simplified tax regime, updated tax returns, Advance Pricing Agreements (APAs), and Safe Harbour Regulations. Building trust was another focus, with e-assessments followed by faceless assessments, Dispute Resolution Panel (DRP) findings binding on tax authorities, computerized case selection for scrutiny, and decriminalization of penal provisions. The webinar also discussed reducing litigation by increasing monetary limits for appeals and introducing block transfer pricing assessments and Vivad se Vishwas Schemes. The webinar also highlighted trends in assessments, including the usage of technology to harness data from various sources like Software Expense Forms (SFT), 15CA/CB certificates, TDS returns, 26AS statements, and information exchange between government departments. It further discussed key assessment areas like the distinction between capital vs. revenue expenditure, taxability of payments to non-residents, deductibility of inter-group charges, and other transfer pricing matters. The webinar also provided guidance on what to watch for in an assessment order, referencing relevant judicial precedents. Similarly, it detailed what to look for in an assessment notice, including issues of jurisdiction, procedural irregularities, defects in the notice, and time-barred notices. In the realm of GST, the webinar covered the legal framework for GST litigations, including appeals to the GST Appellate Tribunal (GSTAT), the process as per CGST law, and the process when GSTAT has not been set up. It also included a GST litigation case study. Finally, the webinar concluded with a discussion on readiness for GST litigations and best practices for minimizing tax risks, emphasizing the importance of choosing a litigation partner, preparing appeal drafts, and ensuring proper data storage and handover procedures. ### 8th National GST Summit & Awards 2025 The presentation's agenda included a background on GST refunds, the types of refunds, procedural aspects of refund claims, critical issues, and input tax credit. It began by posing questions to the audience regarding their understanding of GST refund provisions, their experience with filing GST refund applications, how frequently they filed, and whether they had received the refunds applied for. The presentation then covered various types of GST refunds—such as refunds of GST charged on outward supplies, refunds of unutilized input tax credit (ITC), refunds related to special transactions, and other procedural refunds. For each category, specific scenarios and relevant sections under the CGST and IGST Acts were outlined. It also explained the time limits for filing refund claims, referencing Section 54 of the CGST Act and providing applicable timelines for different types of exports and refund situations. The refund claim process was then walked through, covering forms from GST RFD-01 to GST RFD-11, along with the prescribed timelines for processing. Key aspects such as unified processing, clubbing of tax periods, flexibility in selecting refund periodicity, electronic filing, and data upload limits were highlighted. The presentation further addressed specific scenarios and challenges in claiming GST refunds, including refunds of ITC on exports, issues relating to place of supply, limitation periods, problems with Letters of Undertaking (LUT), refund formulas, remittance delays, disallowance of ITC on capital goods, invoices split across tax periods, GST on advances, duty demanded involuntarily, and refunds on supplies to SEZ units or developers. Finally, it delved into the topic of input tax credit, covering essential definitions, conditions for eligibility, rules for apportionment, and types of blocked credit. ### The New Income Tax Bill 2025: Is It Really a Game Changer? The webinar on Key Tax Considerations in M&A Transactions addressed the crucial tax aspects of Mergers and Acquisitions. It began by outlining the primary drivers behind M&A deals before delving into restructuring options and significant tax issues that commonly arise during such transactions. The session also covered various recent tax developments relevant to M&A, including changes related to slump sales, the reconstitution of partnerships, amendments to the LLP Act, and new regulations. A specific focus was placed on the altered buyback rules following the Finance Act 2024, which now treat buybacks similarly to dividends for tax purposes. The webinar examined changes in the carry-forward of losses in amalgamation scenarios, noting the limitation of loss carry-forward to 8 years[cite: 137, 138]. It further discussed shifts in valuation rules and angel taxation, highlighting amendments to Rule 11UA and key considerations for determining Fair Market Value (FMV). Key judicial rulings in M&A transactions were reviewed during the webinar, with analyses of cases such as Ajanta Pharma Limited, Panasonic India Pvt. Ltd., and Cummins Auto Services Ltd., among others. The importance of tax due diligence was emphasized, with the session outlining what to look for, including understanding the target entity's business, reviewing tax filings, verifying income and deductions, and examining litigation and dispute history. The role of indemnity and warranty clauses in deal documentation was also highlighted. Finally, the webinar concluded with an explanation of General Anti-Avoidance Rules (GAAR), their applicability, and basic provisions, as well as an overview of indirect transfer provisions. ### Decoding Union Budget 2025 The webinar provided an overview of the budget's economic context and detailed proposals related to direct and indirect taxes. The webinar began by outlining the key highlights of India's Union Budget for 2025-26, presented the budget's economic context, including projected GDP growth between 6.3% and 6.8% for FY26 and a fiscal deficit target of 4.4% of GDP. The budget emphasized transformative reforms across various sectors, including taxation, power, and the financial sector. The webinar then covered key direct tax proposals, focusing on the introduction of a new Income Tax Bill aimed at simplifying the existing tax law. It also detailed changes to personal income tax rates, corporate tax regulations, and measures to rationalize Tax Deduction and Collection at Source (TDS/TCS) provisions. In the area of personal tax, the webinar discussed proposed adjustments to tax rates, income slabs, and rebates. The budget also addressed the tax treatment of self-occupied property and Unit Linked Insurance Plans (ULIPs). Regarding corporate tax, the webinar indicated that there were no changes to the corporate tax rate, but it outlined amendments affecting business trusts, Alternative Investment Funds (AIFs), start-ups, and tonnage taxation. It also included clarifications and changes related to the carry-forward of losses in cases of amalgamation or reorganization. The webinar further explored the introduction of a new block assessment system for transfer pricing and provisions for non-resident taxation, including presumptive taxation for specified non-residents and clarifications on Significant Economic Presence (SEP). Amendments concerning the International Financial Services Centre (IFSC), covering exemptions and regulations for entities within the IFSC, were also detailed. The rationalization of TDS/TCS provisions was another topic, with the webinar explaining changes to thresholds and rates for various sections. The removal of TCS applicability on the sale of goods was also discussed. On the subject of tax administration, the webinar noted the extension of the time limit for updated returns and the expansion of the scope of safe harbor rules for transfer pricing. Finally, the webinar concluded by presenting key indirect tax proposals, primarily focusing on changes related to the Goods and Services Tax (GST), such as the Input Service Distributor (ISD) mechanism and amendments to credit note regulations. Customs-related changes, including revisions to assessment timelines and amendments to refund and recovery timelines, as well as changes to customs tariff rates, were also covered. ### Data Lifecycle Management and Risk Mitigation The webinar centered on Data Lifecycle Management and Risk Mitigation. The presentation began by detailing the Data Lifecycle's distinct stages: Data Collection, Data Processing, Data Protection, Data Sharing, and Data Deletion/Destruction. The discussion emphasized the critical responsibilities of Data Fiduciaries. These duties include providing clear and understandable notices to Data Principals, ensuring prompt notification to affected parties and the board in the event of a data breach, implementing robust security safeguards like encryption and breach monitoring, and establishing transparent and manageable consent mechanisms. The importance of obtaining and managing consent as a cornerstone of data privacy was a key focus. The presentation explained that this process involves several vital elements: the provision of explicit and informed consent for each processing purpose, ensuring consent is accurate and current, offering accessible withdrawal options, upholding data subject rights by enabling Data Principals to exercise their rights, and maintaining accountability by demonstrating measures taken to protect data and ensure regulatory compliance. Requirements for a Consent Manager were also outlined, including the necessity for them to be registered in India, to meet specific financial and operational criteria, to guarantee transparent consent processes for Data Principals, and to maintain stringent security measures while avoiding conflicts of interest. A significant portion of the webinar was dedicated to the inherent risks within each phase of the data lifecycle. The presentation thoroughly explored potential risks in the Creation phase, such as incorrect data entry; in the Storage phase, like unauthorized access; in the Usage phase, including insider threats; in the Sharing phase, such as data leakage; in the Archival phase, like the inability to retrieve archived data; and in the Deletion/Destruction phase, including incomplete data destruction. To mitigate these risks, the webinar advocated for proactive risk management techniques. It stressed the importance of early risk identification and the implementation of controls tailored to each lifecycle phase. Recommendations included employing data governance policies, encryption, secure communication methods, and conducting regular audits and monitoring. The presentation also covered risk identification strategies throughout the data lifecycle, such as threat modeling to pinpoint vulnerabilities, compliance audits to ensure adherence to legal and regulatory standards, and incident analysis to derive lessons from past data breaches. The webinar concluded with illustrative examples. ### 7th National Direct Tax Summit and Awards 2024 - Dilution of Concept of PE (Permanent Establishment) At the 7th National Direct Tax Summit and Awards 2024, held in Mumbai and organized by Achromic Point, Nexdigm led a compelling session on the “Dilution of Concept of PE (Permanent Establishment)”. The speakers from Nexdigm shared how globalization, digital transformation, and evolving business models are challenging traditional interpretations of PE. They emphasized how tax authorities are now focusing on economic substance over physical presence, especially in light of the OECD’s BEPS Action Plan 7. They highlighted the increasing relevance of dependent agent PEs, contract splitting, and fragmented activities, and how these are prompting tax authorities worldwide to revisit PE assessments. The session underscored the importance for multinational businesses to re-evaluate their operational and contractual structures to avoid unexpected tax exposures. The discussion concluded with strategic takeaways on risk mitigation and the need to stay ahead of regulatory developments—encapsulated in Nexdigm’s forward-looking theme, “Think Next.” ### Union Budget 2024-25: Evolve. Emerge. Establish. At the Union Budget 2024–25 event organized by Nexdigm, expert speakers from the firm delivered a crisp, insights-led session breaking down the key highlights of the budget from a business and policy perspective. The presentation focused on decoding the implications of the budget for corporate India, with a sharp lens on economic priorities, sector-specific allocations, and regulatory changes. Emphasis was placed on how business leaders can interpret the government's capital expenditure push, digital public infrastructure initiatives, and measures to simplify compliance and improve ease of doing business. Nexdigm’s speakers highlighted opportunities emerging in areas such as green growth, innovation and skilling, and technology-driven governance. The session encouraged stakeholders to look beyond numbers and align business strategy with the evolving fiscal vision of the government. By translating policy announcements into actionable business insights, Nexdigm reinforced its position as a trusted partner for forward-looking organizations aiming to navigate change with confidence. The event concluded with a call for industry leaders to Evolve. Emerge. Establish. in the new financial year. ### Navigating the Indian Budget 2024: Implications for Foreign Businesses The webinar, "Navigating the Indian Budget 2024: Implications for Foreign Businesses," organized by Nexdigm, offered valuable insights into how the latest Union Budget impacts foreign companies operating in India. The presentation focused on decoding the implications of the budget for foreign businesses, with a sharp lens on economic priorities, sector-specific allocations, and regulatory changes. Emphasis was placed on how business leaders can interpret the government's focus on key themes like employment and skilling, MSMEs, and middle-class support, alongside India's strong economic indicators, including a real GDP growth rate of 8.2% for FY23-24. The budget's impact on corporate tax rates for foreign companies, the abolition of the Equalization Levy for e-commerce operators, and changes to Angel Tax provisions were key discussion points. Amendments to the Capital Gains Tax Regime and Transfer Pricing provisions were also highlighted. Nexdigm’s speakers highlighted opportunities emerging from these fiscal changes and encouraged stakeholders to look beyond numbers and align business strategy with the evolving fiscal vision of the government. The session also covered other key changes, including the Vivad Se Vishwas Scheme 2024 for dispute resolution, rationalizing domestic withholding tax rates, and revised timelines for revenue audits. By translating policy announcements into actionable business insights, Nexdigm reinforced its position as a trusted partner for forward-looking organizations aiming to navigate change with confidence. ### Decoding the Union Budget 2024 The presentation focused on decoding the budget's implications, especially for foreign corporations and India's economic strategy, with a sharp lens on regulatory reforms and sector-specific opportunities. Emphasis was placed on interpreting the government's initiatives to promote FDI, simplify regulations, and incentivize manufacturing. Key discussion points included the China Plus One strategy, regulatory reforms toward Viksit Bharat 2047, and incentives for MSME companies. Sector-specific analysis covered opportunities in automobiles, real estate, infrastructure, and energy. Nexdigm’s speakers highlighted opportunities emerging for foreign corporations, stemming from regulatory reforms and sector focus. The session encouraged stakeholders to align business strategy with India's evolving economic vision. Tax highlights, including changes in corporate tax, equalization levy, and capital gains, were also covered. By translating policy announcements into actionable business insights, Nexdigm reinforced its position as a trusted partner for forward-looking organizations aiming to navigate change with confidence. The event provided a comprehensive overview, addressing how businesses can engage with India's growth story. ### Determining Tax bill under UAE Corporate Tax law The webinar was an information-rich session, dissecting the key components of the UAE Corporate Tax law and how to accurately determine the tax bill. The presentation focused on providing a clear mechanism for calculating taxable income, explaining what income is taxable and what is exempt, and detailing deductible and non-deductible expenses. The session emphasized the adjustments needed for income and expenses before they are included in the computation. Important clarifications were provided on the tax implications of dividends, gains/losses from participating interests, and the Foreign Permanent Establishment Exemption. The treatment of various expenditures, including capital expenditure and entertainment expenditure, was explained, along with what provisions and bad debt write-offs are allowable. Nexdigm’s speakers also highlighted the reliefs available for specific transaction types, such as those within a qualifying tax group and business restructuring, and adjustments required for transfer pricing. The session further covered the carry-forward of tax losses and outlined the Corporate Tax Regime's timelines and tax rates, contrasting the rules for Free Zone persons and other entities. By translating the complexities of the UAE Corporate Tax law into a practical guide for calculating tax liability, Nexdigm reinforced its commitment to empowering businesses to navigate the evolving tax landscape with confidence. ### Vivad se Vishwas 2.0: Tax Disputes, Simplified An informative session explaining the key provisions and implications of the Vivad Se Vishwas (VSV) Scheme 2024, the webinar aimed to simplify aspects of tax dispute resolution for tax payers. The presentation focused on providing clarity on the scheme's objectives, eligibility criteria, and the mechanism for settling tax disputes. Emphasis was placed on defining "tax arrears," including disputed tax, interest, fees, and penalties, and detailing the calculation of amounts payable by declarants. The speakers elaborated on the crucial dates, payment timelines, and the procedures for filing declarations under the scheme. Nexdigm’s speakers also addressed practical difficulties and frequently asked questions related to the scheme's application in various scenarios. They highlighted the benefits of opting for the scheme, such as the waiver of interest and penalties, and provided insights on the subsequent steps for taxpayers. By translating the complexities of the VSV Scheme 2024 into actionable guidance, Nexdigm reinforced its commitment to assisting taxpayers in navigating the dispute resolution process effectively. ### Navigating the Impact of IFRS policies on your Corporate tax In a crucial session designed to demystify the intersection of accounting standards and tax obligations, Nexdigm experts recently convened to explore a topic of increasing importance for businesses operating in the UAE. The discussion tackled the complexities arising from the adoption of International Financial Reporting Standards (IFRS) and their subsequent influence on determining corporate tax liabilities. The presentation provided a detailed analysis of how specific IFRS policies, including IFRS 15 on revenue recognition, impact the calculation of taxable income compared to previous accounting practices. It further examined the implications of different depreciation methods under IFRS and how those choices can affect a company's tax bill. A significant portion of the session was dedicated to dissecting the nuances of IFRS 9 concerning financial instruments, explaining how various classifications of these instruments influence taxable income. Nexdigm’s speakers also offered practical guidance on the deductibility of provisions under IFRS, emphasizing the crucial adjustments needed to reconcile accounting practices with tax regulations. The session further addressed key adjustments to IFRS books, such as those related to transactions with related parties and the application of the arm's length principle. Transitional rules and the tax implications of realized and unrealized gains and losses were also discussed. The concept of deferred tax, including permanent and temporary differences, was explained with illustrative examples. Wrapping up the session, the experts provided key tax updates, including insights on the Corporate Tax Return Guide and Transfer Pricing Disclosure Form, along with other recent developments from the Federal Tax Authority. The applicability of IFRS and audit requirements, as well as the impact of foreign exchange fluctuations and interest expenses under IFRS, were also covered. ### UAE VAT - Current Policies and the Way Ahead In a session addressing the evolving landscape of Value Added Tax within the United Arab Emirates, Nexdigm experts provided a comprehensive overview of current policies and emerging trends. The discussion explored recent changes in the Executive Regulation, clarifications on specific VAT treatments, and upcoming regulatory shifts impacting businesses. The presentation delved into the intricacies of VAT treatment for manpower versus visa facilitation services, drawing upon the guidelines provided in VATP038. Speakers examined the conditions determining taxability, particularly within corporate and VAT group structures. Special cases related to the value of supply, especially concerning related parties, were also analyzed. Furthermore, the session highlighted key amendments to the Executive Regulation, including exceptions of supplies and deemed supplies, as well as changes to tax deregistration procedures. The experts also discussed modifications to zero-rating provisions for exported goods and certain means of transport, emphasizing the implications for businesses involved in international trade. The discussion extended to the amended definition and tax treatment of financial services, the tax on supplies with multiple components, and non-recoverable input tax scenarios. The session also covered tax invoice and credit note requirements, including recent changes and conditions. Looking ahead, the presentation addressed the Federal Tax Authority's (FTA) push for UAE Pass integration for EmaraTax and the upcoming implementation of e-invoicing, outlining key dates and requirements. Finally, the session shed light on recent public clarifications from the FTA, focusing on tax assessment reviews and grace periods for updating tax records. Through this comprehensive overview, Nexdigm aimed to equip businesses with the knowledge necessary to navigate the complexities of the UAE VAT system effectively. ### Recent trends and issues surrounding domestic TDS & TCS In a session dedicated to navigating the complexities of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) in India, Nexdigm experts offered insights into recent trends, amendments, and challenges. The discussion aimed to provide clarity on the latest regulatory changes and their practical implications for businesses. The presentation began by addressing the interplay between sections 194Q and 206C(1H), specifically the challenges in determining which provision takes precedence in various transaction scenarios. It also covered the definition of "goods" in this context and its relevance to TDS applicability. A significant portion of the session was dedicated to recent amendments in TDS/TCS provisions, including changes related to the Liberalized Remittance Scheme (LRS), tax on Virtual Digital Assets, and payments to partners of firms. The experts also discussed other procedural amendments aimed at increasing liquidity for salaried employees, aligning interest rates for late TCS payments with TDS rates, and extending the scope of applications for lower deduction/collection certificates. The presentation further elaborated on the implications of non-compliance with TDS/TCS provisions, such as interest, penalties, and prosecution risks. In addition, the session covered recent judicial decisions related to TDS/TCS, providing valuable perspectives on how courts have interpreted and applied these regulations. Concluding the session, the experts provided key takeaways and practical guidance for deductees, emphasizing the importance of reconciling Form 26AS, accurately reporting income, and understanding the consequences of non-deduction. ### UAE VAT - Recent Updates and the Way Ahead The UAE has recently published new public clarifications, made changes to the review process for various procedures on EmaraTax portal, and introduced recent developments on E-Invoicing. These developments have brought significant implications for businesses operating in the region. Join our expert speakers, Sanjay Chhabria and Ankit Nagda, in this exclusive webinar to gain detailed insights into these updates and learn actionable strategies to ensure compliance and mitigate tax risks. Key Discussion Points Analysis of recent VAT public clarifications and addressing legal and procedural matters. Insights into E-Invoicing: Introduction, nuances, and challenges with UAE Pass. Common challenges and solutions in VAT registration, amendments, and refunds. Key Takeaways Gain a comprehensive understanding of recent VAT developments and their impact on your business operations. Re-evaluate tax positions in supply and procurement to ensure compliance and optimize tax planning. Learn to identify potential tax risks, address compliance gaps, and maintain robust record-keeping practices. We look forward to welcoming you to this valuable and timely session, which tackles recent developments and suggests strategic steps to follow next. ### Doing Business in Belgium and India Dr. Munish Sabharwal, Managing Director, Transaction & Pre-Investment Advisory, Market Research & Greenfield, Technology Advisory, and Administration attended an event on ‘Doing Business in Belgium and India.’ At the event, Dr. Munish highlighted the differences in the business culture and management style between India and European nations and elaborated on the nuances of mastering cross-border joint ventures. To appraise, he drew attention to the various policies and initiatives taken by the Indian government to fuel economic growth in India, which included Atmanirbhar Bharat, Expansion of PLI Schemes, National Green Hydrogen Mission, Allowance of 100% FDI, and more. Further, he underlined the importance of defining and adhering to a robust process in a joint venture and reiterated its significance in achieving the desired outcome. He also stated how critical it is for companies to master every stage of a joint venture to increase its success. Furthermore, he listed key considerations such as strategic alignment, competency, compatibility, reliability, business cultures, and financial resources and emphasized why companies must not ignore them when selecting a business partner. ### Intra-group Financing – Special UAE Tax and Transfer Pricing considerations The UAE taxation system has changed significantly with the introduction of the UAE Corporate Tax law and Transfer Pricing regulations. Moreover, as a financial and investment hub, adhering to its new tax regime and regulations while staying compliant with the Arm’s Length Principle (ALP) has become critical for multinational enterprises and taxpayers. To elaborate more on this topic, Nexdigm hosted a webinar where Lokesh Gupta, Associate Director, Tax and Transfer Pricing, provided vital insights and listed important considerations against the intra-group financing activities while giving a detailed overview of the topic. During the webinar, Lokesh spoke about the types of intra-group financing activities and the crucial general interest limitation rules. He further drew attention to delineation in intra-group financing and stated the critical considerations for delineation. Lokesh also spoke at length about the transfer pricing analysis of intra-group guarantees and the different types of guarantees. He concluded the session by speaking about the process of how to delineate a corporate guarantee while giving a brief transfer pricing analysis of cash pools and their types. ### UAE Corporate Tax – Free Zone Taxation The United Arab Emirates (UAE) has seen a significant shift in its taxation system with the introduction of the UAE Corporate Tax on 1 June 2023. As a result, the types of conditions or criteria that would be required to fulfill to fall under the free zone category turned into a topical subject of discussion. To comprehend its possible impact and implications we provided a detailed breakdown of the recent announcement through a webinar hosted with Achromic Point. During the webinar we gave an overview of the topic and covered key pointers from the new taxation regime. We also broadly stated the conditions required to fall under the free zone taxation regime. At the end of the session, we outlined and elaborated in detail on the list of Qualifying and Non-Qualifying Activities while stating the critical compliance requirements needed to be met by free Zone Entities. ### Investigations Sanjay Chhabria, Director of Indirect Tax, recently spoke at an ‘Investigations’ event. The event was held to ensure and raise compliance awareness and help organizations efficiently detect financial and legal discrepancies. Sanjay commenced the event by providing an overview and background of the subject. He then spoke at length about Departmental Audit, its process flow, timeline, key provisions, and information required to carry it out while stating the reasons for its conduction. During the event, Sanjay mentioned the items/goods that can be searched and seized during the inspection process. Additionally, he spoke about the duration for which the seized items/goods can be retained. Sanjay also covered the conditions under which the seized items/goods would be returned. At the end of the event, he stated the power and responsibilities that the Proper Officer can exercise during the inspection and investigation process. The event was concluded by him outlining the critical guidelines that need to be followed while issuing a summon. ### Investment Fund - Special consideration for CT, TP and FATCA Due to a myriad of reasons such as strategic location, tax-free market, high return on investment, stable economy, and world-class infrastructure, the United Arab Emirates (UAE) has been a preferred choice for setting up an investment fund and managing its activities. To discuss this topic and its intricacies more, Nexdigm’s subject matter experts Lokesh Gupta, Associate Director, Tax and Transfer Pricing, Nexdigm. During the webinar, Lokesh spoke at length and briefly explained how investment funds, taxpayers, and business entities are taxed under the UAE Corporate Tax law. Lokesh also highlighted the qualifying investment funds while stating their meaning, such as the conditions to qualify as a free zone person. He also gave an overview of the difference between the Foreign Account Tax Compliant Act (FATCA) and Common Reporting Standards (CRS) while stating the obligations falling under the request for interest (RFI) framework. ### Top Tax Rulings of 2023 The year 2023 witnessed significant tax ruling announcements, from the determination of the arm-length principle (ALP) to different interpretations of the most favored nation (MFN) clause and even the conundrum regarding the spectrum fees. To explore these tax rulings in detail and their impact/implications on the Indian taxation system and taxpayers, Maulik Doshi, Deputy Managing Director of Global Transfer Pricing and International Tax, participated in a webinar organized by Taxsutra. As a seasoned subject expert, Maulik highlighted major taxation cases while giving a detailed background and overview of the landmark decisions. He also spoke at length about the critical considerations taken by the Indian judiciary system in these important case rulings. ### Refunds Under GST & Intricacies of ITC A timely refund mechanism is critical in tax administration. However, with new rules, notifications, forms, and amendments to laws, the Goods and Services Tax (GST) regime is becoming more complex with each passing day. To address the growing complexities, Sanjay Chhabria, Director of Indirect Tax, Nexdigm, spoke at the ‘Refunds Under GST & Intricacies of ICT’ event and covered the challenges and uncertainties for claiming refunds. He gave a brief overview of the types of GST refunds, their processes, their critical provisions, and the timelines and time limits for filing refund claims. During the event, he also touched upon key points such as electronic filing, flexibility in choosing the return periodicity, clubbing of tax periods, unified processing, and data upload limits while giving a detailed rundown of each point. Sanjay also highlighted the critical issues related to the refund of ITC (Input Tax Credit) on exports, such as the period limit of applying for a refund, letter of undertaking, disallowance of ITC availed on capital goods, etc. while stating the critical conditions for claiming the refund. ### Future of Legal And Compliance Summit & Awards 2023 At the Legal and Compliance Summit & Awards 2023, Krishanand Bhat, Director, Technology Risk Advisory, Nexdigm, spoke at length about mitigating risks of data breaches, privacy, and cyber threats. While presenting, he stated the reasons for the data breach along with the response measures and strategies organizations can incorporate into their systems to prevent it. He also provided an overview of the cyber threat landscape of India and the world. Krish delved into the financial implications, challenges, and unfavorable outcomes like customer churn, reputation damage, business downtime, and more caused by data breaches during the session. His concluding remarks on the topic focused on how data has become the backbone of business functions and operations. Therefore, ensuring data security is paramount, particularly in an ever-evolving digital landscape. ### GST Audits and Investigations Saket Patawari, Executive Director, Indirect Tax, recently spoke at an event held at Bangalore on ‘Audits and Investigations’. The event was held to ensure and raise compliance awareness as well as help organizations efficiently detect financial and legal discrepancies. Saket commenced the event by providing an overview and background of the subject. He then highlighted provisions that can be considered during the verification process in case any fraud is detected. Furthermore, he spoke at length about Departmental Audits and stated the reasons for its conduction. Saket also covered the key provisions, process, timeframe, and other aspects of Departmental Audits. During the latter part of the event, Saket mentioned that items/goods could be searched and seized during the inspection process. Additionally, he spoke about the duration that the seized items/goods could be retained. Saket also covered the conditions under which the seized items/goods would be returned while stating the power and responsibilities that the Proper Officer can exercise during the inspection and investigation process. ### UAE Corporate Tax Amendment The UAE Ministry of Finance recently issued new amendments to its tax structure wherein businesses will be subject to Corporate Tax after 1 June 2023. To decode its impact, our subject expert, Sneha Pai, Senior Director, Direct Tax, spoke at length at a recently held event on the ‘Impact of Recent Amendment of Non-resident Companies’. During the event, Sneha elaborated on the possible implications that the changes in the UAE tax structure will have on non-resident companies and the business environment. She commenced the event by highlighting the changes in the withholding tax rates for non-residents while highlighting the key benefits under the provisions of tax treaties. Furthermore, Sneha provided an apt summary of the tax rates applicable to Royalty and FTS payments in various scenarios. She also touched upon the updates related to Significant Economic Presence while mentioning the change in interest rates of the withholding tax rate for loans availed post 30 June 2023. Towards the end of the event, Sneha shared several critical insights to help non-resident entities stay cognizant and compliant with the new UAE Corporate Tax amendments. ### Taxation of Non-Residents and Permanent Establishments As a vibrant open economy, the United Arab Emirates (UAE) is among the very few growing economies with a low-tax jurisdiction status. However, the tax landscape in the UAE is expected to witness significant changes with the introduction of the UAE Corporate Tax law effective from 1 June 2023. Lokesh Gupta, Associate Director, Tax and Transfer Pricing and Trupti Mehta, Principal Consultant elucidated more on this topic through a webinar. During the webinar, the speakers drew attention to the scope of taxation under the new Corporate Tax law and its implications on residents as well as non-residents. They stated that UAE-sourced income is wide and inclusive while highlighting the parameters on which it is defined. The experts also spoke at length about Permanent Establishments (PEs) and stated the required conditions that a non-resident in the UAE needs to have in order to set up a PE. While stating the conditions and defining the concept of a domestic PE in the UAE, the leaders also provided a detailed overview of the different types of PEs under the UAE Corporate Tax law such as Fixed Place PE, Agency PE, Installation PE, Service PE, and more. Furthermore, both the speakers listed the activities that fall under the preparatory and auxiliary services while highlighting the PE attributions. To accentuate, the leaders also defined the Place of Effective Management (POEM) and its scope of taxation as per the Organization of Economic Cooperation and Development (OECD) guidelines while stating the list of countries having POEM regulations. Towards the end of the webinar, the leaders also mentioned the ‘nexus’ of a non-resident person and how the persons covered under a ‘nexus’ are taxed, the anti-avoidance rules, and more while stating the tax implications for a person having a PE, POEM, or ‘nexus’ in the UAE. ### UAE as a Global Distribution Hub – Tax and Transfer Pricing Considerations As a Global Distribution Hub with an advanced business culture and low-tax environment alongside a strategic location in the Middle East and North Africa (MENA) region, the United Arab Emirates (UAE) is an inevitable investment and business destination that presents immense benefits to carry out and set up a new business. Recently, the UAE Ministry of Finance introduced some new changes to its tax and legal framework. To understand its impact on the business environment from a tax and transfer pricing angle, Lokesh Gupta, Associate Director, Tax and Transfer Pricing provided a lucid overview of its implications while sharing key insights. During the webinar, Lokesh covered the taxation regime and stated the different percentages of tax rates including ‘Free Zone persons’ and ‘other than Free Zones persons’ while speaking about the withholding tax rates and their applicability. Lokesh also gave an overview of how distributors in the UAE are taxed and specified the benefits to which a distributor from a Mainland or Non-designated Zone is entitled. Furthermore, he also mentioned the key conditions for being part of a tax group and the benefits of registering for a business as a tax group. Lokesh, also discussed the different types of distributors and provided a thorough risk analysis of distributors while talking about their functions and assets. ### Enhancing Value with Effective Strategic Sourcing & Category Management Amidst turbulent times, mitigating supply management risks while ensuring a steady cash flow is among organizations' top priorities to secure and scale business growth. Especially for global businesses, a well-planned and organized supply chain is paramount as it not only helps streamline the flow of goods and services but also helps them become more resilient to face any abrupt, unpleasant situation while leveraging profit margins. Arjit Agarwal, Principal Consultant, Business Consulting, Nexdigm, highlights the importance and benefits of embracing and implementing effective strategic sourcing and category management strategies within Supply Chain Management and provides a broad overview of the procurement state. While speaking about the strategic sourcing and category management benefits, Arjit provides an in-depth summation of the present situation, gaps, risks, and strategies related to Supply Chain Disruptions, Supplier Relationship Management, RFx Management, Sustainability, as well as Spend Management, and Consolidation. He also mentions the benefits of implementing digital or tech-driven tools and how they help organizations significantly enhance the efficiency and performance of supply chain operations. Arjit further states that for organizations to build and ensure a robust supply chain management, having supplier community assistance while identifying and using talent judicially is critical. In this process, being open to new-age solutions and cognizant of the out-of-sync systems and processes is also essential. ### Unlocking Opportunities in India – Exploring the opportunities in India Today, Artificial Intelligence (AI) has been used in every industry to streamline operations and scale business growth. Moreover, its growing impact and use alongside multiple industry applications is already disrupting and redefining the business landscape. Moreover, in a growing, vibrant economy like India, home to one of the world’s largest and most skilled pool of talent across Science, Technology, Engineering, and Mathematics (STEM) backgrounds, the potential and future of the AI industry in India seems to be exciting and bright, filled with immense opportunities. To highlight more about the significant potential of AI in India, Kartik Nagarajan, Managing Director, Business Consulting & Global Business Services (Sales), Nexdigm, talks about the latest developments and states how the growth of the AI industry in India is poised to boom with the AI industry expected to add US$ 500 billion to India’s GDP by 2025. While speaking about the promising growth prospects of the AI industry in India, he also mentions the evolving market trends such as AI-powered Analytics, NLP Applications, Edge Computing, AI-enabled Automation, and more while covering how they are disrupting the business world. Likewise, he also draws attention to the increased awareness and adoption of AI globally. Furthermore, Kartik highlights how the massive skilled workforce, vibrant start-up ecosystem, and robust Indian government support alongside a sizeable growing market size as a technology and innovation hub with a world-class digital ecosystem are the factors that will help India catalyze, scale, and empower the AI revolution in the world. ### CFO’s Role in Leveraging AI and Other Technologies In a fast, data-driven world, the role of CFOs has become even more critical. Practically, the probability of CFOs becoming the next CEOs of a company has risen significantly. Likewise, the importance of incorporating and implementing Artificial Intelligence (AI) and other cutting-edge technologies into business processes and systems has also gained momentum among organizations as they witness the benefits it provides. From being problem solvers, team leaders, and strategic advisors, CFOs today also need to proactively introduce and facilitate change by implementing the latest technology. To shed more light on this topic, Dr. Munish Sabhrawal, Managing Director, Nexdigm elaborates in-depth on the importance of the CFO’s role in leveraging AI and other technologies. He highlights the evolution of AI tools and technology as well as how they have revolutionized and redefined efficiency parameters in business operations and functions. He also states how technology and AI tools have helped business leaders streamline the M&A deal life cycle. Further, he explains how incorporating AI tools and technology can help business leaders and organizations achieve better results. During his session, Munish also draws attention towards the various stages, including contract management, valuation, transaction execution, and strategy and partner identification, where AI tools and technology can induce and leverage growth significantly. Furthermore, he discusses the futuristic capabilities of AI and technology and states how the combination of technology and human expertise can catalyze the decision-making process while enabling organizations to perform more reliable and accurate financial analysis. ### Practical Insights on GST Investigations The Goods and Services Tax (GST) is a unified tax system introduced to replace the erstwhile fragmented and complex tax system. The core objectives behind its introduction were to: Simplify the prevailing tax structure Promote better economic integration Reduce the cascading effects of the tax system Practically, its introduction induced positive changes and benefitted the Indian economy in many ways, including uniformity in taxation, introduction of an online taxation system, an increase in revenue share for central and local governments, and more. However, recently, cases regarding GST evasion have witnessed a sharp spike. To raise awareness and share practical insights on detecting discrepancies to curtail GST evasion, speaker and subject-matter-expert Saket Patawari, Executive Director, Indirect Tax, Nexdigm, spoke at an event organized by UBS Forums Pvt. Ltd. on ‘Practical Insights on GST Investigations’. Saket commenced the event by providing an overview of the subject. He then stressed on who can conduct an inspection and stated the prerequisite conditions to initiate an inspection. Furthermore, Saket also elaborated at length about what items/goods can be searched and seized during the inspection process as well as how long the seized items/goods could be retained. Besides this, he also covered the conditions under which the seized items/goods will be returned while stating the power and responsibilities that the Proper Officer can exercise during the inspection and investigation process. Saket also stated the conditions under which the suspected taxpayer can be summoned and cited the guidelines before issuing a summon. ### India Outbound - Are Free Zone Companies Free from UAE Corporate Tax? The applicability of the UAE Corporate Tax law from 1 June 2023 for free zone establishments has been the talk of the town concerning what will and will not fall under the free zone. To comprehend its possible impact, speakers Lokesh Gupta, Associate Director, Tax and Transfer Pricing, and Nishit Parikh, Director, International Tax and MA Tax, provided a detailed breakdown of the recent announcement. To accentuate, the speakers spoke about the free zone taxation updates and covered their possible implications. They spoke in-depth about the conditions for free zone companies to qualify as free zone companies. Also, stated the additional requirements for businesses to attract 0% Corporate Tax. The speakers also emphasized the importance of Maintaining Adequate Substance and gave key insights into achieving it. Moreover, both speakers provided a detailed overview and summary of the Taxation of a Free Zone Person. Thoroughly covered a broad list of Qualifying and Non-Qualifying Activities and shared vital guidelines for Free Zone Entities. ### Powering up the ‘A’ in FP&A For global organizations, maintaining a robust cashflow has become an arduous process amidst the changing business atmosphere. The onset of Covid-19 and rising geo-political tensions have added to the uncertainty in the global financial world. To address and overcome the financial uncertainty and to facilitate smart decision-making for senior management in order to achieve financial stability and growth, the role of Financial Planning & Analysis (FP&A) has become more crucial for long term success. To elaborate and discuss more on the growing importance of the FP&A function, Nexdigm alongside the Institute For Robotic Process Automation & Artificial Intelligence conceptualized an exclusive webinar focusing on improving insights from analytics. Marc Lessem, Senior Executive Director, North America Sales & Marketing and Vivek Tewari, Executive Managing Director, Business Services and Entity Set-up & Management, spoke at length about the evolution of the FP&A function. They also discussed the key challenges faced by the organization and CFO leaders while delving into the strategies to achieve the full potential of the FP&A function. Marc and Vivek also spoke about establishing a strong FP&A framework while stating the three key pillars of the framework, viz. bandwidth, competence, and partnership. During the webinar, they also mentioned the importance of automating routine tasks through technology as well as analyzing and presenting key data with the help of interactive real-time dashboards. Moreover, the speakers highlighted the importance of integrating and implementing the use of modern technologies in the FP&A functions while sharing key insights on how to accelerate the ‘A’ in the FP&A function to promote and scale efficiency in business operations. ### Are Free Zone Companies Free from UAE Corporate Tax? Recently the UAE Authorities, to align themselves with the Organization for Economic Cooperation and Development (OECD) principles, introduced and implemented the UAE Corporate Tax law from 1 June 2023. To decode its possible effect and implications, speakers Lokesh Gupta, Associate Director, Tax and Transfer Pricing, and Nishit Parikh, Director, International Tax and MA Tax, provided a detailed overview of the recent announcement. To accentuate, Lokesh Gupta covered the important free zone taxation updates with their possible impact and elaborated in-depth about the conditions for free zone companies to qualify as free zone companies. He also stated the additional requirements for businesses to enjoy 0% Corporate Tax. Besides this, Lokesh emphasized the importance of Maintaining Adequate Substance and covered the significance of the three associated pillars alongside it. Furthermore, he defined the Outsourcing Arrangements and the changes brought in the outsourcing activities while stating which activities can be outsourced and which not. Further, Nishit Parikh spoke in length about the Qualifying Income. He highlighted the change induced through the UAE Cabinet Decision, like how the UAE Authorities have changed their approach from “Source Base to Activity Base.” He then described the critical conditions of the Qualifying Income category as per decision no. 55 of 2023. Nishit also drew attention to a broad list of Qualifying and Non-Qualifying Activities. Moreover, the speakers provided a detailed overview and summary of the Taxation of a Free Zone Person and shared vital guidelines for Free Zone Entities. ### Outsourcing Procurement Over the years, outsourcing has become one of the mainstay strategies for global organizations to scale and grow business. Moreover, as a cost-effective measure, procurement outsourcing provides many benefits, such as helping organizations achieve efficiency, enabling them to spend more time on strategic-making activities, encouraging internal staff development, providing flexibility and time zone advantages, and more. To talk about its role and growing impact in today’s dynamic business world, Kartik Nagarajan, Managing Director, Business Consulting & Global Business Services (Sales), discusses the key priorities and functions that business leaders must incorporate in their business growth strategic framework. He accentuates on the various procurement priorities such as Talent Management, Digital Transformation in Procurement, Responsible Outsourcing (ESG), and more. Also, Kartik elaborates on how properly implementing and incorporating these priorities can help organizations ensure robust supply chain continuity while eliminating unnecessary expenses. He further emphasizes the three key areas of procurement functions, viz Procurement Support, Contract Management, and Account Payable. ### Impact on Foreign Companies - Recent Change in Withholding Tax Rate Nexdigm and Taxsutra recently co-hosted a webinar to address the impact, implications, and challenges that the changes in Section 115A will induce on Withholding Taxes on foreign payments. Speakers Maulik Doshi, Deputy Managing Director, Transfer Pricing, and Nishit Parikh, Director, International Tax and MA Tax, spoke at length about the critical points one must consider before seeking tax-treaty benefits. They also highlighted the significance of mandatory compliance tests, such as the Principal Purpose Test (PPT) and the Simplified Limitation of Benefits Test (SLOB) under the Multilateral Instruments (MLIs) and how they can help one in seeking extended tax-treaty benefits. Besides this, the experts drew attention to the important documents such as Tax Residence Certificate, Form 10F, and NO PE declaration, which one must procure to avail and enjoy tax-treaty benefits. Furthermore, the experts summarized the tax rates applicable to Royalty and FTS payments in various scenarios and the important measures from a taxpayer's perspective to overcome complications of Withholding Tax Rates confidently. ### Future of Finance Summit & Awards Automation across different industries is redefining performance standards while creating ample opportunities for business leaders to accelerate business growth. From a finance perspective, the immediate implementation of intelligent automation in core finance activities is essential from multiple angles. Our experts, Kartik Nagarajan, Deputy Managing Director - Business Consulting and Mayank Lakhani, Senior Managing Director - Assurance and Advisory were invited to share their views and discuss the growing importance of automation at the 9th Edition of the Future of Finance Summit & Awards 2023. During the event, our experts discussed several benefits of implementing intelligent automation in core finance functions. They also highlighted the extent of automation possible for various finance processes, from both transactional and strategic standpoints. Furthermore, they mentioned the changing role of CFOs and how their approach, attitude, and decisions toward embracing automation can catalyze business growth. Our experts also elucidated the automation barriers while stating the ‘Go-To’ technologies that businesses must incorporate and implement to scale business growth with confidence. ### ACIIA - IIA India International Summit 2023 Over the decades, the global financial reporting atmosphere has changed due to the emergence of new risks, rapid technological advancement, unpredictable events, changing business conditions, and more. As a result, it has induced volatility, uncertainty, complexity, and ambiguity (VUCA) in the auditing world today. Prashant Chikhal, Director, Risk Assurance and Advisory, highlights the importance and benefits of an agile auditing approach. He begins by accentuating the four important pillars and key elements of the agile auditing process. Furthermore, he talks about the transition phase from a traditional to an agile auditing approach and how the agile auditing process provides companies with a competitive edge. He also discusses the growing role, benefits, and use of technology in auditing while stating the advantages of the agile auditing process, such as faster results, better risk management, increased flexibility, improved decision-making, shorter audit cycles, and more. Besides this, Prashant covers the challenges and risks of the agile auditing approach and how companies should take the necessary steps to overcome them with the requisite skill sets. ### Direct Tax Summit Maulik Doshi, Deputy Managing Director, Transfer Pricing, talks about the key challenges of Taxation on the Digital Economy while providing an overview of the Organization for Economic Co-operation and Development (OECD) approach concerning Base Erosion and Profit Shifting (BEPS) Pillar 1 and Pillar 2. As we all know, today's international corporate tax rules are not fit for the on-ground realities of the modern global economy as it only captures business models that can profit from digital services in a country (without being physically present). Based on the recommendations of the OECD, various countries have taken several unilateral measures in their local laws. However, globally the main aim is to achieve an international consensus-based solution. Pillar 1 and 2 is the outcome of the work of the OECD for the last decade to get such consensus from various jurisdiction. Maulik, in his presentation, has captured the key challenges to the Taxation of the Digital Economy under the current international tax laws and its solution in the form of Pillar 1 and 2 provisions. He has also covered the roadmap on the implementation of Pillar 1 and 2 as well as its impact on the cross-board. For more details on the topic, please refer to our presentation on 'Taxation of the Digital Economy.' ### Digitization of the Finance Function Embracing change is inevitable today for businesses to succeed. Moreover, digitalizing their core business activities and staying upbeat with the recent technological advancements while implementing them is imperative to scale growth. To elaborate more on this topic and the role of CFOs, Nexdigm organized a webinar where our speakers discussed the importance of digitalizing the core finance functions, its positive impact, and how CFOs and businesses should approach this journey with our webinar host Marc Lessem, Senior Director, Business Services, Nexdigm. Vivek Tewari, Executive Managing Director, Business Process Management, Nexdigm, began the webinar session where he spoke about why digitalization of the finance function today is necessary and stressed how age-old problems beyond the finance functions and across various industries can be addressed and eliminated with technology. Marc then introduced Carolyn Gomez, CFO, Goodheart-Willcox and Frank Cesario, CEO, Yunhong CTI Ltd to discuss and share their views, experiences, and opinions on how and why businesses must accelerate their journey towards digitalization of core finance functions. While sharing her views, Carolyn mentioned how implementing technology could help businesses reduce mass manual processes, source data in real-time, and bring in strong efficiency in business operations. She also stated business leaders must leverage people with technology and help them focus on high-value tasks while Frank accentuated why CFOs must strive to adapt to continuous technological advancements and must keep investing in efficient technology-driven tools. At the end of the webinar, a Q&A session was held with the speakers regarding factors driving the digitalization of finance functions, the role of CFOs, how to execute a smooth transformation process, and the impact of Artificial Intelligence (AI) and Machine Learning (ML) on businesses. ### Contract Management Risks - How to Manage and Mitigate Contracts, regardless of the business type or tenure, are indispensable for running a successful business. Moreover, a robust contract management process is necessary for a company to avoid, mitigate, and navigate through unnecessary risks. Alpana Shirgoankar, Senior Executive Director, Business Process Management, accentuates the rising importance of Procurement Contracting in today’s crowded and competitive business world. Furthermore, she highlights how a poor contract management process can adversely impact businesses in the form of increased organizational risks, revenue loss, and reduced contract value. She also speaks about the challenges and uncertainties of contract management from a Procurement and Legal Team perspective while citing poor communication and cooperation as a huge risk. While discussing contract management risks and challenges regarding finance, compliance, operations, and more, Alpana emphasizes on the vital pillars of contract management while stressing on the importance of a framework to mitigate risks. ### Refunds Under GST & Intricacies of ITC There are many complicacies and challenges while claiming a refund under GST, likewise, while dealing with the intricacies of Input Tax Credit (ITC). As a result, there are many applications which fail to claim a refund under GST. Sanjay Chhabria, Director, Indirect Tax, provides a detailed explanation concerning Types of GST Refunds, Critical Legal Provisions, the Time Limit for Filing Refund Claims, the Process for GST Refunds, and more. He also discusses the relevant forms and timelines for the refund claim process. Besides this, he also addresses the critical issues related to technology and legal aspects, as well as the procedures regarding refunds of ITC on exports. Furthermore, he elaborates on the Refund on Supplies to SEZ Units while highlighting the important conditions for refund claims. ### Indian Union Budget 2023-24 The Union Budget 2023 successfully addressed all segments of society with fiscal prudence. The Indian Finance Minister – Nirmala Sitharaman - accentuated the Government's ambitious plans to achieve a fiscal deficit of 6.4% of the GDP in the Financial Year 2023. Moreover, the budget offered relief to individual middle-class taxpayers and simultaneously delivered a strong thrust on capital expenditure of INR 10 trillion to accelerate the country's growth gear and equip the nation with better supply chains while building long-term assets and creating an investor-friendly environment. From a Direct Taxation Angle No tax on income upto INR 7 lakhs Receipt on surrender/maturity of life insurance policy with an aggregate premium above INR 5 lakhs will be taxable. 15% concessional tax rate has been extended to new manufacturing Cooperative societies, subject to conditions. For MSMEs/Small Businesses, the turnover presumptive taxation limit revised from INR 20 million to 30 million. Extension of the Angel Tax to Non-Resident Funding. Time limit to submit the Transfer Pricing report has been reduced to 10 days from 30 days. From an Indirect Taxation Angle Scope and Coverage of Online Information and Database Retrieval (OIDAR), enhanced significantly; thus, service providers. supplying services electronically in the future will require GST registration and pay taxes. GSTR 1, GSTR 3B, GSTR 9, and GSTR 8 cannot be filed three years after the due date. Rationalization of Basic Customs Duty rates from 21 to 13 rates. No way forward on the Development of Enterprise and Service Hubs (DESH) scheme and GST Tribunals. Supply of Warehoused Goods before clearance for home consumption - considered as exempt supply. ITC of expenditure incurred towards CSR activities disallowed ### Conference on GST and Customs- Contemporary Issues Since its introduction, the Goods and Service Tax has been proven to be a topic of controversies and challenges. Moreover, in recent times the ambiguity of GST has caused many issues regarding its implementation, interpretation, and registration. Saket Patawari, Executive Director, Indirect Tax, addresses the key challenges under the GST umbrella and clarifies contentious issues. Besides this, he also talks about the background of these issues. Furthermore, he covers a broad range of topics, such as Intellectual Rights, Intermediaries, Employee Secondment, and more, alongside their controversies. At the end of the event, he highlights the major challenges with GST registration. ### Investing in Germany: Opportunities for Indian Companies Germany and India’s relations play a strategic role in the development of both economies, with mergers, acquisitions and joint ventures being a popular route of entry and expansion for companies in the German-India corridor. Ranked as the third most active European acquirer in India, Germany is increasingly being viewed as a gateway to the European market by Indian companies. Deal trends in this corridor over the past decade reflect strengths of both economies, with largely complementary eco-systems bridging business needs and introducing growth avenues. With 70+ years of diplomatic ties and 20+ years of strategic partnerships between Germany and India, it is important to understand how business partnerships augment the relationship between these economies and their collaborative vision for the next decade. ### Sustainability: The Neoteric Playground for Next Generation Consulting Leaders ### Impact of the Open Network for Digital Commerce The Government of India launched the Open Network for Digital Commerce (ONDC) on December 31, 2021, with the goal of providing scalability and accessibility to the field of e-commerce. While India has a well-developed e-commerce ecosystem, it lacks reach into the interiors of the Indian subcontinent. ONDC will thereby enable small merchants from rural areas to participate in this massive market, thereby democratizing the digital commerce in India. ONDC launched its first beta testing pilot on April 29th in Bengaluru, but since then has started alpha tests in over 80+ locations across India, with additional cities set to debut in the following weeks. The next phase will include not only an increase in the number of participants, but also additional domains such as fashion, electronics, B2B, and enabling additional functionality such as ONDC score and catalogue as a service on ONDC, all of which will help to grow, strengthen, and build trust in the ecosystem. ### UAE Tax Strategy and Recent VAT Updates As a part of UAE’s commitment to OECD’s BEPS framework, UAE introduced VAT in 2018 and ESR in 2019 UAE now introduces Corporate tax To help cement UAE’s position as a leading jurisdiction for business and investment To execute UAE’s support of the global minimum effective tax rate as proposed under “Pillar Two” of the OECD’s BEPS project ### Tapping into India’s Food Processing Sector - Opportunities for Turkish Companies in India ### Decoding UAE’s Corporate Tax & Transfer Pricing Regulations The UAE Ministry of Finance (MOF) has issued a federal decree/law for implementing Federal Corporate Tax (CT) that will be effective for financial year starting on or after 1 June 2023. Earlier this year in April 2022, the MOF had issued a public consultation document (which had an overview of the proposed law) for the comments of stakeholders. Finally, after much await, the final law has been released on the MOF website on 9th December 2022. UAE CT has tried to incorporate best practices globally and minimise the compliance burden on the business. Few of the key highlights of the law are as follows: CT will be payable on the net profits of UAE businesses as reported in their financial statements prepared in accordance with accounting standards accepted in UAE with minimum adjustments No CT for the entity located in free trade zones subject to certain conditions No registration/CT applicability on small business (threshold yet to be notified) Tax Group regime General anti-abuse rules ### Recent Tax Controversies and What Lies Ahead Exclusively for CFOs and Corporate Tax Heads! ### 7th Edition of the CFO Vision and Innovation Summit The 7th Edition of the CFO Vision and Innovation Summit is poised to achieve new heights with an all new purposeful agenda, thought-provoking conversations and value-driven discussions. The summit shares real life stories and thought leadership session on how CFOs are influencing future of their organizations as transformational architects. Explore unique set of opportunities that are being presented to CFOs and how their role is ideal to be a catalyst for growth and business transformation. ### UAE Transfer Pricing - Intra-group arrangements that could hike your tax bill Transfer Pricing plays a key role in optimizing tax bills. and it's a strategic standpoint that requires detailed analysis and complete documentation. Businesses in the UAE need to ensure that they have adopted the correct tax position to avoid negative implications on their tax bill. This interactive session explores the questions arising, possibilities, and insights regarding the UAE Transfer Pricing’s Intragroup arrangements. ### White Collar Crime, Corporate Fraud, Internal Audit and Internal Corporate Investigations Conference on White Collar Crime, Corporate Fraud, Internal Audit and Internal Corporate Investigations in New Delhi at Hotel Eros on 16th November 2022 brought to you by Achromic Point along with Nexdigm as Bronze Partner where key issues like Emerging Trends in Fraud and Corruption, Every Audit Is a Fraud Audit, Conducting Internal Investigations, Third Parties and Data Security discussed. ### Unlocking Opportunities in India's Food Processing Sector Marc Lessem - Senior Executive Director, North America Sales and Marketing, Nexdigm began by presenting an overview of the session. Post which, Amit Kumar - Hon’ble Consul General, Consulate General of India, Chicago touched upon the state of the US-India relations and the prospects of the Indian economy in general. Here, Amit signifies that the total trade of goods and services between the aforementioned countries was close to 170 billion dollars. Amit then talks about how India is a suitable country for the development of the Food Processing Sector (FPS) with the rising middle class and according to a recent report published by McKinsey. He also talks about the government introducing Production Linked Incentive (PLI) Schemes and how these have benefited the food processing sector, be it for the growth of micro, small and medium enterprises (MSMEs), and for job creation as well. Next up, Marc spoke about the various segments of the food processing sector in India, along with some of the constraints and mitigation efforts being taken for the growth of the sector. Marc also shared some projections of the food consumption story in India and how it is poised to grow over the next five years. Then, Marc shares some key figures of the cumulative Foreign Direct Investment (FDI) into the FPS, the global share of processing level by several countries in comparison to India, the food import/export in India over the years, and the recent investments in the country. Marc then goes on to explain the sectoral classification within the FPS by dividing the sector into 6 sub-sectors and then goes on to talk about India’s global standing within those 6 sub-sectors and the opportunities that are present within the same. Post the brief presentation, K.S. Narayanan - Ex-Managing Director, McCain, began the panel discussion by providing some insights on why the food processing sector is considered a sunrise sector. K.S. highlights that the demography in India is a huge 1.4 billion and rapid urbanization are two of the primary reasons why the FPS is considered a sunrise sector. That, along with the push of the Make in India movement, a growing per capita income, and consumption patterns following global trends, are what makes this space so attractive. Next, Dhiren Kanwar - President, Managing Director (India and Middle East), Griffith Foods, talks about the challenges faced and experiences gained by Griffith Foods as a U.S. company operating in India. Here Dhiren shares that India is a land with a huge culinary heritage and this translates into the diversity found in the food available across regions. Due to this vast diversity, one of the main challenges was to identify what was acceptable to the Indian demographic and find the right balance between the local and foreign cuisine. Peter Rose - Vice President, International Strategy, OSI Group, shared some of the experiences gained by the OSI Group in India as compared to other Asian countries, being one of the leading meat processing groups in the world. Peter states that the OSI Group is known worldwide for its pork and beef processing capabilities, however, in the case of India, they are primarily a vegetable company. Due to this fact, the OSI Group has gained new experiences and has had to come up with never-seen-before- formulas for vegetable-based products. These new learnings and formulas have gone a long way in helping the OSI Group take advantage of markets in other countries. The panel then addressed questions from the audience and touched upon the following: The factors that are attracting U.S. investors to expand into India, What are the major concerns faced by U.S. businesses looking to migrate to India, How the global macro issues such as the trade war and the pandemic have affected the outlook on the Indian market and the way U.S. conducts business, The efforts being taken by the Indian Government to support and encourage growth for the food processing sector. Post the detailed audience discussion, Samuel Brilliant - Senior Global Business Adviser, Nexdigm, spoke about the future of the US-India relationships. Here, Samuel signifies that the partnership between the largest democracy and the richest democratic country in the world is expected to be the most defining and anticipated relationship of the 21st century. Samuel backed this statement by mentioning that the U.S. companies investing in India have doubled year-on-year, even during the pandemic. In conclusion, the food processing sector has vast potential, given the fact that India contributes a significant percentage to the overall global food trade, and there is further room for improvement in operations and waste management. Not only that, but with the rapid implementation of proven infrastructure, it surely is a sunrise sector. ### Supply Chain Collaboration – Innovative Practices for Global Supply Chain The webinar began with Kartik Nagarajan - Managing Director - Business Consulting & Global Business Services (Sales), Nexdigm providing an overview of the webinar with the keynotes. Kartik addresses how supply chain leaders are battling on multiple fronts, such as cost inflation and resiliency due to the Ukraine war, along with a response strategy. He then talks about how close relations between organizations and suppliers can help create value and ease of operations. Marc Lessem - Senior Executive Director, Nexdigm, then introduces the panel and begins the discussion segment. Steve Younts - Senior Global Business Adviser, Nexdigm, discusses how the ongoing volatility impacts supply chain planning and management. Steve emphasizes that all businesses need to look into a variety of strategies and initiatives in order to improve demand and supply alignment. Next, Abby Pratt - Senior Vice President - Global Strategy & Analysis, Advanced Medical Technology Association (AdvaMed), talks about how they managed to adapt its supply chain during COVID and the onset of geopolitical situations like the Ukraine war. Here, Abby addresses some of the key supply chain challenges that companies, specifically in the healthcare sector face and how those challenges differ from those faced by other industries. Post Abby’s insights, Murugan Pugalenthi - Director, Global Procurement Data Science and Analytics, Johnson & Johnson, talks about how business demands for analytics and technology adoption have changed from the pre-COVID days along with the related impact this has on supplier collaboration. Ramakrishnan Kasinathan - Senior Consultant, Supply Chain, Nexdigm, speaks on how companies are switching to technology with the underway digital transformation drive. Additionally, Ramakrishnan also discusses how these digital initiatives play a crucial part in delivering the desired results. Murugan and Steve then add to this discussion by providing their personalized takes on the need for digital transformation and how companies can get the most out of the new norm. The panelists then talk about: The various strategies companies are adopting in the healthcare space to address the supply chain challenges. The major bottleneck for driving co-innovation for companies working alongside key supply chain partners. Some of the looming supply chain challenges and potential risks within the foreseeable future. Whether anything more can be done with regards to logistics and network optimization associated with the carbon footprint. What more can be done in a senior management role to foster a collaborative culture. The webinar concluded with discussions on future of the supply chain industry with automation being a contributor to helping organizations make and react to decisions quicker. This is the need of the hour as the supply chain process is a stressful one and one of the main drivers for the success of any business. ### Contract Management - The Importance of Cross-Functional Collaboration The webinar addresses how to encourage the balance between the respective contracting wants and needs, of both, legal and business stakeholders. It talks about how cross-functional gaps result in revenue leakage, and ambiguity in contracting language, along with how cross-functional alignment can empower the business. The panelists talk about the growth journeys of their respective organizations and how good contracting systems have played a role in the overall success, even when dealing with diverse industries. Michael Beckstead - North America Regional Director, Supplier Contracting Services - Johnson & Johnson shared some insight into how their company manages its legal and business needs. Here, Michael states how important it is to understand the primary reason for a contract being introduced, and even though it sounds rudimentary and obvious, having this core understanding is what drives procurement efficiency. Next, Kirk Samson - Senior Director, Contract Management Services, Nexdigm gives insights from his experiences on the key drivers of cross-functional collaboration. He emphasizes the importance of leadership commitment being present and how people start to fall back into their previous silos and old habits of information hoarding. Maria Tzagournis - Vice President, Commercial Contract Management (CCM) Global Processes & CCM, Americas, DHL then talks about some of the most critical areas that DHL closely inspects when reviewing any contract. She mentions that liabilities are one of the most important to take into consideration when reviewing a contract, followed by pricing and rate reviews. The panelists gave their views on how business terms drive the contracting terms, the steps to remediate a poorly executed contract management process, the benefits of having contracts in a centralized system, negotiation tactics to make the other party think that they’ve won something, ensuring that all the appropriate parties are engaged, and preventing potential stakeholders from sharing too much while negotiating. Interestingly, Kirk speaks of how the negotiation processes with known parties eat up a lot of time when they shouldn’t need to and how businesses are shifting to a master agreement template with success. He also points out the role of technology in enabling low-level negotiations handled by artificial intelligence. Before concluding, the panelists spoke about how they deal with competing priorities from different functions. Maria talks about how the solution for such a scenario can be as simplistic as letting go of emotions and just understanding everyone’s perspective logically. In conclusion, companies must not be afraid to embrace change in this area as the return on investment with improved cross-functionality is extremely high and the customers and stakeholders will appreciate improved processes as well. Going forward, in case of any uncertainty, one can take the help of outside consultants as having an objective response can overcome inertia and inspire change. ### Fundamentals of UAE's FATCA/CRS Compliances Trupti Mehta - Director, Setup & Expansion, GCC Region, Nexdigm set the tone of the webinar by highlighting the importance of compliance with the latest regulations and how complicated laws can be managed by financial institutions if the understanding of said laws is made imperative. After the brief introduction, Mihir Shah – Practicing Chartered Accountant, began his segment by explaining what is meant by the term Foreign Account Tax Compliance Act (FATCA) and the reasons behind the implementation of this act. He talks about how FATCA inspired the G20 Organization for Economic Co-operation and Development (OECD) to have a regulation that urges countries to have treaties and a proper mechanism in place for exchanging information. This led to the launch of the Common Reporting Standard (CRS) regulation. The webinar further covers the overall framework of the FATCA/CRS and talks about the authorities involved to whom this regulation is applicable and not applicable, with examples and exceptions. The session discusses the various types of financial institutions highlighted in the rules and their nitty gritty. It explains what classifies a Custodial Institution, Depository Institution, Investment Entity, and a Specified Insurance Company. The webinar touches upon Reportable Financial Institutions (RFI) and Non-Reportable Financial Institutions (NFRI) with an in-depth into who the Reportable Account Holders are and who classifies as a Passive Non-Financial Foreign Entity (Passive NFFE). With several detailed examples, Mihir talks about the due diligence procedures for pre-existing individual accounts, what classifies as a pre-existing account, what goes into the due diligence for onboarding new accounts, and what classifies as a new account. He also talks about the importance of having proper systems by exercising timely due diligence to help entities identify which accounts are to be reported. Along with individual accounts, Mihir also gets into the due diligence procedures and classifications of pre-existing and new entity accounts. In this session, the next thing discussed after due diligence requirements is the common errors that institutions must be mindful of while conducting due diligence. Furthermore, the session dives into the Reporting Portal launched by the Ministry of Finance. It addresses questions regarding what the reporting portal exactly is, what it will be used for, and why it is needed in the first place. It then talks about how this reporting portal functions, the steps one needs to take to register themselves, and what documents will be required. For the last segment of the webinar, Mihir sheds light on CRS Risk Assessment with a brief historical background, the steps in the risk assessment procedure, the categorization and qualification of the different risk level entities, and the timelines for FATCA/CRS. ### 2023 International India Conference Nexdigm joined forces with ITechLaw Association at the Cybersecurity Legal Substantive Legal Conversation Conference to address the rising global cybersecurity risks. During the conference, our experts shared their views, strategies, and valuable insights to tackle and mitigate the rising global cybersecurity threats. They also drew attention to how international firms can decode any gap in their enterprise security framework while bridging the same. The experts also accentuated why 'CISO as a Service' has become critical and a must to be implemented by Global Firms to stay ahead in today's data-driven competitive business era. ### SEBI LODR Regulation and its Impact on Related Party Transactions Maulik Doshi - Deputy Managing Director, Transfer Pricing and International Tax, Nexdigm set the tone of the webinar by reminding the viewers how the Related Party Transactions (RPT) have been the crux of a lot of various controversies from various governments of different countries, and how companies can seek clarity for the same. Maulik goes on to talk about how RPTs are a common focus when it comes to Tax and Corporate Governance. Next, Maulik gives an expanded definition of the term ‘Related Party’ with a comparison of what it meant pre and post amendment. Along with detailed examples, Maulik explains the expanded list of RPTs that need to be reported and also explains the different materiality thresholds of RPTs as per previous laws as well as amended laws. Moving on, Maulik continues to talk about the enhanced role of audit committee members with regards to the changes that have been brought about to the roles in light of the new amendments. He goes on to talk about the new norms for disclosure and the documents required to be presented before the approving authority, the timelines of the enhanced disclosure requirements, the requirements under the companies act in contrast to the requirements as per the Securities and Exchange Board of India (SEBI) LODR Regulations, and lastly, the post amendment challenges and the way forward. The panelists were then asked to shed light on the impact on the audit committee proceedings with regard to the recent media reports on the corporate governance related issues. To this, A.K. Viswanathan - Managing Director, Tax, Nexdigm addresses his views on why the regulations have to make such drastic regulations. Viswanathan mentions that the size of the organization and whether it is listed or not are some of the key factors that play into the extent of the corporate governance issues. Due to this, Viswanathan mentions that he has advised companies in the USA to delist themselves to lower the costs and challenges. To the same question, Jaykumar Shah - CFO, HDB Financial Services Ltd. adds that the main reason behind such challenges is a lack of disclosure and transparency. Jaykumar further adds that one way to make the audit reports concise is by being critical, which is how things were done traditionally. This saves the readers’ as well as the auditors’ time. Then, the panelists were asked to highlight the challenges they have faced in terms of the expanded definition of related party. To this, Sameet Gambhir - Senior Company Secretary, DCM Sriram Ltd. mentioned that the challenges are not too severe as the related party definition is only applicable to listed entities where the promoter and promoter groups are known, and the new definition is welcomed. Sameet then states that the challenge occurs when keeping track of small and routine transactions and getting them approved. He states that one should focus on creating a system of having a control mechanism in place to make tracking transactions simpler. The panelists then discuss the typical data points that are looked at for RPTs with the approach of the audit committee, the importance of the PAN number when establishing a link between the promoters and the payments, the seemingly operational role of the audit committee post the amendments, the synergy of using the globally recognized documentation, and the concept of the arm’s length pricing when looking at a transaction before the audit committee. Before concluding, the panelists responded to listener’s questions seeking clarity on the panel answered audience questions which asked to make clear the group purchase agreement with third parties and whether this kind of transaction will be covered under the RPT, as well as whether it is legally valid for the audit committee to ratify or disown certain transactions if they are not satisfied. In conclusion, there is some gray area when it comes to interpreting the RPTs which increases the efforts to be made by the audit committee. This process can become much more streamlined with further clarity, transparency, and incorporation of detailed systems. ### 5th Annual GST Summit and Awards Saket Patawari - Executive Director, Indirect Tax - Nexdigm, began his segment for the 5th Annual GST Summit and Awards with a presentation titled, The Nitty Gritty of Intermediaries - Services and Goods. Here, Saket first introduced the concept of an intermediary with a brief history by addressing the intermediary services pre and post-GST. The slides highlighted the key details surrounding the intermediary services prior to 1 October 2014, between 1 October 2014 to 30 June 2017, and 1 July onwards and compared the aforementioned dates. Next, Saket explains the importance of an intermediary by referencing a case of a cross-border supply and which party bears the cost of paying the GST in such a case. Saket then talks about a few scenarios involving intermediaries. He states that "if all the parties engaging the intermediary are in India, then the recipient's location becomes the place of supply." He further adds that, "only in the case of an international transaction does the intermediary's location become the place of supply, and becomes a non-taxable transaction." Subsequently, Saket explains the withdrawal circular and discusses the various scope of intermediaries along with some insightful examples. He then discusses the illustrations that make sense of the different kinds of business scenarios provided in the circular. He presents the various case references that highlight how the intermediary in any transaction is depicted. The cases he discussed were the following: Godaddy India Web Services Pvt. Ltd. - a self-marketing case, Toshniwal Brothers (SR) Pvt. Ltd. - another marketing case, Universal Services India Pvt. Ltd. - a payment processing case, Lubrizol Advanced Materials India Pvt. Ltd. - an administrative and sales related services case, Chevron Philips Chemicals India Pvt. Ltd. - a sales promotion of chemicals case, Verizon India Pvt. Ltd. - a US telecommunication entity having a subsidiary in India. By the end of explaining these cases, Saket mentions that there is a huge gray area and a great attraction of litigation when it comes to identifying what qualifies as an intermediary and what does not. ### 5th Annual Direct Tax Summit and Awards 2022 Maulik Doshi - Deputy Managing Director - Transfer Pricing and International Tax, Nexdigm, begins his segment by introducing the Pillar - I, what it aims to seek through its adoption, and its key elements. Maulik elucidates this with an example for allocation which entails the case of a multinational enterprise based in the USA, which has businesses with and without a physical presence in various markets. After explaining Pillar - I, Maulik describes Pillar - II, which is the minimum corporate tax. He mentions that Pillar - II was introduced with the idea to stop harmful tax competition, commonly referred to as the race to the bottom. The presentation then talks about the globe rules, the four rules of minimum corporate tax which are the Subject To Tax Rule (STTR), the Income Inclusion Rule (IIR), the Undertaxed Payment Rule (UTPR), and the Switchover Rule (SOR). Maulik explains how the Effective Tax Rate (ETR) is calculated and how the effective 15% ETR is to be derived. Here, he points out that the calculation of the ETR must be done at a country level by consolidating all the company branches within that particular country. He then covers the adjustments for tax, carry forward losses, and substance-based carve out to be carried out, and also how the top-up tax is to be computed and allocated to each entity in the jurisdiction, especially if ETR is lower than the global minimum. Next, Maulik explains the STTR in-depth with an example covering the Corporate Income Tax (CIT) rate of a company operating within India, the UK, and Australia. The slides also cover some key assumptions such as the STTR trigger rate, the Globe minimum tax rate, the statutory tax rate in Australia with the available incentives, and the various steps to calculate the STTR, with a three-step example. After covering his segment, Maulik and the panelists discuss various complex global issues such as - the withdrawal of the unilateral measures by India, whether the implementation of Pillar I and II would prompt companies to revisit their global transfer pricing policies, if the Pillar I and II thresholds kept by the OECD benefit Indian companies, how Indian outbound companies would re-look at their structures with the implementation of Pillar I and II along with its timelines, and the derailment caused to the aforementioned timeline due to the Russia-Ukraine crisis and whether this would cause any rework on the Pillars. ### Recent Amendments in Tax affecting Pharma and FMCG companies Maulik Doshi - Deputy Managing Director, Transfer Pricing and International Tax, Nexdigm begins the webinar by talking about the history of Section 37, which came into effect in April of 1967, along with a timeline of the amendments made to the same. After briefing the viewers about the history of Section 37, Maulik gives an in-depth explanation of the Section and the Central Board of Direct Taxes (CBDT) circular. He covers points such as the Finance (No. 2) Act, ‘98, the intent of explanation, the effect of the Judiciary, and the CBDT circular 772 of 1998. Maulik then talks about the Indian Medical Council (IMC) Regulations which are applicable to medical practitioners and the various actions that are deemed unethical. The presentation then looks at the key judicial precedents before Apex Laboratories, the key takeaways from the Supreme Court ruling, the proposed amendment to section 37, and the way ahead. The webinar then continues with Maulik giving a brief overview of Section 194R and sheds light on the insertion of Section 28(iv), defining the terms ‘benefit’ and ‘prerequisite’ that are used in it, and the important parameters for taxing under the Section. The slides then discuss several cases that highlight the issues in the inapplicability of Section 194R. Here, Maulik states that these are just a few cases out of the numerous possibilities and that the government is expected to release a FAQ that would help clarify the implementation of the aforementioned Section 194R to a great extent. Furthermore, the webinar delves into the consequences of not complying with the proviso to Section 194R and what the way ahead looks like. Maulik states that there is a strong requirement for review and documentation when it comes to cases like promotion of a product, where a conference is being organized, or travel that is being sponsored, as there is a great deal of uncertainty and potential for misinterpretation. Maulik provided clarity on one issue, which sought light on the obligation cast by the Section 194R on the payer, ensuring that taxes are paid, and who should be paying this tax, the recipient or the payer. Additionally, he helped the viewers understand: how gifts are to be interpreted; how the taxation on gifts is to be handled; if travel expenses for advocates come under section 194R; and understanding the implications of the healthcare conference being held in Switzerland. ### Role of Analytics in Finance & Accounts Function Marc Lessem - Senior Executive Director, Nexdigm, begins the webinar by talking about the changing role of the Finance and Accounts (F&A) function along with a brief of how they have evolved over the years. He then discusses the common challenges that the F&A teams face, how important it is to have a strong foundational team, and the roles that people, processes, and technology play in meeting its long-term goals. Marc talks about the application of analytics in F&A with a few examples and the four essential steps that any F&A organization must take. Then, the panelists were asked to talk about how the analytics journey for any F&A function begins. To this, Vikram Lalwani - Senior Manager, Nexdigm, about the primary tactical areas where analytics can improve the F&A process and how switching from excel to using a bi tool can help release bandwidth for the F&A professionals. Next, the panelists were asked which factors must be considered to ensure seamless execution of all functional areas. Here, Mehul Shah –Special Adviser, Corporate Initiatives, Nexdigm, answers by first talking about why any organization would consider implementing analytics. He then talks about how KPI is one such important factor in evaluating a seamless execution process. Improving KPIs is a direct indicator of a successful process. He also sheds light on how important the interpretation of data is and how it goes a long way in ensuring the success of any process. Vikram then adds to the above points by highlighting the importance of clean and accurate data. He talks about how misleading and inefficient it can be to receive data that contain errors. While discussing the business value that F&A leaders can derive by implementing analytics, Mehul mentions that analytics improve the overall internal processes, can improve fraud control, and can be used to double-check internal data. He further adds by talking about the different ways analytics can help improve the deliverables of any F&A function. The panelists then spoke about the estimated cost and duration of implementing analytics in any F&A function, whether the same needs to be implemented entirely in-house, and whether there is room to outsource some of the analytics work. The panelists also discussed the need to know how to code for the F&A team to use and interpret the analytics data and the factors to build an efficient F&A function. Vikram makes an important point that highlights the presence of a learning curve. When it comes to data interpretation, it is a continuous process that is not black and white. There is a lot of judgment based on experience, so it is important to learn from it continually. In conclusion, just like it is important to use the analytics data, it is equally important to have the eye to interpret it. Furthermore, the way the experts read between the lines of the analytics data and how they make use of their respective judgments adds true business value to an F&A function. An organization must not solely rely on data but should use it only as a tool to meet its long-term goals and vision. ### UAE VAT - Current Scenario and the Way Ahead Sanjay Chhabria, Director, Indirect Tax – Nexdigm, draws attention to the apprehensiveness within the industry due to any uncertain penalties being imposed. He adds that there are approximately 20 obvious penalties and a lot more that are hidden and subject to interpretation. He continues by addressing the key violations that are liable for penalties. Next, Sanjay reminds the viewers of Cabinet Decision 105, which was introduced by the Federal Tax Authorities (FTA) in 2021, and goes on to give an overview of the Waiver and Installment Scheme. He further provides more clarity on the schemes by talking about the conditions for which the waiver, as well as the installment schemes are applicable. After giving a detailed explanation of what kinds of conditions are applicable for a waiver or installment scheme, Sanjay provides information on the different details and documents required for requesting to avail the above-mentioned schemes. Along with the documents required, Sanjay also enlightens the viewers on how the procedure for the Installment Scheme unfolds, beginning from the request submission stage, as well as what happens in the case of a refund of an earlier penalty that was collected. Ankit Nagda, Manager, Indirect Tax – Nexdigm, talks about the credit reportability on employee benefit expenses and explains the importance of addressing such a topic. He discusses the three cases in which the expenses can be recovered, the employee benefit, and miscellaneous expenses. Furthermore, since the pandemic has caused most employees to work remotely, expenses such as mobile phone, airtime, and data usage become important to address, which is exactly what Ankit continues to do. He explains the different conditions which make it possible to recover these expenses. Moving on, Ankit talks about the other changes that have been introduced in the UAE VAT, such as - goods supplied in the designated zones, and focal points of contact being assigned to companies, along with the advantages of such a move. Sanjay throws some light on actions the FTA expects and shares Nexdigm’s perspective regarding the same. He shares the preventive measures that must be taken by the taxpayers. Before concluding the webinar, the panelists were asked to talk about employee expenditure for accommodation in a new location. Here, Ankit mentioned that when an employee moves to a new location, any expense incurred by the employer towards temporary accommodation is liable to be recovered. ### ISACA Bangalore Chapter 2021 Annual Conference The ISACA Bangalore Chapter 2021 webinar began with an overview of the different challenges that come with adapting to a cyber landscape. Ashok Prabhu - Chief Executive, Sales, Value Point System, and highlighted the importance of regularly monitoring one’s cyber risk position. Since this field is highly dynamic, no amount of cyber risk insurance would make up for the loss incurred by a cyberattack victim. This is especially true for ransomware attacks. Bobby Sandeep - AVP, Technology, Value Point System talked about the ‘Zerotrust’ framework – how it started, the objectives it was meant to fulfill, and the benefits of its implementation. Based on his experience, he shared his findings on why customers chose to implement the Zerotrust framework. Since the cloud is fairly open-source, it is liable to a wide range of attacks. The panelists then share their perspectives on some of the cloud security domains. Here, they state how important it is to monitor identities. The presentation then covers the critical cyber security services, the evolution of the Cyber-Security Operations Center (C-SOC), the next-generation Security Operations Center (SOC), the Value Point Managed security services platform, and the top 10 breaches prevention best practices. And with that, the first segment of the webinar ends. The second segment of the webinar begins with Krishnanand Bhat - Director, Technology Advisory, Nexdigm, addressing the roots of ISACA and how it successfully grew over the years. He then proceeds to distinguish between trustworthy vendors and how the true solution for cyber risk is in understanding the kind of risks rather than just switching vendors. He continued the discussion by giving a brief overview of the number of breaches that resulted in the initial phase of the pandemic. Krishnanand then uncovers the major attack trends in 2020, with phishing attacks being one of the most popular forms. He states that these attacks catch people at their weakest moments and exploit them in various ways, such as spear phishing, targeted phishing, and spamming. Krishnanand talks about applications having backdoors and how this serves as a double-edged sword for the users. He then talks about some of the drawbacks of the Zerotrust architecture and what the users should be cautious of. He concludes his presentation by unfolding the steps that would help build a secure cyber environment. The next segment began with Anand Trivedi - Head, APAC Cyber Security, Cyberproof explaining the various benefits of introducing a virtual analyst and how this implementation will help quickly and efficiently resolve cyberattack incidents and gather information from different tools. Anand continues by explaining the evolvement of security operations over the years, questions one needs to ask themselves when considering practicing cyber security for an organization. Anand continues the presentation by talking about how one can measure the effectiveness of their SOC, how the SOC has moved to the cloud, the Security Orchestration, Automation, and Response (SOAR), and how to keep up with the changing attack scenarios. He also points out several interesting ways one can enhance their SOC. ### Departmental GST Audit, Investigation and Litigation The introduction covered the reason for implementing the Goods & Services Tax (GST) in India. The key topics covered in this webinar are the verification process done by the Tax authorities, how the litigation gets translated, and how the verification moves into the litigation phase. After an overview of the Department GST Audit, Saket Patawari - Executive Director, Indirect Tax – Nexdigm, spoke on the criteria for selecting the audit, along with the timelines of the audit process depending on various scenarios. Saket then dives into the audit process flow by illustrating using a flow chart containing eight stages. Here, Saket points out that although there is prevalent strong-arming by the tax authorities, the taxpayer is not liable to pay the outstanding dues. At this stage, the tax authorities can only issue a Show Cause Notice (SCN), leading to litigation. Post which, the amount of tax to be paid could be reduced under the right circumstances. The webinar touches upon the various requirements of data that the tax authorities require for risk assessment, reconciliations, and special areas of verification. Here, Saket mentions that tax authorities look for the GSTN being mentioned in the place of business. This is commonly missed out and leads to a penalty if found missing. Next, Saket talks about four noteworthy points for submitting documents that one should always keep in mind. One of these points was that conversations take place via email and tax authorities sometimes use a free-to-use email ID. Here, the taxpayer must request the tax authorities for their official email IDs to be safe from data leakages or fraud. The webinar then flows into the next segment, i.e. investigation. The tools of investigation include inspection, search, seizure, and summons. It further uncovered other tactics the tax authorities use to intimidate the taxpayer and get any information. Subsequently, Saket mentions some valuable courses of action one can take to make their case against the tax authorities stronger, provided they have enough evidence to back their claims. Then, there is also a discussion on the several litigation options, the different applicable penalties, and the circumstances where the person under litigation could be exempt to some amount of the initially proposed tax. Post an insightful question-answer round, the webinar concluded by instilling in the taxpayer’s minds that if the event does arise where one has to face verification, investigation, or litigation, they must not panic and should instead handle the situation calmly. Deadlines can be extended, statements can be rectified, allegations can be cross-examined, and the tax along with the accrued interest can be reduced. These hold true provided that the taxpayer has sufficient evidence and reasoning to support their case. ### TDS & TCS - Easing Corporate India's Compliance Burden The webinar began with the panelists discussing the fundamental reasoning behind introducing the means of TDS and TCS tax collection. Maulik Doshi - Senior Executive Director, Nexdigm began by giving a timeline of the recent inclusions where TDS and TCS apply, along with the benefits and challenges that companies and individuals face when complying with these provisions. Post introduction, the panelists were asked how companies dealt with the changes in the TDS and TCS provisions. To this, Anuprita Mehta - Head of Taxation, ArcelorMittal Nippon Steel India, stated the importance of analyzing the constantly changing environment, making the necessary changes in the Enterprise Resource Planning (ERP) systems and automating the entire process since deadlines are close. She went on to explain the specific changes and checks that are to be made on the ERP systems. Anuprita also highlighted the importance of an API (Application Programming Interface) being introduced by the Income Tax Department, which would be beneficial at the time of invoice posting, so that the appropriate rate of TDS can be applied. Next, the panelists were asked to share their experiences to understand the government's reasoning behind introducing these provisions. Beginning with stating the objective of 206 C, Mayur Desai - Senior Vice President of Taxation, Ambuja Cements Ltd & ACC, stated that the primary goal was to widen and deepen the tax net. Subsequently, the objective of the recently introduced 194 Q, which overrides 206 C, is to ensure compliance burden only on those in a position to comply. He added that such a cross between sections makes comprehending the Acts tedious. While simplicity is the reason behind introducing these provisions, the approach does not align with the objectives. The panelists were then asked to shed some light on how the companies and clients respond when asked to comply with the new provisions. To this, Nishit Parikh - Partner, Direct Taxation, Sudit K. Parikh & Co. LLP, mentioned that since the government is moving to an all-digital documentation model, clients that were not tech-savvy had the hardest time adapting and the number of such clients was sizeable. Mayur Desai mentioned the complications that Tax firms and companies face due to the limited time and a large amount of document processing. Next, the panelists were asked whether a declaration from vendors would suffice or whether there would be a need for ITR copies. Adding to this, panelists were also asked whether TDS would be required for businesses engaged in exports. To this, Nishit stated that through the government portal, one could verify a vendor's past year's returns, then there is no declaration requirement. However, the issue here is that the portal may not provide details on the TDS. The panelists discussed the importance of classifying and illuminating the kinds of TDS and TCS provisions for software transactions as that area has some deal of vagueness and leads to litigation. The panelists then argued that the government should provide some relaxation to the payers of the TDS and TCS provisions if there is no scope of utility being provided. This would help taxpayers prepare for what is not available in the utility and would make the process much faster. It would also help firms if the government could describe the kind of utility they would be providing. Not only that but a great deal of simplicity is required as there is a large gray area when it comes to TDS and TCS provisions. Lastly, the panel mentioned that the government should allow representatives of corporations to address their concerns with new regulations in the provisions as there could be some instances faced by companies that the government would not have anticipated due to no first-hand experience. After quick and interesting audience questions round, the webinar ended by acknowledging that the government is likely to consider pushing deadlines in light of the COVID-19 situation, and firms should be prepared for the worst-case scenario by working to meet the tight deadlines, even though they seem difficult to complete. ### Key Takeaways of the US Cybersecurity Executive Order The webinar started off with a brief introduction of recent data breaches, the kinds of cyberattacks, causes, and methods of prevention that organizations can take. Supriya Anchan from Technology Advisory at Nexdigm talks about cyber security for individuals, organizations, and nations. The panelists touched upon the White House directive regarding Cyber Security and its relevance in recent times. Along with that, the panelists offered their take on the effectiveness of certain regulations such as the Cloud Act, HIPAA, the Department of Defense requirements, etc. To this, Anupam Srivastava - Vice President of International Strategy and Business Development, Safe-Zone Ltd states that “the effectiveness of these regulations follows the law of diminishing returns.” This is because cybercriminals can adapt to these regulations and find means of bypassing them. Since the internet is a highly dynamic environment, rather than enforcing a few regulations from time to time, there needs to be constant alterations and monitoring to ensure that organizations are one step ahead of the criminals. Jerry Leishman – Executive Vice President and National Security & Compliance Director at CORTAC Group, provides some interesting numbers for the negligence cost of cyber security and compares it with the global drug trade valuation. He further addresses the steps taken by the Government of the United States to improve cyber security amongst industries. Next, the panelists discussed what council and immediate response a cyber security firm would provide to a cyberattack target. Here, Keith Frederick – Chief Information Security Officer (CISO) at Viasat Inc. added some precise steps that a victim organization would be asked to take. He iterates how important it is to understand the cause of the breach, as it helps tighten security and prevent repeat attacks. The panelists then discussed the zero trust architecture that various organizations are implementing. Along with that, the panel was also asked to shed light on the other preemptive policies and measures that can minimize the occurrence of cyberattacks. They highlighted the importance of an organization following good security hygiene, such as setting strong passwords, changing firewalls, keeping software up to date, etc. In conclusion, the panel addressed how important it is to constantly evolve in a dynamic environment such as the internet and practice good security hygiene. If, unfortunately, an attack takes place, one must prioritize the running of daily operations while at the same time diagnosing the cause of the attack and then optimizing from there. ### An Overview of FTA Audit, Penalties, and Recent Clarifications In this session, the Indirect Tax Experts capture an overview of different aspects of the FTA (Federal Tax Authority) Audit and deliver insights on the recent clarifications issued so that the taxpayers are better equipped and in compliance with the laws for the audit. Ankit Nagda – Manager, Indirect Tax, Nexdigm, highlights the key constituents of the FTA Audit File (FAF). He highlights how important it is for the company to obtain the FAF. Once the request is received, certain elements are required during an audit, which is discussed in-depth. It covers the common audit issues faced globally, along with the road ahead and the importance of having a policy to justify the taxpayer’s claim. It creates a significant impact when the audit is well planned instead of the last moment, which is construed by the tax authorities as unethical and raises suspicion. The session further explains the key violations that are the cause of an FTA audit and what are the recently implemented revisions. It talks about the penalties used to be in the past, the revisions, and what Nexdigm’s views are on these changes. One key takeaway here is that the penalties levied for submission of the Voluntary Disclosure (VD) after receiving an FTA audit notification are similar to the penalties levied for submission of the VD before receiving an FTA audit notification. The only difference is the variable penalty of the latter is higher. It is financially beneficial to submit the VD only after receiving the FTA audit notification. Subsequently, they discuss the various other penalty revisions that have been made, along with the introduction of the Amnesty Scheme. This Scheme has been extremely welcoming for the taxpayers as it offers a benefit of 70% of the penalties being waived off as long as certain conditions are met. The next segment of the webinar began with Saket Patawari - Executive Director, Nexdigm, stating that the purpose of the penalties was to create long-term tax compliance within the country. Since this is a new shift, there must be a strong driver that enables the people to comply. He further discusses the various factors that support the UAE taxpayers, one of which is the FAF. The FAF serves as a mock audit and helps evaluate the multiple challenges and the best plan of action to take when considering a voluntary disclosure. Saket then interestingly points out that the data dramatically reduces the penalties. He then explains what this drop in penalties means from the tax authorities’ point of view. A question was posed to the panel asking whether any penalties would be applicable on a VD submitted before receiving an FTA audit notification if the filing for the tax was done before the due date. To this, Ankit mentioned that further clarification is needed for such a situation, and there is likely to be an option for such a revision before the deadline in the near future. After a quickfire question and answer round, the webinar concluded by mentioning how simple and important it is to comply with all the rules and regulations, as there is a good amount of time provided to the taxpayers every quarter, and the trust that the tax authority is looking to build. It is crucial to note, that compliance offers protection from the various financial implications that could negatively impact any business. ### Can Technology Replace Professionals in Contracts Management Alpana Shirgaonkar - Senior Executive Director, Business Process Management, Nexdigm, began the webinar by introducing the benefits that Legal Process Outsourcing (LPO) solutions in India, offer. After the introduction, the panel was asked to share their insights on how technology has enabled law firms to function more efficiently by cutting costs and saving time on laborious work. A question was then posed to Mark Furze, asking him to point out any possible low-hanging fruits that technology-driven LPOs could quickly enjoy. To this, Mark Furze (Ex-Bayer) highlighted the many benefits that companies using manual processes could reap by using technology in their operations. Subsequently, Mark mentioned that one such low-hanging fruit where technology can be used right away is Non-Disclosure Agreements (NDAs). Its several sections are universal, and digitization could help save efforts. The next question was regarding technology's role in the current era of legal outsourcing. Kartik Nagarajan - Managing Director, Business Consulting, Nexdigm pointed out the three most strenuous activities law firms traditionally undertake. These include contract management, legal translation, and secretarial work. He mentioned that digitization helps improve the workflow and reduces the time and costs associated with the aforementioned tasks. Adding to the above point, he stated, "Technology is here not to do what lawyers are doing; rather, technology is here to do what lawyers should not be doing." Kartik then added more weight to his statements by sharing his experience of LPO solutions for law firms, stating that LPOs have: Helped save costs by 40-50%; Helped save time; Helped look for past records more accurately. The panel was then asked to talk about the possible risks that law firms may face when using technology in their operations. Mark highlighted that technology advancement does come with its risks. Those being, a lack of audit processes could lead to errors in data, approving workflows could cause complexities, and unsegmented access rights could lead to data leakages. Speaking of how technology, directly and indirectly, affects operations, Mark shared that technology aids operations by highlighting contract negotiations that are due, it alerts on near pending renewals and makes the entire documentation process much more efficient. He further added that the costs and time that technology saves daily add up to a significant amount in the long run. The panelists touched upon the roles that require professional intervention and cannot be fully tech-driven. In their view, Law professionals add value by understanding the result of negotiation and developing clauses and points within a contract. This requires decrypting the subtle messaging within contracts, an ability that comes with years of experience. Here, the value is determined by how the law professionals use their expertise and judgment. In essence, technology can help the law professionals process a greater deal of contracts, but the core operations, which are to strategize and follow sound judgment, require professional intervention The panel added that professional intervention is crucial because situations in the real world are subject to rapid change. Using professional intervention adds real value when dealing with and taking advantage of these changes. The ideal scenario would be when law professionals leverage technology to reduce the cost per contract while simultaneously increasing speed. Kartik concluded the webinar by explaining how Nexdigm helps walk its customers through the process of change management. He elucidated that Nexdigm does this by enabling technology adoption for the customer and the supplier and integrating the unique processes within Nexdigm. He further added that Nexdigm assists its clients with process standardization, simplification, and even some parts of the template harmonization. In conclusion, technology-driven LPOs help law firms focus on the core functions which add value to their clients while the routine and manual work is taken care of in the backend. Law professionals can find a particular clause with the click of a button, saving a great deal of time and effort. ### Indian Healthcare Today - New Opportunities and Access to Growth This webinar aims to talk about the opportunities and challenges in the Indian healthcare industry from a U.S. investor's perspective. The discussion began by mentioning the fierce growth potential that the Indian healthcare industry holds, making it an attractive market to invest in. The panelists first discussed the opportunities for growth in the Indian healthcare industry. Being a developing country, India is in a great position for investments in the healthcare industry. A major reason is that, like any developing country, the Indian middle class is growing rapidly, meaning more spending power. Further, attributing to an improvement in lifestyle, the number of people above the age of 60 is expected to become 20% from the current 8-10%, meaning a requirement for high-quality medical services. This, along with technological advancement, can lead to potential growth for Medical Industry. The panelists then discussed the increasing government attention for the healthcare industry in India. India is now in a stage where the government recognizes the importance of healthcare and is inclined towards providing financial aid to the sector by doubling the current spending. This investment will improve the infrastructure of the country's Tier 2 and Tier 3 cities, which will create many opportunities for foreign investors. As India is not shy of resources, it is poised to be a huge center for medical tourism. With improved infrastructure, there comes an opportunity to accommodate citizens from Tier 1 cities. This automatically adds to the need for revolutionary ideas, foreign investment towards cutting-edge technologies, and quality care for patients, adding to the reasons to invest in the Indian healthcare sector. According to Mandan R. Krishnan - Vice President and Managing Director, Medtronic India, India is blessed with a bountiful workforce and is a hub of high-quality engineers. This positions the country to have a great arbitrage for foreign businesses to conduct research and development activities. Then, the panelists addressed the challenges faced by the healthcare industry in India. According to Meenakshi Nevatia - Vice President and Managing Director at Stryker India, there are a few challenges that foreign investors may face when planning to do business in the private sector. One such challenge is the custom duties are charged on imported products, with the additional 5% Health CESS applicable from the Budget of 2020. It is believed to encourage manufacturing within the country. Adding to the above point, even though 70% of the healthcare industry in India is comprised of Private players, the government is the entity behind controlling prices, resulting in sudden overnight cuts in the range of 60-70%. Investors must be aware of this unpredictability and lack of transparency. As for the public sector, one major requirement for the Public Procurement Order (PPO) is that 20% of the content must be sourced from India. This becomes a hindrance as today, 86% of the content in this industry is imported. The alternative to this is to go for an exceptional approval, which is a very tedious process by itself. However, since this field is so dynamic, there remains optimism that the right push could lead things in the desired direction. Post addressing the challenges this industry faces, the panelists touched on India's main regulating body for medical devices. These categories require registration, the risk-based categorization of the devices, labeling rules, and a brief on the registration process itself. Lastly, the panelists spoke about the digitization of healthcare services and the impact on the delivery of said services and the medical device industry. The webinar concluded with Aileen Nandi - Minister Counselor for Commercial Affairs at the U.S. Embassy in India, highlighting the importance of investors partnering with domestic businesses. ### Insights on Indian Union Budget 2022-23 An overview of the Budget-2022 Though the budget continues the past initiatives, it has also taken bold moves towards improving infrastructure. This includes aligning laws to increase demand and support manufacturing to meet the same. Key announcements include: Policies for energy transition ambitions with battery swapping, e-mobility, blended fuels, etc. Amendments to improve the efficiency of the direct and indirect tax process Policies to further propel ‘Make In India’ Announcement of projects for lower-income housing Key announcements in Direct taxation An aim to reduce the fiscal deficit to 4-4.5% was announced. Capital expenditure is pegged at INR 7.5 trillion, which is 2.9% of GDP. Commitment to achieving 280 Gigawatts by 2030 via PLI schemes. SEZ act to be revamped with a partnership between state and central. Introduction of digital rupee for efficient currency management No changes in individual taxation, though new initiatives were announced like: Alignment of cooperative society taxation with corporate taxes Surcharge on LTGC restricted to 15% for all asset classes COVID-19 related tax exemptions through Corporates or other means brought into law No changes in corporate tax rates Clarifications shared for mergers include: When a merger appeal is pending approval, the successor entity would be considered for proceedings Provisions enable filing modified returns on successor entity within 6 months of order. Goodwill needs to be treated as a sale of the asset. Slump transfer definition modified to include ‘sale’ aspect. Expense deduction was rationalized via: Making surcharge and cess no more taxable. Section 14A disallowance is now applicable, including in the case of no exempt income. It was clarified that for section 43B allowance, conversion of interest liability into debentures is not constructive payment. Disallowance of expenditures done for illegal payments, for India or abroad. Virtual digital assets are made taxable, though not lega -lTransfer of digital assets taxed at 30%: No loss carry forward is allowed. 1% TDS applicable on transfer of digital assets. Gifting of digital assets is also taxable. No deductions, except the cost of acquisition, is allowed. Announcements for withholding taxes include: WHT on the transfer of immovable property with a rate of 1% of transfer value or stamp duty value - whichever is higher Period of non-filing of tax returns reduced to 1 year. 10% tax applicable on the corporate gift, incentives, or benefit receivers Non-resident taxpayers can approach an assessing officer to appeal for grossed-up cases Other announcements include: Only in case of an increase in income taxpayers can update their tax returns with a 25-50% surcharge + cess with applicable interest. Amendments made in litigation procedures. Equity shares, AIFs, REITs, etc. come with bonus and dividend stripping. Changes in compliance processes for charitable trusts. Key announcements in Indirect Taxation Changes in GST and ease of doing business are a focus on this section of the budget: Extensions or changes in timelines for GST credit, refunds, filing, etc. announced. To make the ecosystem responsible, non-filing of a GST in a particular month would result in locking for the next month. Restrictions on the utilization of ITC for tax payments were introduced. Stricter vendor qualification in their compliance needs to be done to ensure one doesn’t get their credit denied. Late fee applicable in case of delay in filing TCS returns. An 18% interest is applicable on using incorrect ITC. Legislative changes in customs were announced as follows: Provisions to provide more power to customs officials. Facilitation of faceless proceedings can be done by two or more officers jointly. Changes in advance ruling introduced validity, timelines, application fees, etc. Automation and digitization via custom portals. Tariff changes across imports to promote local manufacturing. Other changes across SEZ laws to enable enterprises were also announced. Overall, the Budget-2022 aims to enhance the cause of ‘Make In India’ and optimize present processes via clarifications and amendments. Watch the webinar for a detailed explanation. ### 8th Transfer Pricing Asia Summit 2021 In this webinar, we understand tax planning and study various strategies via transfer pricing. How can corporates save taxes? “The line of demarcation between tax planning, tax avoidance, tax evasion has always been very thin and fluctuating.” Maulik Doshi, Deputy Managing Director- Transfer Pricing and International Tax, Nexdigm Here’s how these three methods can be defined and distinguished: Tax Planning: using legal laws and methods that are designed to provide incentives to businesses for saving in taxes. Example - exemptions, tax credits, IP regime, etc. Tax Avoidance: It is legally correct but morally incorrect to follow this method since it involves taking advantage of the loopholes in The Tax Act of the host nation or other nations. One doesn’t end up breaking the law, yet can save on taxes. Tax Evasion: This includes illegal ways to save on taxes by hiding income, trading on black money, inflating expenses, etc Tax Planning Strategies Some of the tax planning strategies that can be followed include: Income shifting: conduct transfer pricing of goods and intangibles by transferring profits from high-tax nations to low-tax nations. Offshoring tax: transferring functions or business operations to enjoy tax incentives in the lower tax jurisdiction. Use tax havens: complete relocation to countries offering tax advantages. Tax deferral: Paying taxes in the future than at present. Regulatory arbitrage: uses the regulatory gaps between two countries to save taxes. For example: difference in the definition of dividends in two countries in case of hybrid entities. International holding company: establishing a foreign holding company in the low-tax jurisdiction to save exit taxation and investment income. Corporate inversion: conduct transfer of corporate identities. Income conversion: uses funding arbitrage like interest v/s dividend. OECD report on CBCR statistics Implementation of these tax planning strategies and tax evasion activities are affecting the incomes of the home countries. Numbers could vary as to how in an investment hub country, only 4% of the value -generating business activities are carried out in that country, but 25% of the profit share is managed. Compared to a high-jurisdiction nation, the country might house 32% of the business activities, but only 28% of the profit share. This leads to more revenues per employee in an investment hub country, creating a misalignment and loss of taxes for the high jurisdiction country. Notes from case studies Mr Maulik Doshi presented case studies in tax planning and avoidance for a better understanding of how these strategies are executed. Here are some key learnings from them: Using an inter-pose structure, one can conduct sales and invoices of goods in a low jurisdiction country or a country that offers necessary tax rebates. One can misalign profit and value creation activities. For example - an R&D center can be opened in a nation that offers tax incentives to benefit research, manufacturing is done in another nation that offers necessary tax incentives, etc. One can also deploy critical functions of investment advisory services in a low jurisdiction country. But the main decision made, that houses the actual value is driven by the parent company in high jurisdiction country. One can use contract manufacturing instead of license manufacturing structure and use another entity for distribution of the goods in a low jurisdiction country. Before taking any inspiration from the case studies, one needs to consider the work done under OECD’s BEPS project, General Anti-Avoidance Regulations (GAAR), etc. who are working towards addressing these tax avoidance strategies. With increased cooperation between tax authorities of various jurisdictions where information and knowledge are being shared to optimize their mitigation strategies, one should adopt tax planning primarily to optimize business operation costs and maintain the company’s reputation. ### Unbundling India Budget 2022 Analyzing reform announcements The Budget focuses its capital expenditure on the next phase of ease of doing business, renewable energy and Make in India. This includes: Realistic and conservative approach towards GDP growth pegged at 11.1% No huge difference in expenditure numbers A two-fold increase in CAPEX spending to focus on supply Most of the CAPEX is deployed for defense, railways, roads, housing, etc. Measures to boost demand via tax deductions, exemptions, introducing credit guarantees, funding, etc. New areas prioritized across green bonds, digital assets, digitization of banking, education, renewable energy, etc. Key announcements for Direct Taxes In this Budget, the government has focused on clarifications and amendments, with no changes in individual or corporate tax rates. Key changes and initiatives undertaken under direct Tax are shared as follows: Personal taxation: Alignment of corporate taxes with cooperative taxes is done across surcharges and Alternate Minimum Taxes. LTGC surcharge is restricted to 15% for all asset classes. COVID-19 related tax exemptions made official via budget inclusions. Corporate taxation: Foreign dividends from foreign subsidiaries aligned with corporate taxes as applicable. Startups to receive incorporation exemptions for 1 more year. Condition for commencement of new manufacturing companies extended by 1 year. Restructuring and mergers: Proceedings carried out while merger appeals to be applicable on successor entity. New provisions enabled to allow modification of filed tax returns as per successor entity. Expense deductions: Surcharge and cess are no longer taxable. Disallowance under Section 14A is applicable even in cases of no exempt income. Conversion of interest liability into debentures is not constructive payment under section 43B allowance. Any expense for illegal payments, whether in India or abroad, is no longer taxable. Withholding taxes: Withholding tax is now applicable on the transfer of immovable properties. Any business-related gifting across incentives, benefits, etc., is now taxed. Penal on withholding tax applies to non-filing of returns, where the period is also reduced to 1 year. For grossed-up cases of non-residents, the applications need to be filed to an assessing officer, where the officer needs to pass an order within 6 months. Other key announcements include: Taxpayers can report an increase in income, update their tax returns, and pay additional 25-50% surcharges + cess, and interests. Key announcements for Indirect Taxes Operational, legislative changes have been introduced in indirect taxes. Here are some key changes: Revision in timelines for availing GST credits, filing returns, etc. is provided In the GST portal, to nurture regularity - one cannot file GSTR-I returns unless the previous month is filled New restrictions in ITC credit utilization are introduced. Businesses need to ensure their vendors are GST compliant and their customers receive the credit. Limitations in the eligibility of credits are also introduced. Any inaccurate compliance or misconduct can result in credit denials or ineligibility for the business and its customers. GST facilitation measures: Redundant policies across two-way communication of credit, filing restrictions, etc. are removed. 18% interest is applicable on incorrect usage of ITC and not availing the same. Legislative changes in customs: Empowerment of Customs Officers to recover customs duties that weren't levied Allowing the Board, Principal Commissioner, and Commissioner of Customs to assign functions to Customs Officers. Introduction of empowerment of concurrent Customs Officers. For all advance rulings - a shelf life of 3 years is imposed. Any redundant definitions are also removed. Tariff changes: 350+ items face tariff changes to promote local manufacturing under Make In India. You can view the webinar to understand further these provisions in detail and how as a business or individual, you can navigate and benefit from the Budget-2022. ### SOFTEX and Inward Remittances This webinar is a masterclass on understanding the usage of SOFTEX for software exports, inward remittances and compliances. Maulik Doshi, Deputy Managing Director, Transfer Pricing and International Tax at Nexdigm, shared his insights on using technology in foreign remittance compliances. What is SOFTEX form? As mandated by FEMA (Foreign Exchange Management Act), exporters have to file SOFTEX form to value the software exports done by the exporter. This ensures that one does not perform money laundering or export cheaper software for higher inward remittances. It contains all the information about the software across maker, end-receiver, dealer managing the transaction, invoice value, etc. It’s a declaration by exporter given to the RBI via various nodal agencies like STPI (Software Technology Park of India), SEZ (Special Economic Zone) It serves as proof of export for claiming indirect tax refunds It’s the only recognized document to verify the value of an exported software Under FEMA Laws: EDF (Export Declaration Forma) is used to declare the value of exported goods, while SOFTEX is to declare the software exports For the export of goods, the declaration and certification take place at the time of export, while software export is undertaken after the export performance. Who needs to file SOFTEX? SEZ units: by Development Commissioner STPI units: by Director of STPI DTA (Domestic Tariff Area) units: since they do not have a specific nodal agency looking at them, they can get certified by registering as a non-STPI unit with the STPI authorities. How does STPI help with SOFTEX certification? STPI is an autonomous organization established in 1991 under the Ministry of Electronics and Information Technology. The mission of this organization is to nurture an increase in software exports from India via incubation, promotion via awards, statutory services, liaising, etc. STPI has 5000+ units registered under them, with 62 offices across India. Steps involved in certification: Registration for DTA units is available online on https://stpionline.stpi.in with a list of documents required The application processing fee is INR 1000/- + GST The validity of non-STPI registration is 3 years from the date of issue Advance annual charges and periodic performance reports have to be submitted to STPI You can view the webinar to understand step-by-step instructions via visual representation to fill the SOFTEX form. Steps involved in SOFTEX filing: Get your SOFTEX number online from RBI Submit the form to STPI via the online portal Processes involving submission, certification and sharing data to RBI EDPMS is done electronically Form submission is to be done within 30 days of raising the invoice STPI disposes the SOFTEX form within 7 working days The documents to be submitted for filing like statement of work, invoices, etc. can be checked on the portal. Purpose codes as applicable, can be viewed and understood from the webinar. Consequences of non-filing of SOFTEX Deference in reporting and certifying your software exports violates Foreign Exchange Management (Export of Goods and Services) Regulations, 2015 with below consequences: Penalty up to 3X the involved sum A continuous penalty which may extend to INR 5000 per day Rejection for GST refunds claims Banks will issue inward foreign exchange remittances receivables as export of services instead of software FEMA and inward remittances Inward remittance transactions fall as current (day-to-day business transactions) or capital (shares, securities, etc.) account transactions. Key considerations involved in shares/securities are explained in detail in the webinar. How to use technology for foreign remittance compliances? Key challenges in foreign remittances include: Lack of record maintenance Lack of clarity in taxations and currencies High turnaround time due to multiple stakeholders Glitches in the income tax portal Automation helps overcome the above challenges as follows: Focusing on tax positions than processes while processing the payments Creates a systematic workflow to eliminate processes, especially for bulk processing Repository of documentation helps with search, pull-out, and tracking With Nexdigm’s automated tool, one can overcome challenges and leverage the benefits of end-to-end automation. This includes an automated platform for collecting Form-15G/Form-15H from shareholders. Contact our team today for more information. ### CYBER SECURITY LANDSCAPE: Opportunities in New Brunswick, Canada In this webinar, we understand the cybersecurity landscape and opportunities provided by the Canadian cybersecurity hub - New Brunswick. Advantages of doing business in New Brunswick New Brunswick is a province within Canada on the eastern coast that has grown as a city to provide a host of benefits like: Educated and skilled workforce An average employee in New Brunswick will stay with the company for approx. eight years, leading to reduced hiring costs It houses one of the largest deep-water ports in North America It is within proximity to cities like the capital, Toronto and Montreal Seamless, convenient and competitive time zone Lower living cost (USD 225,200) compared to Toronto (77% less), Vancouver (81% less), Calgary (56% less), etc. Assistance for application for permanent residency Several accelerators and incubators for supporting entrepreneurship New Brunswick proves to be a great city to cut costs, utilize plug and play infrastructure and leverage niche talent pool to grow one's business via having their corporate offices, back offices, R&D facilitations, etc. here. It also acts as an entry point to enter the North American and European markets. New Brunswick as a cybersecurity hub "We are looking for companies that are that are venture-worthy ideally; they've already received venture capital, perhaps a seed round and looking to commercialize and grow their operations." - Joe Allan, Managing Director for Accelerator Programs at J Herbert Institute of Technology and Entrepreneurship New Brunswick is the Canadian hub for cybersecurity spanning its expertise across ICT (Information and Communications Technology), digital health systems, energy, etc. The following factors have made them reach this feat: Being agile and availability of focused infrastructure like fiber optic cables to specialize in specific industries. Leading research, innovation and business incubation in cybersecurity is provided at the University of New Brunswick. Availability of infrastructure that acts as a sandbox for the development of new products. More than 100 organizations use 20+ datasets that are shared across the world for collaboration. A growing set of innovative homegrown companies across AI, augmented reality, blockchain, etc. are looking for global expansion and partners. Startup incubators and accelerators provide launchpad support to global companies for entering the North American market. India as a global cybersecurity hub India's push for going digital and the momentum achieved had led to the rise of the cybersecurity industry. In August 2021, 3.5 billion transactions were recorded on the UPI worth USD 88 billion and we have 1.2 billion mobile subscriptions. This has eventually resulted in: Growth of cybersecurity space at a CAGR of 15.6% 2000+ MNCs setting up their GCCs in India Rise of 220+ domestic products looking to expand to global markets 18% of cybersecurity companies are cloud-ready New-age startups growing at 60% YoY 40% of the conversion rate for patents Growth in the service side of the cybersecurity market across consulting, advisory, management, etc. with USD 4-5 billion in revenues 80% of the services market is global (US, UK, Australia, etc.) India holds 16% of the global talent pool for the cybersecurity market while still being understaffed From threat intelligence to data security, India is also growing in the product landscape Incubation infrastructure with industry support is available for startups to bring new products to market In the end, both India (Telangana) and Canada (New Brunswick) provide tremendous opportunities for collaboration, expansion and growth within their respective markets for startups and MNCs to leverage ### India's Union Budget 2022 This webinar covers the highlights of Union Budget 2022 and insights from the critical announcement. A snapshot of India’s economic indicators The GDP growth is estimated at 8-8.5% for FY 22-23, while Finance Minister Nirmala Sitharaman has stated a conservative 11.1% as the projected rate. An overall target to reduce fiscal deficit to 4-4.5% by 2025-26 was stated, while at present we have it at 6.4%. Net USD 24.4 billion worth of FDI was collected, a decrease of 30% from the previous year. The government put INR 7.5 trillion as CAPEX expenditure in FY 22-23 -which is 2.9% of GDP. Key policies announced for India’s growth story Additional PLI worth INR 19,500 crore is allocated for installing 280 gigahertz of capacity by 2030 Easing business insolvency with Center for Processing Accelerated Corporate Exit (CPACE) within 6 months. Launch announcement of digital rupee with Central Bank Digital Currency (CBDC) to make currency management easy. More than 68% of the CAPEX is allocated for the defense industry Chip enabled E-Passport Support to battery swapping to propel EV adoption How does the budget impact direct taxation? The budget affects personal taxation as follows: No changes on the individual taxation for housing loans or salaried employees. An effort to align Cooperative society taxes with corporations is made by reducing surcharge from 12.5 to 7%, and Alternate Minimum Tax from 18.5% to 15%. For HNIs, a surcharge on long-term capital gains is now restricted to 15% for all asset classes. COVID-19 related exemptions are codified in the budget where corporate relief is exempted from taxes, while if received from other means, up to INR 1 million is exempted. The budget affects corporate taxation as follows: No change in corporate tax rates To align with normal shareholder taxes, any dividend received from foreign subsidiary will be taxed at the corporate tax rate as applicable, and not at 15%, from 1 April 2022. This could result in Forex loss for India. An extension on condition for commencement for newly set up manufacturing company is given till March 2023. Additional clarifications regarding incidental income, after-sales service income, claim period, etc. are required. Period to claim exemptions for startups extended till March 2023. The budget affects business reorganization as follows: When merger assessment or proceedings are carried out on a presidential entity, it would be deemed to have been made on the successor entity. This was done so that nobody could take a technical argument of non-existence of that entity and do away with the tax liability on any additions made during the assessment proceedings. Also, provisions to file revised returns are made available post-merger. Any goodwill reduction done from the block has to be considered as a sale. Slump transfer definition is aligned with intent to include the word ‘sale.’ The budget has rationalized expense deduction as follows: A retrospective clarification where surcharge and cess are no more tax-deductible was announced. Under Section 14A, disallowance is applicable irrespective of exempt income Conversion of interest liability into debentures is now not constructive payment for section 43B allowance. Any conversion which results in postponement of liability will not get a deduction. Claiming a deduction for expenditures across payment of any offense or penalty under any law in India or abroad is prohibited. The amendment language is clarificatory, but the applicability is prospective. The budget affects withholding taxes as follows: 10% withholding tax announced on corporate gift receivables Transfer of immovable property taxed at 1% of transfer or stamp duty value, whichever is higher Period for non-filing of tax returns reduced to 1 year For grossed-up cases for non-residents, an appeal can be registered with the accessing officer within 30 days of tax payment, with the officer having a time limit of 6 months to pass an order. Miscellaneous key changes: One can update filed tax returns exclusively to report an increase in income to pay additional taxes of up to 25-50% plus interest. Changes in litigation procedures. Bonus and dividend stripping extended to all securities. Changes in compliances related to a charitable trust. Effect on indirect taxation due to budget “Start looking at all your returns, triangulations, accounting systems and automate your compliances overall to bring these changes under the bracket so that it helps you your Input Tax Credits.” - Mr. Sanjay A Chhabria | Director - Indirect Tax at Nexdigm How budget impacts the Goods and Service tax: Extension in dates and filings to fix any tax issues, GST credit notes, etc. GSTR-1 for the current month cannot be filed unless it’s filed for the previous month. Sanctions on utilization of ITC for payment of taxes. Imposition of late fee on delayed TCS return filing. Businesses need to perform vendor compliance to ensure no credit denials. Removal of redundant policies across filing, restrictions, communication of credit, etc. How the budget impacts customs: Procedural changes to empower custom officers across revenues, audit, etc. Measures put in place to digitize and standardize procedures via forms, portal, etc. Phasing out of tariff rates of 350+ goods to support ‘Make in India.’ Development of enterprise hubs via reforms in SEZ laws. The budget is focused on infrastructure and local manufacturing via MSMEs, startups, education, etc. It also works towards streamlining processes while improving the ease of doing business. ### India's Post Budget Session on Service Exports This webinar discusses the Budget-2022 across tax reliefs, clarifications, incentives, and amendments. It also explores how it affects the overall macroeconomics of India. Key policy announcements CAPEX expenditure is budgeted at INR 7.5 trillion in FY 2022-23. The fiscal deficit is projected at 6.9%, with 6.4% targeted for next year. The Finance Minister aims to reduce the fiscal deficit to 4-4.5% by 2025-26. PLI scheme for solar manufacturing and installation to achieve 280 Gigawatt solar capacity by 2030. Smoother corporate exists from 2 years to 6 months in terms of approvals with cross-border insolvency law. How the budget affects direct taxation? Alignment of Cooperative society taxes with corporates is now applicable. While surcharge is reduced from 12.5 to 7%, and Alternate Minimum Tax is reduced from 18.5% to 15%. Surcharge on LTGC is now restricted to 15% for all asset classes. Monetary COVID-19 relief by corporate to employer is exempted from taxes, while if received from other means, up to INR 1 million is exempted. The budget affects corporate taxation as follows: No change in corporate tax rates From April 2022, any dividend received from foreign subsidiary will be taxed at the normal corporate tax rate as applicable to your company and not at 15%. Extension on condition for commencement for manufacturing till March 2023, but clarification in case of incidental income, trading, etc., is required. Condition for the period of incorporation for startups extended till March 2023. The budget affects mergers as follows: Clarifications on the time lag between the filing of the merger application and receiving approval are provided - now the assessment would be done on the successor entity and users can file a modified return once the merger order is accepted. The budget affects expense deduction as follows: Surcharge and cess are no more tax-deductible Section 14A disallowance will be applicable even if there is no exempt income during the financial year, which was previously allowed. Conversion of interest liability into debentures is now not constructive payment for section 43B allowance. Expenditures across the payment of any offense or penalty under any law in India or abroad are disallowed for claiming any deduction. Clarity on amendment wordings is required, where it appears to be a clarificatory amendment, but the provision says that it is applicable from April 2022. The budget affects withholding taxes as follows: A 10% withholding tax is now applicable to track and stop tax withholding by corporate gift receivers in the form of benefits, incentives, cash, etc. Withholding tax on the transfer of immovable property as 1% of transfer or stamp duty value, whichever is higher. For grossed-up cases, one can appeal to accessing officer within 30 days of tax payment. Miscellaneous key changes: New provision for filing updated tax returns only for cases to report an increase in income to pay additional taxes plus interest. Changes in litigation procedures Bonus and dividend stripping extended to all securities Changes in compliances related to a charitable trust The budget impacts the Goods and Service tax as follows: Extension in dates and filings Stringent compliance mechanism to ensure regularity in filing Restriction on utilization of credit to tackle misuse Doing business with non-compliant or defaulting vendors would restrict your and your customer’s credit One can claim a refund on interest on wrongful availment and utilization of credit What is missing in the budget? No GST Applette tribunal has led to refund rejections, especially for exporters. No clarification on the qualification of ‘intermediary’ for outsourced activities. An E-Wallet system to manage cash flow was introduced in April 2018, but no provisions for its implementation have been made. Impact on Customs: Legislative changes in customs like the validity of advance ruling is up to 3 years, obligations by CBIC to check undervaluation, etc. Amendment of customs rules 2017 to digitize for transparency. Reduction in custom duties for raw materials, while it’s increased for finished goods Sector-specific proposals: SEZ laws facilitate further development of enterprise and service hubs via automation. Digital University, loan guarantee schemes for the tourism sector, and National Tele mental health program are introduced Focus on local manufacturing and purchase in the defense sector You can view the webinar to understand these themes and insights further. ### Analyzing India's Budget 2022 This webinar decodes the Indian Budget 2022 as presented by the honorable Finance Minister Nirmala Sitharaman. With this budget, the government has focused on nurturing infrastructure and the digital economy. Emphasis on the importance of private equity by placing support schemes for private investments More promotion of domestic manufacturing with PLI scheme to reduce China's dominance Focus on continued support to startups Budget allocated for roads, bridges, water, and housing specifically Focus on railways, river linkages, MSMEs, and hospitality Reduction in non-performing assets indicates improvement in the health of the banking sector. With the budget, a very high provision is made for public spending growth, which will be a catalyst for economic growth. But growing inflation rate is a worrying sign that needs to be tackled. What is the impact of a faceless tax regime? Maulik Doshi, Deputy Managing Director, Transfer Pricing and International Tax at Nexdigm, shared the impact of faceless tax regime followed by India: Income tax website isn't up to the mark to support faceless mechanism Keeping taxpayers on toes with reminders and notices digitally With the budget, video conferencing for personal hearing is made mandatory Allowing taxpayers to adjust to the new system by giving them 2 years Impact of budget on GST The latest provisions have increased the compliances leading to more complexity in GST filing. Stricter provisions on filing - for example, if you have not filed any previous month's return, you can't file returns for the next month. The provisions push everyone to get GST credits; hence non-compliant or irregular businesses will be forced to lose customers who file returns on time. Credit restrictions have been implemented to reduce misuse. Redundant provisions have been removed. How the budget supports Make in India? There is a reduction in customs duties on raw materials while an increase in items needed to be manufactured within India. Since India is a growing market, this move deters importing. At the same time, PLI (Production Linked Incentives) are put in place to tilt companies to manufacture in India to capture the Indian market. Will digital assets have GST? Since there is no tariff entry for digital assets, custom acts only cover tangible goods. There is no clarification if digital assets are goods or services and how to treat digital assets to clarify any GST implications. Also, one needs to undertake registrations for compliances which is not the case for investments. If GST is to be implemented, everyone will have to register, leading to complications. In the end, the government should provide a roadmap to allow space for the industry to adapt to the changes. ### Decoding India's Union Budget 2022-23 In this webinar, we discuss key takeaways and implications from the Union Budget 2022-23 How has India fared in its economic indicators? “This budget is not populist. It hasn't tried to spend its way to play to the galleries and it has not been irresponsible by throwing money at the problem.” - Dr. Sachidanand Shukla, Chief Economist, Mahindra Group Finance Minister Ms. Nirmala Sitharaman in her speech gave some numbers regarding India’s economic story as follows: India has recorded the highest GDP growth rate of 9.2% among all large economies With a real GDP growth rate at 8-8.5% for 2022-23, FM has shared a conservative 11.1% as the projected rate FM aims to reduce fiscal deficit to 4-4.5% by 2025-26, while at present, we have slipped from 6.4% which was budgeted to 6.9% 30% lower FDI inflow of net USD 24.4 billion CAPEX expenditure is budgeted at INR 7.5 trillion in FY 22-23, which is 24.3% higher than revised estimates Effect on direct taxation due to budget No changes on the personal individual taxes, while COVID-19 related medical expenses remain tax-exempt without limit. Surcharge on LTGC is now restricted to 15% for all asset classes. Co-operative society taxation was aligned with corporate tax rates. The surcharge is reduced from 12.5 to 7%, while Alternate Minimum Tax is reduced from 18.5% to 15%. Money received as help for COVID-19 expenses are not taxable if received from an employer, while if received from other means like crowdfunding, up to INR 1 million is exempted. The budget affects corporate taxation as follows: No change in corporate tax rates Concessional tax rate of 15% on the foreign dividends is withdrawn from 1 April 2022, to align with dividend taxation in India. The dividend would be taxed at the corporate tax rates. Condition for commencement for manufacturing is extended till March 2023, but interpretational issues remain unclarified. Condition for the period of incorporation extended till March 2023. There are no changes to the last year’s taxation policy of goodwill slum sale reorganizations still clarifications across slump transfer definition, what happens during the time lag between filing and approval, etc. was provided. The budget affects expense deduction as follows: Surcharge and cess are no more taxable, but no clarification on taxpayers who claimed cess earlier have to revise tax returns. Conversion of interest liability into debentures is now not constructive payment for section 43B allowance unless paid. Expenditures across the payment of any offense for compounding of an offense or providing benefit to a person in violation under any law in India or abroad is disallowed for claiming any deduction. The budget affects the taxation of virtual digital assets, including NFTs. Open areas that require clarifications include arriving at the fair value of gifting, TDS compliances for crypto exchanges, and the legality of crypto. Tax incentives for IFSC with tax exemption extended across: Angel tax to CAT-I and CAT-II Transfer of ship Income received from portfolio management services in IFSC concerning overseas portfolio The budget affects withholding taxes as follows: A new 10% withholding tax is introduced with a per annum threshold of INR 20,000/-to stop tax by gift receivers of corporate gifts. Change in the refund process for grossed-up cases, where one can appeal to accessing officer within 30 days of tax payment. Other changes whose details can be viewed in the webinar include: A new provision for filing updated tax returns with additional tax within 3 years is introduced Key changes in litigation procedures Changes in compliances related to a charitable trust Bonus and dividend stripping apply equally to REITs, equity shares, and AIF units Effect on indirect taxation due to budget Revision in timelines across issuance of GST credit notes, due dates, filing by non-residents, etc. Legislative changes with a theme of better compliances mechanism to include complete ecosystem and ensure regularity in filing Restriction on utilization of credit to tackle credit frauds and misuse Non-compliances by the vendors would restrict your credit, impacting cashflows Removal of redundant provisions Amendment of customs rules 2017 for simplification, digitization, and automation to induce transparency Increase in basic custom duties while introducing PLI schemes to promote manufacturing in India In partnership with states, revamping SEZ laws, development of enterprise and service hubs to be done To encourage blended fuels, additional exercise duty of INR 2 per liter on unblended Petrol and diesel will be effective You can find the details of these themes by watching the webinar. In the end, this budget has tilted towards infrastructure investments with a strong focus on lifting growth both in the near term and more so in the medium term. ### Global Contract Management and Process Improvements In this webinar, we explore how contracting has changed over time due to the impacts of technology and globalization. We learn how a business gains an advantage across its business process improvements with international contract management services. How the world of contracting is shaping? "Market-leading companies with foresight have embraced technology to unify, simplify, and effectively manage their agreements." - Mark Lessem | Senior Executive Director at Nexdigm Technology and globalization have led to major improvements and innovations in contracting, making it more reliable. Some characteristic changes include: More uniformity across various parameters Better contract tracking Centralized repositories have made searching documents easy Increased reliance on electronic signatures to securely sign contracts cloud storage has reduced paperwork Data science and Machine Learning make it easy to navigate contracting Challenges in contract management Due to the global integration of online and traditional businesses, contracting has also become increasingly international in scope leading to the following challenges: Difficult to manage multiple and varied data privacy regulations Pandemic has disrupted varying degrees across nations, leading to irregularity Different environmental and safety requirements Multi-language contracts in nations with multiple languages Different governing structures in a country along with business entity formations creates variability The difference in contracting structures - whether it is centralized or decentralized Organizations lose 40% of the value in a deal due to these challenges. Hence, businesses need to adopt a unifying contracting process that considers the above challenges and variations. How do Global Service Centers combat contracting challenges? Simple issues like missed deadlines, renewal dates, manual errors, or inefficient data management can cause severe losses to an organization. Global Services Centers (GSC) prove to be an effective way to tackle these issues with the following advantages over traditional paper-based contracting methods: GSC deliver by following best practices with the use of technology Decentralized processes GSC can generate up to 45-50% savings in legal and staffing costs while also helping improve both legal and procurement efficiencies GSCs give companies a chance to leverage economies of scale in terms of talent who implement these solutions Lower costs of highly qualified labor How to implement technology in contract management? Before implementing any technology, ensure you understand business processes clearly. One should optimize them by taking feedback from those involved in them or using playbooks or best practices. Consider the following factors while choosing a management consultant/service provider and technology to manage contracts: The management consultant needs to have broad experience across geographies and sectors Good familiarity of the technologies to be implemented Knowledge about how and where the technology is to be implemented as per the business case and global interests Ability to help businesses onboard immediately such that there is no major disruption and provides flexibility to scale or pivot in future Ensure relevant technology support by the service providers are actively in place Consider other functional areas and gain their perspective on how implementing a technology will impact their business processes How to manage a global contracts team? Once you have the process down and created playbooks, they are integrated. You don't see a change from what may be happening locally within your local country or offshore. It's seamless. - Cory Sumsion | Senior Director, Commercial Counsel at eBay Inc. While having the team under one roof ensures collaboration and faster execution, these aspects are not always controlled. But in the case of a global company, time zones, language, and culture create barriers while also increasing response time to queries. One can centralize their processes to ensure a uniform approach is taken globally and the same training is provided. In the end, implementing technology for contract management helps you streamline processes and make them scalable across the globe - a key driver for growing your business internationally. ### CII - Tax Conference 2021 (Western Region) | Day 2 This webinar covers recent developments in cross-border taxation, digital taxation, and international tax and how these changes will impact business activities across the globe. Recent developments in Digital Taxation and OIDAR Basic Erosion Profit Sharing (BEPS) is an initiative by the G20 countries and OCED to combat tax evasion efforts by defaulters due to rising competition and depletion in tax gains. Using the loopholes in international tax rules, MNCs can shift profits to a jurisdiction where they pay low or no tax. This happens mainly via methods explained: Hybrid mismatch: using instruments that are treated as shares in some countries, while in source country it would be debt, leading to tax savings. One can also use methods like hybrid entity for treaty benefits, where the profits are not taxed in the source country. Special purpose entity/vehicle: involves setting up an entity in another jurisdiction to save on tax, without any real business interest. Transfer pricing: major economic activity lies in the source country, but the entity is set up as a cost-plus entity with no visibility of activities of the parent or holding company. Laying our Plan of Action If we look at BEPS project holistically, it is quite effective to prevent treaty shopping, introduced principal purpose test, limitation of benefits - these itself has a huge impact on International Tax avoidance. Coupled with domestic law changes, BEPS can curb profit shifting. - Nilesh Patel, Former ‘IRS India’ Officer, Global Tax Expert Fifteen action plans were laid down, out of which the session focused on Action 1: Address the tax challenges of the digital economy. With the submission of plans in 2013, today in 2021, a two-pillar solution is framed that would be implemented by 2023 as follows: France and Spain introduced a 3% tax on social networks, search engines, eCommerce, etc. by 2020 UK and Italy introduced 2% and 3% taxes respectively for digital platforms in 2020 with worldwide revenues exceeding GBP 500 Mn and EUR 750 Mn Austria and Turkey introduced 5% and 7.5% tax rates respectively for digital platforms with worldwide revenues exceeding EUR 750 Mn India started with an Equalization levy in 2016 at 6% for online advertisement, which was later expanded across various transactions. This was a separate levy and not a part of a direct or indirect taxation regime. These taxes do not apply to SMEs with transactions less than INR 20 Mn. Reallocation of Taxing Rights for Digital Businesses OECD Pillar-1: Pillar 1 deals with fair distribution of profits among Home v/s Market country under which The residual profits are to be provided to market jurisdiction (Amount A) For entities doing sales and marketing activity, a standardized remuneration of residual profits is to be provided to other countries (Amount B) The scope of Amount ‘A’ is based on the business activity one is performing in that particular jurisdiction. OECD Pillar-2: Pillar 2 aims to keep track of competition for corporate income tax via a global minimum corporate tax rate that countries can implement to protect one’s tax base. Recent Developments in Free Trade Agreements During the second world war, certain countries formed groups and traded within themselves, which resulted in the war. Hence, a need for threshold or level playing field was required to ensure history did not repeat itself, which led to the following developments: With India being a founding contracting party to General Agreement on Tariffs and Trade (GATT), replaced by World Trade Center (WTO), is committed to Most Favoured Nation (MFN) concept under which a country has to grant the same privileges in a trade agreement to member nations. An exclusion is permitted for forming Free Trade Areas under specific conditions between countries to drop customs tariffs and non-tariff barriers on valuable trade between them. Types of Trade Agreements: Based on recognition, access, and trade type, we have the following types of trade agreements: Preferential Trade Agreement (PTA): restrictive agreements where reduction of tariffs based on the mutually agreed number of tariff lines is made for specific trades only Free Trade Agreement (FTA): except for a few particular items, all other trades have tax exemptions available Comprehensive Economic Cooperation Agreement (CECA), Comprehensive Economic Partnership Agreement (CEPA), Comprehensive Economic Cooperation and Partnership Agreement (CECPA): for increased cordial relationships, ambitious partnerships, and developmental support respectively between countries across services, investments, disputes, etc. Ex - India-Mauritius (CECPA) Others: This includes the formation of a customs union, custom markets for the labor movement, or economic unions like the European Union. Trade Agreement is implemented as per the following three steps: Ministry of Commerce (Department of Commerce) negotiates the relevant terms of the agreement and finalizes CBIC, who are involved in the operations and implementation of these mandates on the ground, negotiates trade across tariff concessions, rules of origin, custom facilitation, etc. Official release by Central Government regarding the decided tariff concessions and rules of origin Understanding Originating Criteria: An originating criterion was set up to ensure non-compliant nations do not misuse the Trade Agreement by dumping their good with the partnered country to avail benefits. It is divided into two categories: Wholly obtained goods: these goods are obtained without any non-originating materials as inputs, for example - natural goods Not wholly obtained goods: these goods undergo considerable processing in the country. They are required to meet criteria like mandatory 30%-50% Domestic Value Addition and Change in Tariff heading to be eligible A Certificate of Origin (COO) is issued by the designated Government authority of exporting nation that needs to be submitted before the customs take forward the trade. Under CAROTAR 2020, the customs can ask importers for additional information apart from COO like declarations about the origin of goods, allowing due diligence, periodical reviews, etc. to avoid any hindrance to avail exemption benefits. Transfer Pricing Year-End Compliance - Intricacies and Safeguards The current transfer pricing is getting impacted due to COVID-19, BEPS, increased scrutiny for cross-border taxations, and changing global Transfer Pricing landscape. Mr. Abhay Saboo discussed the issues cropping up due to the impact: Free of Cost Goods and Services: Free of Cost Goods and Services is business or commercial activities that do not amount to supply; such as, ESOPs, software, use of trademark, management services, interest-free loans, etc. Since the implementation of GST, it has become necessary to identify Free of Cost Goods/Services. In certain cases, these goods and services are not charged, maybe due to shareholder benefits, for which one has to provide a commercial explanation. In the case of Free of Cost Services, one has to issue a self-declaration on the invoice for GST payment based on the reverse charge mechanism to get the input tax credit. Interest on Overdue Receivables: Supply chain disruptions due to COVID has led to delays in receivables across industries, this section discusses if interest is required to be charged on Overdue Receivables: One can use the TNMM method or industrial benchmark to determine interest costs Working capital adjustment is an apt method to be applied in the case of cost plus scenarios since it will take into account the receivable period Negative working capital adjustment is not needed in a cost-plus case due to no risk involved. It is compensated on a total cost-plus basis. In the case of a debt-free company, if it is not paying any interest to any banks, international transactions, or anyone, notional interest is not applied In case of a mix of overdue and on-time receivables, one should consider the holistic picture Reporting in Form No. 3CEB is mandatory Potential issues with distributors and how it can be tackled: For normal risk distributors, one uses the resale price method benchmarking the gross level of the tested party, while for limited risk distributors, TNMM works. The distribution entity is considered the ‘Tested Party’, but if the overseas manufacturing entity is a low-risk manufacturer, ideally, it should be taken as a ‘Tested Party.’ Customs TP harmonization - the person responsible for TP and customs are different within Corporate, leading to following two different approaches when dealing with an issue, especially due to increased collaboration between income tax and customs. One can use deductive value to determine import price in a manner that satisfies customs and TP requirements. Documentation is important in case of initial losses and projections of potential breakeven where re-validation of TP should be done accordingly. To ensure that the distributor meets arms-length profit, credit notes for import price adjustment could be issued. Pay attention to budgeting in terms of import pricing. True Up and True Down Adjustments: This approach is used to balance out when the year-end results are not aligned with the pre-determined budgeted margins. For such cases, the difference between budgeted and actual costs is adjusted by True Up and True Down adjustment approach. This could include offering credit notes, subventions to meet arms-length pricing. In the end, for the absolute success of the amendments being made for International taxation and curbing loophole abuses, everyone within an organization should collaborate, analyze and document as one navigates these developments. ### CII - Tax Conference 2021 (Western Region) | Day 1 In this webinar, we dive deeper into domestic taxation and cross-border taxation in terms of important provisions and recent developments across TDS/TCS, GST audit, digital tax, transfer pricing, compliances, and other development in the realm of global taxation. Latest provisions under TDS and TCS “Corporate India needs to gear up to ensure completeness, timeliness, and accuracy in compliance, including taking legal positions considering facts and circumstances of the case. It may need to leverage technology, adopt automation internally, or take the services of technology firms.” - Anita Basrur, Partner-Direct Tax at Sudit K. Parekh & Co. LLP Budget 2020 introduced TCS on the sale of goods effective from 1 April 2020 and Budget 2021 introduced TDS on purchase of goods effective 1 July 2021. Both the provisions are a mirror image of each other. The provisions are applicable where the transaction between buyer and seller exceeds 100 million during the previous financial year. Other provisions include: Scope of equalization levy: In 2016, the equalization levy was applicable only in the case of advertisement but now also includes eCommerce transactions. Tax on dividends: In budget 2020, dividend distribution tax was abolished and the provision of a tax deduction on dividend payments was reintroduced. This has led to challenges in terms of managing volumes of shareholder data, document verifications, calculation of the correct rate of interest, etc. Applicability of TDS or TCS: TDS or TCS is applicable only on unlisted securities, while the threshold limit of INR 5 million needs to be considered from the start of the year irrespective of when the provision becomes applicable. Advance payments: The tax needs to be collected on the entire advance because the GST component is not identified or mentioned on the face of the invoice. Applicability of GST: GST is not required to be adjusted for purposes of TCS, but in the case of a purchase, GST needs to be considered while determining tax to be withheld. Purchase return: No adjustment is required while determining the TCS. For TDS, purchase return needs to be adjusted only in case of an exchange of goods. RTDS for NRIs: TDS provisions are not applicable for: A non-resident not having a permanent establishment in India. Companies in the first year of incorporation provided their entire income is exempt. Clarity on tax rates based on turnover: If the turnover of preceding financial year Exceeds INR 100 million: check whether purchases from the vendor during the financial year exceed 5 million. If it does not, no action needs to be taken. Hence, one needs to see whether the party is specified or not. If the party is not specified, the tax will have to be deducted at the date of 0.1%. Otherwise, it is at the rate of 5%. Less than INR 100 million: check whether the seller's turnover in the preceding financial year exceeds 100 million or not. One also needs to check the aggregate sales made to the buyer during the financial year, whether it exceeds 5 million or not, and whether the buyer has withheld tax. TDS on eCommerce transactions: Taxes need to be withheld at the rate of 1% on the gross value of sales made by the registered sellers or service provider, with a higher rate of 5% in case of non-availability of PAN. TDS is applicable both on the sale of goods and provision of services. The services include professional services and fees for technical services as defined in section 194J. No deduction is required under any other provision where taxes have been withheld under these traditions or in case the gross value of a sale of goods or services doesn't exceed INR 5 lakh, and the registered service provider has furnished a PAN. The government has taken multiple strict measures to ensure that taxpayers comply and not withhold tax provisions. These include disallowance of the expenditure, various touchpoints for penalty and prosecution permissions. Tax considerations for internal reorganizations While pre-pandemic, mergers and acquisitions helped propel growth and financial prospects for potential organizations involved during COVID-19, it proved to be saving companies from a slow death. Such scenarios force organizations to optimize operations, perform cost/benefit analysis and restructuring by closing loss-making entities, stressed assets, reducing capital expenses, mergers, etc. The panel discussion focuses on the tax aspects of such reorganizations. Key aspects to consider before undertaking any restructuring exercise: When the basis is cleared in terms of objective, one will determine the applicable tax considerations. The objective could be to secure loans, optimize costs, or avail tax benefits. While one can get tempted to restructure for the sake of optimization to bring down ETR or maximize returns to shareholders without any strong commercial rationale. necessary restructuring can bring unforeseen troubles. Options to provide flexibility to companies for their funding and cash flow requirements shared by panelists: Bank loan based on the guarantee or letter of comfort A loan from the group company Dividend distribution Capital reduction Buyback of shares, which could take 3-6 months Impact of provisions on slump sale for internal restructuring: Slump sale is a popular method for internal restructuring within a group due to the flexibility, low regulatory approvals, and efficiency it provides. With recent amendments, slump sales are taxable and have to be done at fair value. This will push the tax cost of transactions; hence, demergers could be considered as an alternative for slump sales. Key considerations to look for in stressed assets within a business: For stressed assets within a group, one needs to introspect the reason for its existence in terms of business competence for sale. If the sale is not possible, one can try reducing costs. For external stressed assets, bankers are in control. Past litigation and past compliance need to be safeguarded from (ex. Early promotors might not be compliant) by asking courts not to be accountable for previous management. When banks want you to purchase directly, understand the status of the pending cases with potential tax liability. Restructuring from Private Limited Entity to LLP structures: Due to higher taxes of 42% for promotors and 25% corporate tax, companies are giving up on Private Limited status to restructure into LLPs. Here are some considerations shared by panelists: LLPs do not have dividend distribution tax and tax payable by partners The migration is challenging due to unclarified rules by the government It doesn't help large corporates with high revenues considering tax slabs There can be an increase in fresh businesses setting up for LLP In conclusion, for restructuring, one should ensure they do their research and seek the external counsel of experts before jumping into transactions. Research about the transactions and their implication and maintain good documentation practices. Self-Certification of GST Audit - The Road Ahead How is the GST audit scenario due to the removal of CA certification: The removal eases out the compliance burden for companies The task was earlier shared with the auditors, but now the onus is on the industry to self certify in an easy to interpret language in the form of a declaration Authorized signatory needs to be cautious about signing final documents with relevant checks in place Embracing automation and tools like ERP systems would help populate data and ensure accurate auditing will help organizations conduct regular reviews and timely submissions. Precautions to be taken by authorized signatory: Although there can be interpretation issues during auditing, in general, the signatory will not fall into trouble. Organizations can safeguard them with the following tactics: Organizations can continue working with auditors for internal satisfaction of checking documents to eliminate any chances of errors In case of fake invoices, there will be investigation and questioning regarding the authenticity of the audit with the signatory Develop an SOP, use automation to track purchase and receivable goods and have internal certifications for transactions taking place by the person on the job Delegate the auditing across departments and do not put the complete onus into a single authority In conclusion, ensure thorough reviews before any information is filed since these audits involve all departments across exports, sales, logistics, etc. Hence, foster a collaborative mindset to smoothen the GST audit process. ### Evolution of Tax related transparency in GCC: Nitty-gritty and safeguards In this webinar, the present tax-related transparency and requirements with GCC are evaluated and the future trends are discussed. The need for a Global Minimum Tax With 130 countries coming together to build a consensus for global minimum tax rates, tax-related transparency discussions are gaining importance among corporate circles. The recent OECD report on CbCR statistics, which involves 4000 multinational enterprises (MNEs) across 26 member jurisdictions, showcases the misalignment of how a majority of profits were reported from the jurisdiction with no or low tax. This has led to a high revenue per employee in these jurisdictions. Hence, 130+ nations have come together in a historical event of adopting a Global Minimum Tax with the following attributes: The taxation rate decided is 15% To be implemented by 2023 High-income businesses with global revenue of more than Euro 750 million are covered The tax is divided into two pillars: Pillar-1: what would be the share of the corporate tax for each of the local jurisdictions Pillar-2: what should be the minimum corporate tax rate at the global revenue of the MNC to ensure the overall groups don’t escape corporate tax Tax planning strategies adopted by MNEs When it comes to saving taxes, typical routes followed is via tax planning, tax avoidance, or tax evasion. These are differentiated as follows: Tax planning: using legal provisions and exemptions available to save taxes Tax avoidance: using loopholes in tax laws to avoid payment of taxes Tax evasion: using illegal methods to avoid taxes like inflating expenses IP regimes, that provide tax benefits to promote research and development within certain nations also receive scrutiny. This is due to the common practice of corporates pooling their profits for tax avoidance at these nations in the name of IP. Some popular structures adopted by MNCs to avoid taxes include: One can conduct sales and invoices of goods in a low jurisdiction country or a country that offers necessary tax rebates. One can misalign profit and value creation activities. For example - an R&D center can be opened in a nation that offers tax incentives to benefit research, manufacturing is done in another nation that offers necessary tax incentives, etc. One can also deploy critical functions of investment advisory services in a low jurisdiction country. But the main decision, that houses the actual value is driven by the parent company in high jurisdiction country. One can use contract manufacturing instead of license manufacturing structure and use another entity to distribute the goods in a low jurisdiction country. One can have an arrangement where the technology is developed at high jurisdiction nation but mentions how it does contract R&D for a company in a nation that taxes only local income due to which no taxes are charged. One can also transfer the IP to countries where royalties are not taxed. All these various methods have got nullified since authorities have become aware of these tactics adopted by MNEs. What safeguards can companies adopt? With the Global Minimum taxation being implemented in coming years, here are some suggestions for corporates to safeguard the transition: Payment of royalty: limit the brand royalties paid in the name of profits at the market level, which can be somewhere around 3-6%. Payment towards management services: the cost-plus basis of remuneration may not seem justifiable for senior management fees. So one can opt for a performance, timesheet or revenue generation-based compensation approach that is well documented. Commission payment: a cost-based remuneration may not be adequate considering how much of the efforts to get sales, contribute to the revenues of the organization. Hence, the commission can be decided on a revenue share basis. Using documentation as a safeguard OECD has recommended a 3-tiered TP documentation namely: Master file: showcases key business operations and financing at group level who are maintaining intangible assets of the group. Local file: documents local intra-group arrangement and transactions Country-by-country reporting: accumulation of group-level data that provides a financial snapshot of the MNE group across revenues, employees, performance ratios, etc. Some entities like an Investment fund, entities owned fully by UAE residents, etc. are exempted from Economic Substance Regulation (ESR). These exemptions have to be claimed by filing notification and sharing evidence. In the end, corporates need to understand that the OECD’s BEPS project will affect taxation and immensely impact how an organization is structured and operations are designed. ### Perishables -The Value Chain in India In this webinar, we understand the impact of rapid urbanization and incremental growth in food consumption on the perishable food sector's capacity, infrastructure, and wastage. Overview of the food processing industry in India India's food consumption is expected to grow three times in the next five years, worth USD 1.5 trillion. This growth is attributed to changing nutritional needs, demographics, income, and other global influences, thus resulting in the industrial development of this sector: India to become the fifth-largest consumer market in the world. The Indian food processing industry is expected to grow at 15.5 CAGR with a market cap worth USD 540 billion by 2025. FDI via automatic route is allowed for the food processing sector, wherein investments worth USD 10 billion have been made since April 2000. The Italian government has set up a mega food park in Gujarat worth USD 300 million. Food imports increased and remained unimpacted during the pandemic. Developing economies like India remain to leverage secondary and tertiary food processing sectors, where raw food processing still makes up to a 50% share. Perishable market in India The perishable market comprises four major sub-sectors - dairy, fruits and vegetables, animal and poultry products, and marine products. Here's how India stands in the Perishable sector: Expected to grow up to USD 400 billion with a CAGR of 14.8% by 2025. India ranks first in dairy, second in fruits and vegetables, has the largest livestock population, is a leading exporter of buffalo meat, ranks third in egg production and is the second largest in fisheries and aquaculture in the world. The level of processing across each of these sectors ranges from as low as 5% to 35%. Potential growth areas in the perishable market in India India has a strong production across these sub-sectors, but processing is where the scope of improvement and opportunities lie. One of the effects and causes of these lower processing levels is high wastages across these segments. Hence, this opens up several avenues and opportunities for businesses across: Farm to fork supply chain space Alternative dairy Developing dehydrated or sprayed products with a longer shelf life Innovative packaging solutions like aseptic packaging Ready to eat products Frozen and canned products Major challenges for perishable market in India Small farm sizes Lack of farming mechanization Limited usage of high yielding production techniques Growing table grade products Post-harvest losses are at 30% - 40% Limited cold chain integration Limited adoption of processing infrastructure Efforts by the Indian Government to solve these challenges include: PMKSY (Pradhan Mantri Krishi Sinchai Yojana) to incentivize cold chain infrastructure and safeguard farmers' interests. Production linked incentive scheme to promote the consumption of value-added processed foods worth USD 1.5 billion. Agri-finance and agri-insurance scheme. The government needs to continue to provide the necessary financial support to farmers and undertake a long-term view to develop post-harvest infrastructure. A focus on cold chain infrastructure via investments also needs to be prioritized. ### GCC Session 4 - Role of technology in virtual migration, transformation, and governance of a GCC In this webinar, we understand how GCCs have leveraged technology to help their teams with process migration, remote transformations, and governance efforts. You can view our first session of this series on what makes India a preferred destination for GCCs, the second session on various operating models and evolution for GCCs along with the cyber resilience framework and the third session on understanding multi-functional GCCs. How technology can support a GCC? Incorporating technology tools depends on the nature, complexity, volume, and end goal of the activity at hand. Doing this helps them with the below-mentioned advantages: Save time Reduce risk Reduce costs Maintain accuracy Stabilize growth Better resource utilization Increase in bandwidth for other important activities Early detection of any faults GCCs have primarily used technology for communication, data storage and retrieval tasks. This primarily includes three use cases: Migration: for process and workflow automation, deploying process-specific tools, onboarding and training, and reconciliation tools Transformation: for customizing application for specific requirements, automating repetitive tasks via BOTs/RPA, using AI/ML/OCR for eliminating inaccuracies in data Governance: for visualization of data to make informed decisions, tools for project management, and improving collaboration using cloud-apps Integrating technology with people There is no point in investing in technology and poorly implementing it. Here, Marc shares key pointers to consider while making a decision: Select the right technology: check for adaptability with existing processes, conduct due diligence of vendors and their deliverability Communicate with people: make your organization understand the benefits of technology for their work, align the usage with organizational goals, set up implementation teams Start with a pilot: allow people to test usage in small groups, organize training Govern the change: create a review process to gauge the impact Stabilize technology intervention: optimize and customize for stability and decide the course for scale One should conduct a cost-benefit analysis to make decisions and justify the return on investment. Do not ignore data security during implementation to avoid any breach. Experiences and tips shared by the panelists on technology implementation “One should focus initially on elimination and simplification before we get to leveraging technology.” - Darius Thomas, Deputy Managing Director, Business Process Management at Nexdigm Sayee Bellankonda shared: Break the technology implementation into two stages - ‘implementation’ and ‘post-implementation’, and use necessary tools for its execution. Focus on vertical and horizontal leadership buy-in to ensure the implementation happens from the top. Define KPIs to measure success and progress. Have clarity on team requirements and categorize technology accordingly to plan its implementation. Enable real-time dashboard and report generation to monitor activities and discuss issues. Bring servant leadership into action, focus on culture-building and design thinking to bring people together for this transformation. Decide the tools to give to employees, track how they are learning and growing as per their personal development plans and draft how you will measure those aspects. Focus on community building across roles to help teams learn and communicate with each other. Conduct proof of concept, paint a bigger picture from its data, architecture the governance process and make decisions by presenting it as a business case with cost-benefit analysis. Use technology for employee wellness by helping them manage time and provide flexibility via a hybrid work model. Darius Thomas shared: Use process mining tools to help understand processes better, while also spotting any pitfalls or restrictions (like access, offline paperwork requirements, etc.) early on Use tools that can be installed in a subject matter experts machine so that when they are conducting the training, automated capture of the IT-driven business processes can be done, which can be further leveraged to create e-learning content and process documentation during the migration Establish a business case, transformation book of work, assign priorities to each task and define cadence for tracking metrics before execution Align objectives by aligning GCC and regional leaders Have a clear understanding of which technology component is best suited for which problem type Do try reimaging the process before automation to avoid creating any exception of processes to be handled manually post the automation. In the end, do not forget to celebrate the successes of the transformation initiatives. Take efforts to make technology a crucial part of your company culture, where everyone learns. ### GCC Session 3 - Catalyze transformations and take advantage of multi-functional GCCs This webinar talks about utilizing multifunctional GCCs for an organization’s growth. You can view our first session of this series on what makes India a preferred destination for GCCs and the second session on various operating models and evolution for GCCs along with the cyber resilience framework. Transitioning from single to multifunctional GCCs “A GCC is set up with the aim of cost reduction, centralization and standardization of processes, however, as they scale up, they gain potential to be multifunctional to serve the strategic goals of the organization.” - Marc Lesson, Senior Executive Director, North America Sales, and Marketing, Nexdigm This transition takes place as follows: Create a pilot by working on a single function GCC Scale up that function till it is stabilized Set up the remaining functions Centralize and standardize the overall processes to efficiencies at a global level Improve process efficiencies using technology and automation Many organizations go with matured functions like Finance, HR and IT to start with, and then slowly scale to other functions like research, customer support, etc. How to leverage Multi-Functional GCCs? “We are looking into first of all to get full understanding and alignment with what we as a customer want from GCC and then fully understand what we are trying to achieve short term, medium term, and also long term.” - Misha Arefiev, Sr. Supply Chain Leader Multi-functional GCCs play a crucial role in: Supporting digital transformation and automation Upskilling the workforce due to which GCCs become a breeding ground for CFOs and CIOs Supporting global leaders in decision making Providing support for strategic growth and innovation Acting as a global data bank across multiple functions Monitoring project timelines, reporting, and analysis What are the advantages of multifunctional GCCs? GCCs contribute with industry knowledge and expertise, project management, and change management. Apart from this, GCCs provide: A better knowledge of the local markets to make business decisions, hence providing more flexible and faster execution capabilities An opportunity to inculcate cross-functional innovation An opportunity to hire multi-skilled talent An opportunity to design a future model for the organization When to outsource or create in-house functions? The ideal end state of these functions is defined that serves as a discussion guide with the leadership and stakeholders to make the final decision. These criteria include: Agility: how important is it to be able to scale the process up and down Capability: what are the particular skillsets required specifically for the company or widely available in the markets Cost certainty: are cost predictions required or understand to what extent the financial metrics need to be locked in Time: how quickly one needs to execute Talent: maintaining relationships and future with the talent Engagement: how heavy is the business engagement Differentiation: what is core and context - how is your business going to differentiate as you move forward with the activity? One might want to retain activities with significant impact or simply outsource. With respect to these criteria, the opportunity of outsourcing v/s in-house is plotted to make the final decision. How to overcome challenges with GCCs? Service providers can adopt these strategies as shared by Alpana Shirgaonkar, Senior Executive Director - Business Process Management Set up a robust governance framework with clients to understand their priorities, varying needs, undertake performance reviews, share ideas and discuss issues Build processes and teams which are agile, future-ready, and backed by detailed documentation Use visualization tools to have real-time visibility on performance Focus on leadership, talent, knowledge retention by applying good people process practices, training, and upskilling Adapt quickly to changing trends and think creatively beyond available solutions in the market Ensure good people skills to drive change and collaborate Educate and handhold the client about opportunities and challenges In the end, multifunctional GCCs are great for catalyzing transformation, being relevant by going global and driving business growth. Connect with the right leadership and build a good brand to attract the right talent to help you with the process. ### Role of CFOs in New Digital Era With the introduction of technology, the finance function is changing quite dramatically in recent years and thus has the role of CFOs. In this light, ASSOCHAM organized a virtual panel discussion titled 'Role of CFOs in New Digital Era.' This webinar touched upon the finer aspects of the impact of digitization on the finance function and the evolving nature of a finance leader's responsibilities. The discussion brought forward some strategic insights on the adaption of technology, particularly during COVID-19 and the future of finance function. The discussion unfolded that while there is an enormous opportunity to use data for running the business more effectively, it is also important to strike a balance between digital change and risk control. The finance leader's role is not just limited to the finance operation, but they are also involved in corporate decision-making. The CFO needs to have the vision for value creation with assertive leadership and is expected to collaborate by aligning all functions and playing a central role. Agility stands as one of the most critical attributes of a successful finance function by quickly responding to changes in the business environment. Talking about how the regulatory authorities are coping with digital evolution, the experts highlighted the measures taken to ease the digital transformation. There have been efforts to strengthen the IT Act, 2000 to make it suitable with recent technological advancements, ensure electronic data security, and promote ease of business. This includes enhancing IT infrastructure to enable electronic filing, one-stop services offered by tax authorities, other initiatives such as faceless assessment, e-way bill, online verification of credentials. When discussing the reasons for digitization within the finance function, panelists spoke at length about the effects of the COVID-19 pandemic that has expedited the process of digital transformation. The time of crisis put forth opportunities for innovation and an inevitable shift from offline to online. The adaption of remote working culture led to digital initiatives to ensure minimal impact on routine activities. Speaking of other changes required to support digital transformation, the experts mentioned digital tools such as cloud computing, robotic process automation, and various analytical tools, which can drastically elevate the operation and effectiveness of the finance function and improve the value delivered. One can customize the basic ERP system only up to a certain point, and this is where our dependency on other technological advancements like blockchain, artificial intelligence, and big data kicks in. Moving forward with the discussion, the speakers touched upon key factors to succeed in a digital era, such as designing an organization's structure and processes as per industry best practices, ensuring compliance and investor's expectations, transforming the system from people-driven to process-driven, monitoring transformation projects to ensure it is running on schedule and within the budget, focusing on developing inherent capabilities through transformation and lastly, training. The fundamental role of the CFO is to create value ethically on a sustainable basis. In conclusion, the session captures how technologies can disrupt the traditional finance function, the measures taken to tackle the challenges caused by COVID 19, the various aspects that have impacted the way finance function operates, enabling change in organizational culture to support the transformation. ### Enabling Collaborative Development – Indo-German Deals in a Decade In this webinar, we share insights and comments from industry leaders on the growing Indo-German cross-border transactions. It talks about potential deal trends to look out for and reason for the growth of investments between the two nations. How have the Indo-German M&A deals shaped? “India and Germany's economic relations date back as far as 16 centuries, which is not known to many.” - Seema Bharadwaj | Director India, German Trade and InvestPartner India truly has historical relations with Germany across trade and Foreign Direct Investment (FDI) that dates back to the post-second world war, where India was one of the first countries to establish diplomatic ties with Germany. Some key aspects of this relations include: 7th largest FDI investor with USD 12 billion invested in India for the last 20 years 25,000+ Indian students studying in Germany, second only to China India has USD 7.5 billion worth of FDI in Germany Indo-German M&A deals space is also growing, with USD 4.5 billion worth of deal volume across 171 deals taking place between 2011 to 2020. Germany is a favorable nation for Indian businesses to enter the European market as the nation ranks third biggest European acquirer in India. Along with this: The highest number of deals or deal volume is linked with the strength of the states, with North Rhine-Westphalia leading with 11 deals with a deal value of USD 192 million for Germany. In India, Maharashtra leads with 40 deal volumes worth USD 1829 million. Materials in India and Automobiles in Germany are the top sectors Out of the 171 deals, the software and IT sector accounts for 31, followed by 29 in materials and 28 in capital goods What is driving the Indo-German M&A transactions? M&A deals, in general, have seen growth due to the following reasons: Stressed and non-core sale of assets The need to digitize and enter new markets Reduce go-to-market by adopting contract manufacturing and local R&D Decentralization of operations and supply chain activities Dr. Christoph Eppinger, Partner, Ebner Stolz and Tanwir Shirolkar, Senior Director – Transaction Advisory Services, Nexdigm share various factors involved in these successful M&A transactions specific to Germany and India: Automobiles, software, pharmaceuticals, capital goods, and materials account are leading industries that are driving the M&A deals. Major use cases across these deals include product development, R&D, market penetration, growing customer base, etc. India’s large untapped consumer market, the skilled workforce at lower wages, manufacturing base for exports, local know-how and talent acquisitions have been key drivers. Trends in 2021 and beyond: As the global pandemic gripped the world, some effect of the same was seen in the transactions as follows: 51% of the M&A transactions were domestic or outbound by German companies for the first half of 2021. India saw a low quantum of inbound deals due to the second wave of COVID. GDP expected to grow to 5.2% in 2022 from -5.1% in 2020 for Germany, while 7% in 2022 from -8% in 2020 for India. A drop in savings ratio due to increased consumer spending for both nations The manufacturing and services sector is recovering for both nations Decrease in the exchange rate of Euros due to possible reduction in fiscal deficit Focus on electric mobility will driving investments and deals in the Indian automobile segment. India intends to grow its healthcare expense under the Ayushman Bharat scheme that provides an opportunity for the pharmaceutical sector’s growth. Availability of production linked incentive schemes announced by the government to encourage productions and exports in India. India is expected to become the 3rd largest consumer economy worth USD 4 trillion by 2025. Untapped Indian automobiles market, export and automotive design capabilities provide further growth opportunities for German companies. The synergy of ecosystems for collaboration “It's not only a partnership between Germany and India but also a relationship and partnership between India and Europe nowadays.” - Dr. Christoph Eppinger | Partner at Ebner Stolz India and Germany provide complementary opportunities and support to each other via their ecosystems as follows: A low-wage, skilled workforce by India can complement the strong R&D infrastructure and incentives of Germany India’s growing startup ecosystem can complement German Mittlestand India’s growing consumption market can provide sales potential to Germany’s mature economy India’s incentives for FDI can complement Germany’s access to an organized market for industrial customers India is a key destination to outsource and decentralize operations, while Germany’s technology know-how can spearhead the same India is a good base to grow into the Asian market, while Germany is a go-to European market. In the end, do listen to the panel discussion where experts share their experiences and opinions on the M&A deals they were involved in across India and Germany and the frameworks they use to ensure success. ### Medical Devices Market in India In this webinar by Indo American Chamber of Commerce (IACC), we explore the opportunities for global companies in the medical devices market in India. About India-USA relations Prime Minister of India Narendra Modi and President of the United States Joe Biden have struck a strategic partnership in healthcare for COVID-19 management. This includes: sharing the knowledge base strengthening economic and bilateral relations partnerships across clean energy and defense sectors cooperation for regional and global issues An overview of the Indian Healthcare Industry India lags behind the US in terms of hospital beds availability and GDP expenditure. At present, it is worth USD 199 Billion in 2020, growing at a CAGR of 17-19% towards USD 400 billion in 2024. Its major growth drivers include: The healthcare industry received FDI worth USD 25.35 billion between 2000-2020 Investment in upgrading infrastructure and expansion of hospitals for more beds and equipment Consumer’s changing lifestyles and new disease outbreaks Growth in old age and middle-class population Consumers today are educated about preventive healthcare and rising income is leading to an increase in demand for services and monitoring devices The growth story of the Medical Devices Sector in India “The overall business environment, R&D, startup ecosystem, skilled human resources and future market potential in India is conducive for further expansion of medical devices companies to cater to not only the domestic environment but also export medical devices to several other key regional markets.” - Amit Kumar India received USD 81 billion worth of FDI, aims to sustain its growth as predicted by IMF and World Bank by focusing on: Simplifying FDI regulations, labor laws Tax benefits like 15 years tax exemption for medical device technology products Withdrawing from non-essential sectors Strengthening the manufacturing sector for which production linked incentives worth USD 3.75 billion are made available. It also includes only 15% corporate tax and 20-25% CAPEX investment for plants and machinery. Under these incentives, USD 490+ million is reserved for boosting manufacturing in the medical devices sector, which also comes with the following benefits: There is low penetration of medical device usage in India, expected to grow 4x from USD 11 billion to USD 50 billion by 2025 100% FDI is allowed via automatic route for both brown and greenfield projects Insurance benefits under Ayushman Bharat for 500+ million people in rural India will increase demand for medical devices Vibrant startup ecosystem focusing on medical robotics, automation, mobile-tech and improving accessibility and affordability of medical devices. Patenting support is also being provided to medical device businesses to protect their innovations. Some useful measures include: Indian Patents Act 1970 Drug and Cosmetics Act 1970 Medical Devices Rule 2017 covers classification of devices, clinical investigations, license validity, post-market surveillance, and quality certification requirements. Patentability depends on the novelty, technical advancement made and commercial use case. While medical treatment /diagnostics, simply rearranging multiple devices/processes or software/algorithms are non-patentable. Some emerging trends in the Indian Medical Devices space include: Wearable technology for personal health and fitness Medical robots for precision surgery or automation Using the Internet of Things (IoT) for connected care and monitoring 3D printed medical devices for rapid diagnostics Supporting the industry with Medical Device Parks Setting up a greenfield, integrated industrial park for the Medical Devices and Technology sector can help businesses thrive together. One such 350 acres park is at Oragadam Industrial Hub near Chennai. The idea is to create a one-stop place for supporting the entire value chain of the sector via: Plug and play units Regulatory services Industrial plots Common support facilities Skill development center Testing labs Venture funding Watch the webinar to understand how Tamil Nadu aims to become a hub for the Medical Devices industry via its various policies, MediParks, and support services. ### GCC Session 2 - Key operating models and How to build Cyber-resilient GCC operations This webinar discusses operating models for GCCs and how to build cyber resilience. You can view the webinar and summary for the first installment that covered why India is a hot destination for GCCs and how organizations can navigate setting up GCCs in India. Understanding GCC Life Cycle “Global capability centers (GCCs) have evolved from cost generators to strategic business enablers and value generators.” - Mark Lessem, Senior Executive Director at Nexdigm Marc Lessem explained the basics of a GCC set up as a lifecycle: Initial stage: With an aim of cost reduction, the majority of transactional activities and budgets are offshored under local governance Growth stage: With an increase in demand for service and talent pool, companies move from cost reduction to upgrading service standards and overall efficiency Integration stage: A GCC transforms into globally integrated business service centers with a strong focus on value and innovation Different types of GCC Operating Models Marc Lessem listed out the various GCC operating models that could be adopted: Captive Models: These are offshore units that act as subsidiaries to their global businesses. This model offers low risk but comes with a high setup time, costs, and low scalability. Build, Operate, Transfer (BOT): The global organization works with partners to set up GCC, where the partner manages the initial operations and transfers ownership once the capability center reaches desired efficiency. This reduces the setup time and risks but requires high investment. Managed Services: Business Process Management Services are hired to complement the global organization for offering scalable, uninterrupted support and resources. Here, the setup time, investment, and cost of ownership are low but involve high risks. How to decide your GCC operating model? “A certain period of transition takes place, so it is very important to have the right team, right kind of people with transition background with transition experience who can help you with that.” - Suhail Akhtar, Head at IG India For any chosen operating model, an organization needs to have a long-term strategy for a successful GCC setup. Depending on the goals of the global organization, one can choose BOT or Captive models when they want to accelerate go-to-market in that region. Managed services are chosen when scalability is of prime importance. It can take 10-12 months to implement captive models, while for others, it requires less time. Here are the key considerations while working on your chosen GCC operating model shared by the panelists: Have a clear understanding of why as an organization, you want to outsource business processes into GCC. Also, what is the end goal you want to achieve by doing so, which could be in terms of costs, improving efficiency, scaling, etc. Ensure GCCs don’t distract you from your core business Identify stakeholders and educate them on the best practices for each operating model to determine the feasibility Discuss the processes to be outsourced and ones to be retained within the organization. Perform cost v/s benefit analysis for clarity Set up a relevant channel of communication between partners and parent organization Set expectations by implementing KPIs to measure the performance and ROI of GCCs Ensure organizational stability by focusing on standardization of processes to be outsourced so that you can find the right partners for services required for alignment and compatibility Consider the growth of employees who are a part of your GCC operating model. Try to automate transactional chores so that they get more value-added projects as the GCC scales As an organization, one must understand that GCCs are not an outsourcing engagement. Hence, one must inculcate the right kind of culture that mirrors your corporate values on the on-site location for the model chosen. How can GCC partners and parent organizations build trust? Partners are an extension to your organization, hence it’s important to foster long-term relationships for a fruitful journey. Key points to consider include: Transparency and empathy are key for two parties to work cordially towards success Focus on resolving issues than practicing the blame game Have a clear incentives strategy to improve performance Have a mutual understanding for owning failures Focus on building relationships that work for a long run Ensure none of the parties move past their comfort zone at the initial stages of GCC operating model execution to work on strengths Building a cybersecurity strategy “Secure code practices in one's development plan goes a long way to build a platform for being cyber resilient.” - Mark Lessem, Senior Executive Director at Nexdigm As customers and governments get educated about data privacy and security, it is important for organizations to integrate cybersecurity measures with their business strategy to adequately protect the involved stakeholders. Here are some aspects to be taken into account for embracing cybersecurity during the planning stage: It will help you with the management of regulatory requirements and be compliant with non-negotiable local data privacy laws Become robust by auditing for potential threats using attack simulations, penetration testing, etc. Draft Standard Operating Procedures and unique codes for handling servers networks applications and the people operating them both offline and on the cloud Aligning cybersecurity with your business processes coupled with Business Continuity Plan (BCP) will ensure your work is never halted due to various hurdles that unsecured practices lead to. How to implement cybersecurity at a GCC? Maintaining a secure environment is key but also requires discipline from all stakeholders to ensure smooth execution and seriousness in following the decided protocols. Here are some suggestions by the panelists for the same: Consider having a zero-trust security architecture that involves verification of all interactions and categorization of data that can be accessed as per hierarchy and need Ensure your people are aware and educated repeatedly about various security protocols to be adhered to Use relevant tools and analytics to monitor security implemented Conduct regular audits and reviews for the security layers implemented Your level of security will depend on the GCC operating model. The captive model would require simpler solutions since it uses the same network as the parent organization. While Managed Services would require complex cybersecurity layers due to two different networks and data flow between them. - Nimish Shah, Vice President at Nexdigm In conclusion, ensure all major stakeholders understand the purpose of GCC and take accountability for its scale to get the maximum benefits in terms of innovation. ### GCC Series 1 - GCCs in India: Enhanced resilience during the pandemic This webinar covers the emergence of Global Capacity Centers (GCCs) with India as a preferred destination. We also discuss navigating GCCs in India to choose an ideal location, operating models, and how it has grown as a transformation hub using technology. How have GCCs performed during the pandemic? The global pandemic caused a mass hysteria worldwide for which business continuity plans (BCPs) had to be actualized via workarounds like work from home, optimizing the supply chain, upskilling employees, etc. Many businesses were forced to redo their business models, explore foreign geographies for talent and embrace the gig economy to survive pandemic blows. Thanks to technology, organizations could adapt easily due to virtual office culture, which led to the following growth stats for GCC: 50% of GCCs are scaling up with automation 80% of GCCs had no operational impact 92% employee turnout due to remote work in the GCCs 67% of GCC leaders visualize remote work as the norm 60% of GCCs enjoyed 10%+ growth in their portfolio work 54% of new businesses focused on digital services Hence, pandemic forced remote work has given rise to new opportunities for both employers and employees to grow themselves while also optimizing costs. State of GCC market in India “India is the leading delivery location for new GCCs accounting for more than 25% of new setups in 2020 with a market size worth USD 36 billion in revenue and will reach over USD 60 billion by 2025.” - Mark Lessem, Senior Executive Director at Nexdigm With over 1430 centers employing 1 M+ workforce in India, here are some quick stats: 70% of GCCs are US-based 180 entities in fortune 500 companies serve as innovation hubs GCCs focus on digitization with robotics, cloud, and automation, IoT, AI, etc With the existing base, the GGCs market continues to grow exponentially in India due to Availability of 2nd largest English speaking skilled workforce Good infrastructure and connectivity in tier 1 and 2 cities 45% cost savings due to policy reforms for taxation and innovation by the Indian government Access to multi-functional back offices and low cost/value talent pool reduces costs that companies can use to grow their business India has observed a 250% increase in GCCs with 44 global unicorns Why do global organizations select India as their GCC? “India has the deepest leadership pool, so if you're starting a GCC, there is a deep bench of leaders you can recruit to come in and help you start, and I think that is perhaps the most important (aspect). So it is the lowest-risk place to start a GCC.” - Peter Bendor Samuel, Founder & CEO at Everest Group India has a very deep talent pool across engineering, IT, and data science, due to which more than 1/4th of GCC setups in 2020 are in India Having robust and cheap broadband internet, led by Reliance, has also made India a favorable destination Great healthcare infrastructure ensures employees are safe, with India also leading vaccine manufacturing across the world Availability of talent ensured India was able to soak up the surge in demand Key factors to consider before entering the Indian GCC market “India has the ability to provide intelligence and not just resources in the form of cost arbitrage.” - Manoj Gidwani, Vice President Global Marketing at Nexdigm Although, global expansion tends to have the same rules irrespective of the location targetted for presence, here are some key considerations for companies looking to base in India as suggested by the panel: Research on regulatory, employment laws, audits, and tax environment Availability of finance and pre-investment feasibility Availability of talent pool and which skillsets are scarce or plenty Availability of adequate physical and digital infrastructure Understand how the ecosystem is evolving and is different from others Have clarity on the data protection laws in India Prepare for change management and cultural shocks Ensure you have board commitment and employees have clarity about the changes Prepare for wage rises and attrition rates Other key factors include: With India improving its regulatory game, companies would fall under the ‘automatic route’, whichonly requires post-investment compliance to be undertaken. India has also nurtured a great ecosystem, where one can have support from organizations like ICICI Bank, CBRE, Nasscom, etc. In terms of location, one should look for professional (offices, talent, etc.) and social (schools, restaurants, etc.) infrastructure, transportation, especially airport connectivity. How GCCs evolved in India to provide business continuity to their parent organizations during the pandemic? “The ability to access the broader ecosystem to make progress wherein other locations it's been difficult to have been extraordinary (for India).” Peter Bendor Samuel, Founder & CEO at Everest Group COVID has been an emotionally heavy journey for employees as many shifted back home to work. Larger organizations showed empathy during such times. The ability of GCCs to adapt to the pandemic has been remarkable. Here’s what the panelists shared about how GCCs, their employees, and India trumped over the pandemic and resultant trends due to it: Since everything happening in India with the GCC is bi-directional and teams spread across timezones, one needs to have trust and mutual understanding along with the usual required technical skills. India is also moving beyond STEM education to other soft science skills like design that help increase the talent pool. While historically, larger companies had a GCC presence. But there has been democratization in that you don’t need to establish 1000s or more seats and can start with smaller numbers across 50-100. This is due to a reduction in costs and time to implement a GCC. Larger firms and other industries can also have micro engagements as experiments as a result. In conclusion, organizations should understand the payback for GCCs is very quick and might depend on the time taken to adapt to the change management. One also needs to look into the factors that drive high performance in globally distributed companies and adopt best practices for the successful implementation of GCCs. ### Diversify to Differentiate Think India, Think Next! India: Key Economic Reforms & Production Linked Incentive (PLI) Schemes In this webinar, various economic reforms introduced by the Government of India with an emphasis on Production Linked Incentives are discussed. What global trends have arisen due to pandemic? As COVID-19 has hit every country, some major resultant trends include: US and China are likely to achieve above pre-covid GDP as other nations catch up Fall in consumption of services due to lockdowns Increase in household savings due to precautionary mindset A sharp increase in spending for 2021-2022 led by the US Fiscal stimulus by the US has led to income boost that will drive consumption and support trade-dependent economies For the fed, the focus is on whether PCE overshoots the 2% mark consistently How are the trends forming in India due to the COVID- 19 pandemic? As the second wave shows a downward trend and lockdown restrictions open, the economic activities recover. The major trends include: COVID cases The spread of infections in rural areas is of huge concern, though a negative impact on the agricultural sector isn’t expected Major cases being across Tamil Nadu, Maharashtra, Kerala who contribute ~35% to the GDP India aims to vaccinate 75% of its population (first dose) by April 2022 Indian plans to import vaccines and increase production capacity to 5 Mn doses/day to meet the targets Growth Increase in GST collections Drop-in vehicle sales have shown an uptick as restrictions ease The unstable unemployment rate, peak power demand, and rail freight revenues Agricultural and allied sectors saw a growth of 3.6% YoY Due to the second wave and state-wide lockdown, FY 2022 is expected to have a 9-9.5% growth rate, and no nationwide lockdown has reduced the negative impact Disparities in sector-wise growth are expected as tourism, restaurants, etc. continue to struggle to operate Government-led construction will play a key role in growth with rising tenders and better performance of cement, steel industries Inflation Core inflation has spiked to 6.55% Due to the rise in prices of manufactured products and fuel, the wholesale price-based inflation got elevated to 12.94% YoY in May 2021 v/s 10.49 % YoY in April Global food inflation and demand revival as lockdown restrictions ease will affect inflation Due to a good monsoon this year, food prices will get tempered RBI Policy RBI has downgraded its growth projections for FY 2022, raised inflation projections which are unlikely to affect monetary policy decision making Additional support for stressed sectors by providing liquidity Fiscal Fiscal slippage as expenditure commitments rise for the government to provide support Costs for free food and vaccines overshoot the budget The continued shortfall for disinvestments this year Exports Due to global economic recovery and vaccination progress, exports have shown resilience and uptick, especially among our trading partners Pre-pandemic growth levels surpassed across petroleum, engineered goods, drugs, etc. Growth in the US and China is likely to have a good impact on exports from India Since most exporters are MSMEs, a growth indicates recovery of MSMEs who struggled during the pandemic FDI USD 90 billion worth FDI Focus on removing barriers for businesses has improved ease of doing business rankings for India Decrease in FDI due to the second wave, but irregularity is not expected for 2022 WWhat are the initiatives and incentives by the Government of India? India has grown itself to be a favorable destination for FDI with a growth of 10% as the world looks to diversify its manufacturing and supply chain to reduce its dependency on a single country. Policy reforms have supported the manufacturing sector leading to steady growth towards self-sustenance for India under Atmanirbhar Bharat. All schemes and initiatives are mutually exclusive that can be availed as per eligibility. “Atmanirbhar Bharat was not meant to promote isolation by erecting trade barriers, but the idea is to make India’s economy robust in the long run by scaling up manufacturing, accelerating infrastructure development, attracting investments, and promoting consumption-led groups.” - Manik Abbott | Director – Strategic Initiatives | Nexdigm Initiatives Development Finance Institution: to set up the flow of long term funds for infrastructure projects that is a key focus sector Mega Permission charter: A single application window for multiple approvals and clearances to speed up the process Digital India: the aim is to provide secure digital infrastructure and services that connect individuals, organizations, and companies across the country. Ex. BHIM, UPI, DigiLocker, etc. National Health Mission: make healthcare available, accessible and affordable for the economically weaker sections of our country Incentives Since India follows a federal system of governance, the incentives are twofold as per Central and State Governments. Central Government incentives Incentives under the Central Government are for promoting industry, specific products, or exports from India Upfront capital subsidy of up to 50% of the project cost across select sectors is provided that are linked for production or technological enhancements Companies can import capital goods without payment of any import duty State Government incentives Subsidy on electricity, stamp duty, water, employment generation, etc Gross GST on sales Interest subsidy on term loans What is the PLI Scheme? PLI (Production Linked Incentives) is like a subsidy on sale, aiming to impact select sectors to boost India’s local manufacturing. These schemes are WTO (World Trade Organization) compliant and will influence exports via local value addition. Its key objectives include: Making India a global manufacturing hub Promoting strategic sectors that have growth and employment potential Import substitution Innovation and local value addition by building IP Impact by PLI scheme USD 26 billion worth incentives to be used across 5-7 years tenure across 13 sectors Minimum production of USD 500 billion worth of goods is expected 2 million direct jobs creation Incentives of 4-10% are expected based on investments and incremental sales The PLI scheme applicability, eligibility across various sectors is as follows: PLI - Telecom and Networking Sector Aims to evolve equipment and latest technology adoption across IoT, 5G, etc. 4-7% incentives for MSMEs with a financial outlay of USD 1.63 billion Minimum investment - USD 1 million PLI - White Goods The aim is to create a robust component manufacturing for LEDs, Air Conditioners, etc that are expected to grow by 10% 4-6% of incremental sales with a financial outlay of USD 840 million PLI - Pharmaceuticals The aim is to improve manufacturing for biopharma, active pharma ingredients, etc. 6-10% of incentives based on the turnover of the applicant with a financial outlay of USD 2 billion PLI - Solar PV Modules India aims to install 450 GW capacity of renewable energy by 2030, for which 25 GW of solar energy capacity is needed every year The scheme aims to reduce the dependency on importing solar PV cells and grow manufacturing capacity within India - 2.25% - 3.75% incentives based on temperature coefficient matrix with financial outlay of USD 600 million PLI schemes that are notified and closed are provided in the webinar video for reference. ### Analytics Driven Sales and Distribution Management – New Age Business In this webinar, we discuss analytics and its role in sales and distribution management. Why use Analytics? From digital to brick and mortar stores, usage of analytics has provided insights that have helped businesses optimize customer experience, forecasting, etc. Disruption in distribution and working environment due to COVID has increased its importance. What are the challenges to manage sales and distribution functions? “The pandemic led to a supply and demand shock, that has further led to a liquidity crisis at the company, distributor and customer level” - Amit Kumar, Director Intelligent Automation and Accelerated Analytics (ia3), Nexdigm Distributors lack a unified technology and API integrations to manage the entire distribution that provides visibility in terms of organizational perspective It is difficult to optimize the distribution network in terms of inventory and availability for large product portfolios Projects delays by customers due to COVID induced uncertainty Shortage of raw materials has disrupted timelines for delivery of finished goods Redundancy of legacy sales and distribution channels in the new normal How to use analytics to manage sales and distribution functions? “It's a balancing and optimization which every organization has to do in terms of the utilization of the capacity in terms of the sales force and working capital” - Sandeep Kumar, Chief of Service Delivery at Call Health Services Private Limited Focus on balancing the entire value chain in terms of product, information, and financial flow for the top 20% of the entire product portfolio Focus on urban and semi-urban areas due to disruption of last-mile delivery Maximize working capital optimization Focus on optimized distributor network, product portfolio with an optimized sales resource which can drive a certain set of profitability with the available operational efficiency Build virtual training and demonstration platforms to aid virtual customers trials Customize solutions by researching target customers. Understand what they are going through due to pandemic - liquidity pressure, industry impact, etc Analytics allows you to align customer journey data and derive conclusions that will help you track at what point your customers are facing bottlenecks for closure Plan via holistic outlook with the customer in the center What are the challenges to implement analytics and technology? “You need to have a very clear-cut strategy on ensuring that you know it's adopted otherwise there is no point in bringing in a technology just for the sake of it” - V. Venkatraman, Business Director at Hologie Inc Main challenges for technology adoption include: Analysis paralysis for understanding the need for technology Aligning technology as per business requirements Obtaining relevant insights from the data that leaders are looking for among multiple reports generated by analytics Incompatibility between outsourced partners for the technology and the business during implementation How to overcome challenges in Analytics implementation? Ensure top management and stakeholders believe in the technology to push adoption Understand different use cases, prioritize and demonstrate the value of the technology to bring quicker adoption and acceptance within the organization Continuous partnership with the outsourced technology provider to help you in the implementation Sometimes standardized solutions do not work, so go for customization if required How to align sales and distribution with the ‘new normal’? Adopt precautionary guidelines and rotate teams for in-person meetings that are unavoidable Businesses will move towards 100% digital analytics powered sales engine and distribution management The emergence of digitally equipped salesperson Companies will have a more targeted than the generalist approach to sales ### Unlocking the business value of your contracts with a well-defined contract management strategy In this webinar, we understand how we can unlock the business value of your contracts with a well-defined contract management strategy. Challenges in Contract Management For the past 5 years, especially due to COVID-19, organizations took external help for non-critical work for which they face the following challenges: Multiplied the number of contracts and agreements. Lack of right skilled resources who understand end-to-end contract management and software usage Lack of usage or absence of industry-standard provisioned templates to accelerate contracting Lack of end-to-end view of contracting cycle How to plan for the challenges? A standard way to document your organization policy in every contract Adherence to compliances and deliverables when you’re signing the contract. Set objective with the timeline for each step in the contract lifecycle Create an audit trail for contracting workflow and define approvals for each executed contract. Benefits Cuts down internal and external disputes Ensures both parties remain compliant Helps troubleshoot any discrepancies that arise Demands better performance and safeguards your interests from vendors and suppliers Allows flexibility of renegotiation that is trackable Provides business insights for revenue-expense projections, the impact of renewal clauses, etc Organizational contracting (buy & sell) contributes to your bottom line Key for Contract Management “Nexdigm recommends contract management to be flexible and agile.”- Kartik Nagarajan Flexible - for implementing the end-to-end organizational contracting process on a CLM platform Determined by fast and easy adaptation to the technology, wherein one should be inclusive to change of management and focus on going paperless to ensure effective contract management. It also involves usage of the platform that includes using playbook, negotiation strategy, pricing, type, and entire contract administration process (both legal and closure team). Agile - ensuring organizational collaboration Business, legal, procurement, and sponsor - all these 4 have to come together for successful CLM implementation. Focus on 100% adoption and taking advantage of CLM. Risk-based contracting “Profile contracts as high, medium, and low risk for legal, compliance, monetary and operational parameters.” - Kartik Nagarajan Risk profiling aids the effort and resource allocation of an organization as follows: High risk - usage of best lawyers and consultants with a focused approach for avoiding leakages. Medium risk - a combination of using good lawyers, 100% CLM. Low risk - 100% CLM usage extended towards touchless. Defining roles and responsibilities “One thing that is not going to work for end-to-end contract management is working in silos that leads to ambiguity and wastage of time.” - Kartik Nagarajan The business, legal, procurement, and sponsor need to be on the same page Role-based access is critical in the CLM platform Segregation and defining of the roles Using the right fit of resources for understanding the complexity of contracts How do you optimize the execution of contracts? SLA based contracting that includes Timelines at various stages of contracting End-to-end closure time of contracts Quality of executed contracts Satisfaction level of internal and external stakeholders Technology-enabled KPI measurement agreed upon by stakeholders and mapped into the CLM platform Execution time Collaboration efforts Costs involved Avoidable leakages ### Integrating Technology for Improving Supply Chain In this webinar, we understand the usage of technology in the supply chain, how it can improve business processes and revenues. “It’s not the businesses that compete with each other, it’s the supply chain that competes with each other.” Nexdigm What does the Supply Chain function include? From the start of the supply chain, the entire lifecycle of the supply chain is dependent on 4 verticals.: Procurement Sourcing Manufacturing and Contract management Distribution and Network Logistics and Transportation (Delivery & Return) The nature of decisions for the above verticals as per impact duration could be strategic (5-10 years), tactical (2-5 years), and operational (day-to-day activities). Why use technology in the supply chain? From the start of the supply chain, the entire lifecycle of the supply chain is dependent on 4 verticals.: Procurement Sourcing Manufacturing and Contract management Distribution and Network Logistics and Transportation (Delivery & Return) The nature of decisions for the above verticals as per impact duration could be strategic (5-10 years), tactical (2-5 years), and operational (day-to-day activities). Why use technology in the supply chain? Pandemic has accelerated technology adoption that has led to 3 main benefits: Increased efficiency that impacts collaboration and decision making Cost savings via remote controlling processes that reduces human errors, breakdowns, etc Better customer servicing via order and inventory management, usage of chatbots for frontend satisfaction Examples Antwerp Port uses smart cameras to detect oil spills, drones for monitoring, remote-controlled barges, using 5G, etc on top of their physical port CMA CGM increased visibility on the supply chain by using smart containers for ocean transports that provide data on shocks, heat variation, etc How does Automation support the supply chain? “It is very important to make sure it is a sustainable & scalable solution in every country because every country is different. If you have a very specified solution given to you, that will always be better in terms of the execution and results compared to having a common kind of software and start using it” - Sandeep Sharma, Leads the supply chain | Domino’s Pizza at Alamar Food Company in the MENA region Specialized software and tools can automate all traditional aspects of the supply chain as follows: Planning: specialized enterprise resource planning software can help in decision making Sourcing: online bid evaluation, bid placing, and contract lifecycle software help businesses get the best deals Building: Production monitoring tools and automated machines can optimize manufacturing processes Delivering: inventory management software and robotics can reduce human errors Return: QR codes, refund tracking systems, and blockchain for end-to-end tracking can help track returns easily without the chaos How can analytics support Supply Chain? “Automation is cost-cutting the corners by tightening them not by cutting them” 6 steps for supporting supply chain with analytics: Hindsight analysis: 1. Aggregate relevant data 2. Generate reports measured via KPIs and stakeholder needs Insight analysis: 3. Use Dashboards for real-time feedback 4. Analyze the data for informed decision making Foresight analysis: 5. Improve the quality of decisions by identifying threats using predictive analytics 6. Optimize for continued process improvement How has the Pandemic affected the supply chain? “ The customers’ requirements have not changed, it’s the need of the supply chain to speed up and adapt to the changing requirements that have to be improved” MP Anand, Head of Customer Care | CMA CGM Group Demand: increased the number of orders on online stores and global shipping has put stress on the supply chain Capacity: resources to fulfill demand is not adequate Quality: though companies are generating huge profits, uneven demand and uncertainty can lead to a reduction in quality Transactions: customers are forced to transact online, no paper submissions have led to accelerated adoption of digital solutions Mitigation measures: Using automation to decrease human intervention through technology like mobile applications etc. Agile demand and supply optimization can help reduce the gaps in schedules and finding new routes Understand the situation of all vendors involved to optimize quality Data sharing needs to be focused on maintaining transparency among stakeholders so that they can optimize any issues on time Using AI for demand forecasting and optimize resources beforehand Focus on real-time inventory management ### Busting the Myth behind the Data Protection Law in the DIFC The Data Protection Law in the DIFC is not a point in time compliance (like annual financial filings). One needs to adopt privacy by design to comply on a real-time every time. ### CFO Series - Managing Liquidity through COVID-19 In this webinar, we discuss the importance of CFOs in minimizing the impact of the global pandemic on liquidity. What is the Impact of COVID on liquidity? “The key guiding principle during such times is transparently communicating the situation, however unpleasant, with employees, investors, customers, and partners” - Amit Gala, Chief Financial Officer | Mswipe Technologies The role of CFOs has become critical as businesses struggle to maintain cash and liquidity amidst halted business operations. Reasons include: Delay in invoice payments by customers Reduction in new sales Increase in cost of short term financing With rigorous engagement with clients, identifying innovative ways to collect payments and looking at other ways to financing operations, upgrading business plans, optimizing budgets. Challenges: Low to nil revenues, especially for non-essential businesses. Ensuring the welfare of all stakeholders, especially employees Halting of pipeline projects and renegotiating contracts Working capital management by focusing on existing inventory Exploring opportunities in the equity market for financing Understanding how to ensure payment to suppliers and vendors Evaluating fixed and variable cost structures Ensuring all teams are engaged and productive Creating an action plan for a situation where the pandemic persists longer Opportunities: Lesser carbon footprint, more productivity, and savings due to work from home would impact lifestyle mean more consumption in the long run Digital led sectors, healthcare and FMCG will grow Course correction on governance and ethics within the organization Identifying new business opportunities via pivoting Identifying output-driven activities and upskilling existing employees Better understanding and relooking of assets and liabilities How to manage Inventory for liquidity? “It is important to keep in mind that the need for products will exist, but the entire structure for what the customers are willing to pay for and how much may undergo changes leading to changes in product portfolio across sectors” - Neeraj Basur, Chief Financial Officer | Blue Star Inventory management is crucial to ensure liquidity in tough times due to low sales. Some suggestions by panelists include: Determining the level of stock and what will be done to liquidate it due to existing low sales For running orders, either decide if orders will be canceled or delays in order processing depending on your relationship with the suppliers Understanding impact on customer liquidity and product preferences to optimize product and service portfolio How to fundraise for liquidity? Fundraising can help businesses stay afloat during COVID times. You can approach fundraising via: Plan for equity funding options - either pure equity, hybrid, or debt instruments Reaccess your funding capabilities due to limited funding options for short term Quantify and raise solvency capital for unregulated businesses How to reduce operation expenditures? Businesses can approach cost reductions in operations via: Halting of long term assets that aren’t profitable but strategic for growth Decisive conversations for reducing asset liabilities Reduce supply chain cycle to avoid working capital commitment Optimizing employee costs via layoffs or incentive-based compensation How to manage receivables? Ensuring receivables are executed can increase your liquidity. Businesses can follow the following approach: Identifying customers who can pay on a priority basis and complete transactions Support suppliers or businesses with unorganized working capital with cash discounts or giving credit Set up channel or customer financing for the ecosystem Recess credit-worthiness and commercials for credit period and extension of partners What are the government schemes available for liquidity? “Transparency in terms of implementation of schemes would help keep the economic engine alive on the banking side” - Kaleeswaran A., Chief Financial Officer | Eicher Motors The Government has provided: Short term relief for GST and other taxations Banking support for credit and interests Has adopted a reformist agenda by opening up FDI ### Global Anti Bribery and Corruption In this webinar, we discuss the global anti-bribery and corruption landscape in current times across geographies. What is the current status of the Anti-Corruption Environment? “I think what we have to start thinking about now is not what happened before or during the pandemic but what will happen after the pandemic” - Brian Burke | Shearman & Sterling COVID has affected the way businesses deal with ethical business practices as follows: More pressure on revenues due to post pandemic-induced risks More people understand the importance of doing business in a fair, level playing field An intense focus on enforcement from regulators People understand risks in new business opportunities and document plans of action It is harder to get data and board meetings for audits due to travel disruptions What are the training channels for compliance officers? “Make the program that's truly owned by the employees and is a partnership between compliance and employees” - Amii Barnard, C-Suite Coach, Consultant, and Corporate Governance Expert Ensuring your compliance training programs are a success is the key to sustained ethical business practices. Amii provided tips like: Identify and document employees who are at high and low risks when it comes to corruption and bribery Design generalized training for low-risk and specialized training for high-risk employees Explore relatable and innovative training channels like games, AVs, connecting movies and compliance, case studies, etc Iterate the program based on feedback based on usefulness and relevance to real-world scenarios Be respectful with your audience by being relevant, culturally literate, and connect using engaging, time-bound storytelling How to design a strategy for compliance communication? “Sometimes a communication plan is put more like an awareness plan that leads to a limited perspective for communication strategy” - Sundar Narayanan, Director (Forensic Services) | Nexdigm Having clear communication leads to reduced misunderstanding and increased control on quality. You can achieve this by: Aligning stakeholders via messaging and undertaking key initiatives to achieve the ultimate goal Ensuring the presence of all officers in meetings by optimizing human resources Embedding communication strategy in change management Identifying key areas of non-compliance How to design a compliance counselor? “Having a compliance counselor in the field drives home the message that this company will take ethics and compliance very seriously and we will provide resources to solve any problem” - Thomas Fox, Principal | The Compliance Podcast Network It is necessary to have a compliance counselor understand the ground realities. Here’s how you can get the best out of them: Put ethics champion on front lines to improve employee accessibility. Feed the data provided by them back into the corporate compliance function to take necessary action Have multiple compliance officers to align different functions and people operating in different regions Why is due diligence important in developing countries? For due diligence in developing economies, the challenge lies in the availability and accessibility of digitized data sets. Hence, there is a need to explore alternate ways of conducting due diligence. Why is continuous monitoring important? “A lot of stress on how incident management is managed by the organization and a consistency in decisions for violations is looked into” - Sundar Narayanan, Director (Forensic Services) | Nexdigm Holistic continuous monitoring involves compliance programs, processes, transaction monitoring, and Incident management. It focuses on these broad parameters: Management commitment The clarity in policy communication Correlating risk acceptance and incentives Monitoring and measuring expectations and controls Stakeholder engagement Optimizing budget and resources Design critical metrics to reflect expectations approved by management. Use scorecards to reassess where you stand and evolving towards. How to leverage other functions? Here’s how you can collaborate with other functions in an organization for improved corruption management: Build relationships with various functions by understanding their business and the pressures involved Understand problems and resource requirements to offer help Identify knowledge gaps to fill with relevant training What are the essentials for compliance officers to get a seat among strategic business advisors? “Show as someone who wants to serve the business understands responsibilities and is going to support compliance within that risk regime” - Amii Barnard, C-Suite Coach, Consultant, and Corporate Governance Expert A seat among strategic business advisors can ease your role and help implement policies faster. Amii provided tips like: Earn the trust of the stakeholders by showing care and being flexible to their influence Master skills like listening, empathy, and good intent Develop good business acumen Ensure integration of compliance into the business functions Trigger influence via leaders by communicating how compliance is relevant to their business ### Diversify to Differentiate Think India, Think Next! India: India's Attractiveness and Opportunities – Food Processing Industry In this webinar, the on-ground realities, opportunities, and prospects of the food processing industry in India are discussed. What are the growth opportunities available in India? India is the 5th largest economy with a growing population of 1.3 billion. As it rapidly urbanizes with a growing middle class, it provides the following opportunities: India aims to focus on infrastructure growth with a dedicated fund worth USD 2.7 billion and USD 21 billion worth of planned investments India aims to improve manufacturing with production linked incentives worth USD 26.3 billion India has over 600 million active internet users With a literacy rate of 77%, India has the largest and youngest educated workforce India has reduced bureaucracy and streamlined processes to improve ease of doing business Companies in the US can base India as a hub to outreach South Asian Markets Why invest in the food processing sector of India? “We need to recognize that investment in the food processing sector will lead to expansion of allied services associated with the sector. By some estimates, in the US - a very mature food processing market, every job in the food and beverage industry leads to three additional jobs and other economic activities. This is the scenario that we should and must replicate in India.” - Hon. Amit Kumar | Consul General of India Chicago With a CAGR of 15%, the food processing industry in India is set to grow worth USD 540 billion by 2025. India aims to move towards value-added processing and increase demand for high-value goods. It can do so by improving food processing technology and rising demand for high-value goods. The opportunities available are: While India is 1st in the world for milk and spice production, 2nd for fish, fruits, and vegetables, 3rd for egg production, it processes less than 1/10th of the raw materials. This provides a significant investment opportunity in the food processing industry The food processing sector allows investment via automatic route with over USD 10 billion FDI invested to date India is the largest producer of pulses in the world, yet it is protein deficient Introducing upcoming food habits around pulses can boost the need for pulse processing Food products have a 65% share in India’s retail market that is the 6th largest in the world. There is a growing demand for primarily processed foods than super processed ones India provides an opportunity to US investees to obtain the raw produce, process the product, and export it to global markets under their private brands What are the key incentives for the food processing industry in India? “With Atmanirbhar Bharat, we are of course looking to bolster our manufacturing capacity so that we are more self-reliant in many ways, but this does not mean in any way that we are shifting away from our global engagement. Instead, our objective is to strengthen our capacities so that we can be more active players in the global supply chains in various sectors.” - Hon. Amit Kumar | Consul General of India Chicago Following incentives are schemed to uplift the food processing sector: Pradhan Mantri Kisan Sampada Yojana (PMKSY): incentives worth 30-35% of project costs for infrastructure support across cold chains, food parks, etc. Production linked incentives for marine, organic, and processed foods where incentives are provided on incremental net sales ranging from 4-10% over five years Incentives for thrust sectors: Incentives worth 10-15% for MSMEs in states that are promoting the food processing sector Capital subsidy: USD 1M worth subsidy for states with food processing as a focus Corporate tax rate: 15% for new manufacturing setups Other incentives: electricity duty and stamp duty water waivers How has India’s food processing industry matured over the years? “The focus is on bringing the capacity to the customers' requirement not only for India but also for exports.” - Bhupinder Singh, CEO & MD | Vista Processed Foods The processing industry serves as the link between India’s three major economic sectors - agriculture, industry, and retail. India’s bet on its schemes and focus on processing has led to its gradual growth as follows: Usage of technology has improved potato yields for farmers from 2-3 tons per hour to 25 tons per hour. Now we export french fries than importing them Focus on slaughterhouses and poultry farming has led to increased processing of birds from 2000/hour to 12000/hour Better financial support concerning the availability of capital from banks who generally expect a payback period of 5-6 years for a business plan that spans 20-25 years is required Growing global acceptance of Indian flavors and spices across borders will help us ship more products is promoted well India is one of the few countries to introduce end-to-end farm to consumer web traceability of products it exports “The role of investors will be to invest in improving the technology so that we have volume, quantity, and economies of scale.” - Dr. Tarun Bajaj, Director APEDA | Ministry of Commerce and Industry, Government of India How has the pandemic affected the food processing industry? As India manages to balance activity for public health and economic growth, it has: Ensured the second wave did not impact the economic activity by focusing on systems and processes Positive GST collections Bilateral trade was at the same level as 2019 Though poultry and meat industries were affected due to COVID myths, the online processed chicken brands saw 400-500% growth Slight increase in prices, although still competitive, due to increased processing costs to meet COVID norms Due to the growth of online delivery, e-commerce and cloud kitchens saw the launch of new products by brands The top food safety concern this year by consumers was the contamination from food handlers that led to increased demand for packaged foods There was no disruption in the supply chain of food products as interstate transportation of food products were allowed with sanitation checks What is the PLI (Production Linked Incentive) Scheme? PLI scheme has an important segment - investment. One has to invest in becoming eligible for getting the PLI scheme.” - Dr. Tarun Bajaj, Director APEDA | Ministry of Commerce and Industry, Government of India PLI scheme aims to develop exports and domestic infrastructure while also strengthening our existing capabilities. Its key aspects include: It can be availed once improved production in both the domestic sector and the international export sector is achieved It will help meet the demands of the growing Indian population whose purchasing power is increasing It has chosen high import sectors that will help boost domestic production and processing to make India self-sufficient ### Diversify to Differentiate Think India, Think Next! India: Favorable Global Manufacturing Destination In this webinar, we explore opportunities, policies, and incentives available to conduct and diversify business in India. Key drivers for India-Taiwan relations 160+ Taiwanese companies operating in India have formed the largest cluster in the Bangalore-Tamil Nadu-Andhra belt. Taiwan’s southbound policy: reduce Chinese dependency by increased cooperation across trade, technology, agriculture, etc with 18 nations India looks east policy and Act East Policy - promote economic, cultural, and strategic ties within the Asia-Pacific region Signing Industrial collaboration MoUs via Institutional level interactions India’s growth story “India took 63 years to reach US$1 trillion, 7 years for US$2 trillion, 3 years for US$ 3 trillion and by 2025 is projected to reach US$5 trillion economy” - Aju Antony India is the #1 in the world for FinTech adoption with growing internet consumption India is #2 in the world for global retail index, global pharma and biotech workforce, smartphone market, and steel production India is #3 in the world for economic size, oil consumption, aviation Under National Infrastructure Pipeline (NIP), US$ 1.4 billion is being invested in infrastructure for achieving 200k km of roads, 600+ GW of energy capacity, 30+ airports, 80% internet penetration India is the #1 R&D destination with more than 1140 MNC supported centers employing 900k+ professionals 5 industrial corridors launched Opportunities for Taiwan in India Automobiles: India is the 4th largest electric vehicle market in the world and plans to promote the automobile industry with ‘Automobile mission plan 2026’. Since Taiwan holds expertise in automotive parts manufacturing but has a small domestic market, India provides a market opportunity for Taiwanese companies. ESDM: With a CAGR of 25% (US$400 billion by 2025) in the Indian electronics market and greenfield electronic manufacturing clusters (EMCs) in 20/25 states, an FDI in India will provide Taiwanese an advantage in R&D. Also, an infusion of US$ 6.4 billion incentives for production, manufacturing, and exports in the electronics sector with US$ 100 billion worth of mobile devices to be produced by 2025 Energy: collaboration opportunity as India’s aims to have 400 GW of renewable energy by 2030 and Taiwan is the 4th largest solar-powered battery manufacturer in the world Food: Due to limited land availability, Taiwan majorly imports its raw agricultural ingredients and India can bridge this demand as its the world’s largest producer of milk and 2nd largest for food grains, fruits, and vegetables. The Indian food sector is expected to grow to US$1.2 trillion by 2025 with 23/28 states providing support via mega food parks. Textiles: collaboration opportunity as Taiwan focuses on eco-friendly textiles while India is 2nd largest exporter of textiles across cotton and jute Startups: India’s 2nd largest startup ecosystem in the world can benefit from Taiwanese entrepreneurs and raise Taiwan’s international visibility. Healthcare: India offers Taiwan a US$ 50 billion worth medical devices market that is top 20 in the world along with US$ 373 billion worth overall growing healthcare industry by 2024. With US$ 200 billion to be spent on medical infrastructure and the Ayushman Bharat scheme, India will be receiving a major boost in healthcare. Metallurgical: With Taiwan being the 4th largest exporter of machine tools and one of the largest exporters of robotics components, India provides an opportunity with being the 2nd largest manufacturer of steel Key initiatives by India Corporate tax reduced to 15% to promote investments and exemption for selected sectors To fast track investments and approvals, India has deployed Empowered Group of Secretaries (EGoS), single-window clearance cell, and project development cell across 25+ sectors. 30-50% capital expenditure subsidy in plant and machinery Import and export duty incentives to ease tax burdens Incentives like 0 permission set up in single form by states like Maharashtra Entity formation Any foreign business looking to do business in India can look at forming these entity options: Set up a wholly-owned subsidiary Limited liability partnership Find an Indian partner to form a Joint Venture (Private Limited) A non-incorporate entity in the form of branch, liaison, or project office The tax regime in India On the direct tax front, India follows a federal tax regime where the federal government levies tax during the financial year April-March No tax on the distribution of dividends by the company Goods and Service Tax sums up all indirect taxes that range from 5% - 28%. Necessity and potential for industrial infrastructure in India “With only 14% GDP share in manufacturing (as compared to share of 30%, 20% and 35% for Taiwan, Japan, and the US respectively) and growing population to 1.5 billion by 2036, India has a wide scope and need to invest in industrial infrastructure” - Dr. C Velan Development plans: Constructing roads worth US$ 212.8 million by 2022 and increasing road length under Pradhan Mantri Gram Sadak Yojana - III (PMGSY) SagarMala project to upgrade the performance of the country’s logistics sector by infusing US$ 11.4 billion with 492 projects at various stages valued at US$ 64 billion Allocation of US$ 24.27 billion, US$ 5.36 billion, and US$ 10.33 billion on transport, communication, and railway infrastructure Developing sustainable and integrated industrial parks that: leverages renewable energy and waste management has connectivity to public transportation provides ample opportunities for growth of businesses and workers Provides living and education facilities for the lifestyle of workers Provides plug and play infrastructure for the ease of business Example: OneHub Chennai Role of advisory: CBRE Advising about location, infrastructure, policy-making, and incentives structure Understanding expectations and needs of the occupiers as per their business goals and future requirements Classifying clusters and curating industry-specific parks as per the country’s growth and trends ### Mergers and Acquisitions in India - Tapping into Indo-Japanese Opportunities In this webinar, we explore the best practices for increasing the probability of success of M&A in India, investment trends for Japanese companies, and the impact of the pandemic on deal-making. Indo-Japanese Investment trends Trends: FDI shows a growing trend with USD 470 billion invested due to increasing ease of doing business Japan is the 4th largest investor with USD 33 billion invested across automobiles, drugs, and pharmaceuticals In the last 5 years, there have been approximately around 90 inbound M&A deals valued at around USD 10 billion. Out of this, only 15% of the acquisition deals involved more than 75% stake which means the Japanese prefer Indian promotors in the business Larger volume transactions around IT due to investors’ interest in India’s talent and technology acumen. Investments in the consumer sector include in automobiles and equipment to enhance their product portfolio Initiatives: Approximately 50 MoUs signed over 4 years across healthcare, agriculture, defense, infrastructure, etc Japanese government allocated USD 221 million to incentivize companies to disperse manufacturing across the ASEAN region 12 chosen Japanese Industrial Townships (JITs)sites to develop integrated industrial parks with world-class infrastructure for operations and plug-n-play factories. Designing system for manufacturing, R&D in the field of AI under Indo-Japan Digital Partnership and training under Japan-India Institute of Manufacturing India-Japan Startup Initiatives: with India being 3rd largest ecosystem of 40,000 active startups, Japan is the 4th largest PE/VC investor with Softbank itself having invested around USD 10 billion COVID-19 impact and emerging opportunities Impact: Disruption in businesses and their revenue streams across sectors that range from short (telecom, IT) to long term (aviation, tourism) impact Changes in consumer preferences - being cautious about spending Disruption in logistics and supply chain of raw materials Companies are in cash conservation mode and some have shut down Investors and skeptical and more vigilant before investing Opportunities: India has the potential to become a global manufacturing hub due to the government’s efforts India’s attractiveness for investment lies in its untapped potential of the large consumer market Japanese markets have been tapping African markets from operations in India. Post covid era provides opportunities to scale and decentralize their supply chain Stressed and non-core asset sales Funds infusion in e-health, edutech, banking, insurance, etc. Valuation and due diligence: “Clarity regarding ownership and transferring of Intellectual Property developed by JVs should be taken into consideration” - Tanwir Shirolkar Understanding the scope of transactions - why is the company entering India and, what products and markets it plans to enter, and how The Joint venture partners should be very clear in terms of monetary and non-monetary contributions across IP, customers, assets, etc. The desired shareholding will depend on the contributions made and desired control Evaluate business plan - understanding temporary and permanent costs, future cash flows, working capital requirements, etc Due diligence across taxes, financial statements, IT, environmental, etc. Access to confidential rules and policies to the due diligence team Addressing commercial exposure From negotiated value to final agreed pricing, consider the following factors: Purchase price adjustments: based on the quality of earnings, working capital, and debt Payment mechanism: could be earn-out, deferred payment, salaries, or royalties Provisions in definitive agreement: could use ESCROW mechanism, warranties, etc ### Diversify to Differentiate – Think India, Think Next! - Success Showcase This webinar covers advantages and key considerations, regulatory reforms, and incentive programs that have affected investing and FDI in India. Why invest in India? “Companies not only want to penetrate and invest in the Indian domestic market but also to export to regions like Bangladesh, Sri Lanka, etc. India offers various export incentives that make it an attractive destination for companies” Amy Hariani Fast-growing economy: 3rd largest economy in the world by 2030 Young talent: over 600 million skilled and knowledgeable workforce with an innovative business approach Stability: stable financial, judicial and political environment Financial incentives: tax exemptions, low corporate tax, subsidies, relaxation on import duties, export incentives, etc. Online: 2nd largest online market worldwide with 574 million active internet users Growing consumption: India will become the 3rd largest consumer market by the year 2025 Trends to spot “Covid has led to an acceleration in these trends, with new business opportunities in technology and healthcare.” - Vivek Abraham India provides: One of the largest manufacturers of PPE kits and COVID vaccines in the world Ideal policies for supply chain diversification A strategic corridor across technology, manufacturing, etc. The India-US relations The bilateral trade and commercial relationship is strong and will continue to grow due to the mutual growth of Indian companies in the US/Canada and vice-versa. Trump administration was tariffs focused and the Biden administration aims to take a holistic approach to not get caught up negotiating on tariff Investments by Facebook, Amazon, etc will continue in the next 4 years Steps taken by the Indian government to ease businesses “When we are going to greenfield a certain area in the world, the major issue is a skilled workforce. We found out that the number of talents across disciplines and the professionalism in India is a major advantage. We experienced a lot of help from the state government, local authorities, and banks that were collaborative to help us to penetrate.” - Sachar Rachim Re-engineered interface and processes using technology like AI and Blockchain Tuning the indirect tax structure to enable manufacturing in India Competitive reduction in tax rates Labor law and land allocations reforms Forming separate committees for quicker decision making for investments India leading renewables market “Renewable energy is something that you can transmit without actually transporting the fuel. For a country like India, which is primarily coal-driven and we do not have a lot of gas reserves, we have a huge amount of renewable energy potential here.” - Pinaki Bhattacharya India is running one of the largest renewable energy programs in the world which is almost 175 gigawatts with 2x scalability The ability to execute a variety of projects like distributed generation, large-scale utility power plants for commercial, industrial or corporate customers in varied industries India offers the lowest cost of renewable power available Pandemic auctions, openness to adopting new technologies, and bankable power purchase agreement Enabling connectivity with corporate customers Availability of project financing on the government side Key Challenges and Future “We will see more production linked incentives encouraging selected sectors and companies to plant their roots and then encourage to build ecosystems around them” - Vivek Abraham India has been identifying sectors where we have an advantage, large market opportunity, and other sectors where we want to encourage investment which otherwise would have been difficult to attract. Challenges: Diversified cultural barriers when interacting with stakeholders and operators Complexity in government processes, registrations, and legalities Better coordination between the state and the center This could be resolved with a local firm or a partner that companies can go with and help them overcome these gaps. ### Tax Street - October 2025 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxation in India and across the globe. ### The Impact and Importance of Statutory Compliance in Social Security Legislation Statutory compliance ensures the effective implementation of social security laws, safeguarding employee welfare and promoting ethical organizational practices. This article highlights its significance in enhancing employee well-being, maintaining corporate integrity, and fostering legal accountability. Social security legislation provides financial and healthcare protections to employees. Statutory compliance refers to employers fulfilling these legal obligations, which is vital for both workforce welfare and regulatory adherence. Importance Employee Well-being Compliance guarantees access to benefits such as Provident Fund (PF), Employees’ State Insurance (ESI), gratuity, and maternity leave, reducing financial and health-related vulnerabilities. Noncompliance can lead to denial of benefits and legal disputes. Organizational Integrity Adhering to statutory norms reflects ethical business conduct, builds stakeholder trust, and protects brand reputation. Violations can result in penalties and reputational damage. Ethical Culture Compliance fosters transparency, fairness, and accountability. Training, audits, and awareness programs reinforce ethical behavior across the organization. Challenges and Best Practices Organizations face hurdles such as complex laws and resource limitations. Best practices include monitoring legal updates, investing in compliance systems, and promoting a leadership-driven compliance culture. Policy and Practice Implications Policymakers can simplify frameworks and strengthen enforcement. Organizations should adopt strategic compliance to support employee welfare and sustainability. Impact Recent Legislative Amendments and Implementation of Labor Codes Nationwide Implementation of Four Labor Codes: As of 2025, most Indian states have notified rules under the four consolidated labor codes—Code on Wages, Code on Social Security, Industrial Relations Code, and Occupational Safety, Health, and Working Conditions (OSH) Code. This marks a significant shift from fragmented laws to a unified framework. Gratuity for Fixed-Term Employees: Employees on fixed-term contracts are now eligible for gratuity after just one year of service, enhancing financial security for temporary workers. Universal Definition of Wages: A standardized definition now includes basic pay, dearness allowance, and retaining allowance, impacting PF, ESI, and gratuity calculations. Inclusion of Gig and Platform Workers Gig and platform workers are now legally recognized under the Social Security Code and can access benefits such as ESI, PF, and insurance, funded jointly by aggregators and the government. This inclusion reflects a progressive move toward inclusive social protection, especially for India’s growing digital workforce. Digital Compliance and Real-Time Monitoring Shram Suvidha Portal: All gratuity claims must now be filed digitally, improving transparency and reducing delays. UAN 2.0: The revamped Universal Account Number system enables smoother PF portability and biometric verification for employees. Real-Time Compliance Portals: These portals simplify filings and improve transparency, especially for micro, small, and medium enterprises (MSMEs). Enhanced Employer Obligations and Penalties Mandatory Gratuity Settlement Timeline: Employers must settle gratuity dues within 30 days of resignation or retirement, otherwise interest applies. Increased Penalties: Noncompliance with PF, ESI, or wage laws can now attract fines up to INR 500,000 and even imprisonment in severe cases. POSH Act Compliance Enhancements Companies must now report detailed statistics on sexual harassment complaints in their Board’s report, including pending cases beyond 90 days. This shift from broad compliance statements to quantitative disclosures increases accountability and reinforces ethical governance. Our Comments Statutory compliance in social security legislation remains a cornerstone of employee welfare and organizational accountability. With the implementation of new labor codes, the inclusion of gig workers, and the digitization of compliance processes, India’s regulatory landscape is evolving toward greater transparency and inclusivity. Employers must adapt to these changes by embracing best practices, strengthening internal systems, and fostering a culture of legal and ethical conduct. As policymakers continue to refine frameworks and enforcement mechanisms, proactive compliance will not only mitigate risks but also contribute to sustainable business growth and social equity. ### Contract Lifecycle Management in Poland: Market Insights and Strategic Pathways As Polish businesses navigate increasing regulatory complexity and global competition, Contract Lifecycle Management (CLM) is gaining recognition as a strategic lever for operational efficiency, compliance, and competitiveness. Current Market Landscape Despite growing awareness, many Polish companies – especially mid-sized enterprises – are still in the early stages of CLM adoption. A recent industry scan identified over 60 companies offering contract management solutions in Poland, reflecting a maturing but fragmented market. Globally, as more and more organizations have invested in CLM over the past years, the Contract Lifecycle Management market is growing at 12–15% annually. However, contract data is still fragmented across various systems, engaging significant portions of the workforce in contracting processes (26% on average) which indicates inefficiencies. According to World Commerce & Contracting (WorldCC) benchmark studies, contract-related data in large organizations typically resides in up to 24 different systems, making integration and visibility a persistent challenge that hinders performance and strategic decision-making. In Poland, many CLM projects seems to fail due to poor change management and lack of strategic alignment. Companies often underestimate the importance of preparing data, standardizing templates, and training users. Challenges Impacting Competitiveness Polish enterprises face several structural barriers that hinder their ability to compete effectively: Regulatory burden: Poland scores 2.69 (on a scale, the less, the worse) in legal and administrative efficiency, below the EU average of 3.87 Limited innovation financing: Venture capital investment in Poland is just 0.01% of GDP, compared to the EU average of 0.05% Long payment terms: Average settlement time between companies is 65 days, affecting liquidity and agility These issues directly impact contract execution, risk management, and the ability to scale operations. Strategies to Improve CLM in Polish Companies To unlock the full potential of CLM, Polish businesses should consider the following strategic actions: Start with Process Assessment Before implementing technology, assess current contract workflows to identify bottlenecks and inefficiencies. Use this insight to design a standardized core model that aligns with business goals. Don’t get swept away by trends or flashy marketing – focus on what your company truly needs, and avoid forcing change where it isn’t necessary. New doesn’t always mean better – so be careful not to discard what’s working just for the sake of change. At the same time, stay alert to outdated practices that have survived only due to inertia or convenience. Invest in Change Management Successful CLM transformation requires executive sponsorship, cross-functional collaboration, and comprehensive training. Change agents within the organization can help drive adoption and mitigate resistance. Think about how you felt during the last major transformation announced by the management. Now consider how the entire organization can be engaged so that the change occurs as smoothly and painlessly as possible. Improve Data Readiness Prepare legacy contracts, clause libraries, and metadata before implementation. AI tools can assist in extracting and organizing this data, ensuring the system is not launched as an “empty shell”. The golden rule is simple: trash in, trash out. If we don’t first organize our data, even the most advanced technology won’t make the end-to-end process truly effective. Focus on Integration and Usability Choose CLM solutions that integrate seamlessly with existing systems and are user-friendly. Avoid over-customization and prioritize scalability to future-proof the investment. Think about how many people – and from how many different departments – you’ll need to convince to adopt a new solution. Make sure it’s easy to use, intuitive, and flexible enough to handle varying data volumes. Measure and Optimize Monitor key metrics such as contract cycle time, compliance levels, and administrative costs. Most organizations invest in contract lifecycle management to gain greater visibility and control, accelerate processes, and achieve cost efficiencies. Ensure your investment in CLM brings the desired impact. Our Comments Contract Lifecycle Management is no longer a back-office function – it’s a strategic capability. For Polish companies, especially mid-sized ones, investing in CLM can reduce regulatory friction, improve financial agility, and enhance competitiveness in the European market. By focusing on process optimization, data quality, and change management, organizations can transform contracts from static documents into dynamic assets that drive growth and resilience. ### EPFO Unveils a Series of Digital, Compliance & Litigation Reforms EPFO has rolled out a set of digital, policy, and compliance reforms reinforcing its commitment to ease of living, doing business, and digital empowerment. These initiatives are designed to simplify Provident Fund management for employers and make it more accessible and member-friendly for employees, while strengthening the overall framework of retirement savings and social security. Together, these reforms mark a significant milestone in EPFO’s transformation into a technology-driven, transparent, and service-oriented organization, ensuring that every stakeholder — from employers to pensioners — benefits from improved efficiency and trust. EPFO Simplifies PF Transfers The transfer of PF balances between employers is now faster, fully digital, and largely automated, minimizing delays and enhancing member experience. Changing jobs just got easier No more paperwork, delays, or follow-ups for PF transfers. What’s new Annexure K (Transfer Certificate) now available directly on the Member Portal View PF balance with interest and full-service history for EPS benefits Automatic transfer once your new employer deposits the first PF contribution EPFO Launches “Passbook Lite” on Member Portal EPFO has launched Passbook Lite, a new mobile-friendly and bandwidth-efficient feature that enables members to view their PF balances and contributions instantly. Key highlights Summarized statement of contributions, withdrawals, and balance in an easy-to-read format Single login access to all key EPFO services, including passbook details Detailed passbook portal remains available for complete transaction history EPFO Revamps Electronic Challan-cum-Return (ECR) Effective from the wage month of September 2025, EPFO has introduced a revamped ECR system to strengthen compliance accuracy and streamline employer filings to enhance accountability, accuracy, and automation. Key features Segregation of Return and Payment for better control and accuracy System-based validations to prevent submission of incorrect ECRs Automatic calculation of damages and interest Option to revise ECR under specified conditions No change in the existing ECR format Sequential payments — month-wise chronological filing is now mandatory EPFO Update: Exit Date Compliance The EPFO now requires employers to record an employee’s exit date within one month of their leaving date from the organization. Why this matters Ensures timely PF settlements and accurate service records Prevents delays in final claims and transfer processes Promotes data integrity across EPFO systems EPFO Update: Mandatory Display of Form 5A Employers must ensure that Form 5A is always visible and accessible to all employees by displaying it either: Physically at the establishment premises, or Digitally on the company website Purpose Promotes transparency in PF-related information Keeps employees informed of their rights and entitlements CBT Approves Simplified & Liberalized Partial Withdrawals Some major policy decisions were announced at the 238th Central Board of Trustees (CBT) meeting which are yet to be notified through official EPFO circulars Simplified Partial Withdrawal Rules for Ease of Living 13 complex provisions have been merged into a single, streamlined framework, categorized into: Essential needs(illness, education, marriage) Housing needs Special circumstances Members can now withdraw up to 100% of the eligible balance, including both employee and employer contributions. Liberalized withdrawal limits Education: up to 10 times Marriage: up to 5 times(earlier combined limit was 3) Minimum service requirement: Uniformly reduced to 12 months for all categories No More Rejection Woes under “Special Circumstances” Members can now apply for withdrawal without providing a specific reason, eliminating the earlier requirement to justify circumstances such as natural calamities or unemployment. This ensures greater flexibility and faster claim processing. Balancing Liquidity with Long-Term Security Members must maintain a minimum balance of 25% of their PF contributions to continue earning an annual interest rate of 8.25% (with compounding benefits). These changes pave the way for the 100% auto settlement of partial withdrawal claims, ensuring a seamless and documentation-free experience. Aligned changes for Final Settlements & Pension Withdrawals Premature final settlement: extended from 2 months → 12 months Final pension withdrawal: extended from 2 months → 36 months This rationalization enables members to address short-term financial needs without compromising their retirement security. Digital Life Certificate (DLC) for EPS Pensioners The CBT has approved an MoU with India Post Payments Bank (IPPB) to provide Digital Life Certificate (DLC) services to EPS-95 pensioners—free of cost to pensioners, with the INR 50 per certificate charge fully borne by EPFO This initiative benefits elderly and rural pensioners, ensuring: Easy doorstep submission of life certificates Timely and accurate pension disbursement Improved family pension processing under the Centralized Pension Payment System (CPPS) Pensioners can conveniently submit their Jeevan Pramaan Patra (Digital Life Certificate) from home using facial authentication technology. (FAT) 'Vishwas Scheme' to Reduce Litigation & Rationalize Penal Damages Key features Flat penal rate: 1% per month, with graded rates for short delays: 0.25% for defaults up to 2 months 0.50% for defaults up to 4 months Scheme duration: 6 months, extendable by another six months Covers ongoing litigation, finalized unpaid orders, and pre-adjudication cases Compliance under the scheme results in the abatement of all pending cases Benefits Employers: predictable penalties, lower legal and administrative costs Members: faster recovery of dues, improved returns Promotes timely compliance and strengthens trust in the EPF system Our Comments With these transformative initiatives, EPFO is redefining member service delivery, compliance management, and pension administration. From simplifying claim settlements to digitizing records and empowering employers through automation, the organization continues to move towards a future-ready, transparent, and technology-enabled social security ecosystem. These reforms not only empower employees with flexibility and confidence in their retirement savings but also reinforce EPFO’s vision of a seamless, paperless, and people-first experience — truly bringing "ease of living" to every member. ### India’s APA programme records landmark growth in FY 2024–25 The Central Board of Direct Taxes (CBDT) released its 7th Annual Report on the Advance Pricing Agreement (APA) Programme for FY 2024–2025, marking a record year in terms of agreements signed, bilateral cooperation, and tax certainty. The APA Programme continues to reinforce India’s position as a stable, transparent, and investor-friendly jurisdiction for resolving transfer pricing disputes and fostering a predictable tax environment for multinational investors. ### Tax Street - September 2025 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxation in India and across the globe. ### Doing Business in UAE The United Arab Emirates (UAE) stands as a beacon of economic dynamism and strategic foresight in the global landscape. With an ambitious vision to solidify its position among the world's leading economies, the UAE has embarked on a transformative journey, underpinned by robust growth across key sectors such as digital transformation, renewable energy, manufacturing, infrastructure, and technology—areas that hold immense promise for international investors. This vision is further exemplified by initiatives like the Dubai Economic Agenda (D33), which aims to double the size of Dubai's economy over the next decade and consolidate its position among the top three global cities. D33 encompasses 100 transformational projects, including doubling foreign trade and adding 400 cities to Dubai's foreign trade map, launching plans for green and sustainable manufacturing, and fostering new economic corridors with regions like Africa, Latin America, and Southeast Asia. ### Maharashtra Cabinet Approves Labour Law Amendments, Pending Legislative Approval The Maharashtra government has approved amendments to the Factories Act, 1948 and the Maharashtra Shops and Establishments (Regulation of Employment and Conditions of Service) Act, 2017, introducing the following changes: Key Highlights of the Amendments Government’s Stated Intent Context ### Tax Street - August 2025 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxation in India and across the globe. ### Who Wins Big in the India–UK Trade Pact The India–UK Comprehensive Economic and Trade Agreement (CETA) is more than just a trade pact; it is a game-changer for Indian exporters. With steep tariff cuts, improved market access, and facilitation in services and mobility, the deal is set to unlock targeted growth in high-potential sectors. In industries where every percentage point of duty can make or break a deal—from textiles and leather to engineering goods and processed foods—this Free Trade Agreement (FTA) could tilt the playing field in favor and give a competitive edge in the UK market. When exports rise because of an FTA, two indirect-tax realities immediately follow. First, exporters will generate higher unutilized input tax credits (ITC) at the domestic stage and will rely more on IGST refunds and zero-rated procedures to recover that cash. Second, schemes such as RoDTEP (Remission of Duties and Taxes on Exported Products)/RoSCTL (Rebate of State and Central Taxes and Levies) become more valuable because they refund non-creditable duties and levies, which directly improve exporters’ cash flows and unit economics. Below are the sectoral winners that could capitalize on the India–UK FTA. ### How Do US Tariffs Impact India? US tariffs are taxes imposed by the United States government on imported goods and services. While their stated purpose is to protect domestic industries and discourage excessive imports, they often create ripple effects across global supply chains. For India, which maintains a diverse export base to the US, recent tariff increases have significant implications. By raising the cost of Indian goods in the US market, these tariffs make Indian exports less competitive against those from countries with lower or no tariffs. The result is a direct impact on several Indian industries—most notably textiles and apparel, gems and jewelry, pharmaceuticals, engineering goods, auto components, and FMCG exports. Understanding these shifts is crucial for businesses, policymakers, and stakeholders alike. ### Navigating the Upcoming Transfer Pricing Compliance Cycle in the UAE The Ministry of Finance (MoF) issued The Federal Decree-Law No. 47 of 2022 on October 2022, on the Taxation of Corporations and Businesses (CT Law) which introduced the TP Regulations in United Arab Emirates (UAE). These TP regulations are effective for Financial Years (FYs) beginning on or after 1 June 2023 and thus the tax year ending 2024 would mark as the first year of TP compliances for entities in UAE. Since the introduction of the CT law, entities in UAE are taking steps to align themselves with the country’s new tax regime. While the various compliances that are required to be undertaken from the TP perspective are discussed in the subsequent sections, one of the key TP compliance requirement includes the Transfer Pricing Disclosure Form (‘TPDF’) which includes data points relating to the nature and the value of the transactions with each related party and/or Connected Person (‘CP’), and the benchmarking method(s) used to determine the transactions’ arm’s length value. The TPDF is required to be filed along with the Corporate Tax Return within 9 months from the end of the relevant tax period, which means that the same shall be due to be filed on or before 30 September 2025 for the entities following December 2024 tax period. We have highlighted below the key points that the entities need to take into consideration for bracing themselves with the upcoming TP compliances: Evaluating the applicability of TP compliances Compliance with arm’s length principle (irrespective of materiality thresholds) Robust analysis of the related party transactions Requirement to meet arm’s length standard for Qualifying Free Zone Person (QFZP) Payment made to Connected Person (CP) Interest-free loans and guarantee Maintenance of robust documentation Year-end TP adjustments Overdue receivables Simplified approach for low value-adding intra-group services (LVIGS) Conclusion 2024 would mark as the first year of TP compliance in UAE. Taxable Persons in UAE need to be more cognizant with the governing regulations and have their framework and policy in place for transactions with related parties and CPs before initiating the process of yearly compliances. Though TP compliance requirement may not be applicable to small companies, TP Regulations highlight the importance of substantiating the ALP of the related party transactions. Thus, all the entities in UAE, irrespective of meeting the prescribed threshold for the compliances, would be required to prepare and maintain robust TP documentation in support of their related party transactions. As highlighted earlier, UAE in recent years has largely aligned with global tax governance and has embraced more transparency from the perspective of compliance and substance requirements. Pro-actively having adequate and proper documentation on record for the transactions with related parties and CPs would assist the Taxable Persons in defending their positions before the FTA. ### Tax Street - July 2025 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxation in India and across the globe. ### Australia Budget 2025: Key Payroll Updates for Employers and Employees The 2025 federal budget, officially announced in March, delivers critical payroll updates that employers and employees need to understand. Payroll, HR, and compliance teams must evaluate how these changes will impact their processes and day-to-day operations. Covering areas such as tax regulations and labor market policies, the budget introduces measures set to significantly influence payroll compliance and workforce management. Following are some of the major payroll-related updates from the budget: National minimum wage increase Personal income tax decrease Medicare levy low-income thresholds increase Superannuation Guarantee (SG) increase Study & training loans indexation Paid leave duration increase ### India Payroll Updates: ELI Scheme, SPREE 2025, and PAN-Aadhaar Relief In a landmark move to catalyze employment and formal workforce expansion, the Government of India has introduced the Employment Linked Incentive (ELI) Scheme, which was announced in Budget 2024–25 and approved by the Union Cabinet in July 2025. With an ambitious target of generating over 35 million jobs in just two years and a financial outlay of INR 1 trillion, the scheme offers dual incentives, supporting both first-time employees and employers registered with Employees' Provident Fund Organization (EPFO). ### From Traditional to Agile: The New Era of Internal Auditing In today's fast-paced business environment, traditional auditing methods often fall short in addressing the dynamic needs of organizations. Enter Agile Auditing—a revolutionary approach that transforms the way audits are conducted, making them more flexible, efficient, and responsive. ### Tax Street - June 2025 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxation in India and across the globe. ### Financial Reporting and Risk Management Outsourcing In the earlier period of outsourcing (1995-2000), a few global names began outsourcing less technical work as an experiment, slowly expanding to other critical functions. Over time, this has included areas like financial reporting and risk management . Financial Reporting is the accurate preparation of financial statements to provide stakeholders with a clear view of a company’s financial health, while Risk Management identifies, assesses, and mitigates potential financial and operational risks, helping businesses make informed decisions and maintain stability. In the last two decades, financial reporting and risk management outsourcing have become a well-established industry, allowing businesses to enhance accuracy, compliance, and efficiency while focusing on core strategic goals. ### EPFO Update: Simplifying Employee Benefit Management The Employees’ Provident Fund Organization (EPFO) has embarked on a transformative journey with creating a faster, smarter, and more transparent social security ecosystem in India. Traditionally reliant on lengthy paperwork processes, EPFO is now evolving into a technology-driven platform that prioritizes speed, accountability, and member-centricity. At its core, this transformation is not merely a system upgrade—it is a structural overhaul that aligns the organization with the aspirations of India’s modern workforce and business community. ### AI-Powered Financial Reporting and Analytics AI is revolutionizing financial reporting and analytics by enhancing accuracy, efficiency, and decision-making. Previously, financial process often meant a significant reliance on manual data collection, reconciling figures, and analyzing information, which were time consuming and prone to errors. With AI stepping in, these processes have been automated, enabling real-time data processing and reducing the need for human intervention. AI-driven systems leverage machine learning algorithms to identify patterns, detect anomalies, and predict future trends with greater precision. These reports provide actionable insights by analyzing large datasets and highlighting critical business metrics. For instance, consider an AI-powered analytics platform that analyses customer data, detect trends, and predict future sales opportunities. This tool helps businesses pin-point high-value leads, forecast revenue, and personalize marketing strategies based on data-driven insights. ### End-to-End Outsourcing of Finance & Accounting Operations In today’s fiercely competitive business world, companies are constantly seeking innovative ways to optimize costs, boost efficiency, and hone in on what they do best. One of the most effective strategies that the top organizations are embracing is the end-to-end outsourcing of finance operations. By delegating their entire finance functions to specialized service providers, businesses can enhance process efficiency, mitigate risks, and open up new avenues for growth. ### Australia Year-End Payroll Activities for 2025: A Complete Employer’s Guide As of 30 June 2024, there were 2.66 million actively trading businesses in Australia—nearly 1 million of them employing staff. The close of the 2024–2025 financial year marks a critical window to ensure full compliance with payroll obligations under the Australian Taxation Office (ATO). From updated employee data and superannuation contributions to Single Touch Payroll (STP) Phase 2 finalizations and Fringe Benefits Tax (FBT) declarations, the compliance landscape is increasingly structured—and unforgiving. For global companies with Australian branches, overlooking payroll year-end obligations can lead to regulatory penalties, misreporting under STP, and disruptions in employee tax processing—issues that directly impact operational continuity and employee trust. With final submissions due by 14 July 2025, employers must act now. ### Private Client Services As the assets of individuals and businesses grow, so does the magnitude and complexity of the monetary risk. Tax efficiency for the wealth of individuals and families is a fusion of assets held by the family and the expectations. ### Tax Street - May 2025 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxation in India and across the globe. ### Key Highlights of the UK Budget 2025 Measures to Support Workers and Economic Growth The UK budget presented by the Chancellor includes several key measures aimed at boosting employment and supporting workers. Overall, these measures have been introduced to support economic growth, improve financial stability for workers, and streamline payroll processed for employers. There has been increase in National Minimum Wages and various thresholds/ tax rates like NIC, SMP, etc. Apart from this increase, following are the major highlights of the UK budget 2025: No deduction of student and postgraduate loan repayments for employees working under ‘Off payroll working (OPW)’ Additional guidance by His Majesty's Revenue and Customs (HMRC) on amending payroll for female employees who pay less National Insurance Paying Pay As You Earn (PAYE) and Value Added Tax (VAT) bill by Direct Debit Guidance on employer National Insurance contributions relief for employers operating in Freeport and investment zone special tax sites Change in notifications by employers to operate PAYE of a globally mobile employee’s income and changes to Overseas Workday Relief Changes in Overseas Workday Relief rules ‘Find National Insurance Number’ service HTML format of employer bulletin ### Family Foundations in UAE: A Framework and Key Corporate Tax Implications In the UAE, family foundation is a popular legal structure primarily used by wealthy families and high-net-worth individuals for wealth preservation, succession planning, and asset protection. They are becoming increasingly popular in the UAE, especially after the introduction of the Abu Dhabi Global Market (ADGM) and Dubai International Financial Centre (DIFC) foundations regimes. The UAE Corporate Tax Law (Federal Decree-Law No. 47 of 2022 on Corporate Taxation, effective for tax periods beginning on or after 1 June 2023, and the Ministerial Decision No. 261 of 2024) lays down various aspects of taxation of Family Foundation. However, still lot of clarity was required on status of foundation, tax treatment on considering Family Foundation as pass through entity, reporting requirements, accounting treatment, etc. ### Tax Street - April 2025 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxation in India and across the globe. ### Procurement Fraud in India - A Silent Threat to Businesses Procurement frauds have become a major hurdle for businesses in India. These fraudulent activities not only lead to financial losses but also erode trust and efficiency in the procurement process. To tackle this issue, it's crucial to understand the nature of these frauds and take proactive steps to prevent them. Types of Procurement Frauds Bid Rigging Kickbacks False Invoicing Conflict of Interest Overcharging and Under-delivery Phantom Vendors Unjustified Sole Sourcing Split Purchases Duplicate Payments ### Tax Street - March 2025 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxation in India and across the globe. ### UAE Transfer Pricing: Key Regulations and APA Framework Updates Transfer Pricing Overview Transfer Pricing (TP) refers to the pricing of transactions between related entities within the same multinational enterprise (MNE) group. Since tax rates vary across countries, MNEs have an incentive to structure their transfer prices to minimize the group's overall tax liability. This is often achieved by shifting profits from high-tax jurisdictions to low-tax or tax-haven countries. The pricing strategy in such cases typically deviates from the “Arm’s Length Principle" (ALP), which establishes that the transactions/arrangements between related entities shall be priced as if they were conducted between independent parties. Such practices often lead to the erosion of tax revenues in high-tax countries, as profits are systematically shifted to jurisdictions with favorable tax regimes. While transfer pricing is a legitimate business planning practice, its misuse for tax-shifting purposes remains a key concern for tax authorities worldwide. The UAE Transfer Pricing Regime In 2022, the United Arab Emirates (UAE) Ministry of Finance (MoF) issued Federal Decree-Law No. 47 of 20221 on the Taxation of Corporations and Businesses (UAE CT Law). This legislation introduced TP provisions effective for tax periods starting on or after June 1, 2023, to ensure compliance and transparency in business transactions among related parties. ### Tax Street - February 2025 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxation in India and across the globe. ### Unleashing Potential: AI's Role in Reshaping M&A Dynamics In an era marked by unprecedented technological advancements and rapidly evolving business landscapes, the world of M&A is undergoing a profound transformation. Navigating the complexities of a globalized marketplace requires innovative solutions to enhance efficiency and expedite transactions, making the strategic integration of AI a game-changer for M&A professionals. The transformative potential of AI has been well-known within industries like healthcare, e-commerce, legal, and entertainment that have swiftly adopted and leveraged AI to enhance operations and decision-making processes. From predictive maintenance in manufacturing to personalized customer experiences in retail, AI's cross-industry disruption underscores its transformative impact on the way organizations operate and compete. The integration of AI within the M&A landscape is not very far. ### Tax Street - January 2025 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxation in India and across the globe. ### The New Income Tax Bill 2025: Is It Really a Game Changer? The Income Tax Bill 2025 has been introduced to replace the more than six-decade-old Income Tax Act 1961. With its proposed implementation from April 1, 2026 (Tax Year 2026-27), the New Bill aims to modernize and simplify India's tax legislation. The proposed bill seeks to streamline tax provisions by consolidating scattered sections, removing explanations and provisos, and enhancing clarity through structured formulas and tables. It also eliminates redundant provisions to ensure a more concise framework. Additionally, while the familiar concepts of 'Assessment Year' and 'Previous Year' are set to be replaced with a 'Tax Year' aligned with the financial year, these changes are largely in form rather than substance. Although the New Bill is positioned as a step towards simplification, it does bring with it certain legal and administrative challenges. While it achieves a more structured and accessible format, it may still fall short of delivering a truly transformative reform, leaving the common taxpayer navigating complexities within the new law. At Nexdigm, we have analyzed the key aspects of this legislation and its potential impact. ### Unpacking 2025 Budget: Strengthening the Transfer Pricing Assessment Framework with Block Assessments The Finance Minister, in her recent budget speech of 1 February 2025, briefly underlined Taxation Reforms as one of key reforms to realize the vision of ‘Viksit Bharat’ (Advanced India). She touched upon the topic of ease of doing business and introduced measures to streamline the process of transfer pricing assessment. The Finance Bill 2025 has proposed a multi-year framework to determine Arm’s Length Price (ALP) aimed at reducing excessive compliance burdens and eliminating redundant assessments where there is uniformity in transactions that remain consistent over time. ### Benefit of fresh lease life of 8 years to tax losses of amalgamating company: Proposed to be Withdrawn As per Section 72A and Section 72AA of the Income tax Act, 1961 (ITA), accumulated loss and unabsorbed depreciation of amalgamating/predecessor company are deemed to be the loss or unabsorbed depreciation arising in the hands of amalgamated / successor company in the year in which amalgamation was affected (emphasis supplied). ### Incentives to International Financial Service Centre (IFSC) The International Financial Services Centre (IFSC) in India has the potential to play a significant role in attracting global investments, promoting financial services, and boosting the country’s economic growth. IFSCs, like the one in GIFT City (Gujarat), aim to position India as a global financial hub. By focusing on the IFSC, the government can enhance India's integration with the global financial ecosystem, attracting international investors, multinational companies, and financial institutions. ### Key Highlights of the Union Budget 2025-26 As India advances towards its vision of Viksit Bharat 2047, the Union Budget 2025-26 emerges as a critical policy instrument designed to promote sustainable growth, strengthen fiscal resilience, and establish a supportive environment for both individuals and businesses alike. At a time when the global economic landscape remains dynamic and complex, this budget underlines the government’s commitment to structural reforms, inclusive development, and strategic investments that drive long-term economic prosperity. The Union Budget is a blueprint that determines economic priorities, influences business decisions, and lays the groundwork for national progress. The finance minister identified four engines of development—Agriculture, MSMEs, investments, and exports—while initiating transformative reforms across six domains: taxation, power sector, urban development, mining, financial sector, and regulatory reforms. The budget places a strong emphasis on the Make in India campaign to enhance economic resilience. Key initiatives include the launch of a National Manufacturing Mission for MSMEs, targeted support for small businesses, positioning India as a global hub for toy manufacturing, incentivizing green technologies, and boosting domestic solar panel production. Additionally, the finance minister introduced revised MSME classification criteria, doubling turnover limits and increasing investment thresholds by 2.5 times. ### Budget 2025 Highlights: What’s New in TDS and TCS provisions Budget 2025 has focused on rationalization of TDS and TCS provisions. The new norms are directed towards easing compliance provisions for businesses and also aim at easing the procedure of tax payments by the taxpayers. ### A long-awaited and well-deserved change: Reforms in Personal Income Tax This was a historic 8th budget for Finance Minister Nirmala Sitharaman, the second of Modi Government 3.0, and finally, the middle class has been appeased. The Government has acknowledged that the middle class is providing strength for India’s growth. ### Budget 2025 Expectation: For Sustainable Energy Sector India is the third-largest producer and consumer of electricity worldwide. Increased industrialization, rural electrification projects, and increased per capita consumption are expected to further increase electricity demand. India has been using coal for power generation for decades, and coal continues to be a major energy producing fuel. In recent times, however, solar electricity has increased significantly, and now solar sourced energy stands third in electricity generation behind coal and hydro. This is primarily due to the Government’s focus on this energy source coupled with the development of technology and reduction in costs. India has committed to augmenting non-fossil fuel based installed electricity generation capacity to over 5,00,000 MW by 2031-32. Today non-fossil fuel contributes to approximately 43% of the total installed capacity, compared to approximately 29% of a decade ago. Despite the increase in contribution, the potential of solar and wind energy is vast and is still to be harnessed. ### Top 6 Budget 2025 Expectations: For Individual Taxpayers Government of India is already in the process of simplifying the income tax laws by introducing a new tax regime, TDS rate rationalization, a user-friendly process for filing income tax returns, etc. Still, there are more expectations from the upcoming budget, and the focus should be on individual taxpayers. We expect that the forthcoming budget shall implement the mentioned tax reliefs, which will help middle-class taxpayers increase their savings by providing a few additional tax exemptions, and they become more tax compliant. ### Budget 2025 Expectation: Semiconductor Industry As February approaches, everyone is looking ahead to the Union Budget 2025. The government's primary focus for this fiscal year is expected to be economic growth and development. A key expectation from Finance Minister Nirmala Sitharaman is to sustain growth while managing the fiscal deficit and keeping inflation under control. ### Decoding LinkedIn India’s SBO Disclosure Dilemma In the recent past, LinkedIn Technology Information Private Limited (“LinkedIn India” or “the Company”) has faced adjudication proceedings before the Registrar of Companies (“RoC”) for alleged non-compliance with respect to the disclosure of significant beneficial owner (“SBO”) in accordance with the provisions of the Companies Act, 2013 (“Act”). This article delves into the issues considered in the adjudication order by RoC in detail, providing insights into the criticalness of SBO reporting under the Act. ### Tax Street - November 2024 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxation in India and across the globe. ### Tax Street - October 2024 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxation in India and across the globe. ### Unlocking Successful Negotiation: The Balance between Legal Expertise and Effective Communication Negotiation is vital in managing contracts effectively as it influences various aspects of a deal, right from deal formation to resolving conflicts amicably. Securing favorable results in negotiations entails not only strategic planning, but also a mix of legal knowledge and clear communication skills. Recognizing the interplay between these factors can help improve the outcome of negotiations and lead to more favorable and sustainable agreements. Role of Legal Expertise in Negotiation Legal knowledge and expertise play a critical role during negotiations by ensuring that agreements are beneficial and in line with the relevant laws and regulations. Lawyers or legal advisors provide several key advantages in this regard. Some of them are listed below: Understanding the Legal Framework Lawyers and other legal professionals usually excel at maneuvering through intricate legal frameworks. They meticulously ensure that every contractual term adheres to the applicable laws, thus reducing the risk of future disputes or legal challenges. Assessment of Risk Lawyers are crucial in spotting potential legal risks and liabilities in proposed terms. By being proactive, they enable parties to resolve issues early on, thus preventing significant problems and protecting against unexpected complications. Meticulous Drafting Lawyers and legal experts can draft clear and precise contract language that reduces ambiguity. Well-drafted contracts are easier to enforce and less prone to misinterpretation, ensuring all parties fully understand their rights and obligations. Dispute Resolution Legal expertise is essential for efficient conflict resolution in case of any disputes. Skilled negotiators and legal advisors can make use of alternative dispute resolution mechanisms, such as mediation or arbitration, in order to resolve issues without having a need for prolonged litigation. ### Tax Street - September 2024 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxation in India and across the globe. ### UAE Transfer Pricing Disclosure: What You Need to Know The FTA has updated the format of the UAE Corporate Tax return, which now has a specific portion on Transfer Pricing (TP) related disclosure. This article gives an overview and highlights critical items in the said portion. The Origin The requirement of the TP disclosure form was initially announced in the Federal Decree-Law No. 47 of 2022. Article 56 of the said Decree provides for furnishing along with the tax return 'disclosure containing information regarding the Taxable Person’s transactions and arrangements with its Related Parties and Connected Persons in the form prescribed by the Authority.' The Blueprint Subsequently, in October 2023, the FTA issued a comprehensive TP guide, including a blueprint of the TP disclosure form. The guide indicated that the key contents of the TP disclosure form would include the nature of controlled transactions, value of controlled transactions, details of related parties, TP methods, etc. The timeline for furnishing the form was the same as the tax return, i.e., within nine months from the end of the tax period. ### Tax Street - August 2024 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxation in India and across the globe. ### Implications of Indian Budget 2024 for Non-Resident and Foreign Businesses | 2024年度インド国家予算が海外居住者および外国企業に及ぼし得る影響 The Union Budget presents a roadmap to India's burgeoning future, including major economic reforms and incentives. We have summarized a few key amendments that may have an impact on foreign businesses or subsidiaries of Foreign Companies operating in India. 国家予算（Union Budget）は、主要な経済改革や インセンティブなど、国内で急成長する分野の将 来性を示唆する。そこで、インド国内で事業を展 開する外国企業やその子会社に影響を及ぼす可能 性のある重要な改正を一部まとめた。 ### Implications of Indian Budget 2024 for Non-Resident and Foreign Businesses The Union Budget presents a roadmap to India's burgeoning future, including major economic reforms and incentives. We have summarized a few key amendments that may have an impact on foreign businesses or subsidiaries of Foreign Companies operating in India. ### Budget 2024 – What’s New? Amendment regarding TDS and TCS provisions TDS and TCS are widely used by the Government as a mechanism to collect taxes as and when transactions occur. This serves twofold purposes: On the one hand, taxes are recovered on a real-time basis as and when transactions occur, and on the other hand, it helps in tracking a person's various income streams. Budget 2024 has brought some key changes to rules relating to tax deductions at source (TDS) and tax collection at source (TCS). The new norms are directed towards easing compliance provisions for businesses and aiming to ease the procedure of tax payments by taxpayers. ### Significant Changes in Personal Income Tax The most awaited changes expected in the budget are relating to personal income tax. This was a historic 7th budget for our Finance Minister, Nirmala Sitharaman and the first of the Modi Government 3. The focus of the budget has been to create employment and thus schemes for skilling youth with industry relevant courses, promotion of internship of youth in top companies, PF reimbursement for additional employees employed during the year etc. have been introduced. ### Union Budget 2024-25 The Union Budget 2024 represents a pivotal moment in India's economic journey. The new government has presented a detailed roadmap for India's burgeoning future that would further solidify India's position on the global stage. This Union Budget uses the Interim Budget as a springboard and intends to stay on a growing economic trajectory, realizing its potential to be the 'shining exception.' Echoing a theme of an empowered and inclusive economy, the Union Budget steers an ambitious, people-centric agenda to address challenges and facilitate sustainable economic development towards the goal of Viksit Bharat by 2047. ### The future of FDI from land-bordering countries in India In April 2020, the government introduced Press Note 3 (PN3), requiring prior approval for all investments from bordering nations, including China. This move aimed to safeguard national security concerns in the wake of border tensions. While this policy addressed strategic considerations, it also created uncertainties for foreign investors, particularly those with indirect Chinese ownership or funding. Around the introduction of PN3, in the postpandemic time, the world was planning to realign the global supply chain for the China Plus One strategy. While India may not have benefitted from the China Plus One strategy, the countries where the global supply chain has shifted, such as Mexico, Vietnam, Taiwan, and South Korea, have seen direct beneficiaries of the US's trade diversion from China. While these nations increased their share of exports to the US, they also displayed a concomitant rise in Chinese FDI. Therefore, the world cannot completely look past China, even as it pursues the China Plus One strategy. ### Budget Expectations - Sustainable Energy Sector The Interim Budget 2024 was announced in February 2024. It was an inclusive budget focusing on all the major sectors of the economy. In the Interim Budget, the government highlighted environment protection and green energy sectors to lead to a Vikasit Bharat by 2047. Most nations are focusing on achieving a net zero carbon emission milestone. In that direction, our government has introduced low carbon/clean energy interventions, including the "Rooftop solarization" scheme offering free electricity, enhancing offshore wind energy, coal gasification, compressed bio-gas, biomanufacturing, and bio foundry to produce bio-degradable environmentally friendly polymers and products, scale up plans for electric vehicles and charging infrastructure for the clean environment, etc. The government also focuses on expanding the use of more electric buses for public transport, leading to significant investments in the electric vehicle sector. Green Growth is one of the top priorities of the Modi-led Government. ### Key expectation from Transfer Pricing (‘TP’) perspective amidst the economic vision of the new government The Annual Budget 2024 will be presented in the Monsoon Session of Parliament. The Annual Budget 2024 is expected to build upon the principles of "Reform, Perform, and Transform." It is most likely that the finance minister would declare India's commitment to 'Pillar 2', aiming to implement a global minimum effective corporate tax rate of 15%. The initiative of the Organization for Economic Cooperation and Development (OECD), supported by the G201 targets the multinational enterprise groups with annual consolidated revenues of at least 750 million euros. ### Expectations on Indirect Taxes front The recently re-elected central government is set to present its thirteenth Union Budget on 23 July 2024. There is much anticipation from NDA 3.0 for policies aimed at economic growth, fiscal consolidation, inflation check, and promotion of private and foreign investments in crucial sectors like infrastructure, education, and healthcare. While GST related reforms in this Budget would be aligned to give effect to the recently announced trade facilitation measures of the 53rd GST Council meeting, much remains to be seen on the Customs legislation as well as on the incentivization front. ### Direct Tax Recommendations for Budget 2024 The much-anticipated Union Budget 2024, under the Modi 3.0 government, will be presented on 23 July 2024. Globally, various stakeholders are keenly awaiting what's in store in this year's budget. We have enumerated certain recommendations that the government may consider to simplify and streamline regulations for both businesses and individuals from a direct tax perspective. ### Tax Street - June 2024 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxation in India and across the globe. ### Deemed Dividend under Section 2(22)(e) - Shareholders to Watch-out! Dividends traditionally have been taxable either in the hands of the company as Dividend Distribution Tax or in the hands of the shareholders as 'Income from Other Sources.' However, to avoid paying such tax, many closely held companies resorted to providing loans or advances to shareholders or to the concern in which such shareholders had substantial interest or made payments on behalf of or for the individual benefit of such shareholders. To tax such situations, the concept of deemed dividend was enacted as an anti-avoidance measure. These provisions widened the tax net and covered the above-mentioned payments as income in the form of deemed dividend to the extent of accumulated profits of the closely held company. ### Limited Liability Partnership needs to disclose the Significant Beneficial Owner The Ministry of Corporate Affairs (MCA) had introduced the concept of Significant Beneficial Ownership (SBO) for Limited Liability Partnerships (LLPs) vide notification dated 11 February 2022 whereby SBO provisions as prescribed under the Companies Act, 2013 (the Act) made applicable to LLPs as well. However, the application of the provisions of the Act posed certain interpretational challenges. That led to a lot of confusion amongst the stakeholders, requiring clarification. Therefore, to address the concerns of the stakeholders, the government introduced the LLP SBO Rules on 9 November 2023. Accordingly, every LLP (except exempted LLPs) is required to comply with the SBO provisions. Concept of SBO Unlike the Act, the SBO Rules do not define the basic meaning of beneficial ownership. It directly defines SBO in relation to LLP, which means an individual who possesses one or more of the following rights or entitlements in the reporting LLP, acting alone or together with one or more persons or trust, namely: holds indirectly or together with any direct holdings not less than 10% of the contribution; holds indirectly or together with any direct holding voting rights not less than 10% of voting rights in respect of the management or policy decisions in such LLP; has the right to receive or participate in not less than 10% of the total distributable profits, or any other distribution, in a financial year through indirect holdings alone or together with any direct holdings; has the right to exercise or actually exercises significant influence or control in any manner other than through direct holdings alone. It is pertinent to note here that likewise, the concept in the Act, an individual, either alone or acting with the other person, shall hold the rights or entitlements indirectly, which means just direct holdings will not be enough to categorize an individual as an SBO. ### Dematerialization of Shares in Private Limited Companies Dematerialization is the process of converting physically held shares and securities (in the form of paper certificates) into a digital or electronic form (stored in a ‘demat’ account). Dematerialization facilitates the smooth process of buying, selling, transferring, and holding securities while making it cost-effective and secure for issuers as well as investors. The certificates (paper-form securities) are the title documents reflecting ownership of shares and securities. It is often hard to keep track of all paper-based documents. Moreover, the increasing number of papers may lead to missing out on an important document. If the original certificates are somehow misplaced or stolen, it can prove to be a nightmare for an investor. Having these securities in dematerialized form provides safe custody of title to the ownership. MCA Notification for Dematerialization of Securities of Private Companies As per the Companies (Prospectus and Allotment of Securities) Rules, 2014, all unlisted public companies were required to issue and facilitate the dematerialization of all securities in accordance with the provisions of the Depositories Act, 1996 and the regulations made thereunder. Furthermore, in an endeavor to enhance transparency, protect investor interest by mitigating the risks associated with physical share certificates, and strengthen corporate governance, the Ministry of Corporate Affairs (MCA) issued a notification on 27 October 2023 to dematerialize the securities. ### Tax Street - May 2024 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxation in India and across the globe. ### Incentives for New Manufacturing Set Ups in India India's push for local manufacturing is evidenced by the various government incentives offered to attract increased investment. With its dynamic market and strategic geographic position, the world’s largest democracy has long been a magnet for global investments. In recent years, the Indian government, both at the central and state levels, has launched several initiatives and incentives to attract greenfield set-ups. These policies are designed to boost industrial growth, create jobs, and accelerate economic development. The range of incentives, from financial benefits to infrastructure development and regulatory simplification, is aimed at making India a global manufacturing hub. As companies worldwide look to diversify their manufacturing bases, India stands out as a promising destination with its comprehensive and strategic approach to attracting investment and boosting industrial growth. ### India-EFTA Trade & Economic Agreement: A Win-Win Deal In March, India marked a pivotal milestone in its pursuit of sustainable development, economic growth, and strengthening of its international trade presence by signing the Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA). Established in 1960, EFTA serves as an intergovernmental organization dedicated to fostering free trade and economic integration between its four non-EU Member States: Switzerland, Iceland, Norway and Liechtenstein. It has taken 21 rounds of negotiations, commencing back in 2008, to finally ink a “modern and ambitious Trade Agreement” with an important economic bloc out of the three (EU and UK being the other two) in Europe. Trade Agreements are arrangements between two or more countries that primarily agree to reduce or eliminate customs tariff and non-tariff barriers on substantial trade between them. Trade Agreements, normally cover trade in goods, and services, including Intellectual Property rights, investment, government procurement and competition policy, etc. Under a Trade Agreement, duty concessions are required to be extended only to such imported goods that are ‘made in’ the exporting country. Each Trade Agreement contains a set of rules of origin, which prescribe the criteria that must be fulfilled for goods to attain ‘originating status’ in the exporting country. Such criteria are generally based on factors such as domestic value addition and substantial transformation in the course of manufacturing/processing. ### Navigating the New Trade Agreements - A Strategic Guide for Exporters India's recent endeavors in bilateral and Free Trade Agreements (FTAs) signal a transformative era for various stakeholders. With an aim to reduce tariffs, improve market access and diversify India's trade relations, India has recently signed FTAs with the ASEAN region, the UAE, Australia, and the EFTA, focusing on sectors such as agriculture, textiles, pharmaceutical and IT. The FTAs remain a bedrock for the burgeoning Indian economy, offering advantages like reduced customs duties, protection of foreign investments, and provisions for intellectual property rights, boosting competitiveness and attracting Foreign Direct Investments (FDI). Logistics Service Providers (LSPs) and consultants play crucial roles in optimizing operations, reducing costs, and navigating regulatory complexities for businesses. In this collaborative article with TCI, we overview the different aspects that LSPs help Indian businesses capitalize on FTAs, achieve cost savings, and enhance competitiveness in global markets. The case studies in this article highlight the consultants’ strategic guidance and expertise that enable businesses to navigate complex regulatory environments, minimize risks, and optimize operational efficiencies, ultimately enhancing competitiveness and driving sustainable growth in global markets. ### Valuation of Optionally Convertible Debt Instruments Convertible securities emerged during the nineteenth century in the U.S. This was during a period in which securing capital in a swiftly expanding nation posed several difficulties, which led to the incorporation of convertible clauses in mortgage bonds. This addition aimed to attract investors primarily for funding the railroad construction. Subsequently, several companies across various industries began adopting such financial instruments. Owing to the increasing relevance of convertible debt instruments, it is crucial to understand the methods used to value convertible debt. Convertible debt instruments are subject to a range of regulations, accounting standards, and guidelines that establish a framework for financial reporting and disclosures. The Securities and Exchange Commission (SEC) regulations also require companies to provide accurate and transparent financial information, including the fair value of their financial instruments. ### How GST ensured fast credit growth to MSMEs The Finance Ministry has expressed confidence that India’s economy is poised to become the world’s third largest within the next three years, with a projected GDP of USD 5 trillion, up from the current USD 3.7 trillion. India's consistent outperformance against market expectations has firmly established it as one of the fastest growing economies globally. The banking sector is integral to maintaining the country's stability, which is pivotal for economic growth. However, recent years have witnessed a significant decline in year-on-year (y-o-y) credit growth in India, largely attributed to the economic impact of the pandemic. Despite strong credit demand, deposit growth has not kept pace with loans, leading to a notable increase in the overall loans-to-deposits ratio. In January 2024, credit to the industry expanded by 7.8% y-o-y, down from the 8.7% growth recorded in January 2023. Similarly, non-food bank credit grew by 16.2% y-o-y in January 2024, compared to 16.7% in the previous year. On the other hand, credit to Micro, Small, and Medium Enterprises (MSMEs) experienced a notable surge, with a y-o-y growth of 20%, indicating improved lender confidence and increased credit availability to this sector. GST has significantly driven two key outcomes: an increase in MSME registrations and a positive rise in credit extended to MSMEs. The number of new MSME registrations has surged from 0.5 million in the fiscal year 2017-18 to an impressive 15 million in the fiscal year 2023-24 (Year-to-Date as of December 2024). While GST was introduced to streamline a convoluted tax system and unify businesses under a single tax framework to enhance national tax compliance, its implementation has particularly benefited MSMEs. This is largely due to adopting a fully online GST compliance module, which has regulated a significant portion of the previously unorganized sector, thereby fostering a favorable environment for MSME growth. ### Tax Street - April 2024 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxation in India and across the globe. ### Substance and Significance of Beneficial Ownership Provisions This article focuses on the substantive provisions relating to the declaration of beneficial ownership in a company. Sections 89 and 90 of the Companies Act, 2013 (Act) deal with ascertaining the beneficial owner of the shares held in a company and disclosures in relation thereto. Both sections are applicable to all companies. Beneficial Ownership Provisions Section 89 deals with the declaration with respect to a beneficial interest in any share. Section 89 of the Act requires a person to make disclosure where his name is entered in the register of company members as the holder of shares but who does not hold a beneficial interest in such shares. Such a person is required to give disclosure in the prescribed format to the company, specifying the name and other particulars of the person who holds the beneficial interest in such shares. The said section also requires a person who is the beneficial owner but not the legal owner to make a declaration to the company. The declaration in the prescribed form should specify the nature of interest held by the beneficial owner, the particulars of a person who is a legal owner, etc. It is to be noted that both the legal owner and beneficial owner must declare to the company in a prescribed format. Sub-section (10) of Section 89 of the Act defines beneficial owner in an inclusive manner that beneficial interest in a share includes, directly or indirectly, through any contract, arrangement or otherwise, the right or entitlement of a person alone or together with any other person to: exercise or cause to be exercised any or all the rights attached to such share; or receive or participate in any dividend or other distribution with respect to such share. Thus, the above definition envisages two persons, one who is a legal owner of the share and another who has the right or entitlement to deal with such share through any contract, arrangement or otherwise. ### Incentives for New Manufacturing Set Ups in Punjab Indian State Governments offer varied incentives under their respective state industrial development corporation policies to promote the set-up of new manufacturing units in the state. Such incentives are in the form of capital subsidies, interest subsidies, subsidized electricity tariffs, and more. The purpose of such incentive schemes is to attract investment thereby enabling infrastructure development, generating employment, developing focus sectors, and largely facilitating the overall economic development of the state. ### Lok Sabha Elections 2024: Need for GST reforms to cater MSMEs The Goods and Services Tax (GST) regime, a pivotal reform in the nation's taxation structure, has evolved over the last seven years. Nonetheless, there still lies some room for tailored adjustments in the GST legislation to accommodate the distinctive circumstances encountered by the industry, specifically the Micro, Small, and Medium Enterprises (MSMEs). Here, it may be pertinent to note that this sector contributes around 30% to the country's GDP, with exports taking up around 46% of the share. A few propositions outlining the legal reforms aimed at refining the tax administration, which in turn would enhance the ease of doing business, are outlined below: The GST registration process should be streamlined to minimize the gestation period. While the UDYAM portal is integrated with the GST portal to extract turnover details, a reverse integration of the GST portal with the MSME portal would offer a seamless registration experience. Additionally, introducing a new taxpayer status such as "Regular – MSME" would delineate MSME-specific compliance obligations alongside enhancing the identification for their customers as well as authorities for better compliance. Given that MSMEs often operate on smaller scales compared to larger enterprises, increasing the turnover limits for registration, composition scheme, and Quarterly Return Filing with Monthly Payment (QRMP) scheme would alleviate the compliance burden for MSMEs, thereby allowing them to focus on business growth. In addition, GST provisions should be aligned with the Micro, Small, and Medium Enterprises Development (MSMED) Act to ensure timely payments to MSMEs, which would aid in providing them with financial stability. This would entail an amendment to the GST provisions to incorporate a credit period of 45 days as opposed to the present timeline of 180 days. Another critical aspect for MSMEs is maintaining adequate cash flow, and GST refund plays a crucial role. An amendment in the law to reduce the time limit for processing refunds from 60 days to align with the general practices of expeditious Income Tax refunds would be beneficial. ### Revamping Indian Real Estate: How Amendments to Insolvency Laws Promote Resolving Projects? From an optimistic future outlook, the Indian real estate market appears bright. According to a Concorde analysis, the real estate industry is expected to develop at a robust 9.2% CAGR between 2023 and 2028. By 2030, the Indian real estate market is projected to be worth USD 1 trillion, and by 2025, it is anticipated to account for 13% of the nation's GDP. However, the Indian real estate sector has long grappled with challenges ranging from delayed projects to disputes between developers and homebuyers. Amidst this backdrop, amendments to India's insolvency laws have emerged as a potential game-changer in transforming the real estate landscape. As per the IBBI Quarterly Newsletter, as of 31 December 2023, ~21% of insolvency processes comprise the resolution process, ~14% of insolvencies received resolution plans and ~18% of cases admitted to liquidation pertain to the real estate sector. As per latest Anarock's Report on "Update on IBC in Indian Real Estate "share of real estate in recoveries under insolvency and bankruptcy code rose to 18.8%. These numbers signify the importance of the sector. Thus, the regulator brough amendments, aimed at promoting the resolution of distressed projects on a case-by-case basis, signal a significant shift towards safeguarding stakeholder interests and revitalizing the sector. ### How Companies Can Avoid Unnecessary GST Frauds The Goods and Services Tax (GST) regime was implemented with the primary aim of simplifying the taxation system. However, despite concerted efforts by authorities to achieve this goal, the GST framework remains inherently complex. This complexity not only poses challenges for taxpayers but also creates loopholes that can be exploited by fraudulent entities, leading to significant revenue losses for the government. During a special drive spanning from May 2023 to December 2023, the government identified a concerning number of 29,273 fraudulent entities suspected of evading Input Tax Credit (ITC) to the tune of INR 440.15 billion. Similarly, between the fiscal years 2020-21 and May 2023, authorities unearthed a staggering 43,516 instances of GST fraud, involving a substantial INR 2685.37 billion. These figures may be the tip of the iceberg and indicate a possibility of numerous undetected cases. Moreover, fraudsters have exploited the system's complexity, impersonating the tax authorities and sending fake summons or notices to unsuspecting taxpayers. ### India’s Macro Economic Outlook: A CFO's Viewpoint 2024 could be an unpredictable year for the Indian economy. Being an election year, the re-election of the current government would provide a further push to the populist decision to advance the economic growth of the country and move towards the vision of a 5 trillion-dollar economy by 2027-281. Increased capital expenditure and divestment of public enterprises will also continue to be a top priority of this government. On the other hand, if a new government gets the voters’ mandate, it might result in a brief pause to the economy before the new government brings in their own vision of economic development, which is quite normal in this type of scenario. We could see more populist decisions in that case, where the focus could be on providing more subsidies (free electricity, free inputs to farmers etc.). Besides these uncertainties, ongoing geopolitical issues such as conflicts between nations, increasing climate risk, strict trade barriers, etc. have disrupted supply chains and oil prices, leading to an increase in input prices. However, until now, India has managed to navigate the situation with its strong diplomatic ties. The input prices have been kept under control by maintaining close relationships with USA, Russia, the Middle East, and other major oil suppliers. ### Tax Street - March 2024 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxation in India and across the globe. ### GST in Realty: Building Blocks or Stumbling Stones? When GST was implemented on 1 July 2017, it set the foundation for a monumental tax structure that continues to be constructed, piece-by-piece, reshaping India's economic landscape. While the real estate sector, a cornerstone of the Indian economy, has been adapting to GST, the journey has unveiled a mix of opportunities and challenges, which we have captured through this article. The Brighter Facet: GST's Positive Ripples in Real Estate Simplified tax structure Prior to GST, the real estate sector grappled with various taxes like VAT, service tax, and stamp duty, along with various rules and conditions for claiming the CENVAT credit, leading to a complex tax regime. GST streamlined this by bringing most of these under a single umbrella, reducing the need for developers and buyers to adhere to various laws. Increased transparency The Input Tax Credit (ITC) mechanism under GST ensures that developers pass on the benefits of tax credits to buyers, leading to a reduction in the overall cost of properties and increasing transparency in pricing. Despite changes in taxation and eligibility for the ITC, authorities were vigilant in ensuring that the benefits of rate reduction reached buyers. They provided multiple GST levy options during the transition period to guarantee that these advantages were appropriately passed on. ### Mandatory ISD Provisions: Do they end the need to cross charge? The debate between the Input Service Distributor (ISD) vs. Cross Charge mechanism has been ongoing since the introduction of the GST regime. Before this debate gained momentum, the Central Board of Indirect Taxes and Customs (CBIC) FAQ on IT and ITES released on 18 August 2017 inter alia clarified that ISD provision under the CGST Act, 2017, is not mandatory. Extracts of relevant FAQ reproduced hereunder: Question 26: Is the requirement of transferring credit through the ISD mechanism mandatory? Answer: The ISD provision under the CGST Act, 2017 is not mandatory. It only provides the manner of distribution of Input Tax Credit (ITC) wherever the business entity wishes to distribute the ITC as an Input Service Distributor. Despite the FAQ, decisions by the Authority of Advance Ruling (AAR) and Appellate Authority for Advance Ruling (AAAR) went against the applicants. Key decisions by AAR/AAAR: In Cummins India Ltd. {2022 (58) G.S.T.L. 549 (App. A.A.R. - GST - Mah.)} - Head Office not being entitled to avail and utilize ITC of tax paid to third-party service vendors for common input services received by it on behalf of branch offices/units, appellant bound to take ISD registration if it intends to distribute such credit – Decision given by AAR {2019 (23) G.S.T.L. 559 (A.A.R. - GST)} was upheld. In Tata Sia Airlines Ltd. {2021 (49) G.S.T.L. 195 (A.A.R. - GST - Haryana)} - ITC pertaining to services only on the procurement made by HO towards maintenance of aircraft (including lease thereof) shall be distributed by way of ISD mechanism. Taking note of the issue and the increasing litigation on the topic, the GST Council, in its 50th meeting on 11 July 2023, recommended a significant change by affirming that GST law does not mandate ISD registration. However, the Council hinted at prospective amendments to make the ISD mechanism mandatory for distributing ITC of common input services from third parties. In this relation, Circular No. 199/11/2023-GST was issued on 17 July 2023 by the CBIC, which inter alia clarified that the common charges and GST thereon can be transferred through a tax invoice by adopting the Cross Charging mechanism. ### Tax Street - February 2024 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxation in India and across the globe. ### IFRS vs ASC: Valuation Perspective This article aims to highlight the key valuation triggers that stem from the application of various International Financial Reporting Standards (IFRS) and outline the valuation-specific differences between IFRS and the Accounting Standards Codification (ASC). The comprehensive analysis presented here would give readers a broad understanding of the valuation practices under IFRS as well as the nuances that differentiate valuations under IFRS from that of ASC. ### Specter of multi-authority, repetitive and multi-directional proceedings haunting GST-payers The GST regime, implemented in 2017, turns seven years soon, stepping into its proverbial childhood. In many ways, the sweeping tax reform has lived up to its promise - advancing towards the envisaged vision of “One Nation, One Tax, One Market.” The year-on-year growth in numbers can be seen as a testament to the above story. However, as Albert Einstein once said, "Not everything that can be counted counts, and not everything that counts can be counted," it aptly describes that growth statistics in tax collection numbers should not be the sole parameter to judge the success of GST. Let’s look at a specter that is currently plaguing multiple taxpayers across trade and industry. ### Historical Perspective and Conceptual Understanding of Beneficial Interest/Ownership Entities such as companies, trusts, foundations, partnerships, and other types of legal persons and arrangements conduct a wide variety of commercial activities. While they play an essential role in the economy, their unique legal structure also makes them amenable to be used in complex transactions designed to conceal the actual owner and reason for doing the particular transaction. These entities were being used (or misused) as a vehicle for various illicit purposes like money laundering, tax evasion, insider dealing, terrorist funding, etc. In the wake of increased misuse of these entities as vehicles to attain illegal objectives, there was a growing need to address this concern globally. It was felt that misuse could be significantly contained if information regarding both the legal owner and the beneficial owner, the source of the entity’s assets, and its activities becomes available to the authorities in a timely manner. That necessity formally introduced the concept of identifying ultimate beneficial ownership. In India, the regulators, in their commitment before global forums, have been tightening the rules pertaining to the identification of beneficial owners. This article covers an overview of beneficial ownership and intends to increase its awareness. ### UAE Corporate Tax Regime: Impact on Free Zone Entities The UAE Corporate Tax Law (CT Law) is effective for any financial year beginning on or after 1 June 2023 (i.e., for a company following calendar year, the first tax year would be 1 January 2024 to December 2024). The CT Law is applicable to any juridical person incorporated in the UAE including Free Zone Entities (this includes companies, firms, LLPs, unincorporated JVs, etc.) and natural person carrying on business activities. Furthermore, any juridical person incorporated outside the UAE but effectively managed from the UAE would also be considered as a resident for UAE corporate tax purposes. Non-residents would be taxed in the UAE in respect of their income derived from a Permanent Establishment (PE) in the UAE or in respect of income derived through a ‘Nexus’ in the UAE. Corporate tax shall be imposed on a taxable person at the rate of 9%. A Qualified Free Zone Person (QFZP) would be liable to a 0% corporate tax on its qualifying income and 9% tax on non-qualifying income. ### Tax Street - January 2024 We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxation in India and across the globe. ### India’s Path to Progress As the Indian government led by Prime Minister Narendra Modi completes one decade, we take this opportunity to look back at some of the key developments, policies introduced, and reforms undertaken during this time and analyze the impact of these changes on the nation. Over the last decade, financial inclusion of the common man has increased by 12 times through the introduction of RuPay cards and bank accounts to all with the PM Jan Dhan Yojna (PMJDY) scheme playing a significant role in financial inclusion while reducing poverty. ### How Holding Companies Could Hold Ground under UAE Corporate Tax The UAE has long been known for its business-friendly environment, characterized by a lack of corporate and personal tax. However, the UAE’s Federal Tax Authority has brought a significant shift by introducing the UAE Corporate Tax (CT) law vide Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (CT Law). The CT Law has far-reaching implications on the taxpayers, particularly for Holding Companies. In this article, we explore the key aspects of the newly introduced UAE CT law and its impact on Holding Companies. ### Key Highlights - Food Processing Industry Budget 2024 charts a growth-focused course, emphasizing capital expenditure for positive economic impact. Initiatives in transport and green projects create private sector opportunities, earning accolades from the business community. The Budget's commitment to trust-based governance, especially for Micro, Small, and Medium Enterprises (MSMEs), is commendable. Looking forward, the Budget strikes a balance between farmer welfare, agricultural competitiveness, and support for start-ups. Measures addressing information asymmetry aim to foster entrepreneurship in the agriculture value chain. Anticipated boosts in investments for fisheries and dairy, along with increased credit availability, are expected to spur growth. ### Key Highlights of Interim Budget 2024 The Interim Budget 2024 was a reflection of past achievements and attempted to provide an impetus to India’s current optimistic trajectory. The Hon’ble Finance Minister (FM) drew attention to India’s enormous retrospective journey and projected confidence in the nation’s bright economic future. The FM presented the Interim Budget 2024-25, envisioning a digital and technology-driven nation fueled by knowledge and self-sufficiency. Leading the nation towards a self-sufficient and inclusive economy, the Interim Budget 2024-25 intends to further advance and facilitate economic development. Banking on the solid capex outlay in the previous year's Union Budget, the nominal GDP growth is projected at 10.5% for FY 2025. Moreover, the outlay for the next year is expected to increase by 11.1% and will account for 3.4% of the GDP. The government has showcased its commitment to fiscal prudence, with the revised fiscal deficit pegged at 5.1% for FY 2025. Moreover, it aligns with the government's effort to reduce the fiscal deficit to 4.5% by FY 2026. FDI inflow continues to witness robust momentum between 2014 and 2024, a golden era with FDI touching the USD 596 billion mark. The amount of FDI inflow during this period is twice the inflow compared to the period between 2005-2014. This comes in line with the recently announced India-Middle East-Europe Economic Corridor that could be a strategic and economic game changer for India. Green energy and technology will continue to be a focus area for the government. With the intention to strengthen India’s technology prowess, the government has introduced a corpus of INR 1000 billion to provide long-term financing or refinancing with long tenors and low or nil interest rates. Apart from encouraging the private sector to scale up research and innovation in sunrise domains, this move also ensures the integration of youth and technology while preparing to add another long-term win under the ‘Make In India’ initiative. ### Healthcare Sector Expectations from Budget 2024 The COVID-19 pandemic put a spotlight on healthcare systems across the globe and exposed areas of improvement within the system. Post-pandemic, all nations across the globe, including India, have taken concrete steps to restructure and rejuvenate their healthcare system. The Indian healthcare sector has come out of the pandemic stronger, more resilient, and more patient-focused than ever. The Government of India (GoI) has been a proactive stakeholder by providing all the tools necessary for the sector to continue its growth trajectory. One of the significant instruments of GoI support has been the annual budget. The GoI has been consistently increasing allocation for the healthcare sector over several years, although it has still not reached its target of 2.5% of the GDP. In addition to the budget announcements, the GoI has also taken policy initiatives such as the Production Linked Incentive (PLI) schemes, the Promotion of Research & Innovation in Pharma/MedTech (PRIP) scheme, and scaling its flagship Aayushman Bharat Initiative. Furthermore, the newly introduced policies including the New Medical Device Policy 2023 and the Draft National Pharmaceuticals Policy, showcase the GoI’s clear vision for the sector. ### Food Processing Sector Expectations from Budget 2024 As India gears up for Union Budget 2024-2025 which sets the tone for national development, the Food Processing Sector expects an emphasis on agriculture and related industries due to their vital role as the primary occupation for majority of the Indian population. The evolving landscape, characterized by rising incomes, heightened urbanization, and changing consumer preferences, highlights an increasing demand for processed food. Agriculture is experiencing a shift, expanding beyond conventional crops to emphasize fruits, vegetables, dairy, poultry, meat, and fisheries. Projections suggest that by 2030, the agriculture and allied sectors could generate over USD 800 billion in revenue. To boost farmer incomes, the need of the hour is infrastructure development, integration of technological solutions, and enhancements in the overall ease of doing business. However, a focus on policy direction combined with effective promotion of investments is essential to strengthen the agricultural supply chain. ### Getting acquainted with the concept of “deemed international transaction” in India Transfer Pricing (TP) in India, was first introduced in 2001, in the Income-tax Act 1961 (the Act) and has seen various developments in the past two decades. The TP provisions are based on Article 9 of the Organization for Economic Co-operation and Development Guidelines (OECD) and were introduced to prevent the base erosion of India’s tax base. Primarily intra-group cross border transactions were covered under the ambit of TP and later vide amendment in 2014 in the Act, the concept of deeming fiction under Section 92B(2) of the Act was introduced in the Indian TP provisions. In the era of globalization and increasing trade between countries, many multinational companies, in their normal business operations, interact with their group companies for the purpose of global growth and expansion. With this increase in global presence, MNCs also developed a mechanism whereby the Global customer and vendor contracts were entered or negotiated centrally to ensure better synergies on the transactions and also to negotiate better pricing due to their bargaining power at the group level and secure global business. ### Expansion into overseas markets: The tax and regulatory framework As the Indian GDP grows, the Indian industry continues to expand across the global, supplemented by digitalization. In recent years, there’s been an increase in Indian investments in foreign countries in the form of Indian industries opening places of business – subsidiaries and joint ventures outside India. According to the Department of Economic Affairs1, the actual Overseas Direct Investment (ODI) outflow from April 2000 to July 2023 stood at USD 2,88,920 million, of which FY 2021-22 has seen an actual ODI outflow of USD 18,066 million. The top country of choice for ODI has been Singapore, followed by the USA and the UK. Easier access to technology, research and development, a wider global market, reduced cost of capital and other benefits increase the competitiveness of Indian entities and boost their brand value. “Overseas Direct Investment” or “ODI” means investment in or acquisition of unlisted equity capital of a foreign entity or investment in 10% or more of the paid-up equity capital of a listed foreign entity. It also includes investment of less than 10% in a listed entity if such investment is with control in the foreign entity. Indian investors keen to invest abroad are required to undertake a few compliances under various laws in India. As Indian investors are remitting their funds outside India with the objective of earning income outside India, two important laws to be complied with are the ‘Foreign Exchange and Management Act, 1999’ (FEMA) and the ‘Income-tax Act, 1961’ (IT Act). Any non compliances under these laws can attract hefty penalties and hinder the ease of doing business. This article enumerates some relevant aspects of these laws. ### Chennai ITAT Ruling in Cognizant's Shares Buyback: A Panoramic Analysis Recently, the Chennai Income-tax Appellate Tribunal (ITAT or Tribunal) in the case of Cognizant Technology Solutions India Pvt. Ltd (Company or the assessee or the taxpayer)1 held that the purchase of own shares under a scheme of arrangement approved by the High Court was a colorable device devoid of commercial substance and was undertaken to evade taxes by resorting to treaty shopping. It further held that the Assessing Officer (AO) is empowered to adopt a “look through” approach rather than ‘look at’ approach. The ITAT has ruled that Dividend Distribution Tax (DDT) under section 115-O read with section 2(22)(d) of the Income-tax Act, 1961 (Act) was applicable to the said transaction by characterizing it as ‘Capital Reduction’. Interestingly, it is pertinent to note that the taxpayer’s stand was that the Scheme for Purchase of its own shares was neither a ‘Buy-back’ nor a ‘Capital Reduction’ in a strict sense, but it was a contract between the Company and its shareholders for Purchase of shares against payment of consideration. It was pursuant to the legal mandate under the law that the shares so the purchase had to be canceled/extinguished, and such cancellation could not be considered as Capital Reduction, nor the payment of consideration out of profits could be considered as ‘distribution’ of accumulated profits to trigger the provisions of Section 2(22)(d) of the Act. While the ruling pertains to AY 17-18 prior to the applicability of the GAAR provisions, this is an ideal case of invocation of judicial GAAR by the tax authorities by adopting a ‘look through’ approach. The ruling will act as a guiding force in structuring M&A deals, especially under the GAAR regime, considering the ‘look through’ approach adopted by the tax authorities. Accordingly, in this article, we have attempted to summarize some of the key facts and grounds that were the driving factors for the Tax Tribunal in holding that the Scheme was a colorable device to evade taxes. ### Incentives for New Manufacturing Set Ups in Uttar Pradesh Indian State Governments offer varied incentives under their respective state industrial development corporation policies to promote the set-up of new manufacturing units in the state. Such incentives are in the form of capital subsidies, interest subsidies, subsidized electricity tariffs, and more. The purpose of such incentive schemes is to attract investment thereby enabling infrastructure development, generating employment, developing focus sectors, and largely facilitating the overall economic development of the state. To enable the availability of a quick summary of such general incentives offered by various Indian states, Nexdigm is releasing a series of documents focusing on providing a brief overview of such incentives offered by respective State Governments in India. This document covers information about incentives offered by Uttar Pradesh under the ‘Uttar Pradesh Industrial Investment & Employment Promotion Policy 2022’. ### Tax Considerations for Mergers and Acquisitions: Structuring Deals for Optimal Tax Efficiency Mergers and Acquisitions (M&A) is the most popular route used by companies looking to consolidate businesses, expand operations, rationalize holding structures, enhance shareholders' value, meet regulatory requirements, or, in some cases, wade off competition. Historically, Tax and Regulatory considerations have always assumed great significance while undertaking such M&A activities, especially where the same involves cross-border structures involving multiple jurisdictions. ### Online Gaming – Are all bets off? Who wins? Who loses? The GST Council in its 50th and 51st meetings had recommended to levy GST on Casino, Horse Racing and Online gaming at the uniform rate of 28% on full face value. As there was no consensus among the Group of Ministers on the aspect of taxing Casino, Horse Racing and Online gaming at 28% on the value of bets placed or on the Gross Gaming Revenue (GGR is the revenue earned by the online gaming platform i.e., amount wagered minus amount won by players), it was left to the GST Council to decide. ### Foreign Trade Policy 2023 Roadmap to India’s Global Leadership in Exports Over the years, India’s Foreign Trade Policies have reflected the nation’s standing among the world economies. The initial policies, which came with sunset clauses, were focused more on transitioning the country from a developing economy to a developed economy and becoming self-reliant. However, with the shift in momentum in the recent past, the policies have become more export-centric while measures have been taken to curb imports only to need-based procurements. We have also witnessed India’s tussle with the WTO on various incentive schemes and the need to develop promotional measures that are not directly linked to exports. Given this, the Government has been working on numerous measures against the backdrop of a new policy, and most of them have now been announced by way of Foreign Trade Policy 2023. The policy further highlights opportunities that India as a nation can offer to the World and draws a plan to turn its potential into kinetics. With a long-term vision and no sunset date, the new FTP is aimed to be dynamic thereby enabling the industry and trade to formulate long-term strategies and visions. While some prominent schemes continue under the new policy, the government has aimed at introducing a few noteworthy measures which are discussed in the ensuing paras. ### TP Guide 2023 - A Disquisition to UAE TP Rules The UAE Ministry of Finance (MoF) issued the first-ever Transfer Pricing Guide (TPG) on October 2023 to provide general guidance on the Transfer Pricing regime. The provisions of Corporate Tax are applicable to the tax period commencing on or after 1 June 2023 and the issued guidelines are to be read alongside for accurately decoding provisions of Decree1. The guide solely acts as the primary source of guidance for Transfer Pricing matters in the UAE and does not hold the power of enforceability. If and only if certain aspects are left uncovered by this guide, one may resort to international standard guidance like OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations (OECD TPG) and other supporting documents realized by the OECD. The focal intent of the TPG is to define the ambit of related parties and connected persons in detail. Thereby determining the related party transaction and identifying the correct choice of transfer pricing methods. Additionally, it specifies the applicability of maintaining Transfer Pricing Documentation (TPD). The TPG also touches upon certain miscellaneous topics which taxpayers may adopt. ### Purchase of own shares under the scheme whether dehors buyback or capital reduction Recently, the Chennai Income-tax Appellate Tribunal (ITAT) in the case of Cognizant Technology Solutions India Pvt. Ltd [TS-531-ITAT-2023(CHNY)] (the Company) recharacterized the Scheme of Arrangement (scheme) for the purchase of shares by the Company from its shareholders under Scheme 391 to 393 of the erstwhile Companies Act 1956 (1956 Act) as a capital reduction and ruled in favor of the revenue from taxation perspective. Interestingly, the contention of the Company was that the scheme was neither a buy-back under Section 77A nor capital reduction under Section 100-104 of the 1956 Act (as it was applicable then). Our article titled “Chennai ITAT Ruling in Cognizant's Shares Buyback - A Panoramic Analysis”, which delved into the taxation aspects of the issues involved has been separately published on Taxsutra portal. In this article, we have attempted to analyze the company law issues that the aforesaid ruling has touched upon. ### GST Council hits half-century An all-round performance While marking its 50th meeting milestone, the GST Council has announced a slew of recommendations relating to changes in GST rates, measures for trade facilitation and for streamlining GST compliances. Some of the key announcements are analyzed below: Comments on trade facilitation measures The clarity on no GST liability as well as no liability to reverse ITC in cases involving warranty replacement of parts and repair services during the warranty period should provide a much-needed respite to the manufacturers. There were debates after the Hon’ble Supreme Court judgment in the case of Mohd. Ekram Khan & Sons vs. CTT [(2004) 6 SCC 183], pertaining to the erstwhile State Value Added Tax regime, about taxing such supplies. It is heartening that the GST Council has taken a very pragmatic view of the matter and clarified the issue in favor of the trade, thus, saving a huge amount of time and cost in litigation on this issue. The scheme of classification has an entry 99717 for services of holding financial assets such as equity, securities, and other assets of trust and funds, etc. ### 5 things early-stage start-ups must be aware of to avoid GST notices The last decade has witnessed an exponential rise in the start-up ecosystem in the country. While the COVID-19 outbreak and the effects of the lockdown in 2020 may have dented this ecosystem, the year 2021 registered a return on the growth trajectory. Today, the start-up ecosystem in India, which had started as a software-intensive hub, is now industry and location agnostic and has expanded leaps and bounds across industries and service sectors. This has been possible on account of various government initiatives, the availability of skilled workers, access to capital, and a supportive business environment. This has, in turn, led to steady growth for the country in the ranks of ‘ease of doing business.’ Amongst the diversified government measures that encourage start-ups in India, GST is the most critical one as far as the indirect tax perspective is concerned. While the compliances have been largely simplified visà-vis the erstwhile regime, the government (through the GST Council) has in recent times upped the ante on the administration and vigilance front through extensive use of technology to plug revenue leakages and to curb tax frauds. ### Why Every Start-up Needs a Full-time or Virtual CFO Finance is a foundational pillar for start-ups where the role of a CFO differs significantly from that in an established corporation. While the roles and responsibilities of a CFO are more organized and clearly defined in an established corporation, a CFO in a start-up would need to wear multiple hats to navigate the complexities of early-stage growth. For such a dynamic role that extends to finance, strategy, compliance, technology, and people management, a CFO must strike the right balance of micro-level analysis and macro-level forecasting while constantly shifting between the two to make effective decisions. Our latest article covers the key roles and responsibilities of a modern-day CFO along with the challenges in hiring the right talent for the position. ### The Role of Technology in the Changing Landscape of Risk Management In this ever-evolving landscape of risk management, there are a lot of uncertainties and challenges. This is why technology becomes important, as it plays a crucial role in risk management by providing various tools and resources that enhance the effectiveness and efficiency of risk management professionals. From the precision of Data Analytics to the adaptive expertise of Artificial Intelligence (AI), technology has become an enabler and a force multiplier for risk management. In this article, we will explore the latest technologies that are bringing about change in the landscape of risk management, while also looking into potential challenges that may arise from the implementation of these technologies. ### Food Processing Industry: A Sunrise Sector EP:02 Dairy Industry - Poised for Expansion Today, the Indian dairy market is one of the largest and fastest-growing globally. More importantly, it continues to play a massive role in the Indian economy as a significant source of employment and income. However, due to rising middle-class income, greater consumer awareness, and changing consumption habits, the industry is witnessing new trends and challenges, such as strong demand for more milk products, a sustainable diet high in protein and fiber, better feeding and breeding solutions, higher milk production costs, and more. To learn more about this topic, listen to our recent podcast as K.S. Narayan, Principal Consultant for Food Processing at Nexdigm, engages with industry veteran Dr. R. S. Sodhi, President of the Indian Dairy Association. EP:01 Food Processing Industry: A Sunrise Sector As one of the country’s largest industries, the Indian Food Processing Industry is expected to bolster the Indian economy. However, it is poised to witness a significant transformation with a paradigm shift in consumer preferences fostered by a strong inclination towards plant-based food and sustainable diets. Through our latest episode from the Indian Food Processing Industry podcast series, discover the industry trends and challenges with K.S. Narayan, Principal Consultant – Food Processing at Nexdigm, as he engages with seasoned expert Santhosh Stephen, Managing Director at Symega Food Ingredients and draws attention to critical aspects of this evolving industry. ### Taxability on Benefits and Perquisites – Impact on Food Processing Sector Background and Legislative Intent Section 28(iv) of the Income-tax Act, 1961 (the Act) was introduced in the Finance Act, 1964 to tax the value of any benefit or perquisite, whether convertible into money or not, arising from the business or exercise of the profession by the assessee. However, even after five decades, there was no mechanism available to tax administrators to track whether such benefits and perquisites were offered to tax by the recipients. In many cases, the tax administrators claim that such benefits or perquisites are not offered to tax. To plug the lacuna in the law and to have an Audit Trail of the benefit and perquisite received by the assessee, a new Section 194R was inserted vide Finance Act, 2022 to provide for withholding tax on the value of the benefits or perquisites. It is to be noted that the provisions regarding the taxability of benefits or perquisites arising during the course of business or profession always existed in the statute books. Thus, if something was not taxable earlier, it would not be taxable now as well. ### Incentives for New Manufacturing Set Ups in Rajasthan Indian State Governments offer varied incentives under their respective state industrial development corporation policies to promote the set-up of new manufacturing units in the state. Such incentives are in the form of capital subsidies, interest subsidies, subsidized electricity tariffs, and more. The purpose of such incentive schemes is to attract investment thereby enabling infrastructure development, generating employment, developing focus sectors, and largely facilitating the overall economic development of the state. ### Incentives for New Manufacturing Set Ups in Odisha Indian State Governments offer varied incentives under their respective state industrial development corporation policies to promote the set-up of new manufacturing units in the state. Such incentives are in the form of capital subsidies, interest subsidies, subsidized electricity tariffs, and more. The purpose of such incentive schemes is to attract investment thereby enabling infrastructure development, generating employment, developing focus sectors, and largely facilitating the overall economic development of the state ### Corporate Tax Registration of Juridical Persons The UAE’s Federal Tax Authority (FTA) recently released a guide in August 2023 that will help navigate the Corporate Tax Registration of juridical persons. This guide offers valuable insights into crucial areas, such as Corporate Tax Registration rules, the criteria for determining the necessity of registration, and the Corporate Tax Deregistration process. This document aims to clarify and answer key questions on Corporate Tax Registration within the UAE. ### Promotion for Research and Innovation in Pharma-MedTech The Government of India (GoI) has focused on encouraging manufacturing in India and introducing innovative technologies. It has been instrumental in encouraging industries to ‘Make in India’ for domestic consumption and the world at large. The GoI has been regularly taking policy and regulatory interventions to help the industry manufacture and innovate in India. The AtmaNirbhar Bharat initiative, Production Linked Incentive Schemes, National Medical Device Policy, and New Drugs and Cosmetics Act (Draft) are examples of such initiatives. Taking forward this approach, the GoI last month announced the Promotion of Research and Innovation in Pharma-MedTech (PRIP) Scheme 2023. Under this scheme, the GoI has allocated USD 600 million over a five-year span for research and innovation activities in the field of Pharmaceuticals and Medical Devices. ### Navigating the credit distribution saga The GST Council has its ears to the ground and is seeking to resolve to remove ambiguities. One such recommendation of the Council was to resolve a longstanding debate on whether transferring credit through the Input Service Distributor (ISD) is mandatory or whether a "cross-charge mechanism" can be adopted. The GST Council clarified that the GST law does not mandate taking ISD registration and also positively affirmed that the same can be transferred by raising a tax invoice, i.e., by cross-charging. Contrastingly, the Council also recommended that suitable amendments be made to the law to mandate the ISD mechanism prospectively. ### Incentives for New Manufacturing Set Ups in Andhra Pradesh Indian State Governments offer varied incentives under their respective state industrial development corporation policies to promote the set-up of new manufacturing units in the state. Such incentives are in the form of capital subsidies, interest subsidies, subsidized electricity tariffs, and more. The purpose of such incentive schemes is to attract investment thereby enabling infrastructure development, generating employment, developing focus sectors, and largely facilitating the overall economic development of the state. ### CXOs' Take on Global Business Scenarios EP01: Customer Centricity In our brand new podcast series "CXO's Take on Global Business Scenarios," Anirudha Patankar spoke about the nuisances around Customer Centricity. According to Anirudha, it stems from the definition of customer. Companies must understand who their customers really are and work on their products and services based on the end consumer. ### Incentives for New Manufacturing Set Ups in Tamil Nadu Indian State Governments offer varied incentives under their respective state industrial development corporation policies to promote the set-up of new manufacturing units in the state. Such incentives are in the form of capital subsidies, interest subsidies, subsidized electricity tariffs, and more. The purpose of such incentive schemes is to attract investment thereby enabling infrastructure development, generating employment, developing focus sectors, and largely facilitating the overall economic development of the state. ### Incentives for New Manufacturing Set Ups in Gujarat Indian State Governments offer varied incentives under their respective state industrial development corporation policies to promote the set-up of new manufacturing units in the state. Such incentives are in the form of capital subsidies, interest subsidies, subsidized electricity tariffs, and more. The purpose of such incentive schemes is to attract investments thereby enabling infrastructure development, generating employment, developing focus sectors, and largely facilitating the overall economic development of the state. To enable the availability of a quick summary of such general incentives offered by various Indian states, Nexdigm is releasing a series of documents focusing on providing a brief overview of such incentives offered by respective State Governments in India. This document covers information about incentives offered by Gujarat under the 'Aatmanirbhar Gujarat Schemes 2022 for Assistance to Industries'. ### National Medical Device Policy 2023 | 2023年度の国家医療機器政策 On 26 April 2023, the Government of India (GOI) approved the National Medical Device Policy 2023. The Medical Devices sector is an integral part of the healthcare industry. It is a sunrise sector that has witnessed sustained growth in the past decade. The sector has seen significant investments recently and new MedTech startups are coming up each passing day. The sector has high import dependency, with 80% of total medical devices being imported into the country. Recognizing this concern, the GOI announced Production Linked Incentives (PLI) and the set up of dedicated Medical Device parks in the country in 2020 and 2021. 2023年 4月 26日、インド政府 （GOI）は 「 国家医療機器政策 2023」を承 認 し ました。 医療機器部門は、ヘルスケア産業に とって不可欠な存在です。過去 10年間、 持続的な成長を遂げてきた新 興 セ クターです。この分野では最近、大 規模な投資が行われ、新しい医療機器 関連のスタートアップ企業が日々誕生 しています。この分野は輸入依存度が 高く、医療機器全体の 80％が国内に輸 入されています。この問題を認識した インド政府は、生産連動型インセン ティブ （PLI）を発表し、 2020年 と 2021年 に国内に医療機器専用産業パークを設 立することを決定しました。 ### Family Arrangements – Taxation Aspects Involving Companies Over the years, India has witnessed the rise of many prominent family empires. A family business generally starts with a small business being set up by a member, which is expanded into diversified business operations and the legacy of which passes through several generations ahead. Many families start their businesses with sole proprietorship, and the journey of many such family businesses is taken forward to a multinational brand parked in various legal entities. Such entities are operated and managed by different members of the family. ### UAE Corporate Tax: ‘Qualifying Income’ Clarified The UAE Corporate Tax (CT) Law has been implemented effective 1 June 2023. The CT law that was first released in December last year has a specific provision for Free zone companies in UAE which seeks to tax the income of Qualifying Free Zone Person (QFZP). ### Significance and implications of the Apex Court's Ruling on 'Substantial Question of Law' for Transfer Pricing matters The Hon’ble Apex Court, in its order dated 19 April 2023, in the case of SAP Labs India Pvt. Ltd. quashed and set aside the ruling of the High Court (HC) and observed that the selection of comparables, the application of filters, etc. gives rise to a substantial question of law and thereby remitted back the case to the HC to decide the matter afresh. Civil Appeals were preferred by the Revenue and a few of the taxpayers arising out of the orders passed by various HCs, more particularly the HC of Karnataka, in the case of SAP Labs India Pvt. Ltd. In this context, it is pivotal to understand what the substantial question of law means and its interplay with Transfer Pricing principles. ### Incentives for New Manufacturing Set Ups in Karnataka Indian State Governments offer varied incentives under their respective state industrial development corporation policies to promote the set-up of new manufacturing units in the state. Such incentives are in the form of capital subsidies, interest subsidies, subsidized electricity tariffs, and more. The purpose of such incentive schemes is to attract investment thereby enabling infrastructure development, generating employment, developing focus sectors, and largely facilitating the overall economic development of the state. To enable the availability of a quick summary of such general incentives offered by various Indian states, Nexdigm is releasing a series of documents focusing on providing a brief overview of such incentives offered by respective State Governments in India. This document covers information about incentives offered by Karnataka under the ‘Industrial Policy 2020-2025’. ### Foreign Companies may be required to file tax returns in India | 増税-インドでビジネスを行う企業の コンプライアンス強化のために Impact of increase in withholding tax on rates for Fees for Technical Services and Royalty | 技術サービス料およびロイヤルティ（特許権使用料の支払い）に対する源泉徴収率引き上げの影響 As per Indian Tax laws, payments made to Non-Residents/Foreign Companies for Fees for Technical Services (FTS) and Royalties were liable to tax at the effective tax rate of 10.92% (including surcharge and education cess). Further, Indian Tax Laws2 also provide that where India has entered into a Double Tax Avoidance Agreement (DTAA) with other countries, provisions of the DTAA or Act, whichever is beneficial shall apply. Currently, many Tax Treaties signed by India with major countries like the United States of America, the United Kingdom, etc., prescribe a higher tax rate of 15% for Royalty and FTS. Further, many other Treaties with countries like Germany, Singapore, France, etc, provide for a tax rate of 10%. インド税法1により、非居住者／外国企業に対する技術 サービス料（FTS）およびロイヤルティの支払いは、実 効税率10.92％（サーチャージおよび教育セスを含む） で課税されることになりました。 さらに、インド税法2 は、インドが他国と二重課税回避 協定（DTAA）を締結している場合、DTAA または法律 のうち有益な方の規定を適用すると規定しています。 現在、インドと日本の租税条約では、ロイヤルティと 技術サービス料に対して10％の税率が適用されること になっています。 ### Key considerations for obtaining Tax Registration Number (TRN) The UAE Corporate Tax law would be effective from 1 June 2023. Corporate Tax shall be imposed on a taxable person at the rate of 9%, subject to certain conditions. The Ministry has also announced certain categories of persons to be exempted from the Corporate Tax. However, there may be requirements of obtaining Tax Registration and apply for exemptions. ### National Medical Device Policy 2023 On 26 April 2023, the Government of India (GOI) approved the National Medical Device Policy 2023. The Medical Devices sector is an integral part of the healthcare industry. It is a sunrise sector that has witnessed sustained growth in the past decade. The sector has seen significant investments recently and new MedTech startups are coming up each passing day. The sector has high import dependency, with 80% of total medical devices being imported into the country. Recognizing this concern, the GOI announced Production Linked Incentives (PLI) and the set up of dedicated Medical Device parks in the country in 2020 and 2021. ### The Next Paradigm of Outsourcing In the brand-new podcast series The Next Paradigm of Outsourcing, Kartik Nagarajan, Managing Director- Business Consulting & Global Business Services (Sales) at Nexdigm, delve into conversations with experts from the outsourcing industry to bring the latest trends, challenges, and opportunities in outsourcing and how organizations can leverage this paradigm shift to achieve long-term success. EP03: Driving Globalization in Sourcing through Effective Outsourcing Unravel the essence of effective outsourcing through the keen insights of Kerry Hallard on our latest podcast episode! Tune in to our latest podcast series, "The Next Paradigm of Outsourcing," to uncover the best practices when it comes to "Driving Globalization in Sourcing through Effective Outsourcing." In the episode, Kerry also underscores three fundamental principles for success: Building resilience Placing the consumer at the core of every strategy Maximizing productivity while minimizing costs EP02: Addressing IT-OT Convergence In the recent episode of our podcast series, "The Next Paradigm of Outsourcing," Mr. Andre Shori highlighted how IT-OT convergence brings about increased interconnectivity and smart automation, which is beneficial for scaling up organizations. In conversation with Kartik Nagarajan, Andre mentioned that IT-OT convergence is here to stay, stating its many benefits, such as increased productivity, just-in-time manufacturing, improved quality control, greater inventory control, and better processes in Industry 4.0. EP01: Reflections on Australian BPM landscape In the first episode of our brand new podcast series, "The Next Paradigm of Outsourcing," we welcomed Dr. Martin Fahy to share his insights on the Australian BPM landscape. During the discussion, Dr. Fahy spoke about the change in mindset brought about in the BPM landscape in Australia due to COVID and its aftermath. Dr. Martin highlighted the need for organizations to rethink the service models and consider the scope and importance of automating industry processes to gain optimum efficiency. ### Incentives for New Manufacturing Set Ups in Maharashtra Indian State Governments offer varied incentives under their respective state industrial development corporation policies to promote the set-up of new manufacturing units in the state. Such incentives are in the form of capital subsidies, interest subsidies, subsidized electricity tariffs, and more. The purpose of such incentive schemes is to attract investments thereby enabling infrastructure development, generating employment, developing focus sectors, and largely facilitating the overall economic development of the state. To enable the availability of a quick summary of such general incentives offered by various Indian states, Nexdigm is releasing a series of documents focusing on providing a brief overview of such incentives offered by respective State Governments in India. This document covers information about incentives offered by Maharashtra under the Maharashtra Industrial Policy 2019. ### 10-Step Checklist for UAE Corporate Tax Implementation Review of accounting policies and financial statements to ensure they are aligned with the best practices. Review Group Structure. Assess whether any realignment or restructuring is required. Review the applicability of tax laws and understand critical and high-impact areas for your business to prevent tax leakages and tax inefficiencies. Understanding tax exemptions and incentives offered by UAE for companies located in free zone, small businesses, etc as they can benefit your business. Review accounting systems to ensure smooth tax compliance. ### Secondment of employees - the tax controversy continues The taxability of salary reimbursement for seconded employees has been debatable with various contrary judicial precedents. The recent Supreme Court decision regarding the applicability of service tax/GST provisions on reimbursements of salary of seconded employees has aggravated the dispute further. In a secondment arrangement, an employee of an overseas company is deputed for a specified period to an Indian company to work for the Indian company. Such arrangements are generally between group companies that want to leverage personnel talent available elsewhere to set up, expand, and grow Indian businesses. ### Foreign Companies may be required to file tax returns in India Impact of increase in withholding tax on rates for Fees for Technical Services and Royalty As per Indian Tax laws, payments made to Non-Residents/Foreign Companies for Fees for Technical Services (FTS) and Royalties were liable to tax at the effective tax rate of 10.92% (including surcharge and education cess). Further, Indian Tax Laws2 also provide that where India has entered into a Double Tax Avoidance Agreement (DTAA) with other countries, provisions of the DTAA or Act, whichever is beneficial shall apply. Currently, many Tax Treaties signed by India with major countries like the United States of America, the United Kingdom, etc., prescribe a higher tax rate of 15% for Royalty and FTS. Further, many other Treaties with countries like Germany, Singapore, France, etc, provide for a tax rate of 10%. ### GST on Transportation Services - Navigating through turbulent waters GST on services by way of transportation of goods by aircraft/vessel is certainly on a roller-coaster ride these days. The story began in September 2022, when certain exemption entries pertaining to goods transportation services witnessed a sunset from 1 October 2022 onwards. This resulted in taxing the transportation of export cargo by the Indian transporters/freight forwarders, liable to Integrated GST (IGST), which generated a buzz amongst the exporters as well as the Indian transporters/freight forwarders. Consequently, owing to the hardships, various associations and trade bodies filed representations before the government against the withdrawal of GST exemption. ### Substance and Value Creation: Important pillars of the UAE CT Regime The Organization for Economic Co-operation and Development (OECD) has played a key role over the last decade or so with the introduction of key tax policies and proposals, which have helped in shaping the global tax regime. The OECD’s Inclusive Framework for Base Erosion and Profit Shifting (BEPS) has evolved and introduced certain key proposals recently to address tax avoidance, tackle challenges associated with the digitalization of the economy, and ensure consistency of the international tax rules with the introduction of BEPS Pillar 1 and Pillar 2 amongst the many tax proposals introduced. ### Foreign Tax Credit: Overview and Related issues The era of globalization and digitalization has brought a revolution in the way businesses are conducted, bringing the economies/geographies closer. While the businesses are evolving, the tax challenges relating to the right to tax the income between the Source and Residence Country are equally evolving. Tax Treaties play a very crucial role to ensure that the taxes on income are distributed between the sovereigns while eliminating/ minimizing double taxation in the hands of the person earning the income. In this article, we are giving an overview of the regulations relating to the claim of Foreign Tax Credit (FTC) in India and the related tax issues. ### Decoding the intricacies of the Angel Tax Provisions In the recently presented Union Budget 2023, it has been proposed to expand the applicability of Section 56(2)(viib) of the Income-Tax Act, 1961 (the Act), commonly referred to as Angel Tax Provisions, to the issue of shares by a closely-held company to non-resident investors. Thus, the provisions of Section 56(2)(viib) of the Act are intended to apply to the receipt of consideration from any person, irrespective of their residential status. Expectedly, there has been a lot of discussion on the impact that this change would have on the flow of Foreign Direct Investments in India, the start-up ecosystem, and the investment fraternity in general. In this article, we have delved into the various nuances of these provisions. ### Incentives for New Manufacturing Set Ups in Haryana Indian State Governments offer varied incentives under their respective state industrial development corporation policies to promote the set-up of new manufacturing units in the state. Such incentives are in the form of capital subsidies, interest subsidies, subsidized electricity tariffs, and more. The purpose of such incentive schemes is to attract investments thereby enabling infrastructure development, generating employment, developing focus sectors, and largely, facilitating the overall economic development of the state. To enable the availability of a quick summary of such general incentives offered by various states, Nexdigm is releasing a series of documents focusing on providing a brief overview of such incentives offered by respective State Governments in India. This document covers information about incentives offered by Haryana under the ‘Haryana Enterprises and Employment Policy, 2020’. ### Investing in Manufacturing - Top Investment Destinations in Asia Global markets today are becoming more interconnected with liberalized trade policies, growing access across countries, and increasing bilateral agreements, led by technological revolution and digitization. While manufacturing grew at a rapid pace in the United States, Europe, and Japan after World War II, multinationals started moving their large-scale manufacturing processes to China in the late 20thcentury. Businesses are more interdependent on each other than ever before. While the concentration of bulk manufacturing processes in certain geographies has allowed economies of scale and facilitated robust supply chains, they have been subject to heavy changes, which were further accelerated by the pandemic. Several crises including geo-political conflicts, international trade tensions, continuing effects of the pandemic, etc. have urged companies to diversify and minimize their risks by assessing alternative manufacturing destinations. ### Indian Union Budget 2023-24 Highlights | 主なハイライト 2023-24 年度中央政府予算 インドは依然として前進の道を歩んでいます。 世界的な地政学的・経済的危機にもかかわらず、インドの今年の経済成長率は7％と推定され、主要国の中で最も高い水準にあります。 世界が不況の崖っぷちに立たされ、インフレが進行する中、2023年から2024年にかけての連邦予算が発表されたばかりです。 この予算では、今後25年間、技術主導、知識集約型の経済、強力な財政、強固な金融セクターを構想しており、これを「アムリット・カール」と呼んでいます。 この予算は、次の四半世紀を通じて、持続可能な成長と包括的な開発を推進するために、国を導く7つの優先事項を採択しています。PDFをダウンロードして、ハイライトをご覧ください（日本語）。 India remains steadfast on its course for progress. Despite the global geo-political and economic crises, India’s economic growth for the current year is estimated at 7%, the highest among major economies. With the world at the precipice of a recession and amidst rising inflation, Hon’ble Finance Minister (FM) Nirmala Sitharam presented Union Budget 2023-24, the first one in the Amrit Kaal (period from 75-100 years of Independence). She envisions a technology-driven and knowledge-based economy with strong public finances and a robust financial sector for Amrit Kaal. The Budget adopts seven priorities or ‘Saptarishi’ guiding us through the Amrit Kaal, driving sustainable growth and inclusive development. ### Union Budget 2023: Accelerate. Advance. Ascend. India remains steadfast on its course for progress. Despite the global geo-political and economic crises, India’s economic growth for the current year is estimated at 7%, the highest among major economies. With the world at the precipice of a recession and amidst rising inflation, Hon’ble Finance Minister (FM) Nirmala Sitharam presented Union Budget 2023-24, the first one in the Amrit Kaal (period from 75-100 years of Independence). She envisions a technology-driven and knowledge-based economy with strong public finances and a robust financial sector for Amrit Kaal. The Budget adopts seven priorities or ‘Saptarishi’ guiding us through the Amrit Kaal, driving sustainable growth and inclusive development. Echoing a theme of an empowered and inclusive economy, the Union Budget 2023-24 intends to build on the blueprint for India@100, laid in the previous Budget, steering an ambitious, people-centric agenda to address challenges and facilitate sustainable economic development. Continuing on the path of fiscal consolidation, the FM re-iterated the goal of reaching a fiscal deficit below 4.5% by 2025-26, evidenced by the fairly steady decline in recent times. ### Union Budget 2023 – Key Highlights The much-awaited Union Budget 2023 is out, and it can be said that budget is focused towards growth and continues on its path of boosting capital spending which would in turn lead to job creation and push to the much needed infra. On corporate tax side there may not be substantial amendments, but personal taxation was a key focus in this budget. ### Free zone companies free of Corporate Tax? UAE makes an attractive investment destination for foreign investors, largely due to its favorable geographical location, economic and political stability, progressive business regulations, and diverse talent pool. However, the Free Zones, the separate designated areas for business where special corporate and tax regulations are applicable, make UAE a popular business hub. Benefits of Free Zones for Foreign Investors: 100% foreign ownership Favorable regime for UAE VAT 100% exemption from customs duty Modern, sophisticated infrastructure Simplified procedures for set-up Better global market access 100% repatriation of capital and profit ### CFOs Expectations of Union Budget 2023 As Union Budget 2023-24, the last full-year budget for the current government, will be closely watched by India Inc. as it sets the tone for the economic policies of the government. ### Healthcare Sector's Expectation from Budget 2023 As we enter 2023, the world is recovering from the pandemic and is well on its way to reaching pre-pandemic level normalcy. India is no different and has recovered swiftly in 2022 and hopes to maintain healthy growth in 2023. The Union Budget for 2023 will set the tone for building on the foundations and learnings from the past couple of years. ### Summary of UAE Corporate Tax and Transfer Pricing Law The long wait was finally over on 9 December 2022, when the UAE Federal Tax Authority (FTA) released the final version of the UAE Corporate Tax (CT) law (hereinafter referred to as the law) through Federal Decree-Law No. 47 of 2022. The law is largely based on the public consultation document issued earlier during the year 2022. However, it also contains certain new provisions which inter-alia include General Anti Abuse Rules, Small Business Relief, detailed definition of UAE-sourced income, etc. The CT regime would be effective for the financial year starting on or after 1 June 2023. ### Rationalization of Entities: Simplify and Streamline your Business | 事業体の合理化 ビジネスの簡素化・効率化 技術の進歩により、人々は容易に世界中をつなぐ ことができるようになりました。このように成長と グローバルなプレゼンスを追求する中で、多くの 企業が世界各地に複数の事業体を設立しています。 多くの企業は、拡大する市場に法人を設立し、 その地域でのビジネスのしやすさを最大限に高めて います。 Technological advancements have made it easier for people to connect across the globe. In this pursuit of growth and global presence, many businesses set up multiple entities across the globe. Many Groups establish legal entities in those expanding markets to maximize the ease of doing business in the particular territory. ### Food Processing Sector in India: Opportunities and Challenges The Indian food processing sector is expected to grow to over half a trillion dollars by 2025 (from ~USD 260 billion in 2020, expected to achieve a CAGR of over 15%). This growth is expected to be driven by a fast-changing market, much-needed government impetus, capacity and capability building, foreign investment, and more. India ranks 1st in milk production and 2nd in F&V with the top position in select items. It also has the largest livestock population (cattle and buffalo), is the leading exporter of buffalo meat, ranks 2nd in egg production, and is among the top 3 countries in terms of fisheries and aquaculture. However, processing levels average out to only about 10% overall. With changing consumer needs, the government’s focus on growth of this sector, developing infrastructure, and improvements in agriculture, India’s food processing ecosystem is at an inflection point, poised for exponential growth. Domestic players as well as international players have identified this potential and are gearing up for this paradigm shift which will see India move up the global rankings as one of the top food processing countries. Food Value Chain ### Benefits of Contract Life-Cycle Management Automation no one is speaking about Over the last decade organizational contracting has largely seen gradual movement from being a legal and compliance dominated activity to a more business process activity managed by professionals specializing in contracting. Maximizing business performance and minimizing risks though contract management are, if not outdated, normally accepted advantages and benefits of contract management. ### Rationalization of Entities: Simplify and Streamline your Business Technological advancements have made it easier for people to connect across the globe. In this pursuit of growth and global presence, many businesses set up multiple entities across the globe. Many Groups establish legal entities in those expanding markets to maximize the ease of doing business in the particular territory. As one of the fastest-growing economies in the world, India has been a favored destination for global businesses to set up their legal entities. The fact that India reported the highest Foreign Direct Investment (FDI) worth USD 83 billion in 2021-22 despite the Ukraine–Russia conflict and COVID-19 pandemic also reflects the sentiment that India is one of the most preferred destinations for investments globally. Any foreign entity planning to start a Business in India can embody a place of business in India in the form of a Liaison Office or Project Office or Branch Office and never the less a Company incorporated under the Companies Act, 2013 based on the activities allowed to be undertaken by each of such entities as stated under the Foreign Exchange Management Act, 1999. ### India’s Grand Slam entry into the Aussie markets! After concerted efforts since 2011, an Economic Cooperation and Trade Agreement (ECTA) was signed in April 2022 between India and Australia, thus paving the way for exponential growth and diversification in the bilateral trade relations between the two nations. This is the second trade agreement India has signed this year, after inking a similar deal with the United Arab Emirates in February 2022. ### NCLT allows amalgamation while rejecting invocation of GAAR Recently, the National Company Law Tribunal, Chandigarh Bench (Tribunal), while approving the Scheme of Amalgamation [(Re Panasonic Life Solutions India Private Limited CP. (CAA) No. 8/Chd/Hry/2021) (Scheme)] has rejected the invocation of General Anti Avoidance Rules (GAAR) by the income tax department (ITD). This article dissects the Tribunal’s order allowing the Scheme. ### Summary of Public Consultation Document issued for UAE Corporate Tax On 31 January 2022, the UAE Ministry of Finance announced the introduction of Federal Corporate Tax (CT) in UAE w.e.f. 1 June 2023. While the UAE Federal Tax Authority (FTA) is finalizing the UAE CT regime, on 28 April 2022, it issued a public consultation document covering various aspects of the proposed law. The business community and other interested stakeholders are expected to provide their comments online at the prescribed link by 19 May 2022. ### UAE Introduces Corporate Income Tax As expected, United Arab Emirates (UAE) have announced the introduction of Corporate Income Tax on 31 January 2022. As a signatory to the Two Pillar package driven by the Organization for Economic Co-operation and Development (OECD), UAE has introduced the Corporate Tax (CT) in line with the Global Minimum Tax Proposal under Pillar 2. ### Amendments to SEBI LODR and its impact on Related Party Transactions Over the years, Related Party Transactions (RPT) have become a key focus area for the board of directors, not only from a tax perspective but also to improve corporate governance. The frequency at which media reports have been published recently on instances of noncompliances or defaults with respect to RPT approval and disclosures has certainly rung an alarm to many listed entities in India. The regulator, the Securities and Exchange Board of India (SEBI), has also been very strict in imposing financial penalties and issuing stern warnings to the defaulters. ### Journey of Global Capability Center from Setup to Transformation In our podcast series, Journey of Global Capability Center from Setup to Transformation, Kartik Nagarajan, Managing Director – Business Consulting & Global Business Services (Sales) at Nexdigm, have conversations with industry leaders in the field of Global Capability Centers around the globe. EP05: Overcoming the value gap for Contracts in Outsourcing Engagement In the latest episode of the podcast series, Kit Burden talks about the importance of relationship management between an organization and a third-party vendor, the necessity of detailed change control processes, and a user-friendly guide for smooth sailing through a contracting process. EP04: A Paradigm Shift in Global Capability Centers' Outlook Tanmay Agarwal, in the fourth episode of the podcast series, highlighted the importance of having a defined problem statement that can help GCCs gain a better understanding of business. He emphasized that GCCs should facilitate accelerator programs and step in to co-create and solve enterprise-level problems to attain the sustainable goals of an organization. EP03: Expectations from Digital Transformation: Internal Efficiency and Customer Delight In the third episode of the podcast series moderated by Kartik Nagarajan, Vikas Wadhawan highlight the importance of defining entry milestones, periodic checkpoints, and continual review to ensure organizations work in accordance with defined digital transformation goals to receive the best outcomes. EP02: Creating Value in the Finance World using Analytics Treating data as a strategic tool to provide actionable insights is the way forward for organizations to differentiate themselves in the competitive business space. Mr. Neeraj Jain, in the second episode of our podcast series, talks in detail about the importance of analytics for organizations. EP01: Change Management Strategy in the Post COVID World Manoj Kalra, in conversation with Kartik Nagarajan, talks about behavioral change across customers and organizations. In the podcast, Manoj emphasizes key change management aspects to be kept in mind through the transformation journey that can result in a smooth transition and yield long-term benefits. ### Are you compliant with FATCA/CRS regulations in UAE? Foreign Account and Tax Compliance Act (FATCA) is a US legislation that aims to combat tax evasion by US persons. In 2010, the US enacted FATCA to increase income tax reporting by the US taxpayers on assets held in offshore accounts and through non-US entities. FATCA is used by government personnel to detect indicia of US persons and their assets and to enable cross-checking whether assets have been self-reported by individuals. Accordingly, the US Government has entered into bilateral agreements with the governments of several countries for exchange of information. In addition and similar to FATCA, many countries have agreed to have a similar exchange of information by way of Common Reporting Standards (CRS), a broad reporting regime with the goal to tackle tax evasion. CRS broadly covers three dimensions, i.e., financial information to be reported, financial institutions covered, and account holders that would be subjected to reporting. ### Intangible Asset Valuation - Valuing Customer Relationships Intangible asset valuation is a complex process. Though these assets do not have any physical substance, they are at the heart of any business's success. Some examples of intangible assets are Trademark, Brand Name, Software, Technology, Customer Relationships, and Goodwill. In this article, we focus on valuing customer-related intangible assets, which arise out of an ongoing and ever-evolving relationship between an entity and its customer. This relationship may be formal (contractual) or informal or merely based on an entity possessing relevant information about its customer. There are several evaluation approaches such as Income Approach, Market Approach, Cost Approach, etc. which help in determining the value of intangible assets. However, identifying the right approach may be perplexing. Our article provides an in-depth understanding of the valuation approaches that can be used to value customer-related intangible assets as well as the most appropriate situation to use each one. ### From cost arbitrage to core value drivers: Setting up a successful GCC Global Capability Centers (GCC) have evolved from cost generators to strategic business enablers and value generators. During the initial stage, the majority of transactional activities, headcount, and budgets are off-shored under local governance with the aim of cost reduction. As GCCs grow over time, there is an increase in demand for service and for talent. Companies then shift from focusing exclusively on cost reduction towards increasing service standards and improving efficiencies. Finally, GCCs transform into Global Integrated Business Service centers and in this form they take onus of all cross-functional transactional activities. But, their objectives go beyond improving operational efficiencies to now include an added responsibility of creating value and innovating new solutions. Captives, Build, Operate, and Transfer (BOT), and Managed Services were among the top GCC operating models. Captives and BOT models aid in the implementation of a faster go-to-market strategy, while the Managed Services model aids firms in achieving long-term economies of scale. As GCCs became value generators, they start to become multifunctional to deliver higher throughputs. Based on Nasscom's sample survey report, 43% of GCCs are singularly focused, while 57% are integrated or multifunctional. ### Digital Assets - Special Tax Law for Cryptocurrency and Non-fungible Tokens India has become one of the largest markets for cryptocurrencies with Indians parking nearly USD 6.6 billion in cryptocurrencies until May this year, compared to USD 923 million until April 2020. India ranks 11 out of 154 nations in terms of cryptocurrency adoption, as per blockchain data firm Chainalysis. While this growth has given Indian cryptocurrency exchanges a reason to celebrate and attract global investors, the regulatory framework has remained unclear and ambiguous. ### India's Union Budget 2022-23: Balance. Bolster. Boost. India's Union Budget 2022-23 provided a roadmap towards economic stability and growth. Finance Minister Nirmala Sitharaman presented the Union Budget which focused on key infrastructural measures, inclusive growth, and sustainable development. With the pandemic still a larger part of the background, the Budget showcased strategic areas of growth. There was a strong focus on capital expenditure to set the foundation for India’s growth over the next 25 years. The extension of Production-linked Incentive (PLI) schemes, encouragement to digital banking and payments, as well as the introduction of the next phase of Ease of Doing Business (EODB) are just a few of the major reforms announced at Union Budget 2022. Take a look at our Budget Publication for the major updates in Union Budget 2022. ### Setting up Enterprise Analytics in 2022 Advanced Analytics, which includes Predictive Techniques, Machine Learning, and Artificial Intelligence, is leading the next wave of disruption. Using Analytics has become a strategic imperative, leading to a fundamental change in how a business is run. Businesses are capturing an increasing amount of data that can be analyzed using the massive computational power available today. Effective use of this data and analytics can lead to profitability enhancement, revenue growth, and in some cases, the creation of new business models altogether. ### What business leaders need to know before setting up Enterprise Analytics in 2022 Artificial Intelligence (AI) is the buzzword nowadays. Organizations across the globe are pouring investments worth billions of dollars into data and analytics. And yet, a lot of CXOs find themselves grappling with the most basic, yet critical questions, like ‘How to start?’, ‘Where should the investments go?’, and ‘How long before they start seeing returns on their investments?’ With the increasing pace of digitization, ever-changing demands of customers, and the rapid pace of market disruptions and opportunities, most organizations are becoming aware of the role of data and analytics, now more than ever. However, there is still a significant gap between mature analytics practitioners and late entrants, who are trying to catch up. ### Enterprise Analytics 105 - The Feedback Loop Amazon started as an online bookstore, and now, it has revolutionized the retail ecosystem completely. Netflix started as a DVD rental store, and now, it is giving giants in the media industry a run for their money. When was the last time you witnessed a new neighbourhood bookstore or movies-for-rent store run so successfully? What makes Amazon continuously evolve, adapt, and grow? Do you think it is the fact that it is a digital platform? Well, a local bookstore can have a website too. Is it the first-mover advantage then? Not entirely, because we were still consuming media content online before the likes of Netflix came into the picture. What then has been the most predominant factor in the Darwinian upshot of these platforms in the past decade? The answer clearly, is Data. It is the ever-evolving use of data to learn and create differentiating capabilities before everyone else, that has given these platforms their edge. Digital, in-fact, is just an idea. The revolutionary change lies in the continuous and selfsustaining use of analytics to generate new revenue streams, gain insights into consumers, impart the ability to scale, and among other things, make supply chains more efficient. ### Enterprise Analytics 104 - Insights to Action! Is the buzz around analytics dwindling? Once hyped as the gamechanger for every enterprise, is analytics letting businesses down now? While investments in analytics are at an all-time high, impact, i.e., improvements resulting in an increase in revenue or decrease in costs, is still low. According to a Deloitte survey, 47% of organizations reported little or no improvement in their competitive positioning from analytics initiatives. The question that remains then is that when data and technology made the boom of analytics look so promising, where did things go wrong? The answer lies in the way analytics is being adopted in the current business scenario. Impact at a scale needs implementation at that scale, and that is what is missing in the big picture of data. Limited adoption and integration have been cited as the biggest reason for the failure of analytics initiatives. While 81% of companies agree that data should be at the heart of all decision-making, only 31% have significantly restructured their operations to help do this. To understand where we are lagging, it is important to look at challenges that restrict ingrained analytics within organizations. ### Enterprise Analytics 103 - Data Conscience! Value creation from data will be one of the central business themes for this decade and ultimately, it is all about data! Blooming businesses generate data at the speed of light. Data, however, is just a starting point. It needs active harnessing and effective analysis to fuel an organization’s growth. Like abundantly available sunlight can sufficiently supply energy to the entire world but is used only for specific energy requirements, data too has vast untapped potential. Businesses need to better channelize data to ensure the smooth functioning of their analytics engine, which in turn churns out the insights necessary to spearhead further advancement. The current approach to data collection and management poses the following challenges that need to be overcome to tap into its massive potential. ### Enterprise Analytics 102 - People Matter! As a generation growing up on science fiction, AI vs. homo sapiens always seemed like a near possibility. (hint – The Matrix). Will this be the next big face-off? No, it’s going to be humans with AI vs. humans without! Whether you are thinking of setting up internal analytics or using a hybrid/ outsourced model for analytics adoption, human intelligence is going to be at the heart of artificial intelligence. Now this is not just an HR headache; since your people strategy is going to shape your analytics strategy, and consequentially, your business strategy (that’s how analytics interacts with your organization!). Here are some common talent-related challenges that you should know about to help you formulate a winning strategy. ### Enterprise Analytics 101 - Think Next! Netflix uses its recommendation systems to keep you hooked. Uber uses real-time analytics to match you with fitting co-riders. Apart from these, one can point out many other applications of data analytics. While digital businesses and startups have been early adopters (read, leaders) of the big data revolution, it’s the large organizations that are lagging. In this series of articles, we explore key reasons behind the low adoption of data and analytics by “Biggies” in conventional businesses like consumer goods, banking, manufacturing, pharma, and healthcare. ### Healthcare Supply Chain Excellence In our podcast series, Healthcare Supply Chain Excellence, Kartik Nagarajan, Managing Director – Business Consulting & Global Business Services (Sales) at Nexdigm, have conversations with industry leaders in the field of Supply Chain. The discussion focuses on the importance of interconnected systems, guiding principles, and the versatility required to build and run a robust supply chain. EP03: Digitization in Supply Chain In the latest episode of our podcast series, Probir Das, Regional CEO & Chairman, APAC Terumo Asia Holdings, in conversation with Kartik Nagarajan, reinforced that data analytics facilitates critical supply chain decisions. At Terumo, they use various AI and dashboard tools to monitor demand and supply effectively. Probir also spoke about how a remote working business model supports various other geographies in their supply chain operations. EP02: Role of Purchasing in Supply Chain In the second episode of the series, Kartik Nagarajan, in conversation with Ramakrishnan Kasinathan, Procurement and Supply Chain Specialist, discuss the recent change in Purchasing's objectives and expectations while gaining specific importance with its critical decision-making and keeping supply chains flexible throughout the disruption. EP01: CFO's Take on Supply Chain Kartik Nagarajan, Managing Director - Business Consulting & Global Business Services at Nexdigm, in conversation with Bhavesh Shah, Vice President of Finance and Operation Excellence for Global Emerging Markets at ConvaTec, elaborates on CFO’s take on the future of global supply chains and key aspects to increase efficiency. The discussion focuses on the importance of interconnected systems, guiding principles, and the versatility required to build and run a robust supply chain. ### Tax Podcast EP:07 UAE Corporate Tax and Transfer Pricing The UAE Corporate Tax and Transfer Pricing implementation requires an in-depth analysis apart from correct documentation and compliance with the law. In this recent podcast, experts discus and evaluate critical aspects surrounding the need to form tax groups and other crucial restructuring provisions. Nishit is a practicing-chartered accountant with over 14 years of experience advising several corporates on matters relating to international tax, regulatory, structuring of inbound and outbound investment. Nishit has also been actively advising clients in structuring investments in the UAE region and working on UAE Corporate Tax and Transfer Pricing Matters. Nishit has authored numerous articles and regularly addresses forums on international tax topics, including UAE Corporate Tax and Transfer Pricing. Chirag Chellani has over 10 years of well-rounded experience in Corporate, International, and Indirect Tax areas. Chirag is a group tax manager for a luxury real estate firm in UAE. In his current role, Chirag deals with formulating tax strategies to set up optimal tax structures, evaluating new investments, monitoring tax litigation matters, and identifying potential tax exposures domestically and internationally. EP06: UAE Corporate Tax and Transfer Pricing While Corporate Tax and Transfer Pricing has already been implemented from 1 June 2023, further amendments and announcements are expected. Bilal Asif, Head of Tax & Budget at ArcelorMittal Jubail and Lokesh Gupta discuss the evolving tax regime and the key aspects to consider for multinational companies operating in Free Zones as well as the Mainland. Economic Substance Regulations (ESR) and Qualifying Income are some of the crucial criteria for businesses to cope up with the dynamic tax landscape in the UAE. Lokesh Gupta, Associate Director - Tax & Transfer Pricing, Nexdigm UAE has more than 12 years of experience in handling cross-border tax and Transfer Pricing. He has been actively working with businesses in the UAE on matters relating to Economic Substance Regulations and setting up Transfer Pricing Policy documents. EP05: UAE Corporate Tax and Transfer Pricing Along with introducing Corporate Tax Law in the UAE, a comprehensive Transfer Pricing (TP) regime was also introduced broadly in line with OECD TP Guidelines. While TP-related concepts might be a newer landscape for UAE taxpayers, it is essential to navigate this while remaining compliant to the Law. Lokesh Gupta, Associate Director - Transfer Pricing, Nexdigm has more than 12 years of experience in handling cross-border tax and Transfer Pricing. He has been actively working with businesses in the UAE on matters relating to Economic Substance Regulations and setting up Transfer Pricing Policy documents. EP04: India's Supreme Court's Judgement on Ocean Freight Under India GST Law, importer in India was required to discharge GST under reverse charge on deemed value of ocean freight services under any CIF (i.e. Cost, Insurance and Freight) contract of import. The trade and industry challenged this levy and argued that since value of ocean freight services is already a part of assessable value of imported goods for the purpose of discharging customs duty and IGST on import, it will result into double taxation. Recently, the Supreme Court of India, has given rest to this long-drawn issue and pronounced landmark judgment in the case of Union of India vs M/s. Mohit Minerals. It has been held that levy of IGST under reverse charge on ocean freight services would vitiate the concept of ‘composite levy’ and go against the whole scheme of GST and hence, the appeal of the revenue was dismissed. In effect, the decision of the High Court, wherein the notifications, which provided for levy of IGST, were held to be un-constitutional, has been upheld. EP03: UAE Corporate Tax As a participating jurisdiction under OECD’s BEPS and two-pillar framework to end tax avoidance, UAE has taken various measures over the years, including the introduction of Corporate Tax with effect from June 2023. Listen to the latest episode of our Tax Podcast to decode some of the relevant questions such as - How is UAE Corporate Tax applied? Who is exempt and who is not? What is the applicability to free zones? How will POEM regulations and aspects related to Transfer Pricing affect Corporate Tax? Nishit Parikh, a seasoned tax expert with around 15 years of experience, explains the nuances and applicability of the newly introduced tax regime. EP02: Remission of Duties and Taxes on Export Products (RoDTEP) Scheme In the second episode of our Tax Podcast, Maulik focuses on RoDTEP Scheme, ie. Remission of Duties and Taxes on Export Products, an export scheme that the Government of India announced in 2019 to boost exports by allowing reimbursement of taxes and duties, which are not exempted or refunded under any other scheme. EP01: BEPS 2.0 - Pillar 1 and Pillar 2 Framework and G7 In the first episode of the Tax Podcast series, Maulik Doshi discusses Base Erosion Profit Sharing 2.0 where he explores the different aspects of OECD Pillar One, Pillar Two framework, and the G7 Deal. After G7 inked a historic deal backing a minimum global corporation tax rate of 15%, OECD held an Inclusive Framework meeting, wherein 130 out of 139 nations joined the statement, establishing a new framework for international tax reforms. While a detailed implementation plan is together, the remaining issues are proposed to be finalized by October 2021. ### Women In Technology Our Women in Technology Podcast Series includes a number of prominent leaders across different industries. They share their insights and experiences about innovation, technology, the role of government and academic institutions in building a sustainable environment, and how women can become strategic enablers. ### Building Supply Resilience and Cost Stability Through Strategic Commodity Risk Management Client : Commodity Price Risk Management in Consumer Healthcare Packaging Service Offered : Procurement Digital Transformation, Supply Risk Management Sector / Industry : Healthcare Overview The client, a global leader in consumer healthcare, relied on complex multi-material packaging, including blisters, cartons, sachets, tubes, PET/HDPE.PP bottles, foil/laminates, adhesive labels, metal, and glass. Considering regulatory and quality constraints, this makes managing raw material volatility especially crucial for maintaining healthy margins. Sourced from suppliers across Asia, the US, and the EU, the packaging supply chain faced repeated volatility in crude oil, resin, paper, and metal prices, causing unpredictable cost surges that disrupted margin forecasts and strained operational budgets. Solution The Nexdigm team implemented a comprehensive commodity risk management program designed to stabilize packaging costs and strengthen supply continuity across all categories. Process Analysis and Documentation Standardization Implementation Automation and Visualization Governance Structure Quality Improvement Impact Strengthened collaboration among Procurement, Finance, and Supply Planning teams. Empowered stakeholders with real-time dashboards and price-impact simulators. Improved executive visibility and decision-making agility through standardized risk reporting. Built a repeatable best-practice model for other packaging and indirect categories. Elevated procurement’s strategic role in margin protection and supply continuity. Download Case Study ### Streamlining Cost Data Visibility to Enhance Strategic Decision-making Client : Price Tracking Tool Implementation for a Global Healthcare Giant Service Offered : Procurement Initiatives, Process Improvement Sector / Industry : Healthcare Overview The client, a global leader in consumer healthcare, had recently transitioned into an independent organization. While their expansive portfolio and operations across 165+ countries remained strong, the transition exposed several inefficiencies in how pricing data was managed across geographies and teams. Scattered ERP systems, unstructured award data, and high manual effort led to delays in price and volume analysis, affecting timely decision-making. Nexdigm set out to simplify and standardize pricing data workflows, automate repetitive tasks, and provide real-time visibility with a goal to enable faster, more reliable insights for commercial and category teams. Solution The Nexdigm team implemented a comprehensive solution, encompassing the following: Process Analysis and Documentation Standardization Implementation Automation and Visualization Governance Structure Impact Process Efficiency Quality Improvements Business Benefits Stakeholder Impact Download Case Study ### Reinventing a Supplier-Dependent Supply Chain through Direct Sourcing Client : Streamlining the Procurement for a Global Leader in Healthcare Service Offered : Strategic Sourcing, Process Improvement Sector / Industry : Healthcare Overview The client, a global leader in the pharmaceutical industry, had been procuring key chemical raw materials from Supplier A, who acted as an intermediary between the manufacturer and the client. Over time, this approach revealed several inefficiencies, including elevated costs, quality issues related to packaging and shelf life, and delays in material delivery. These inefficiencies negatively impacted the supply chain and production schedules. To address these challenges, a project was initiated to streamline procurement by establishing direct sourcing relationships with the manufacturers. The aim was to reduce costs, improve quality consistency, and enhance lead time reliability. The project was divided into two phases: Solution Spend and Volume Analysis: Conducted end-to-end analysis for identification of materials with high annual spend and volume sourced via Supplier A Stakeholder Engagement: Cross-functional collaboration with the Quality, Planning, Site, and Warehouse teams for risk evaluation, material identification, and approval Implementation Plan: Structured change control process was initiated for transition of the material sourcing without disruption to operations Impact Quality Improvements: After the implementation of Phase 1, the solution has delivered tangible and intangible results: Cost Savings: ~23% of raw material costs were reduced by eliminating intermediary markups Lead Time Improvement: Achieved up to 30% faster deliveries through direct manufacturer engagement Download Case Study ### Accounting and Monthly Closure for a Leading Canadian Hospitality Group Client : A leading Canadian hospitality investment, development, and management group Service Offered : Accounting and Monthly Closure Sector / Industry : Hospitality Overview A well-established hospitality investment, development, and management group based in Canada had an extensive portfolio spanning 33 hotels operating under globally recognized brands such as Hilton, Marriott, Hyatt, and InterContinental, along with several independent properties. Additionally, the group was actively expanding to develop more than 10 new hotel projects. To support finance operations for six of its hotels, the group engaged with Nexdigm to manage accounting and bookkeeping functions more effectively. Solution Nexdigm deployed a lean, dedicated Accounts Team to take full ownership of the monthly closure process. The solution included: Supported in monthly closure of 6 hotels as per Canadian accounting principles In-depth review of accounts on monthly basis Verifying recognition of daily revenue and preparation of revenue reconciliations Managed monthly closing and streamlined bank and merchant reconciliations within stringent timelines Impact Nexdigm’s involvement enabled timely and accurate month-end closures for all six hotels, ensuring that reports were ready as per internal reporting timelines. The client benefited from improved accuracy in books, streamlined reconciliations, and faster resolution of key complex balances. By identifying and highlighting inconsistencies, the team helped reduce management review time and enhanced visibility into key financial areas. The internal finance team was freed up to focus on high-value activities without the need to increase headcount, resulting in both operational efficiency and cost savings. Download Case Study ### End-to-End Management of 400+ Strategic Initiatives Across 12+ Locations in 8 Countries Client : A Globally Renowned Petrochemicals Leader Service Offered : Project Management of the Hygiene Division within the Fibers Segment Sector / Industry : Technical Textiles Overview Indorama Ventures, a global leader in petrochemicals, operating in over 35 countries, with more than 140 manufacturing facilities and a workforce of over 24,000 professionals, launched a strategic three-year plan to drive sustainable savings across its group. Within the Hygiene Division, involved employees identified over 400 initiatives, targeting efficiency improvements in yield, product mix, energy consumption, waste reduction, and manpower optimization. The goal was to generate a high double-digit million savings while ensuring seamless coordination across 12+ locations in 8 countries. Managing these initiatives required significant coordination and execution challenges. To ensure successful implementation, the client engaged Nexdigm for comprehensive project management support. Solution Nexdigm delivered a structured, end-to-end project management framework to streamline execution, improve visibility, and ensure goal alignment. Our approach included: Prioritizing key strategic initiatives, categorizing them into four work streams (Operational Excellence, Commercial Excellence, Procurement Excellence, and Organize for Performance), and establishing a stakeholder database. Impact Nexdigm’s intervention optimized the execution and oversight of the client’s strategic initiatives. Our structured project management approach led to: Increased leadership focus by offloading non-core coordination efforts, enabling them to dedicate more time to strategic decision-making and business growth. Download Case Study ### Seamless Audit, Tax, and Advisory Support During Peak Workload Periods Client : Strengthening Audit and Tax Delivery During Staff Shortages for a Leading CPA Firm in the US Service Offered : Audit, Tax, and Advisory Sector / Industry : Accounting and CPA Overview A US-based, innovation-focused CPA firm experienced a sharp rise in audit and tax engagements during its peak season. Internal bandwidth was limited, and there was a pressing need for technically sound, rapid-response support that could integrate seamlessly with the firm’s processes and systems. Solution Nexdigm provided end-to-end support across audit, tax, and advisory functions, integrating seamlessly with the client’s internal systems and methodologies. By deploying technically sound professionals, we ensured continuity, compliance, and high-quality delivery despite limited internal bandwidth and evolving timelines Impact Nexdigm’s support enabled the client to maintain business continuity, uphold audit and tax timelines, and meet stringent compliance standards despite internal resource constraints. By seamlessly integrating with existing workflows and delivering consistently high-quality outputs, we not only reduced operational pressure but also enhanced the reliability of financial reporting. Our flexible engagement model allowed the client to stay agile during peak periods—without compromising on accuracy, speed, or regulatory alignment. Download Case Study ### Facilitating strategic business matchmaking between Japanese and Indian auto-component suppliers and manufacturers Client : A leading Japanese trade promotion organization Service Offered : Business Consulting, Advisory & Vendor Management Sector / Industry : Automotive Industry Overview A leading Japanese trade organization (our client) focused on aiding business relationships in the automotive sector initiated a project to support the expansion of Japanese auto-component suppliers to India. Their goal was to promote cross-border partnerships and drive trade collaboration between Japan and India. Our client partnered with us to manage the entire process from initial roadshow to facilitating business matchmaking with interested OEMs, Tier I, II, and III suppliers in India. Solution We implemented a phased and meticulous engagement model: Prospective Interest Collation: We met over 20 major Indian and foreign OEMs, along with more than 20 leading Indian Tier I auto-component suppliers, to brief them on the opportunity. Simultaneously, over 700 Tier II and Tier III vendors were approached through targeted cold calling campaigns. Key discussion points included potential collaboration interests, required technologies or product categories, and areas of growth through Japanese alliances. Profiling and Prioritization: A comprehensive priority list was developed based on multiple matchmaking parameters, including technological expertise, scale of operations, existing OEM relationships, quality certifications, and business development standing. Trade Mission Support: Our coordination efforts involved personalized communications, organizing both virtual and in-person meetings, and facilitating in-depth discussions between potential partners and Japanese delegates. We placed special emphasis on areas where localization could create maximum mutual benefit. Strategic Matchmaking: Using our database of profiled vendors, we enabled targeted matchmaking engagements. Each engagement was tailored based on business synergies, technical compatibility, scalability, and cultural alignment Impact The project culminated in more than 170 successful matchmaking discussions involving Japanese and Indian automotive companies. By identifying the right partners based on detailed profiling and priority parameters, we enabled the client to... Download Case Study ### Efficient Project Crashing Through Six Sigma Principles Client : A long-standing Indirect Tax client Service Offered : Project Crashing Sector / Industry : Logistics Overview ABC, a long-standing client of Nexdigm’s IDT practice, approached us with a request to significantly reduce the cost of IDT services. However, Nexdigm was already operating on minimal profit margins, making further reductions challenging without affecting sustainability. Solution To address the volume-pressure, system constraints, and cost considerations, a multi-pronged solution was implemented: Reduced Staffing Lead Time of 2+ weeks. Saved INR 1 million on this assignment, maintaining the same profit percentage. Practice profitability increased by 3%. Conclusion This Six Sigma initiative successfully optimized staffing processes for ABC, ensuring cost efficiency without compromising service quality. By leveraging existing resources more effectively and fostering skill development, the project achieved sustainable profitability improvements and operational excellence. Download Case Study ### Implementing Distinct Financial Records to Ensure Full Compliance with the UAE Tax Regulations Client : Renowned Aquaculture Company from the UAE Service Offered : Finance Controllership, Entity Setup and Management Sector / Industry : Food Industry Overview Headquartered in the UAE, the client is a global leader in aquaculture and pet nutrition and has had a longstanding association with Nexdigm. Since the beginning of this relationship, Nexdigm has been consistently supporting the client’s headquarters with accounting and compliance services, alongside managing centralized expense booking and subsequent recharges to group entities based on their respective cost centers. Solution Nexdigm implemented a structured and proactive approach to resolve the crisis: After conducting thorough research of potential solutions within the existing ERP framework, we identified an advanced version of the system that offered key benefits, including cost center accounting, data backup and restoration capabilities, and customizable reporting formats for both consolidated and branch-specific financial views. To mitigate the risk of data loss, the existing license was upgraded to this advanced version, and an additional license with the enhanced features was procured. A pilot run was conducted using a select set of sample entries to thoroughly test the solution before its full-scale implementation. Impact The identification and seamless implementation of the advanced ERP version not only ensured the client's compliance with UAE tax regulations but also provided access to customized financial reporting. This enabled the client to make informed decisions for both locations, facilitate branch-specific adjustments, and strengthen internal controls. Download Case Study ### Winding down of the operations of a Company in DMCC, UAE Client : Setting up the GSSC in India Service Offered : Winding Up in UAE Sector / Industry : Trading Company Overview Headquartered in India, ABC Group (Client) is present in diversified businesses with a strong foothold in pharmaceuticals, biotechnology, and packaging industries. In 2022, as part of its global expansion strategy, it established a Dubai subsidiary (Dubai Company) to drive trading operations within the Dubai Multi Commodities Center (DMCC) Free Zone and beyond. Solution Nexdigm implemented a structured and proactive approach to assist the client during entire closure process: The activity of the winding down of the operations had to be done in coordination with the appointed liquidator. A detailed checklist for different areas was circulated with the management and liquidator to gather the required information and documents. Nexdigm worked very closely with various stakeholders in closing all open issues and obtaining NOCs from respective departments. Impact Nexdigm ensured that the operational wind-down and other related activities were completed smoothly, in a timely manner. Download Case Study ### Centralizing the Global Payroll, Finance, and HR operations in India Client : Setting up the GSSC in India Service Offered : Multi Country Payroll Services Sector / Industry : Information Technology Overview A prominent U.S.-headquartered company in the Information Technology sector with a growing presence across multiple geographies sought to centralize its HR, Finance, and Payroll functions in India. Previously, their payroll operations were managed through multiple vendors across different regions, requiring coordination among various stakeholders from HR, Finance, and Payroll teams. Solution To address these challenges, Nexdigm executed a structured approach that ensured a smooth transition and long-term operational efficiency: The team conducted a detailed discovery workshop with HR and Finance leadership to assess current pain points and highlight the benefits of payroll centralization. A comprehensive business blueprint was created outlining the transition approach, operational workflows, and key milestones for payroll consolidation. Engaged stakeholders to map out existing processes (AS-IS) and design optimized workflows (TO-BE), ensuring efficiency, compliance, and scalability. Impact Nexdigm’s solution helped the client achieve operational efficiencies and establish a scalable payroll model that could support future growth and expansion, reinforcing the value of a GSSC as a critical enabler of business success. Download Case Study ### Streamlining Payroll Operations for an Indian IT Giant Client : Leading Indian IT Giant Service Offered : Payroll and Compliances Sector / Industry : IT Services Overview A leading Indian IT giant, with a growing presence in Thailand, was struggling with operational inefficiencies in its payroll function. Persistent compliance irregularities with local payroll regulations led to frequent notices and penalties, resulting in operational disruptions and posing reputational risks. Additionally, recurring payroll errors caused dissatisfaction among employees, undermining their morale and trust in the organization. Solution Nexdigm adopted a structured and collaborative approach to transform the payroll function, focusing on compliance, efficiency, and accuracy: The team Conducted in-depth discussions with the payroll and HR teams to understand statutory and payroll requirements specific to Thailand. Created a detailed blueprint to align payroll operations with local laws and business needs. Reviewed and updated the Position Matrix for all payroll components, ensuring tax and social security compliance Impact Nexdigm’s involvement not only transformed the client’s payroll function but also had a ripple effect on operational efficiency and employee trust. By designing and implementing a comprehensive, automated payroll system, Nexdigm eliminated the inconsistencies and errors that had plagued the process. Employees began receiving accurate and timely salaries, which restored their confidence in the organization and improved overall morale. Download Case Study ### Successful repatriation of Overdue Funds Client : US-Headquartered Quick-Service Restaurant Chain Service Offered : Finance Controllership, Entity Setup & Management Sector / Industry : Food Industry Overview US-Headquartered Quick-Service Restaurant Chain, with an Indian subsidiary, encountered significant operational challenges when a non-operational bank account crisis led to potential FEMA non-compliance risks. During routine financial oversight for the Indian subsidiary of a multinational corporation, Nexdigm uncovered a critical issue related to the subsidiary's bank account operations. The absence of an authorized signatory, coupled with the subsidiary's reliance on the head office for payments, resulted in accumulating liabilities in the Indian entity’s financial records. Solution Nexdigm implemented a structured and proactive approach to resolve the crisis: Nexdigm promptly alerted the HO about potential FEMA risks, specifically the possibility of the payables being classified as Deemed External Commercial Borrowing (ECB). The team shared circulars and updates on AntiMoney Laundering (AML) regulations to highlight potential impacts. Persuaded HO to prioritize the issue by deploying a dedicated support team. Impact Nexdigm’s expert intervention led to the successful resolution of a complex financial compliance challenge with substantial benefits for the client. The overdue funds, totaling USD 0.9 million (INR 75 million), were repatriated after a prolonged accumulation period of 4.5 years, achieving full compliance with FEMA regulations. The process, completed within a turnaround time of 13 months, incurred no penalties and faced no instances of non-compliance. Furthermore, Nexdigm ensured the operational status of the subsidiary’s bank account, allowing the Indian subsidiary to independently manage its expenses without further regulatory risks. Download Case Study ### Low-touch Vendor Invoice Processing Client : Leading Provider of "on-demand" Private Aviation Services Service Offered : Finance and Accounting Sector / Industry : Aviation Overview A leading provider of "on-demand" private aviation services was facing critical inefficiencies in its invoicing process, which posed a significant risk to its financial operations and overall productivity. Managing a diverse fleet with over 100 distinct invoicing templates and numerous exceptions resulted in inconsistencies throughout the invoicing process. These challenges hindered the accuracy of invoicing and resulted in substantial delays in monthly reporting, negatively impacting cash flow. The complexities of the invoicing process drained resources, both in terms of manpower and time, making it a pressing concern for sustainable business operations. Solution To address the challenges effectively, Nexdigm adopted a structured approach tailored to the client's specific needs: Issue Identification and Rule Development Solution Development and Risk Mitigation Data Analysis and Standardization Scalable Smart Rule Engine Impact Following the implementation of Nexdigm's solution, the client experienced a notable impact across various aspects of their operations: The overall payable process was simplified, resulting in 73 % reduction in time, reducing complexities, and enhancing ease of operation for the client. The scalable process enabled integrating any new vendors faster in the new automated model. The implementation resulted in substantial FTE savings, freeing up resources for other strategic initiatives. Accuracy levels were significantly enhanced, reducing errors and ensuring greater reliability in financial operations. Download Case Study ### Standardized Sales Invoice Template for 100+ Aircraft arrangements Client : Leading Provider of "on-demand" Private Aviation Services Service Offered : Finance and Accounting Sector / Industry : Aviation Overview A leading provider of "on-demand" private aviation services was facing critical inefficiencies in its invoicing process, which posed a significant risk to its financial operations and overall productivity. Managing a diverse fleet with over 100 distinct invoicing templates and numerous exceptions resulted in inconsistencies throughout the invoicing process. These challenges hindered the accuracy of invoicing and resulted in substantial delays in monthly reporting, negatively impacting cash flow. The complexities of the invoicing process drained resources, both in terms of manpower and time, making it a pressing concern for sustainable business operations. Solution In response to the multifaceted challenges faced by the client in their invoicing operations, Nexdigm undertook a structured approach aimed at transforming its invoicing process to achieve greater efficiency and standardization. Impact Nexdigm implemented a unified invoice template, establishing consistency across all entities and simplifying the process for stakeholders. This standardization reduced complexity, improved operational efficiency, and created scalability for future expansions. Automation enhancements further streamlined operations, saving full-time equivalent (FTE) resources, which allowed the client to reallocate personnel to strategic initiatives. Additionally, the alignment of all stakeholders fostered improved collaboration and decision-making, laying the groundwork for future automation and cost-saving opportunities. Download Case Study ### Centralizing and transforming data with a unified data warehouse for Real Estate Investment Trust Client : India’s first publicly listed Retail Real Estate Investment Trust Service Offered : Data Warehousing Sector / Industry : Retail Overview The client, India's first publicly listed retail real estate investment trust, manages a vast portfolio of 17 Grade A urban consumption centers, two hotel assets, and three office assets, covering approximately 9.9 million square feet of gross leasable area across 14 cities. They faced significant challenges managing their expansive portfolio due to scattered data across various departments and vendors. This lack of a centralized data management system hindered their ability to perform business intelligence (BI) and predictive analysis, limiting the data’s potential use for marketing, sales, and brand partnerships. Solution After a cost-benefit analysis, Azure was identified as the most suitable platform for the data transformation and storage solution. Nexdigm designed and implemented a comprehensive data architecture, including the development of automated Azure cloud pipelines within Azure Data Factory (ADF) and Azure Databricks for data extraction, while Azure SQL served as the central data warehouse. Impact The implementation of a centralized data warehouse significantly reduced dependency on external vendors for data access. With all data integrated into Power BI, the performance of dashboards improved drastically, enabling timely and more effective business decisions. This newfound agility allowed the client to generate real-time insights, providing valuable information to both brands and investors. Download Case Study ### Strengthening Cybersecurity for a Digitized Trade Finance Platform with Virtual CISO Services Client : A Leading Global Digital Trade Finance Platform on Blockchain Technology Service Offered : Cyber Resiliency (Virtual CISO Office) Sector / Industry : BFSI Overview The client, a digitized global trade finance platform using blockchain technology to manage global liquidity for supply chain and trade assets, needed a dedicated CISO and an information technology and cybersecurity team. This gap meant that associates with limited cybersecurity expertise were handling critical tasks, pulling them away from their core responsibilities and reducing productivity. Nexdigm stepped in to fill this gap, offering a comprehensive solution with our Virtual CISO services, effectively acting as the client's dedicated information technology and cybersecurity team. Solution Nexdigm acted as the virtual Chief Information Security Officer (CISO) and implemented a suite of solutions to achieve the outlined objectives. Strengthened Authentication Security Awareness Enhancement API Governance Improvement Optimized Entra ID Policies Security Risk Mitigation Impact Nexdigm’s extensive array of cybersecurity not only enhanced the client's security measures but also deliver significant business benefits, showcasing a successful partnership in navigating today’s complex threat landscape. Download Case Study ### Process Automation and Optimization Client : An Indian Logistics Company Service Offered : Business Process Review Sector / Industry : Logistics Overview The client is an Indian-based company that provides fleet management services to a leading American multinational transportation company. At present, the client manages 100+ fleet vehicles with over 1000+ drivers across seven cities in India. Solution Our team helped the client automate its entire operational process, which was previously managed manually. Moreover, our agile audit plans and strategies ensured process standardization, enhanced process efficiency, by: Understanding the Process Development of an Agile Audit Plan Continuous Reporting and Feedback Impact Ensured better efficiency, transparency, and simplification of the reconciliation process. Operational and process loopholes were addressed with automated scripts, significantly reducing the final turnaround time. With automated scripts, the date in each report was automatically captured, relevant data was mapped from the relevant system, logic was defined for dead run penalty and net payable/receivable from each driver for each day was computed. Download Case Study ### Improving Supply Chain Resiliency through Strategic Sourcing in the US Client : A Consumer Healthcare Company Service Offered : Procurement: Category Management Support, Strategic Sourcing Sector / Industry : Healthcare Overview A leading consumer healthcare company in the United States faced substantial supply chain challenges due to its heavy reliance on suppliers based in China. Changes in import tariffs significantly increased the company's costs, encompassing transportation, customs, and port fees. Additionally, any supply chain disruptions necessitated costly air freight solutions, further straining the budget. In addition to these cost increases, the company faced prolonged delays and extended lead times for inventory shipped by sea. Port congestion and erratic shipping schedules, exacerbated the situation, further complicating the company's supply chain management and overall budget. Solution To address the challenges faced by the consumer healthcare company, Nexdigm implemented a comprehensive and strategic solution. The team conducted a detailed Total Cost of Ownership (TCO) analysis, breaking down all associated costs with the current process. This included costs related to manufacturing in China, customs clearance fees to get the inventory to US suppliers, and transportation expenses. The analysis provided the client with a clear understanding of the financial implications of maintaining their existing supply chain model. Impact The implementation of Nexdigm's strategic solution yielded significant positive outcomes for the consumer healthcare company. Through careful planning and execution, the company was able to enhance its sourcing efficiency, safeguard NTS, and realize substantial cost avoidance. Download Case Study ### Restructuring involving revival of loss-making company and achieving economies of scale Client : Leading International Auction House Service Offered : M&A Tax & Regulatory Services Sector / Industry : Automobiles & Auto Components Context The transferor company had made heavy capital investments to manufacture large industrial-size bearings. However, the business did not progress as projected. Furthermore, heavy capital investments and moderate manufacturing of industrial-size bearings resulted in the underutilization of capacities, thereby resulting in the company incurring huge operating losses. The losses made the transferor company’s net worth negative. Client The client, situated in Bengaluru, India, is a global leader in the manufacture of bearing and lubrication systems. The client had separate entities in Bengaluru. The transferor company was engaged in the manufacturing of oil seals, large industrial-size bearings and rendering technical services. It sustained operating losses. Impact Nexdigm’s overall project management approach helped achieve the management’s objective of completing the project within the desired timeline, delivering to the management’s expectations. The structure brought substantial tax savings due to carried forward losses. The merger ensured the revival of prospects of a loss-making company and offered an optimum product mix for the customers. Download Case Study ### Facilitating the inbound merger of foreign holding company with Indian Subsidiary Client : Leading International Auction House Service Offered : Inbound Merger Sector / Industry : Consumer Context The companies are part of the same group. BVI Hold Co. owned intellectual property concerning the business and value was created therein. There were investors in BVI Hold Co. The subsidiary companies were operation companies. The management desired to integrate and consolidate the companies into a single entity Nexdigm was approached to advise, and project manage the entire business reorganization process end-to-end as desired by the Group in the given timeframe. Client The Holding Company (BVI Hold Co.) of the Client was Headquartered in British Virgin Islands. The Client is a leading international auction house conducting live and online auctions. BVI Hold Co. owned intellectual property concerning the business. The BVI Hold Co. was having 4 wholly owned subsidiaries across the globe, out of which 2 were in India (Ind Co. 1 and Ind Co. 2) and others were in United States of America and United Kingdom respectively (US Co. and UK Co.). The Ind Co. 1 was incorporated in India in 2000 and was in the business of providing back-office support to other group companies whereas the Ind Co. 2 was incorporated in 1999 and was engaged in the business to act as auctioneer, commissioner agent, consultant, advisors of artwork, jewellery, other artefacts and real estate and to act as authenticator and valuer of artwork. It was proposed to merge BVI Hold Co and Ind Co.1 with Ind Co. 2. Impact Nexdigm’s overall project management approach helped achieve the management’s objective of completing the project within the desired timeline despite the complications that occurred due to meeting the requirement of overseas jurisdiction. The Nexdigm project team ensured that the merger was consummated within the timeline set by the Management by resolving every critical issue appropriately and in accordance with the law, delivering to the management’s expectations. Download Case Study ### Restructuring involving demerger to create distinct entities Client : Manufacturer of Specialty Chemicals Service Offered : M&A Tax & Regulatory Services Sector / Industry : Chemicals Context The client company was owned by the family members in proportion. The client held EOU, SEZ unit and NCA in a single entity. The client desired to unlock the value by segregating units into separate entities. Nexdigm was approached to advise and project manage the entire business restructuring process end-to-end as desired by the management within the given timeframe. Solution Nexdigm tackled the client's Accounts Receivable challenges with a holistic approach aimed at optimizing efficiency and accuracy. Conducting a thorough background analysis, we meticulously mapped existing processes, infrastructure, and performance metrics to identify areas for improvement. Prioritizing time management, accuracy, and productivity considerations, we crafted a tailored solution focused on automation. Leveraging robotic process automation (RPA) software bots, we designed and implemented a streamlined cash application process. This solution not only reduced manual effort and processing time but also enhanced accuracy and real-time tracking capabilities. By automating repetitive tasks and standardizing processes, we empowered the client to meet SLAs consistently while freeing up resources to focus on value-added activities and customer query resolution. Ultimately, our solution drove tangible improvements in operational performance and customer satisfaction for the specialty chemical company in the APAC regions. Impact Nexdigm’s overall project management approach helped achieve the management’s objective of completing the project within the desired timeline, delivering to the management’s expectations. Download Case Study ### Program Management Support to assist Contract Management for Divestiture Client : Fortune 100 Healthcare Company Service Offered : Program Management Support Sector / Industry : Healthcare Context A leading Fortune 100 Healthcare company specializing in pharmaceuticals and medical technologies underwent a divestiture initiative. The aim was to establish two distinct entities: one dedicated to consumer products and the other focused on pharmaceutical businesses. Solution In response to the challenges faced by the company, Nexdigm implemented a comprehensive solution to address each issue effectively: Nexdigm supported the management of over 5700 contracts spread across 6 category families and 4 regions (EMEA, NA, APAC, and LATAM), ensuring comprehensive coverage and oversight. We liaised closely with the contract collection team to prevent any contracts from being overlooked, ensuring that all contracts were accounted for and managed efficiently. The focus was placed on prioritizing category contracts based on the highest spend, mitigating the risk of disruption to business operations, and optimizing resource allocation. Nexdigm supported global category leads and regional team leaders in streamlining and developing a standardized process for contract management, ensuring consistency and clarity across regions. We formulated and developed a customized template on Smartsheet for the end-to-end tracker, facilitating easier information collection and process optimization for category leads. In order to do so, we gathered data from various sources, including internal systems and repositories, to validate the accuracy of the tracker. This comprehensive approach ensured that the information within the tracker was reliable and up-to-date. Impact Nexdigm’s solution improved the client’s contract closure rate substantially. By performing data validation for over 5700 contracts spread across 6 category families, the client achieved a remarkable 100% contract closure rate. This indicated that all contracts were successfully managed and finalized, reducing the risk of any outstanding or unresolved agreements. Additionally, we enhanced the efficiency of the contract management process. The creation of 2000+ Salesforce cases which captures the contract details for the sourcing team to execute contracts demonstrates a significant improvement in efficiency. This streamlined approach ensured that contracts were promptly addressed and finalized, leading to smoother operations and reduced bottlenecks in the contracting process. Download Case Study ### Support to streamline the Accounts Receivables Process for APAC Region Client : Multinational Specialty Chemical Company Service Offered : Finance and Accounting Sector / Industry : Chemicals Context A multinational specialty chemical company that supplies to the building and motor vehicle industry, headquartered in Switzerland, was facing challenges in its Accounts Receivable (AR) process, impacting operational efficiency and customer satisfaction. Solution Nexdigm tackled the client's Accounts Receivable challenges with a holistic approach aimed at optimizing efficiency and accuracy. Conducting a thorough background analysis, we meticulously mapped existing processes, infrastructure, and performance metrics to identify areas for improvement. Prioritizing time management, accuracy, and productivity considerations, we crafted a tailored solution focused on automation. Leveraging robotic process automation (RPA) software bots, we designed and implemented a streamlined cash application process. This solution not only reduced manual effort and processing time but also enhanced accuracy and real-time tracking capabilities. By automating repetitive tasks and standardizing processes, we empowered the client to meet SLAs consistently while freeing up resources to focus on value-added activities and customer query resolution. Ultimately, our solution drove tangible improvements in operational performance and customer satisfaction for the specialty chemical company in the APAC regions. Impact Nexdigm's tailored solution not only addressed the client's immediate challenges but also laid the foundation for long-term efficiency and scalability in their Accounts Receivable process. Download Case Study ### Audit Support and Clean-up of Books of Accounts for Subsidiaries of a US-based Pharmaceutical Company Client : Subsidiaries of a US-based Pharmaceutical Company Service Offered : CFO Support & Finance Controller Services Sector / Industry : Healthcare Objective Two subsidiaries of a US-based pharmaceutical company traded ophthalmic products and specialty healthcare products used for aesthetic and therapeutic purposes, respectively. Solution Clean up of Books of Accounts The Nexdigm team performed a detailed review of all Financial Statement Line Items (FSLI) to align them with US GAAP and Ind AS/IGAAP respectively. We reviewed the underlying documents and conducted management inquiries to finalize the necessary rectifications for reconciling the management and statutory books. We also provided adjustments for accounting entries to be posted in the books of accounts. Preparation of Local GAAP-compliant Accounts and Financial Statements Our team reviewed the company's data, records, and methods of maintaining management and statutory accounts. We then prepared accounts compliant with the local laws, including a review of complex areas, including inventory, consumption of goods, revenue, payroll expenses, inter-company balances, and related party transactions. Impact The Nexdigm team prepared a reconciliation supported by detailed workings and documentation between the management and statutory books of accounts. We completed the yearly Statutory Audit within the management's specified deadline and enhanced confidence in the financial statement figures for both the finance controller and auditors. Download Case Study ### Accounting, Month-end Closures, Compliance Management, and ERP Implementation for a70-year-old Family-owned Conglomerate Client : A Family-owned Conglomerate Service Offered : CFO Support & Finance Controller Services Sector / Industry : Food processing Objective Our client is a 70-year-old family-owned conglomerate into various businesses such as boutique hotels, banquets, dining restaurants, etc. and alsoruns a large ice-cream store chains and a low-calorie ice-cream chain with operations in India and the Middle East. They decided to venture into a new productline –plant-based meat products. Solution Establishing SOPs and Evaluating ERPs The Nexdigm team supported the client in establishing Standard Operating Procedures (SOPs) for the newly incorporated foreign entity. They also assisted in evaluating an ERP system tailored to the operating and revenue model and guided the client in terms of their banking set-up. Impact Our comprehensive support enabled the company to achieve its set-up activities before the product launch. By promptly resolving any ERP or process-related issues and highlighting exceptions to the management, we ensured smooth operations and facilitated timely decision-making. Moreover, we diligently managed routine activities and statutory compliances, delivering monthly reports to the management by the due date to enable them to track all relevant activities and information. Download Case Study ### End-to-End Digitization of multiple Cross-functional Processes Client : A foreign subsidiary of a global healthcare company Service Offered : Process Improvement Sector / Industry : Healthcare Context The client is one of the global leaders in the eye-care industry, with operations in 24 countries and more than 8,000 employees globally. With a worldwide presence, the client serves more than 60 million patients daily and plays a critical role on the global stage in providing ophthalmic products and surgical instruments. The client’s Indian subsidiary markets its products at the Pan-India level and operates in major Indian cities. Due to the complexity involved in managing end-to-end operation, along with the growing demand for being competitive while operating efficiently the client wanted to incorporate digitization within their cross-functional processes. Solution The Nexdigm team began the project by understanding the client's Voice of the Customer (VoC). "As-Is" was done, which helped identify gaps and process loopholes and bottlenecks. This enabled us to pinpoint the key issues and inefficiencies and visualize an optimum solution. The team held several brainstorming sessions with the client to streamline the process. A digitized end-to-end process through a workflow portal was proposed to induce efficiency and quality. Outcome Overall, the Defects Per Million Opportunities (DPMO) rate was reduced from 100000 to 0, increasing the count of distributor claim raises by 33%. Download Case Study ### Payroll consulting and compliance services for an Indian IT company with global offices Client : A multinational Indian IT company Service Offered : Payroll, Administration & HR Compliance Sector / Industry : IT/ITeS Context Our client is an Information Technology (IT) company involved in software development and implementation. It also provides on-site support to its customers in various countries. This is done by the deputation of employees from India for short, medium, and longterm assignments. The client has branches in various countries for that purpose, including South Africa. Challenge The company was dissatisfied with the quality of service being delivered by the existing payroll service provider as there were significant gaps, both in the assurance of compliance and proper information flow from the service provider to the client. Impact With our help, the company was able to achieve a cumulative gross savings of approximately USD 30,000 apart from the ongoing benefit for all the future deputies. Download Case Study ### Program Management Support for Product Launch, Migration, Testing, and Implementation of Medical Products Client : A Leading Medical Devices and Technology Company Service Offered : Program Management Sector / Industry : Healthcare Context A leading global medical devices and technologies company was planning various enterprise-wide initiatives to stay industry-relevant. From navigating regulatory frameworks to ensuring the implementation of rigorous quality management systems (QMS), each step demanded meticulous planning and execution. Challenge As a specialized manufacturer of medical technology and devices, they detected gaps in their current resources to carry out a comprehensive project management program. They lacked dedicated SMEs appropriately qualified to initiate the project. Additionally, the organization sought a designated point of contact to facilitate effective coordination between the organization and its third-party vendors. They engaged Nexdigm to establish a clear communication channel, effectively manage change management, and supervise the project. Impact By leveraging our deep industry knowledge, operational insights, and comprehensive suite of services, Nexdigm supported the client in enhancing their operational capabilities, optimizing regulatory compliance, streamlining processes, and achieving their business goals efficiently. Download Case Study ### Program Management support for creating and monitoring data-based, system enhancement, and new system development projects Client : Wealth Management Company Service Offered : Program Management Sector / Industry : BFSI Context A private banking group present in over 25 countries and around 60 locations was building a Mutual Fund Brokerage Calculator to track and verify the volume of the commission bids they were receiving from the stock exchange. Specializing in a wide range of wealth management and advisory services to high-net-worth individuals, families, and institutions, they have tied knots with various asset management companies (AMC) to serve their clients. The Mutual Fund Brokerage Calculator assembled multiple schemes of the agencies alongside their commission rates basis their clients. Challenge Gap in Skillset: Due to a gap in the senior management position, the organization was looking for a team proficient in information technology and business analytics. Time Management: The bid collection and reconfiguration was a lengthy process when done manually, taking up the employees’ time, which could have been utilized better. Progress Report: The organization lacked visibility with context to the calculator and its progress, causing irregularities with bid collection. Impact Nexdigm's multifaceted contributions had a transformative impact on the operational dynamics of the private banking group, forging a synergy of technological innovation, strategic alignment, and efficient time management. Our assistance with monitoring and evaluating the Mutual Fund Calculator application enabled the client to streamline commission updates for mutual fund transactions. Download Case Study ### Global Payroll Services Client : A Large Indian Information Technology Company Service Offered : Payroll, Administration & Compliance Sector / Industry : IT/ITeS Context Our client is a leading global IT services and solutions provider headquartered in India. Growth of the IT industry is not only characterized by the rise in employee strength in India but also the rapid opening of delivery centers across the globe to have a competitive advantage in business. Our client has a multinational presence with 25,000+ employees worldwide including a large number of international employees that travel from their home country to host countries. Solution Nexdigm set up a modular course which resulted in a uniform process for multi-country payroll management. Standardization of Processes Centralization Extensive Research Exception Handling Impact The client achieved the following benefits on completion of the project: Expatriate tax advisory integrated with payroll processing Optimized payroll administration costs leading to savings of over 50% annually Complete assurance to the client on compliances with 100% accuracy and on-time completion of compliances along with full access to all relevant payroll information Download Case Study ### Payroll, leaves calculation, and labor law compliances for 600+ employees Client : A Global Manufacturer of Healthcare Products Service Offered : Payroll, Administration & Compliance Sector / Industry : Healthcare Context Our client is an Indian subsidiary of a US-headquartered healthcare company that manufactures ostomy care, continence care, and wound care products. Solution We had multiple rounds of discussion with the management, HR, and Finance teams to understand the current processes and exact challenges faced by them. Impact We introduced a new process flow for inputs to be received from client, defined communication protocols, designed checklists specifically for the client, and customized various reports to meet their needs. Download Case Study ### Supported the IT division of a logistics company with the utilization of surplus profits Client : Subsidiary of a Danish Shipping and Logistics Company Service Offered : Entity Set-up & Management Sector / Industry : Transportation Context Our client is a wholly-owned subsidiary of a Danish shipping and logistics company. They provide IT support, software development, and back-office services to its group companies. Solution Provided a comparative table of Dividend Distribution vis-a-vis buy-back of shares with the following details: Total receipt in the hands of the shareholder Total outflow to the company Credit for Dividend Distribution Tax (DDT) to shareholders Tax payable by way of DDT/buy-back tax for shareholders Permissible limit for buy-back of shares Value price for buy-back of shares and its implication under the Income Tax Act Impact With our guidance, the client could take a calculated decision on buy-back and dividend distribution. The comparative table created by the Nexdigm team helped their Corporate team get a quick glance at the available options, thus enabling them to make effortless decisions. Download Case Study ### Business Establishment an Irish Auto Component Manufacturing Company Client : An Irish Automotive Tools Manufacturer Service Offered : Entity Set-up & Management Sector / Industry : Auto and Auto Components Context Our client is an Irish company that specializes in the designing and manufacturing of tooling, metal stampings, and welded assemblies for the automotive industry. They reached out to Nexdigm to help them incorporate their subsidiary company in India. Solution Nexdigm explained the overall requirements to establish the entity in India to the client. The information and supporting documents for the preparation of drafts were accordingly received from the client Impact The client was able to establish their subsidiary in India and start their operations as planned. There were no last-minute surprises or requirements for the company set up. Clear and precise instructions to execute documents, timely action on data processing, and coordination were extremely impactful for this project. Download Case Study ### Finance, Accounting, Payroll, Tax, and Regulatory Support for a French Manufacturing Company Client : A European Company Manufacturing Point-of-sales Display Units Service Offered : Entity Set-up & Management Sector / Industry : Manufacturing Context Based in France, the client is a designer and manufacturer of point-of-sales displays primarily for cosmetics. They offer display, merchandising, and brand retail services through their subsidiaries and cater to customers worldwide. During the course of an ongoing assignment, we identified challenges related to maintenance of the books of accounts. Solution We assisted with an automated workbook for the calculation of inventory consumption wherein the purchase details of raw materials were incorporated and cross-verified against the data in the accounting system. A system of control checks were put in place to ensure that the consumption as per data provided by client were correct and the consumption in quantity and value is monitored for any discrepancy. The inventory control workbook helps to check the monthly consumption as well as helps in maintaining proper project-wise books of accounts. Impact The inventory control workbook helped the client in arriving at the proper consumption and valuation of inventory. The inward and query portal ensured a smooth transfer of data from the client to Nexdigm for accounting which reduced the turnaround time and resolved queries faster. Download Case Study ### Market Evaluation for a Custom Woodworking Company Client : A Prominent Furniture Company Service Offered : Pre-investment Advisory & Market Research Sector / Industry : Consumer Durables Context A prominent South African-based company specialized in customizing wooden interior decor products, approached Nexdigm to evaluate the Indian furniture market. The objective of the assignment was to conduct a detailed study of the Indian furniture industry with an emphasis on four specific cities to determine the target market for their proposed India plans. Solution Nexdigm conducted primary and secondary research to provide an overview of the market size, segments, opportunities and challenges, production and consumption, export and import, etc. across the Indian furniture market (online and offline segments). Furthermore, we conducted a comprehensive supply chain analysis which included 70+ stakeholder interviews and analysis of importers, manufacturers, distributors, retailers, and institutional buyers, among others. We also mapped four pre-dominant supply chain models - organized manufacturing, wholesale trading, organized retailing, and e-commerce/Online. We also studied the competitive scenario (retailers home, manufacturers-office, and e-commerce players) and created extensive profiles of 15 players based on factors such as product/service offerings, business model, modes of doing business, import-export scenario, etc. Outcome Our comprehensive report helped the client understand the Indian market, their target audience, competitors, and potential opportunities and challenges in the market. The report helped in understanding that Tier 1 cities had strong consumption demand due to increasing internet penetration, varied payment options, flexible price sensitivity, and thus was recommended as a viable option to be considered for market entry. Download Case Study ### Formulated recommendations on setting up an international K-12 School Client : A Leading UK-based Educational Institute Service Offered : Pre-investment Advisory & Market Research Sector / Industry : Education Context A British international K-12 school approached Nexdigm to gain insights of the educational landscape in India in order to make informed decisions regarding their expansion. The client wanted to understand the local market's educational needs while identifying potential opportunities. Solution The Nexdigm team conducted qualitative and quantitative research on the size, structure, and dynamics of international schools operating in India. The study discerned that India possesses the second-largest schooling system globally, expanding at an impressive Compounded Annual Growth Rate (CAGR) of 14%. Additionally, we observed that a select few metropolitan cities in India host the highest number of international schools. The team conducted an assessment of the programs provided by various affiliations and associations across the age group of 5 to 17 years and provided key details of international schools operating in one of the metropolitan cities as selected by the client. Outcome Our report provided an overview of the educational landscape in India with a detailed assessment of the most developed metropolitan city in terms of the ecosystem of international schools. This assessment included understanding the existing international schools, their business models, fee structures, curriculum, etc. as well as the legal framework governing the sector. Our recommendations helped the client formulate their entry strategy into the Indian market. Download Case Study ### City and Site Evaluation for a Global Webbings Manufacturing Company Client : A Leading German Textile Company Service Offered : Pre-investment Advisory & Market Research Sector / Industry : Textiles Context A 150-year-old German Company having presence in multiple countries and engaged in the business of manufacturing webbings products (lashing webbings, lifting webbings, technical webbings, etc.) intended to set-up their base in India. The company approached Nexdigm to assist them in evaluating a suitable location for their manufacturing/assembly unit in India. Solution The client intended to set up its proposed unit in a city in the vicinity of its India partner location, close to seaports and its key domestic raw material suppliers. Five cities were shortlisted across different states based on the above parameters and each city/state underwent a thorough study that included – macroeconomic factors, power supply, road density, connectivity, availability of labor, and incentives, among several others. Ahmedabad topped the list as it attained a favorable ranking on the majority of the aforementioned factors and had proximity to Adani Port and an expanding number of textile parks. Outcome A second visit was organized by the Nexdigm team along with the client to the shortlisted options. The Nexdigm team ensured end-to-end collaboration with the client and landlords to finalize one unit for their proposed operations. Download Case Study ### Analyzed the potential of a Circular Economy in the Automotive Sector Client : A leading Japanese industrial conglomerate Service Offered : Pre-investment Advisory & Market Research Sector / Industry : Automobiles & Auto Components Context A global leader in the business of chemicals and materials wanted to evaluate the market for a circular economy in India focused on the automotive sector. The company approached Nexdigm to understand the opportunities, risks, and challenges associated with using biodegradable materials and regenerating recyclable waste for automobiles in India. Solution Nexdigm adopted qualitative and quantitative methodologies to gather information on the market size, segmentation, demand, and trends of the circular economy in the Indian automotive market. We analyzed the existing value chain in the market, practices in biodegradable materials, and the opportunities in waste recycling along with the future market scenario. Outcome Our insights helped the client understand the various aspects of a circular economy, such as traceability, waste management, and eco-design for waste management reduction with a focus on the automotive sector. Our analysis helped the client evaluate business feasibility and their plan to enter the Indian automotive market. Download Case Study ### Hydrogen Energy Assessment for a Multinational Japanese Chemical Company Client : A leading Japanese industrial conglomerate Service Offered : Pre-investment Advisory & Market Research Sector / Industry : Renewable Energy Context A Japanese industrial conglomerate dealing with the production of chemicals and materials approached Nexdigm to support them with a holistic and comprehensive market study concerning energy transition to Hydrogen (H2) in India. The client wanted to understand India's current and future position regarding energy from H2, the pros and cons of adopting H2 in India, along with the potential to embrace alternative technologies such as biofuel and Carbon Capture and Storage (CSS). Solution Nexdigm conducted a comprehensive market research study to understand the market overview of hydrogen energy along with the status of the adoption of other alternative fuels and technologies by India to reduce its carbon emissions. The Nexdigm team identified key stakeholders and determined their contribution and role in the industry. We also conducted industry mapping (Government bodies and Institutions, Research Institutes, India Energy, Heavy Engineering Companies, and Startups) to provide a holistic understanding of the market. Outcome Our insights helped the client understand the current status of hydrogen energy in India and the possible future opportunities. Our report also provided a holistic overview of the government initiatives, policies, and key stakeholders in the value chain more comprehensively which facilitated informed decision-making for the client Download Case Study ### Product Feasibility Survey for a Global Japanese Conglomerate Client : A leading Japanese Conglomerate Service Offered : Pre-investment Advisory & Market Research Sector / Industry : Machinery Context A Japanese company with over 140 years of presence and operations across various business lines such as energy, building and infrastructure, electronic devices, and digital solutions approached Nexdigm to understand the business dynamics associated with the Indian market, particularly concerning Spot Welding Devices. Solution We first set out to gather information to create a comprehensive report. A detailed analysis of the information sourced was completed using multiple surveys and cold calls across the entirety of India. To conduct the surveys, we prepared an exhaustive list of potential OEMs and tier-one suppliers in the Indian Auto and Auto-Component Market. We then created a detailed questionnaire based on the survey information and observations. Outcome Our detailed analysis helped the client understand the popularity of non-destructive testing, especially for spot welding devices, its pricing, and the seasonality of demand. Our thoroughly researched insights helped the client revamp their product pricing strategy for the Indian market. Download Case Study ### India opportunity assessment for a Japanese multinational on the medical devices industry Client : A leading Japanese industrial conglomerate Service Offered : Pre-investment Advisory & Market Research Sector / Industry : Healthcare Context A leading Japanese company that produces chemicals and materials approached Nexdigm to support them with a holistic and comprehensive study to understand the market opportunity for Therapeutic Apheresis Medical Devices in India in order to define their growth strategy for India. Solution Conducted comprehensive market research to understand the market size, market segmentation, and patient count with growth rate Analyzed modalities and techniques of Therapeutic Apheresis along with their usage practices in hospitals in India Performed competition benchmarking, identified key competitors, and provided their sales strategies Outcome Our insights helped the client understand the Therapeutic Apheresis products and market in India along with the available opportunities. Our insights on current practices, competition benchmarking, and regulatory framework were decisive for the client planning their India entry strategy. Download Case Study ### Evaluation of Market Dynamics for EP and PP Compound Goods in India for a Multinational Japanese Chemical Company Client : A Leading Japanese Industrial Conglomerate Service Offered : Pre-investment Advisory & Market Research Sector / Industry : Chemicals Context A global leader from Japan in the production of chemicals and materials approached Nexdigm to understand the demand for Engineering Plastic (EP) and Polypropylene (PP) compound goods in India in order to evaluate whether to set up operations. The study's objective was to evaluate the potential opportunities for the client. Solution Nexdigm prepared a detailed report highlighting the size, structure, segmentation, and growth drivers in India's EP and PP market. The team conducted extensive primary and secondary research to obtain critical information about the market which was further analyzed to provide market intelligence. Outcome The client benefitted from our analysis which factored in essential aspects such as market demand and potential of Engineering Plastic and Polypropylene (EP and PP) compound goods in India. Download Case Study ### Data Validation, Mining, and Entry of 22,000+ Veterinary Businesses for a Global Chain of Veterinary Clinics Client : A Global Chain of Veterinary Clinics Service Offered : Pre-investment Advisory & Market Research Sector / Industry : Healthcare Context A global pet care company operating multiple veterinary clinics approached Nexdigm to verify and record critical information of 22,000+ veterinary clinics spread across 51 states in the US. The objective of the said assignment was to gather information that would aid the client in developing acquisition plans for relevant veterinary clinics. Solution The client shared a spreadsheet of 22,000+ clinics with basic information such as company name, address, and contact details. Our task involved validating the information and updating the other pertinent information of these clinics which involved identification of nearest airport and proximity, number of veterinary doctors, their contact details, information regarding the clinic owners, etc. Outcome The entire project was delivered to the client within a period of three months, saving 25% of the estimated project timeline. Download Case Study ### Provided financial due diligence shared services as an extended team to support the global transactions Client : A Leading Accounting and Consulting Firm in the US Service Offered : Due Diligence & Valuations Sector / Industry : Accounting & Consulting Context As one of the leading global advisory and accounting firms based in the US, our client provides Due Diligence services. We were approached by two of their offices to support their Transaction Advisory team with due diligence support. Their usual clients are either the buying or selling side who require transaction advisory or due diligence services. Challenge The client was facing challenges in executing multiple engagements with limited resources, under stringent deadlines. They were looking out for a faster turnaround without impacting the quality of deliverables. Impact The Nexdigm team was equipped to handle the analysis of individual due diligence areas along with managing end-to-end due diligence projects followed by management discussions. Team supporting the client has several years of experience in due diligence assignments and provides expertise to identify key issues/matters which helps supports our client in management discussions. Our team works as an extension to the client’s front-end team, releasing bandwidth for them to engage with targets. Download Case Study ### Program Management support to setup a Centre of Excellence Client : A Leading Multidisciplinary Contracting Group Service Offered : Program Management Sector / Industry : Energy, Resources and Industrials Challenge A leading multidisciplinary contracting group specializing in construction and fabrication for the energy, oil and gas, refinery, aluminum, and industrial sectors was looking for a partner to set up a Centre Of Excellence (COE) in a new market (Bengaluru, India) to combat the disruption in the labor market in Oman and cost pressure faced by the company. Impact Nexdigm's overall project support addressed all areas of concern and provided the client with a detailed assessment of the complex business and regulatory landscape in India. The primary goal was to ensure the commencement of business operations as per the proposed timeline. Download Case Study ### Managed Payroll and Compliance Service for 300+ Associates Client : A US-based Financial Services Trading Company Service Offered : Payroll, Administration & HR Compliance Sector / Industry : BFSI Context Our client is a proprietary trading company that recruits amateur traders, trains them, and funds them with company capital for trading in stocks, bonds, forex, cryptocurrencies, indices, futures, and commodity markets. Challenge As incentives were provided to associates based on the number of trades and quantum of amounts traded, monthly payouts fluctuated to a great extent. As a result, ascertaining the taxability of associates became a tedious and time-consuming process. Impact Nexdigm acted as an extended arm of the client to complete the payroll within the requisite deadlines, while avoiding all transition hassles to employees The entire payroll was set up and rolled out(including transition period) within 48 hours We delivered the first payroll with 100% accuracy, with zero queries on salaries We did a complete health check on the payroll compliances and ensured it was 100% compliant vis-a-vis payroll management Download Case Study ### Managed Payroll, Leave, Attendance, and Payroll Compliances for 700+ Associates Client : A Multinational Company providing Information Services Service Offered : Payroll, Administration & HR Compliance Sector / Industry : IT/ITeS Context Our client is an Indian subsidiary of a US-based multinational company located in Bengaluru. The company provides information services to the Government, Construction, Insurance, and Solar Energy companies in the United States of America and other countries. Challenge The client was looking for a partner to support them in providing comprehensive services to manage their employee data, compensation and benefits data, leave and attendance, payroll, compliances, and employee documents. Impact The client was ecstatic and appreciated our seamless transition and hassle-free implementation. The entire system was set up and rolled out within a short span of one month against an industry average of three months Substantial time saved on reconciliation of various input/output reports by different teams due to Nexdigm’s solution Regular payroll reports delivered to enable the client to pay salaries to their employees on time Employee Self Service (ESS) portal was loaded with pay slips and tax slips for employees’ reference Download Case Study ### Procurement Process Optimization Client : Indian Manufacturer of Automobile Electronic Products Service Offered : Business Process Review Sector / Industry : Automobiles Context Our client is a Pune-based company set up over 30 years ago, involved in the engineering and manufacturing of automobile electronic products. It is one of the few pioneers from India who made a significant impact on engineering design and development in the world. It has a well-knitted presence in the automobile sector and has emerged as a top manufacturer and OEM supplier of electronic products. Challenge The key challenges encountered include the following: Lack of documented systems and processes Non-availability of location-level financial details Unidentified obsolete inventory Being an ownership company, the company adapted historic manual system/controls Possibility of imprecise records due to manual intervention Impact Nexdigm’s advice and recommendations helped the client in identifying process gaps, which was well-accepted. The client also appreciated the team’s efforts and innovative solutions Excess procurement resulting in non-moving and obsolete inventory Generated potential cost-savings for the client by assisting them in physical inventory monitoring Highlighted over price charged by vendors for same material at different locations Download Case Study ### Reporting Inadequacies in Revenue and Associated Processes Client : An Indian Pioneer in e-commerce Service Offered : Techno-Financial review Sector / Industry : IT/ITeS Context The organization is an e-commerce marketplace leader handling over 1 million customers online every month. The business was integrated with multiple interlinked applications across engineering, customer care, and business operations. The management of the organization appointed Nexdigm to conduct a review of select process areas (revenue collections from customers, payments to third parties (sellers), refunds and promotional schemes) to identify critical vulnerabilities and/or revenue leakages. Challenge Multiple touch points (e.g.an end-to-end revenue cycle involved over 30 touch points) for understanding the overall application architecture and data flow Accounting was based on summary reports generated from the business applications daily Terabytes of data (containing customer profiles, transactional data, and data captured automatically during the process) with over 10 million transactions per day In certain cases, processes/approval mechanisms were modulated based on business needs at multiple points in time for the period under review Impact Helped the company incorporate a data intelligence driven approach while reviewing revenue processes for effective decision-making and control monitoring Identified cases of potential revenue leakages and helped the company incorporate controls against the vulnerabilities identified to make the processes more effective Exceptions reported where promotional schemes may have been misused by customers or company employees Access management and access controls put in place Download Case Study ### Identification of Revenue Leakages Client : A French Logistics Company Service Offered : Business Process Review Sector / Industry : Logistics Service Providers Context Our client is one of the key contract logistics service providers of warehousing and distribution services/ carrier management services based out of Pune, Maharashtra. It is a private independent group founded in 1967. The client does not own any vehicle, instead hires the vehicles as required from various suppliers. Therefore, commission is an important source of revenue. The client is managing 90+ warehouses across 30+ locations and handling 4.5+ million square feet of warehousing space. In financial year 2018-19, the company reported revenues of INR 1,650 million. Challenge The management wanted to review various processes related to logistics, sales, and operations. The client approached Nexdigm for professional services in terms of various challenges highlighted below: Complex manual data maintained at multiple locations made it difficult to review, reconcile, and analyze Data maintained in manual excel trackers; it was not sanitized and changes made by numerous teammates were not captured Complex framework comprising of multiple contractual vendors for providing vehicles on multiple routes. Hence, it was difficult to identify the most economical vendor for an individual route On-boarding of ad-hoc vendors through telephonic discussion and a lack of documentation to verify the agreed terms Impact Nexdigm’s guidance and suggestions were well received by the client and the client appreciated our solutions. Revenue leakage aggregating to INR 43 lakhs was identified by the Nexdigm team. Operational loopholes were exposed and assistance was provided to plug the gaps. Download Case Study ### Setting up and managing the Finance and Accounting function of a Sports Team Client : Sports Team Service Offered : Finance and Accounting Sector / Industry : Media and Entertainment Context Our client, led by a European private equity and investment advisory firm, manages a sports team. Their company was founded with the intent of competing in a popular sports event in India. The client reached out to Nexdigm to set up their finance function and support them with accounting, taxation, compliance management, budgeting, payroll, and company secretarial compliances. Challenge Due to paucity of time, the client did not have the bandwidth to set up their Finance and Accounting (F&A) function and related aspects. There was no defined mandate from the client on the requirements. However, the client wanted to ensure timely payments to its players/support staff and its vendors. They also wanted Nexdigm to be conscious of their brand reputation as it was their first time entering into this competition. Impact The client was extremely pleased with our services and the way the entire accounting system was set up in record time. Nexdigm managed the F&A function and the budgets without any delays in payments which created a positive image for the brand. Download Case Study ### Identification and valuation of intangible assets to determine the Purchase Price Allocation (PPA) for Financial Reporting Purposes Client : A Listed Indian Pathology and Diagnostic Service provider Service Offered : Due Diligence & Valuation Sector / Industry : Healthcare Context A listed Indian Pathology and Diagnostic Service provider (Client/Acquirer) had acquired a majority stake in a local pathology and diagnostic chain to strengthen the Client’s presence in Central India. The pathology and diagnostic chain’s business, comprising of 7 labs, 100+ collection centers, and 300+ Pick-up-Points, functioned under two legal entities -a proprietorship concern (the Proprietorship) and a partnership firm (the Firm) (collectively Targets), both owned and operated by a renowned doctor. Approach Understanding the Business & Industry Dynamics and Identification of Intangible Assets Evaluation of Valuation Approaches/Methodologies and Valuation of Intangible Assets Purchase Price Allocation (PPA) and Accounting for the Transaction. Conclusion Nexdigm’sholistic solution assisted the Client right from intangible asset identification till the Audit Review stage. Nexdigm’sproactive approach in preparing a PPA note in Phase I streamlined the audit process and minimized audit queries during the Audit Review. Download Case Study ### Identification and valuation of intangible assets to determine the Purchase Price Allocation (PPA) for Financial Reporting Purposes Client : Singapore’s top Online Marketplace Classifieds Provider Service Offered : Due Diligence & Valuation Sector / Industry : IT & ITeS Context A Singapore web-based Consumer-to-Consumer (C2C) and Business-to-Consumer (B2C) Marketplace Company (Client) had acquired another Singapore-based online marketplace classifieds company (Company) with subsidiaries in Malaysia, Vietnam, and Myanmar (the Subsidiaries). The Client acquired 100% of the Company in an all-stock deal with the entire purchase consideration satisfied by issuing equity shares in the Client to the seller (the Transaction). Approach Understanding the Business & Industry Dynamics and Preparing a Purchase Price Allocation (PPA) Note for the Auditors Evaluation of Valuation Methodologies/Approaches and Valuation of Intangible Assets PPA -Audit Review and Accounting Conclusion Nexdigm’sholistic solution assisted the Client right from the identification stage of intangible assets up till the audit review. Our proactive approach in preparing a PPA note in Phase I streamlined the audit process and facilitated the Audit Review by minimizing audit queries. Download Case Study ### Valuation of investments in a financial technology company for Financial Reporting and Closure of Books of Accounts Client : A Leading Indian FinTech Company Service Offered : Due Diligence & Valuation Sector / Industry : IT & ITeS/BFSI Context Our client (Client) is a leading Asia-focused investment firm that makes concentrated long-term investments in public and private equity, focusing primarily on technology-oriented businesses. The fund has a crossover structure with over USD 5 billion in Asset Under Management (AUM). Approach Understanding the Business and Industry Dynamics Evaluation of Valuation Approaches/Methodologies Valuation of the Company Allocation of the Equity Value Impact We presented our findings to the Client in a valuation report that detailed the different valuation methodologies, the peer selection process, and the valuation conclusion which helped the Client report the fair value of their investments to investors and close their books of accounts in a timely manner. Download Case Study ### Determining the fair market value of shares for a global platform dealing in fine arts and its multiple subsidiaries across borders Client : A platform for fine arts and collectibles Service Offered : Due Diligence & Valuation Sector / Industry : Auction Houses (online/offline) Context Our client (Client/BVICo) operates a global platform for the auction of fine arts and collectables with its parent company based in the British Virgin Islands. BVICohas four subsidiary companies, two of which are in India (IndCo1 and IndCo2) and one each in the US (USCo) and the UK (UKCo). The Client allows customers to view and purchase fine arts, collectibles, modern commission art, and contemporary Indian art and jewelry. The Client set a benchmark for online art auctions and had a global presence with art gallery spaces across all major cities and a wide range of art. Approach Understand the Business and Group Structure Evaluation of Valuation Approaches/Methodologies Fair Market Valuation of Shares for Income Tax Reporting Computation of Share Exchange Ratio for the merger Impact While considering the share exchange ratio for the merger of BVICoand IndCo1, we needed to consider that any balance would not have impacted the interest of any shareholders. In contrast, in the case of the merger of the IndCo1 and IndCo2, there were a few minority shareholders whose interests would have been impacted. Considering the same, we had recommended a ratio wherein the interest of all the stakeholders was protected. Download Case Study ### Managing Tax Returns and Computing Capital Gains for a UK Firm Client : Tax Returns and Capital Gains to a UK-based CPA Firm Service Offered : Tax Return Services Sector / Industry : Professional Services Context Our client is a leading Certified Public Accountant (CPA) firm in the UK that provides a full range of tax, accounting, and business advisory services. Nexdigm was roped in to handle their UK tax returns and capital gains calculation for the firm’s clients. They wanted us to calculate capital gains for their clients with individually managed huge portfolios. Solution Nexdigm developed a capital gains tax macro inhouse Nexdigm tested various capital gain tax scenarios on the macro to compute capital gains to ensure desired output is generated After several rounds of testing, it was concluded that the macro is a flexible solution to meet our client's unique requirements. It can also be used for all clients to compute the UK capital gains/losses. Nexdigm prepared a standard input template that served as input for the macro, the basic details had to be updated that is simple and self-explanatory, such as purchase date, sale date, cost, proceeds, and quantity Impact The macro saved several processing hours Correct and error-free capital gain/loss is computed as there is no manual intervention Capital gain tax output template is generated in a standard format The above helped to deliver the output in an efficient and timely manner The macro can be used across functions Download Case Study ### Winding down of the operations of a Company Client : A captive software development company Service Offered : Winding down of operations Sector / Industry : IT/ITeS Objective The Group invested a significant amount of share capital in the Company along with the investments in fixed assets and other operative assets. Based on a strategic decision at the global level, it was decided to wind down the operations and subsequently, liquidate the Indian Subsidiary by way of voluntary liquidation. The decision to exit from India entailed activities like realization of the assets, separation of employees and discharging liabilities in India, terminating contracts/agreements. After the announcement of the closure decision by the local management in India, the finance team was the first to exit from the Company (considering an absence of growth perspective and uncertainties of employment), even before the business operations were discontinued and winding down was initiated. The Company had employed various consultants for different functions. Solution Considering the nature of the project and activities involved, this project was divided into three phases, (i) handover of the finance work (basic requirements from the client) and educate the handover (HO) team on other areas which are critical for closure of operation (pre empted by Nexdigm basis its experience), (ii) prepared a road map for the entire project after fact finding and presenting to HO team and (iii) implementation of winding down road map post discontinuance of the operations of the Company. Impact Nexdigm ensured that the wind down of business operations and other related activities of the Company were completed smoothly, in a timely manner. All the critical issues were discussed with the HO and appropriate recommendations/suggestions were also provided to ensure correct decision making. Nexdigm’s comprehensive approach ensured complete coordination, timely updates to stakeholders, and safeguarding the interest of the Company in the absence of the local management team. Nexdigm was the single point of contact for the HO for all their, finance, and administration requirements. Download Case Study ### Cancellation of share capital against accumulated losses and return of excess capital Client : A leading pharmaceutical component manufacturer for respiratory drug delivery Service Offered : Capital Reduction Sector / Industry : Healthcare, Manufacturing Objective Initially, the Company was formed to engage in the manufacturing activity, and therefore, it was heavily capitalized. Due to compelling reasons, the Group took strategic decision to cease manufacturing activity and continue the service activity by supporting Group mostly on a cost-plus model. However, the manufacturing operation by then incurred huge losses and the Company was heavily capitalized. But due to accumulated losses, the Company’s capital was not represented by the available assets. Furthermore, heavy capital also triggered certain compliances for the Company as per Indian company law. Solution The Nexdigm approach to this project was based on project management's four pillars: Time, Cost, Quality, and Risk. The assignment's primary requirement was to assess the existing situation and build a roadmap for business reorganization. A dedicated project team was assigned, which led the project, which involved complex regulatory involvement coupled with the practical challenge of a raging pandemic. Impact Undeterred by pandemic restrictions/lock-down, the Nexdigm project team ensured that the capital reduction is consummated by March 2022 by resolving every critical issue appropriately and in accordance with the law, delivering to the management’s expectations. Download Case Study ### Facilitating the merger of two international food processing companies Client : Leading manufacturer of high-quality chocolate and cocoa products Service Offered : Consolidation/Merger Sector / Industry : Food Processing, Manufacturing Objective Headquartered in Italy, the ABC Group is the world’s leading manufacturer of high-quality chocolate and cocoa products. Its Indian Company subsidiary (ABC Private Limited or the or ICO 1) was incorporated in India in 2013 to manufacture, market and distribute high-quality chocolate and cocoa products. The Company had set up a factory in Maharashtra. Pursuant to an acquisition at headquarter level, the Group added one more subsidiary company in India (ICO 2). Solution The Nexdigm approach to this project was based on project management's four pillars: Time, Cost, Quality, and Risk. The assignment's primary requirement was to assess the existing situation and build a roadmap for business reorganization. A dedicated project team was assigned, which led the project, which involved complex regulatory involvement coupled with the practical challenge of a raging pandemic. Impact Nexdigm’s overall project management approach helped achieve the management’s objective of completing the project within the desired timeline despite the complications rendered by the pandemic. Undeterred by the pandemic restrictions/lock-down, the Nexdigm project team ensured that the merger was consummated by March 2022 by resolving every critical issue appropriately and in accordance with the law, delivering to the management’s expectations. Download Case Study ### Fair Valuation of Restricted Stock Units for an Employee Incentive Plan Client : A multinational laboratory solutions provider Service Offered : Due Diligence & Valuations Sector / Industry : Manufacturing Objective Our client is an Indian subsidiary (Company) of a global multinational laboratory solutions provider (Client) specializing in designing, manufacturing, and installing laboratory furniture. Impact The valuation of the Company helped formulate the incentive plan and gain approval from the Board of Directors. The RSUs were thereafter swiftly granted to the employees and the valuation of the RSUs assisted in the timely accounting and closure of books. Download Case Study ### Valuation of a Gold Refining Business for a Strategic Stake Sale by a Venture Capital Fund Client : An African Gold Refinery Company Service Offered : Due Diligence & Valuations Sector / Industry : Materials Objective Our client is a Dubai-based venture capital fund (Client) that mainly invests in the commodities business. The Client and another investor have been working with the Government of Kenya to set up gold refinery operations (Company) in Kenya. The Company had received the requisite licenses from the Kenyan Ministry of Mining. After which, they started setting up a state-of-the-art gold refining facility and signed off-take agreements for procuring ore from gold mines. They were in the process of signing a supply agreement with a GCC-based commodity player. Impact We presented our findings and the valuation conclusion to the Client in a detailed valuation report, which helped the Client negotiate with its potential investors. Download Case Study ### Fair Valuation of an Online Classifieds Service Provider for a Multi-billion Dollar Hedge Fund Client : A leading Indian classifieds portal Service Offered : Due Diligence & Valuations Sector / Industry : IT and ITeS Objective Our Client is a leading India-focused hedge fund making concentrated long-term investments in public and private equity, focusing primarily on technology oriented businesses. As part of their portfolio, the Client has multiple investments in the Indian ecommerce industry, including investment in a leading classifieds portal (Company). Impact We presented our findings along with the valuation conclusion to the Client in a detailed valuation report which resulted in the Client reporting its funds' NAVs in a timely manner to its investors and ultimately, the convenient closure of books. Download Case Study ### Project Management support for winding-down India Operations Client : A leading global electronics repair and service provider Service Offered : Project Management, Due Diligence Sector / Industry : IT and ITeS Objective The Group was globally acquired by a major US based Private Equity firm including its India operations. As the major chunk of the business carried out in India was a non-core and non-profitable business, the Private Equity firm decided to winddown the Indian operations. Nexdigm was approached to support in managing the wind-down of the Indian operations and enable a smooth downsizing of operations prior to regulatory liquidation while providing full visibility to the global team. Solution The Nexdigm approach was based on the four pillars of project management - Time, Cost, Quality, and Risk. The objective of the assignment was to assess the existing situation and build a roadmap of critical activities for winding-down operations. A dedicated project team was deployed onsite during the initial phase of the project. Impact The Nexdigm team provided a transparent, unbiased, and thorough view of the business position to the management team, which helped them understand the risks, exposure, current business positions, etc. to prepare a comprehensive action plan and supported in executing the same to aid the winding-down process. Download Case Study ### Provided Interim CFO Services to a Technology Company Client : A subsidiary of a US-based technology company providing R&D related to ITeS and other support services Service Offered : Interim CFO Services Sector / Industry : IT/ITeS Objective The client is a subsidiary of a US technology company and provides various services such as R&D (Research and Development), product support and other support services to the group. Their CFO (Chief Financial Officer) in India had recently resigned, and they approached Nexdigm in the interim to take care of their CFO office until they found a replacement. Solution Our team reviewed the month-end numbers before the reporting was finalized. We checked the monthly variances and ensured there were appropriate reasons for any major variations. We monitored the cash flows and working capital requirements, prepared forecasts and reviewed vendor contracts among other FP&A activities. Impact Our support resulted in: Significant reduction in employee escalations Remarkable improvement in processes Saving management bandwidth The client appreciated our diligence, steadfastness, and support in implementing the best practices exercised by the execution team. Download Case Study ### Augmenting IT and compliance protocols for a Food Processing enterprise across multiple locations Client : A Food Processing Enterprise Service Offered : Cyber Resiliency (Virtual CISO Office) Sector / Industry : Food Processing Objective The client (Client) is a leading food processing and poultry farming enterprise. With several state-of-the-art research facilities and farms, they are committed to offering products that are healthy for consumption and sustainable to the environment. Solution The Nexdigm team assisted the Client in analyzing their existing cyber security infrastructure and the key risk areas to understand areas of improvement within the current IT infrastructure. We analyzed the current network structure through a combination of data flow schematics and industry-standard checklists to identify gaps across locations. Suitable recommendations were provided to the Client based on industry best practices to ensure risk mitigation across the entire organization. Impact The final solution offered to the Client's management encompassed an end-to-end IT and operational solution that covered all the Client's requirements. Download Case Study ### Streamlining payroll process for Zenith Technologies, a Life Sciences Automation Provider Client : Zenith Technologies Service Offered : Payroll, Administration and HR Compliance Sector / Industry : Healthcare, IT Objective Our client, Zenith Technologies (a Cognizant Company) is a prime life sciences automation services provider specializing in delivering scalable technology solutions and end-to-end factory solutions for the pharmaceutical and medical industry. Zenith Technologies wanted us to build a payroll processing system that would decrease the error rate and improve employee satisfaction. Solution The Nexdigm team defined an end-to-end, comprehensive solution for Zenith Technologies. We devised a flexible solution to meet our client's unique requirements, which catered to different time codes, working hours, and exceptions for various locations. We created a centralized collaborative repository for processing payroll instructions and queries (for current and future months) with proper access controls. A standard information template was created with the help of the HR team. This template was implemented for the seamless collection of information and frictionless payroll processing. We also coordinated with the Finance team to standardize processes and templates for all country payrolls. Download Case Study ### Offered Audit Support to a US-based Medical Devices Company Client : A subsidiary of a US-based manufacturing company engaged in diagnostic systems Service Offered : Audit Support Services Sector / Industry : Healthcare Equipment and Services Objective The client is a subsidiary of a US-based company and sells glucose monitoring and diabetes management products. The client was part of a major divestiture at a global level in the year 2019-20. The company started its operation in FY 2019-20, and there was just one Finance Lead in its Accounts team. They approached Nexdigm to ensure the timely completion of their audit under prevailing local laws. Solution Preparation of accounts and financial statements compliant to local GAAP Our team reviewed the company’s data and records and the maintenance method of the two sets of accounts i.e., for group and local reporting. We prepared the accounts compliant with local laws based on the available data. Impact We guaranteed the completion of yearly statutory audit functions within the due date. The auditors and the finance lead had better comfort over the financial statement figures with our support. The audit was completed within a stipulated time. During the audit process, we gathered complete knowledge of all balances in the company’s books of accounts. Download Case Study ### Full Suite Company Secretarial Services for an Indian Wealth Management Firm Client : An Indian Wealth Management Firm Service Offered : Company Secretarial Compliances Sector / Industry : Banking and Finance Objective Our client is a professional Wealth Management Company in India, engaged in all types of financial services, including but not limited to stock broking, depository participant, portfolio management, investment advisory, lending activities, distribution of financial products offered by companies, financial institutions, banks, mutual funds, central and state governments, insurance companies, pension, funds from gratuity, alternative investment, real estate, and any other institutions/entities dealing in financial products in India and abroad. Solution Our team assumed multiple roles to perform various responsibilities including standard, specialized and ad hoc secretarial compliances – Standard Services Ad-hoc Compliances Impact Nexdigm support helped the client avoid compliance issues under various Corporate laws and created potential cost savings. Our role in the funding assignments was not just limited to the secretarial compliance or documentation, but also included analyzing the terms of the shareholder’s agreement, highlighting the impact of few clauses on the company and preparing the shareholder schedules for various scenarios as per the commercial understanding. The team was also in constant touch with both the Company’s counsel, Investor’s counsel, Principals to the deal, addressing their queries on the documents and obtaining their approval for execution. Download Case Study ### Automated processes to provide tax computation of Net Asset Value (NAV) computation for a large AIF company Client : One of the leading players in the Alternative Investment Funds (AIF) in India Service Offered : Automating tax computation process Sector / Industry : Banking and Finance Objective The client is one of India's leading players in the AIF industry. AIFs are required to report monthly NAV with the Securities and Exchange Board of India (SEBI). After introducing tax on long term capital gains, it became imperative for the funds to factor in the tax cost while computing the NAV. Our client had 40+ funds, and hence computing tax working and NAV was a very difficult task given the stringent regulatory timelines. Solution Real time recording of script wise transactions is carried out to avoid a last minute rush. An automated tool is used to process the bulk data received from the custodian bank at the month end. Checks and balances are also carried out through the automated tool with the corresponding data provided by the custodian banks. The use of automated processes has reduced the turnaround time extensively, which helped deliver the computations of multiple funds in a short period. Impact The automated solution has helped the client ensure that compliance deadlines are adhered to without compromising accuracy. Our expertise and dedicated service has resulted in several new assignments from the client and several other funds of the said client group. Download Case Study ### Carried out a Purchase Price Allocations study for Financial Reporting for a major P.E. Fund Client : An Enterprise Solution Provider Service Offered : Purchase Price Allocation (PPA) for Financial Reporting purposes Sector / Industry : IT and ITeS Objective The Fund / Division (Client) approached Nexdigm to assist with identification of the intangible assets acquired as part of the software division acquisition, the purchase price allocation (PPA) of the consideration paid for financial reporting purposes. Impact Our holistic solution helped the Client right from the intangible asset identification stage through the audit review. Our Client centric approach, not only assisted the Client with PPA but also analyzed the implications of the PPA from Tax and Accounting laws perspective to provide the Client with the most efficient solution. Download Case Study ### Managed finance and compliance project for Indian subsidiaries of renowned companies Client : Indian subsidiaries of some of the leading manufacturing companies globally Service Offered : Finance & Accounting, CWIP Advisory, Compliance Management Sector / Industry : Manufacturing Objective Setting up a new project factory was a challenging task, and our clients realized the same as they started facing issues in multiple areas of operations once they began the project. Solution Our team took up the role of managing the Finance & Accounts, expert support for guiding CWIP items, and taxation matters like: Finance and Accounts We acted as a single point of contact with the Accounts vendor to liaise for invoicing, PO, advances, bank guarantees, capital advances, payments and other related compliances. We implemented a process to maintain proper documentation and register for the invoices; performed necessary book-keeping and accounting tasks as per applicable accounting standards, performed timely vendor and bank reconciliations. Impact Successful implementation of the capitalization process and tax benefits. Seamless operations of the finance function facilitating decision-making and immediate redressal. Accurate reporting and timely compliances in accordance with the applicable laws to avoid any interests and penalties. Download Case Study ### F&A function and pre-winding up support Client : A subsidiary of US-based company involved in data processing and analytics Service Offered : F&A function and pre-winding up support Sector / Industry : IT and ITeS Objective The client has an establishment in the US and took over its competitor's operations in the US and India. They incorporated a new company in India and shut down the acquired company's Indian function through voluntary winding-up. The client approached Nexdigm to take over the acquired company's finance functions and support the pre-winding up activities. Solution Taking over the complete F&A function Preparation of financials and audit support Projected cash flows and weekly updates Pre-winding up activities Clearances and surrender of the registrations under various laws Initiation of winding up activities Impact Our support helped the company meet all the requirements and enter the pre-winding up process within nine months of ceasing its business activities. The company's reliance and confidence in all the processes and operations had remarkably increased and they entrusted us with the key decisions, cash flow projections, reporting, and compliance requirements. Download Case Study ### Finance Controllership and ERP Migration Support following a Divestiture Client : A US-based Medical Devices Manufacturer Service Offered : Financial Management Sector / Industry : Healthcare Objective Our Client, the Indian subsidiary of a global medical device manufacturer, approached Nexdigm for transition support following a global restructuring initiative. Nexdigm’s team supported the transition as well as ongoing financial management initiatives. This includes: Finance Controllership Taxation and Compliance Management ERP Transition Solution Finance Controllership Took over Finance Controllership responsibilities within one week of appointment Ongoing support provided for review and monitoring the books of accounts and coordination with internal and external stakeholders   ERP Transition support Supported the transition to an independent ERP, following the restructuring Worked with the global ERP team and consultants for module-related suggestions, including: Data validation and signoff User Acceptance Testing (UAT) Review and alignment with Indian Compliance Requirements Download Case Study ### Finance Function Transition and Management for the Client’s Indian Operations Client : A US-based Artificial Intelligence and IT Services Provider Financial Service Offered : Full-Suite Corporate Services Sector / Industry : IT and ITeS Objective The client, a leading artificial intelligence software developer, has a Global Capability Center focused on Research and Development in India, monitored by the USA headquarters. Nexdigm’s end-to-end support spans managing critical business functions, including: Corporate and Tax compliance Finance and Accounting Company Secretarial Services Payroll Management and Compliance Solution Health Check Reviewed and identified issues on accounting, and regulatory compliances processes, including tax, payroll, and financial reporting Identified surplus tax payment of ~USD 0.13 million (INR 10 million) annually Finance and Accounting process Recurring vendor software issues: Took over ongoing accounting management and resolved technical issues by transitioning to the QuickBooks platform Regulatory Reporting: Employed F&A process improvements and collaboration on QuickBooks to ensure accurate, timely reporting Download Case Study ### Revamp of tax withholding procedure on import of software and filing for refund Client : A Finland-based Software Solution Service Provider Service Offered : Full-Suite Corporate Services (Excluding Accounting) Sector / Industry : IT and ITeS Objective Nexdigm’s end-to-end support spans managing critical business functions, including: Finance Controlling Corporate Tax Compliances Company Secretarial Services Payroll Management and Compliances Solution Nexdigm advised the parent entity to file Return of Income (ITR) in India to claim refund for the withholding tax. We provided close support while filing their first ITR in India, which can be challenging to first-time filers. We also recommended withholding tax on an accrual basis and conducting a detailed study on this transaction In addition to supporting technical queries while filing the ITR, we went the extra mile by handling multiple technical and administrative challenges, including: Updating signatory details on IT portal Updating the DSC with IT portal Download Case Study ### Entity management and finance, tax, and corporate compliance support Client : US-based Manufacturer of Plant-based Sweeteners Service Offered : Full-Suite Corporate Services Sector / Industry : Food Processing Objective The client is a manufacturer and distributor of plant-based sweeteners for the global food and beverage industry. Nexdigm’s multi-functional support to the client included: Finance Controllership and Accounting Treasury Services Direct and Indirect Tax Compliances Transfer Pricing Compliances Secretarial Compliance services Solution Nexdigm’s team acted promptly and went the extra mile to support the client’s concerns: Supported in getting a further extension of one month. Ensured that all mandatory filings were completed within the given timeline. Handled regulatory filings within a very short span, which was much appreciated by the client. Download Case Study ### Tracking and managing all contractual obligations through the use of an AI-enabled platform Client : An America-based software and security company Service Offered : Contract Management Services – Post-execution Obligation Management Support Sector / Industry : IT and ITeS Objective The Client wanted to create a common central repository for all contracts which could be accessed by all relevant stakeholders while simultaneously providing real-time visibility of contractual obligations along with data analytics and reporting. Solution The Nexdigm team assisted the Client in this process by first evaluating Artificial Intelligence (AI) based contract abstraction platform tools. We suggested a highly accurate AI tool which automated the extraction of key contract data. This facilitated an efficient process of migrating all legacy contract information data into the Contract Lifecycle Management (CLM) tool. We also helped the Client conduct rigorous testing and evaluation of other accurate AI-enabled platforms which was completed within a span of 45 days. Download Case Study ### Provided accounts and audit support to a manufacturing company from Japan Client : Joint Venture of a Japanese listed company manufacturing seats for commercial vehicles Service Offered : Clean-up of books of accounts, audit support and monthly review of books Sector / Industry : Manufacturing Objective Our client was part of a joint venture with a Japanese company which specialized in design, development, testing, manufacturing and sales of seating systems. They are also one of the leading suppliers of auto components in Japan. Nexdigm had supported the client in setting up their operations in India, and therefore they later approached us to handle their clean-up of accounts, monthly review of books and audit support. Solution We deployed lean finance and accounts team to ensure the company’s finance function is running smoothly and covering all aspects of F&A: Support to management in day-to-day affairs Clean-up of books of accounts Internal Control over Financial Reporting (ICFR) Monthly closure of books and Year-end Finalizations Audit Support Services Impact Clean-up of books along with audit support ensured that statutory audit was completed smoothly and well within set timelines. Also, a list of vulnerable areas to irregularities was prepared, and controls and procedures were implemented targeting those areas to ensure the correctness of the financial numbers. With the monthly review of books of accounts, the management has confidence and assurance that the financial numbers are reliable and transparent. Download Case Study ### Finance Controllership, ERP and Audit Support Client : An Indian subsidiary of Europe’s largest manufacturer of hygiene products Service Offered : Finance Controllership, ERP Support, Audit Support Sector / Industry : Manufacturing Objective Our client was exploring the Indian market to set up a local manufacturing facility. They chose Nexdigm as their implementation partner, and support them with Finance Controllership, ERP Implementation, and Audit Support, among other services. During the assignment tenure, the employee strength of the company grew from 0 to 90+. Solution Our team took up the role of their internal finance function and performed various responsibilities like: ERP Implementation Processes and Policies Managing the Treasury Function Accounting and Month-end Closure Compliance Management Audit Support Capitalization of Setup Cost Impact Our work ensured that our client’s business operates seamlessly and in a transparent manner. The company’s reliance and confidence in financial data and overall operations increased as they entrusted us with key decisions, implementation of systems and processes, and reporting. Download Case Study ### Verified inventory and fixed assets, helped with the financial transformation of a leading ophthalmic optics company Client : One of Europe’s largest ophthalmic product manufacturers Service Offered : Inventory Verification, Fixed Assets, Financial Transformation, Audit Support Sector / Industry : Healthcare Objective Our client is a world leader in ophthalmic optics and a key player in visual health, providing solutions to correct and protect the visual health of billions of people worldwide. They chose Nexdigm as its implementation partner to handle various engagements for its joint venture companies such as Inventory Verifications, Fixed Assets Verifications, Financial Transformation, and Audit Support. Solution Our team assumed multiple roles across their Finance Function to perform various responsibilities such as: Inventory Verification Fixed Assets Verification Audit Support Financial Transformation Inventory Valuation Support Service Impact The remediation of internal and external audit issues and implementation of SOPs benefitted the company in achieving better compliance and controls of their operations. The asset verification support helped the company in achieving the internal and external reporting compliance requirements. In addition, the company was able to address and improve process gaps in their asset management processes. The overall operations became more transparent, and the management had higher confidence in the numbers due to the responsibility they entrusted upon us. Download Case Study ### Redesigned the finance function and managed key controls for a pet food manufacturer Client : Renowned Supplier of Quality Pet Food Products Service Offered : Redesigned the finance function and implemented critical controls for people, policies, and processes Sector / Industry : Food processing Objective Headquartered in France, our client is one of the leading pet food manufacturers and has a distribution network throughout India. They identified certain lapses within the internal control framework and realized that their finance organization design was not optimized. The client approached Nexdigm to assist them in identifying the role and efforts spent by the existing finance team, compare the same with industry trends and design an efficient organizational structure for their finance function. It also included project management of the implementation of critical controls in the finance department. Solution To strengthen the internal controls, we carried out the following exercise: Prioritization and consolidation of key controls We understood the existing processes, policies, roles, and responsibilities of the finance team. Based on the review of their internal audit reports and group controls, we consolidated the key controls relevant to the entity. We prioritized the key controls and defined actionable for the implementation of controls for the finance team. Impact Significant cost savings of 5-10% Achieved efficient and scalable finance function as per the growing business needs Conducted an assessment to ensure the effectiveness of the implemented internal controls Download Case Study ### Impact assessment and implementation of IFRS9 and IFRS15 Client : One of the largest law firms in the Middle East Service Offered : IFRS impact assessment and implementation Sector / Industry : Legal service-providers Objective The client had resources who were adept with the basic knowledge on the accounting standards; however they were not updated with the latest amendments and issues that were introduced in the revised standards. They found complexities dealing with the new accounting standards which had an impact across industries. Therefore, the auditors requested for an impact assessment report. Solution Thorough study of the customer contractsThe client had various types of customer contracts when assessed on the type of revenue stream. Our team studied each type of these contracts to understand the impact of new accounting standards. Preparation of an accounting template for revenue recognitionBasis the client’s revenue contracts and model, our on-site team prepared a revenue recognition template and assisted the client in identifying the events affecting the recognition and the amount for accounting. Impact Our client had a smooth transition to the new accounting standards. The client also appreciated the our solution-oriented approach while we helped them with various alternatives when faced with dilemmas. From the initial stage, we ensured that the client's team was fully thorough with every aspect of the impact assessment and also implemented our suggestions. The auditors were provided with detailed responses to their queries, resulting in a smooth performance. We have since been associated with the client for impact assessments and implementation of further issued accounting standards applicable to them. Download Case Study ### Project Management Services for multiple countries in the APAC region supporting and enabling a smooth integration of a Business Acquisition Client : Cardinal Health Service Offered : Project Management for Post Merger Integration, Business Advisory Services Sector / Industry : Healthcare Objective While the acquisition expanded Cardinal Health’s presence worldwide, Cordis’ presence in countries outside of Cardinal Health’s existing geographic footprint posed a challenge, as did the complexity of integrating Cordis’ processes and people, spread across five countries in the Asia Pacific (APAC) region. To manage their supply chain in the APAC region, Cardinal Health appointed a Master Distributor. The integration process in each country required coordination and negotiation with the Master Distributor as well as local players such as country distributors and country product license holders. Solution Nexdigm operated the Project Management Office (PMO) for the overall project, executing the following key aspects: Developed country-specific integration roadmaps that included identifying optimal operating models and entity/ownership structures while taking into consideration the growth potential of each geography. Leveraged our experience of set-ups in highly regulated markets to handhold the client through the maze of procedural requirements to establish its legal presence. Acted as a strong guide for Cardinal Health’s regional leadership when making commercial decisions such as selection of distributors, negotiations with logistic service providers and development of business plans. Followed agile project management techniques with daily key stakeholder engagement as the project involved managing complex interdependencies. Impact Some of the crucial challenges encountered were coordination and alignment of critical activities at various functional levels, to enable all functions to move coherently towards the end goal. Nexdigm helped formulate policies, methodologies, tools and templates to efficiently manage multiple projects within the scope of integration and within the defined constraints of resources, quality, time and cost. The efficient management of cross-functional interdependencies, risk anticipation and pre-emptive actions to mitigate those risks ensured a smooth transition of the Cordis business to Cardinal Health in a timely manner. Download Case Study ### Program management for post-merger integration of an acquired business across 20+ countries in the APAC region Client : Cardinal Health Service Offered : Program Management Services for Post-Merger Integration Sector / Industry : Healthcare Objective The objective was to achieve a smooth transition of business in all countries without impacting the supply to end customers. The success of the project depended on: Ensuring business continuity without interruption in product supply and services to patients and employees Completing the integration on time, while balancing the overall costs and risks Stabilizing the consolidated business to enable the client to leverage the synergies of scale and value Impact The business transition was completed on the planned date across all countries, within the estimated budget. The team achieved this without any disruption in business. Download Case Study ### Fair Market Valuation of a Corporate Restructuring involving the Merger of a Subsidiary Client : The Shipping Division of a Publicly Traded Company Service Offered : Fair Market Valuation and Regulatory Impact Analysis Sector / Industry : Marine Transportation Objective The client, a publicly traded conglomerate (Client), with interests in engineering, shipping and logistics, real estate and IT, was in the process of evaluating various strategies to streamline their corporate structure. One of the strategies under evaluation was the merger of the Client’s shipping subsidiary (Company) with its parent company. They approached Nexdigm to help determine the valuation of the shipping subsidiary and the Client; and evaluate the regulatory implications of the corporate restructuring. Impact We arrived at the valuation of the Client and its shipping business, analyzed the impact of their merger on Promoter shareholding, and presented the client with our analysis detailing the impact of the merger from the perspective of myriad laws and regulations applicable to listed companies. Thus, we assisted the Client in assessing the holistic impact of the proposed corporate restructuring. Download Case Study ### Arriving at the Fair Market Valuation of a Real Estate Fund for Compliance purposes Client : A Multi-Billion Dollar Real Estate Fund Service Offered : Fair Market Valuation for FEMA Compliance Sector / Industry : Banking and Finance Objective Our client, a leading India focused real estate fund (Client) backed by one of the U.S.’s largest banks, makes investments in commercial and residential properties across several metropolitan cities in joint partnership with major developers across India. Investments are made through a plethora of Special Purpose Vehicle (SPV) by equity or quasi-equity instruments such as Compulsorily Convertible Debentures (CCDs), Compulsorily Convertible Preference Shares (CCPSs), and more. For its several investments across India, Nexdigm was retained to conduct a fair valuation of the investments in Residential, Commercial & Hospitality projects. Impact After reconciling the valuations under the various methods, Nexdigm concluded that the CCM method using the EV to Stabilized GMV multiple was most suitable to arrive at the fair market value. We presented our findings along with the valuation conclusion to the Client in a detailed valuation report. Nexdigm’s passion, commitment and innovation, enabled us to develop a strong partnership with the Client based on trust and reliability. Download Case Study ### Fair Valuation of the Leading Indian Online Insurance Aggregator for a Hedge Fund Client : India’s Largest Online Insurance Aggregator Service Offered : Fair Market Valuation for Financial Reporting Sector / Industry : Banking and Finance Objective Our client (Client) is a leading India-focused hedge fund making concentrated long-term investments across diverse sectors. As part of their portfolio, they have multiple investments in the Indian e-commerce industry, one of which being India’s Largest Online Insurance Aggregator. For the purpose of financial reporting, the Client engaged Nexdigm to determine the fair market value of their investment in the said online insurance aggregator (Company). Impact After broadly reconciling the valuations under the methods mentioned above, we concluded that CCM was the most suitable method to arrive at the fair market value. We presented our findings along with the valuation conclusion to the client in a detailed valuation report. Download Case Study ### Fair Valuation of a Micro Lending Business for a leading Indian Financial Institution Client : An Eminent Micro Lending Business Service Offered : Buy-side Valuation for a Transaction Sector / Industry : Banking and Finance Objective Our client (Client) is a leading Indian financial institution, specializing in providing debt financing to self-employed entrepreneurs, Micro, Small & Medium Enterprises (MSME)and consumers in India. The Client had successfully used technology-led models to finance MSMEs and Indian consumers, in unbanked and under-penetrated segments. They also planned to further penetrate the micro and small lending segment by investing in an upcoming technology-driven micro lending business (the Target) that primarily focuses on micro enterprises. The Target, a Mumbai based FinTech start-up, tied up with merchant aggregators to provide loans to its customers, which included local convenience stores, shopkeepers, traders, etc. These aggregators give relevant information to the Target, based on which the eligible merchants are identified using predefined criteria. The Target uses a technology platform for credit-scoring and loan management that comprises of decision engines, aggregator APIs (partner integrations) and money movement APIs (bank integrations). The Target also tied up with lending institutions to provide loans through their balance sheets. Though the loans sit in the books of the partnered lending institutions, the Target conducts the entire process involved in the lifecycle of a loan, from origination to collection. Impact We presented our findings to the Client in the form of a valuation note detailing our valuation approach, peer selection process, and valuation conclusion. Download Case Study ### Provided Audit support to one of the leading Healthcare Companies Client : One of the leading distributors of LASIK equipment and eye health products Service Offered : Audit Support Sector / Industry : Healthcare Objective The client is a part of a recent global acquisition having the erstwhile group’s accounting centralized at Singapore. Post-acquisition, while the client was still in the process of setting up its own local F&A team and obtaining hand-over from the Singapore team, they had to comply with the year end closing and statutory audit under the prevailing local laws. Solution Preparation of accounts and financial statements compliant to local GAAP Our team studied the company’s past data and method of maintenance of the two sets of accounts i.e.for group reporting and local reporting. Based on the historical data available, our team prepared the accounts compliant with local laws, and advising the company on the non-compliances pertaining to the local accounting standards. Preparation and collation of working papers required by the auditors Our team prepared all the necessary workings to support financial statements. Further, the team coordinated with various departments for arranging documents related to secretarial compliances, direct taxes, indirect taxes, etc. acting as the single point of contact for the auditors. We ensured that the auditors received appropriate support in the form of documents or calculations, as required to conclude the audit. Impact The audit was completed within a stipulated time. During the process of the audit, the Nexdigm team had gathered complete knowledge of all balances in the company’s books of accounts. Our team, thus, guided the newly appointed F&A team, helping them gain control over its financial balances faster. The F&A team was made aware of the legacy issues identified by the Nexdigm during the audit, and the same were highlighted to their Global management. The group realized that such issues prevailed across the acquired concerns and launched a remedial scheme. Download Case Study ### Fair Valuation of a FinTech Lending Business for a leading Indian Financial Institution Client : An Eminent Micro Lending Business Service Offered : Buy-side Valuation for a Transaction Sector / Industry : Banking and Finance Objective Our client (Client) is a leading Indian financial institution, specializing in providing debt financing to self-employed entrepreneurs, Micro, Small and Medium Enterprises (MSME) and consumers in India. The Client had successfully used technology-led models to finance MSMEs and Indian consumers in unbanked and under-penetrated segments. They planned to further penetrate the micro and small lending segment by investing in an upcoming technology-driven SME lending business (the Target) that primarily focuses on small and micro enterprises. The Target, a Mumbai based FinTech start-up, built a strong technology platform that enables instant credit decision-making using proprietary scorecards and predictive algorithms assisted by machine learning. The Target tied up with lending institutions to provide loans through their balance sheets. Though the loans sit in the books of the partnered lending institutions, the Target conducts the entire process involved in the lifecycle of a loan from origination to collection. The Target also made an application to the Reserve Bank of India to register itself as a non-deposit accepting Non-Banking Financial Company (NBFC) to transition into an on-books lender. The Client engaged Nexdigm to assist them in arriving at the broad valuation of the Target for their planned investment. Impact With the post money PORI valuation forming the lower band and the post money CTM valuation forming the upper band of the valuation of the Target, we presented our findings to the Client in the form of a valuation note detailing our valuation approach, peer selection process, and valuation conclusion. Download Case Study ### Fair Valuation of an Enterprise Solution Provider for an Indian Financial Institution Client : A Rapidly Growing Enterprise Solution Provider Service Offered : Buy-side Valuation for a Transaction Sector / Industry : IT and ITeS Objective Our Client (Client) is a leading Indian financial institution listed on NSEand BSE. The Client specialized in providing debt financing to self-employed entrepreneurs, Micro, Small & Medium Enterprises (MSME) and consumers in Indiausing technology led models. As part of their strategic initiatives, the Client was planning to invest in a Bangalore-based enterprise tech-product company (Target). The Target developed software to digitize banking operations and offered value-added services.Our Client was familiar with the software as they were already an active user of the Target's solutions.Though the Target’s platform was built for banking & non-banking financial institutions, microfinance institutions, etc., the platform itself was industry agnostic and the Target had recently signed up clients within the telecommunication sector. The Client engaged Nexdigm to assist in arriving at the broad valuation of the Target for the strategic investment. Impact After factoring in discount for lack of liquidity and control and the dilutive impact of the Employee Stock Ownership Plan (ESOP) pool on the Target’s valuation, we recommended a valuation which was 20% lower than the Target’s asking rate. The Client was able to close the deal at 1% above our recommended price. Download Case Study ### Fair Valuation of an Online Retailer for a leading Hedge Fund Client : A multi-billion dollar Indian e-commerce giant Service Offered : Fair Market Valuation for Financial Reporting Sector / Industry : Retailing Objective Our client (Client) is a leading India-focused hedge fund making concentrated long-term investments across diverse sectors. As part of their portfolio, they have multiple investments in Indian e-commerce, including India’s largest online retail marketplace. The Client engaged Nexdigm to determine the fair market value of their investment in the said e-commerce company for the purpose of financial reporting. Solution Phase I -ResearchWe started with a preliminary understanding of the industry by referring to proprietary databases and research reports. An analysis of the historical and projected mix of online and offline business in the Indian retail industry was carried out. Phase II –Preparing Valuation ModelsAs is the case with fair market valuation for financial reporting; the possibility of applying Price of Recent Investment (PORI) methodology to value the investments was first evaluated, but found unsuitable due to a change in business dynamics since the last funding round and lower growth (compared to expectations). Impact After reconciling the valuations under the various methods, Nexdigm concluded that the CCM method using the EV to Stabilized GMV multiple was most suitable to arrive at the fair market value. We presented our findings along with the valuation conclusion to the Client in a detailed valuation report. Nexdigm’s passion, commitment and innovation, enabled us to develop a strong partnership with the Client based on trust and reliability. Download Case Study ### Portfolio reporting and data management services to family offices Client : Ultra-High Net Worth Family Offices Service Offered : Portfolio Consolidation Support Sector / Industry : Banking and Finance Objective Nexdigm partnered with an IT platform provider as an implementation partner to provide portfolio reporting and data management services to Ultra-High Net Worth family offices. We also offered tax advisory services, technology integration and outsourcing services during the course of the partnership. Solution Using a specific/special IT platform meant for portfolio consolidation for family offices Accounting and reporting of the entire wealth of family offices with on –demand access of financial data with controlled access restrictions Data aggregation, investment accounting and reconciliations by domain specialists Custom reporting of investments across geographies, currencies, asset classes, financial advisors, etc Enterprise grade security and privacy Impact Accurate recording and timely reporting of family office portfolio Encrypted database and enhanced security of data Provided application rights to the client to access and manage portfolio information and reports Download Case Study ### Voluntary Liquidation of the Company Client : A Sweden based personal hygiene products manufacturing Company Service Offered : Voluntary Liquidation of the Company Sector / Industry : Healthcare Objective Headquartered in Sweden, the Group was engaged in manufacturing, marketing and distributing baby care and personal hygiene products Its Indian subsidiary (the Company) was incorporated in India in 2012 to manufacture, market and distribute baby care and personal hygiene products. The Company had set up a factory in the state of Maharashtra and various sales and warehouses across India, employing individuals on a permanent and contractual basis. Impact Nexdigm’s overall project management approach inculcated the management’s high hope that the project will be completed as per timeline despite the complications rendered by the pandemic. Undeterred by pandemic restrictions/lock-down, our project team ensured that the Company is dissolved by 31 December 2020 by resolving every critical issue appropriately and in accordance with the law, delivering to the management’s expectations. As the Company was dissolved by 31 December 2020, it paved the way for the Group to claim potential tax relief to shareholders at their country of domicile, aggregating to EUR 14-15 million, maximizing the benefit to the shareholders of the Company. Download Case Study ### Finance Process Optimization and Controllership Services Client : UAE sister company of UK-based leading manufacturer of HVAC Components Service Offered : Finance Process Optimization and Finance Controllership Sector / Industry : Manufacturing Objective The client’s UAE company was set up in 2006 and were facing challenges with its finance processes. There were issues with respect to reconciliations, accounts receivables and payables, book-keeping, reporting, etc. The company was also facing challenges with filing of VAT returns with the Federal Tax Authority and the refund application was not submitted for over 18 months. Solution Our team managed their complete F&A responsibilities like – VAT returns and refunds Our team assisted in filing for VAT refund applications and ensured the same is received by the client that led to savings of the working capital. Receivables and payables recon Our team insisted on obtaining the statement of accounts from third-party vendors and customers to verify the balances recorded in the client’s books of accounts, performing reconciliations to identify differences, and providing corrective measures. This gave our client the complete transparency on the receivables. .Our team identified unallocated advances lying with the vendors amounting to 10-12% of the total working capital, which were then refunded by the vendors. Further, our team also helped to match the inter-company accounts with the actual receivables and payables. Impact Our support in the F&A function ensured that the business runs seamlessly and in a transparent manner. and this gave confidence about the financial data while they entrusted us with the key decisions, implementation of systems and processes, and reporting. Download Case Study ### Back office support to a Wealth Management Company Client : A leading Swiss Wealth Management Firm Service Offered : CFO Support & Finance Controller Services Sector / Industry : Banking and Finance Objective The client is a leading Swiss Wealth Management firm focused on providing financial advice, high end services and expertise to private clients. The client had reached out to us for assistance in the operational activities of portfolio management, revenue verification and reconciliation. Impact Identified process gaps and mitigated them by introducing further checks and balances Identified revenue leakage of INR 30 million and recovered the same Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 ### Account Payable and GST Process Support Client : A Leading MNC Bank Service Offered : Account Payable and GST Process Support Sector / Industry : Banking and Finance Objective Our client is operating in India since 1964, has a well-established track record in the local financial markets. Incorporated in the US, the bank offers a comprehensive suite of financial products including lending, working capital, treasury and trade services, foreign exchange, and interest rates to leading Indian corporates, financial institutions, multinationals, and foreign government entities. Our client wanted to seek professional assistance in handling Account Payable (AP) process and stay compliant with the GST – Input Tax Credit (ITC) regulations defined by the revenue authorities. Impact Reduction in error rate and achieved accuracy level of 99.7% Input credit that was not claimed earlier; is now availed by the client contributing additional cash flow Operational weaknesses were identified and strengthened by plugging the gaps Automation of processes resulted in increased efficiency and effectiveness Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 ### Receivables Management and Optimization Client : A Leading British Consumer Goods Manufacturer Service Offered : Finance & Accounting Management Sector / Industry : FMCG Objective The client, a consumer goods multinational from the UK, decided to undertake a process optimization exercise for its Receivables function. The project also involved managing receivables, including cash application, collections, Proof of Delivery and Goods Received Note reconciliation and reporting. Impact The Nexdigm team decided to undertake the project in a phased manner. In the first phase, we focused on historical data and reduced the historical outstanding account balances by 92%, without any write offs. The second phase focused on process optimization, where we redesigned and detailed a process to streamline execution and reduce costs. The result was a reduction in the payment collection period (DSO) by 40% within the first 9 months of the project while enhancing data tracking, reporting, and controls, at each step. In this phase, we also managed to align the Cash Application method with global standards. Using continual process improvement, robotics, and excel automations, as well as enhanced query and conflict resolution process, the client managed to reduce data entry errors in receipt posting/allocation and improve customer relations through proactive communication. Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 ### Set up and management of the Finance and Accounting function post a divestiture Client : Healthcare multinational in the APAC and ANZ regions Service Offered : Finance and Accounting Sector / Industry : Healthcare Objective Our client wanted to set up and manage a Shared Services center for the its Finance and Accounting function, post a divestiture. The client was under a Transition Service Agreement (TSA) with its parent company and was in the process of setting up the business as a standalone entity. The scope of the project included supporting the transition into an independent function, to ensure business continuity, redesigning and optimizing processes along with the main set up and management of its Shared Services center. Impact Our services helped the client maintain business continuity through the divestiture, across geographies. We completed the set up and go live of the Shared Services center within six months and enabled an early exit from the TSA , resulting in significant cost savings for the function The project had crucial implications including a reduction in costs per transaction by approximately 50% over a period of 3 years. We managed to reduce open items by ~80% through reconciliations and cleaning up of legacy accounts. The new processes set up by the Nexdigm team were capable of handling ~60% additional volume with a minimal increase in headcount. The client appreciated our services and requested continued support on every transformation project undertaken after the divestiture. Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 ### Order-to-Cash process management for the Indian subsidiary of an Australian multinational Client : An Australian Medical Devices Manufacturer Service Offered : : Finance & Accounting Management, Process Improvement Sector / Industry : Healthcare Objective Our client, an Australian Medical Devices manufacturer, decided to set up and manage the Order-to-Cash (O2C) process for its Indian operations to help scale-up the support function and facilitate business growth. The crucial elements of the project included the process design and management of the sales and customer support functions as well as enhanced acceptance of the online customer interface platform. Impact The Nexdigm team created a comprehensive process which accounted for all key factors: People, Processes, Technology, Customer, and Performance Indicators (KPIs). The result was a 56% reduction in cycle time from order placement to product dispatch, improved customer satisfaction levels and after-sales support while delivering service accuracy levels at 99%. We also managed to increase online case conversion from ~60% to ~ 90%, while significantly reducing manual intervention and process costs. Our structured process also enabled scalability to the client. Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 ### Technology-based Solution to Centralize the Accounts Payable function Client : Technology-based Solution to Centralize the Accounts Payable Function Service Offered : Finance & Accounting Management, Process Improvement Sector / Industry : Consumer Durables Objective The client was in need of a centralized, optimized Accounts Payable function across its 50 retail outlets in the USA. To address a decline in the bottom-line, the client undertook strategic restructuring of key processes, in an effort to reduce costs. The project had three key requirements, which included centralized processes within the Accounts Payable function, the development and deployment of a Document Management Solution (DMS), and a phased implementation of a remote solution. Impact Nexidgm’s solution design team, comprising of technology architects and accounting professionals (including CPAs) developed a technology-enabled solution which resulted in an 80% cost reduction in the Payables management process. The implementation of the remote solution helped create a speedy transition, thereby reducing the timeline by over 35%. To minimize operation disruption, we incorporated a multi-phased approach. In addition, the Document Management Solution facilitated storing and managing invoices and provided real-time status updates on pending invoices. We also implemented a system for query management between the client and Nexdigm, while implementing improved process controls. Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 ### Valuation Review of an Indo-Japanese Joint Venture for a Leading Indian Bank Client : An Indo-Japanese Life Insurance Joint Venture Service Offered : Due Diligence & Valuations Sector / Industry : Banking and Finance Objective Our client (Client), a leading Indian bank, was mandated to sell a certain part of their stake in an Indo-Japanese Life Insurance Joint Venture (JV) to its Japanese partner. The Client and the foreign JV partner appointed reputed valuers respectively to ascertain the value of the JV. The Client approached Nexdigm to review the methodologies and assumptions adopted by the Bank’s valuer (Appointed Valuer) to arrive at the valuation and provide inputs for negotiations with the Japanese partner. Impact Our explanations and recommendations assisted the client in better understanding the valuation process for insurance companies and thus helped negotiate a better price. Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 ### Buy side Valuation of an Online Poker Company for an International Investment Group Client : A Leading Online Poker Company in India Service Offered : Buy-side Valuation for a Transaction Sector / Industry : Consumer Services/Software and Services Objective Our client (Client), an international investment group was planning to invest in the Indian online gaming market. The target company provided an online platform for poker gaming using real and virtual money. The Client engaged Nexdigm to determine the broad level valuation of the online poker gaming company (Target Company). Impact Based on the two valuation methods decided (CCM and CTM), we arrived at a valuation range for the Target Company. We presented the appropriate valuation range to our Client, equipping the Client to effectively negotiate and close the deal. Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 ### Commercial and Operational Evaluation of 4PL Arrangement Client : Cardinal Health Service Offered : Supply Chain Sector / Industry : Healthcare Context Cardinal Health, Inc. is a global, integrated healthcare services and products company, providing customized solutions for hospitals, health systems, pharmacies, ambulatory surgery centers, clinical laboratories and physician offices worldwide. Cardinal Health Australia 401 Pty Ltd (CHA) is Cardinal Health's Australian subsidiary. CHA services cover its customers across the continent through an elaborate omnichannel distribution network comprising of hospitals, health systems, pharmacies, laboratories, and physicians’ offices. CHA has engaged a leading logistics service provider (LSP) to handle all supply chain operations from port to customer (receiving, stocking, transportation, returns, local compliances, order to cash, etc.). Objective Cardinal Health Australia (CHA) is a subsidiary of Cardinal Health. CHA engaged a leading Logistics Service Provider (LSP) to handle all supply chain operations. The costs charged by the LSP to CHA exceeded the original estimates and were significantly higher than comparable markets. Cardinal wanted to review its logistics operations and costs for its Australian operations to help identify savings/optimization/efficiency opportunities. Impact After reviewing the operations and costs, Nexdigm identified opportunities for cost savings of over AUD 0.8 million in annual costs. We evaluated opportunities to reduce order receiving costs by 89%. We also created smarter palletization models coupled with inventory pruning of low-value slow movers to drive potential cost-savings of up to 60%. Overall, Nexdigm managed to achieve 33% annual cost savings in regard to the LSP. Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 ### Warehouse Network Optimization for Rapid Point-of-Care Diagnostics Manufacturer Client : Indian subsidiary of a leading global Diagnostics provider Service Offered : Supply Chain Sector / Industry : Healthcare Objective The client’s Indian subsidiary had a pan Indian presence through 200+ distributors. The subsidiary is currently serviced by three Distribution Centres (DCs). The client engaged a logistics service provider (4PL) to handle supply chain operations from port to customer but wanted to redesign its warehousing distribution network in India to increase efficiency, lower costs, and achieve higher levels of serviceability. Impact Nexdigm delivered the project by focussing on achieving higher efficiencies in cost and service levels through rebalancing of demand load and adding a warehouse to the network. Other suggestions included reworking the existing transportation lanes, tracking outbound costs, negotiating a penalty clause with the 4PL partner for SLA slippage, and accurate demand planning. Our high-accuracy demand planning solution and warehouse space utilization technique helped realize cost savings of 16%. Our suggestion to replace current transportation lanes with other recommended partners managed to increase service levels by 7%. We also recommended an addition of a fourth warehouse at a strategic location as well as the relocation of an existing warehouse, which resulted in an additional 27% savings in supply chain costs. Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 ### Interim CFO Services Client : The Indian arm of one of the largest reinsurance companies Service Offered : Interim CFO Services, US GAAP conversion & ERP Implementation Sector / Industry : Banking and Finance Objective The client appointed Nexdigm to take charge of the CFO office and handle all reporting regulations after the reinsurance regulations in India were liberalized which led them to open a branch in the country. Challenges While there was a lack of local F&A team, the regulatory landscape also kept evolving. India moved to the GST regime at the same time when Insurance Regulatory and Development Authority (IRDA) evolved the insurance regulations for reinsurance branches. Moreover, the accounting systems were not in place to provide the required reporting as per the Indian regulations and/or Indian GAAP, thereby adding to the complexities. Solution Nexdigm deployed an experienced team to handle their complete F&A responsibilities like - Integrating their global accounting system with Indian GAAP Our client’s systems and sub-systems were based on either the US-GAAP or Swiss GAAP. We assisted them in identifying the differences between these GAAPs and Indian GAAP and implementing them in the system so as to allow automated Indian GAAP reporting. This resulted in reduction of the reporting TATs by at least 60%. Assisting the implementation of new Indirect tax regime of GST While the implementation was done by a different consultant, we provided inputs in terms of reporting and system dependencies since we acquired an in-depth experience of their accounting systems. This allowed the client in identifying the system issues early in the implementation phase. Closing the first-year audit of the branch We assisted our client in selection of joint-auditor, preparation of the first year financial statements, liaise with the auditors and finally closing the audit. One of the critical matters in the auditing process was the revenue recognition. Insurance sector in India has always been recognizing revenue which is primarily based on the Bordereaux. Internationally, lot of estimations are built in while recognizing revenue. In our client’s case, since this was only two months of operations, majority of the revenue recognized were based on estimates. We not only anticipated this to be an audit-issue at an early stage, but also created documentation to comfort the auditors. Representing the entity to IRDA and RBI for the evolving re-insurance branch compliances Since this was the first time that India opened doors for foreign reinsurance branches, reinsurance regulations were still in process. Our team played a key role in preparation representations to IRDA for modifications in the draft regulations. Designing Finance SOPs Our team helped the client in designing SOPs and implementing them in a challenging set up phase. This involved adopting the global practices of the client and modifying them to suit the Indian needs. Representing India office in their Global SAP implementation project Our client was implementing SAP S4 HANA at a global level. One of the countries in this project was India. Our team not only provided the business user and local needs but also participated in the global workshop representing the India office. Day-to-day F&A activities & Reporting to the global team/ APAC CFO Our team also assisted the client in various day-to-day activities like reporting compliances to IRDA, Income tax department, RBI and other statutory authorities; carrying out day-to-day AP management, etc. Our team directly reported to APAC CFO with a dotted lien reporting to the Global Finance team. This helped our client in conducting business as usual while there was a regulatory uncertainty. Impact Nexdigm deployed an experienced team to handle their complete F&A responsibilities. We set up their accounting systems for reporting from US GAAP to Indian GAAP in record time and provided comprehensive support with respect to the F&A function including designing SOPs, reporting to global and APAC teams, etc. Nexdigm also represented the India office in the global SAP implementation project. Our contribution even extended to representations to the IRDAI in drafting reinsurance regulations. Our support in the set-up phase ensured that the business ran seamlessly, without any non-compliance risk for the client. We were entrusted with key decisions, implementation of systems and processes, and audits in India. Download Case Study For more information on this case study, please contact Mayank Lakhani Senior Managing Director Assurance Advisory, Greenfield, Indirect Tax and GCC Region mayank.lakhani@nexdigm.com +91 22 6730 9000 Krunal Jogani Senior Manager, CFO Services krunal.jogani@nexdigm.com +91 22 6730 9000 ### Enterprise Resource Planning –Transition and Transformation Client : A Leading European Manufacturer of Packaging Machinery Service Offered : ERP Advisory Sector / Industry : Manufacturing Objective The client, a label printing and label machine assembly manufacturing company, wanted to be a preferred supplier for its customers. They intended to do this through updation of their operational practices through well-accepted professional CSR platforms along with customized solutions, cutting edge technology, and an efficient supply chain. Challenges These were the broad observations of the overall problems faced by the Client Involvement of the organization in both discrete and process manufacturing. Two separate business units handled different manufacturing processes, yet all functions including reporting, materials management, manufacturing assembly line, costing, and work-in-process had to be addressed on a common platform (ERP). Consolidated accounting and reporting to head office by way of interface and integration with global systems. Addressing and handling the complex tax structure and local regulations unique to the country. The following were some of the challenges faced by the Client because of their existing IT structure. Multi-location manufacturing and centralized bookkeeping, compliance management, customer service and repairs, leading to the following other challenges: Lack of accountability for activities undertaken Loss of productivity due to duplication of work and manual record-keeping Dependencies on individuals leading to time overruns Pilferage due to lack of visibility on scrap and wastage Custom-based application software used in silos with accounts maintained in Tally. Use of Tally ERP by the finance department led to: Data manipulation and inconsistency in uploaded data. Lack of visibility on the integrity of the information uploaded Lack of accountability on changes made to the data uploaded Lack of integration between the operations and finance departments led to: Excessive procurement of raw material leading to cost overruns Improper budget allocations Lack of visibility on actual consumption of raw materials Solution The entire project was managed using an integrated cloud-based delivery platform to maintain consistency and to provide real-time updates to relevant key stakeholders. The transition and transformation were handled in three phases: Phase 1: Partner to evaluate and recommend the appropriate ERP solution. Phase 2: Functional support and project management during ERP implementation. Phase 3: Hyper care post-ERP implementation. Phase I Conducted detailed business/process understanding study to prepare Business Requirement Document ‘BRD’ and Detailed Process flow diagram ‘PFD.’ Conducted Technical evaluation and feasibility study for the appropriate ERP solution for both industry-specific and off the shelf products. Designed a Business Process Mapping document with required ERP features. The team further provided the organization with a Return on Investment ‘ROI’ calculator (Nexdigm proprietary tool) to help the organization gauge the return on the current investment made across the number of years. Recommended shortlisted ERP to the management. Phase II A dedicated team member who was part of Phase 1 was involved as a functional consultant to ensure what was evaluated was implemented. The process involved efficient co-ordination with key stakeholders with for UAT, training, and sign off. Phase III Training identified SPOCs within the processes to ensure each one is able to handle their area in the ERP Hyper care – based upon predefined success outcomes worked with individual teams across a period of six months to ensure that implemented ERP becomes a part of the organization transformation Result Most appropriate ERP with minimum customization could be identified and acquired by the company The implementation was project managed to adhere to pre-defined timelines with minimal or no delay in most of the processes The transition and transformation, due to this change, led the organization to work in an integrated manner with minimal disruption and duplication Benefits The organization was able to manage its financial and manufacturing activities along with other business activities in an integrated manner within six months of transition Cash flows and investments did not impact working capital as there was clarity and visibility for management to plan and budget the investment Pilferages and production losses were reduced as per management expectation. Increased investment in Research and Development ensured that the organization maintains its competitive edge over its peers due to production gains Impact The entire project was managed using an integrated cloud-based delivery platform to maintain consistency and to provide real-time updates to relevant key stakeholders. The transition and transformation were handled in three phases: Phase 1: Partner to evaluate and recommend the appropriate ERP solution. Phase 2: Functional support and project management during ERP implementation. Phase 3: Hyper care post-ERP implementation. The client was able to manage its financial and manufacturing activities along with other business activities in an integrated manner within six months of transition. Pilferages and production losses were also minimized as per management expectation. The increased investment in Research and Development ensured that the organization maintained a competitive edge over its peers due to production gains Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 Mayank Lakhani Senior Managing Director Assurance Advisory, Greenfield, Indirect Tax and GCC Region mayank.lakhani@nexdigm.com +91 22 6730 9000 ### Project management services for the setting-up of a distribution and replenishment hub in Singapore for the APAC region Client : Cardinal Health Service Offered : Project Management for Post Merger Integration, Business Advisory Services Sector / Industry : Healthcare Objective Cardinal Health acquired a business segment from another multinational company. The acquired business encompassed multiple product categories in numerous geographies across the globe. This acquisition necessitated the setting-up of a distribution and replenishment center in Singapore for the APAC region. Challenges Setting-up of a facility, with an OTC process, was being done for the first time in Cardinal Health. The following aspects made the project a unique challenge: Involvement of stakeholders from different time zones Product management across multiple countries Integration of Cardinal Health’s IT systems with those of the vendor Multiple currency billing feature Impact Nexdigm’s involvement in the project began with providing a detailed financial analysis of project scenarios. The project plan included a detailed work breakdown structure, budgets, timelines as well as contingencies in case of delays. The monitoring framework included a weekly cadence with various stakeholders for status updates and escalations, if any. The Hub became operational as per the schedule. The main objectives of being able to accept orders, ship orders and invoice customers were achieved within the budgeted cost and duration. In addition, we ensured that the entire process was carried out without causing any form of business disruption. Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 ### Optimization of IT Infrastructure to maximize productivity Client : An Asia market leader for chicken and egg processing, poultry vaccines, and feeds, among other products Service Offered : Process Improvement Sector / Industry : Food Processing Objective The client is an Asia market leader for chicken and egg processing, poultry vaccines and feeds, and other products. With expertise and research strength acquired over 40+ years, the client had used inorganic channels for expansion. To ensure the in-house capabilities of their team, they had developed all their IT applications internally. However, these continual changes and acquisitions created complexities in managing the different technology platforms and required considerable investment on the infrastructure. The management was unable to leverage these investments and was unhappy with the returns it was yielding. Impact Nexdigm defined the procurement procedure and established a vendor evaluation process to ensure standard obtainment of all IT infrastructure at best prices. We managed to achieve a reduction of up to 30% in purchase costs by reducing arbitrary purchases. We also achieved a reduction of 55% in the redundant purchases of IT infrastructure and supporting applications by the third year. Nexdigm ensured the client had established a clear forecast for the requirements and expectations and optimized the spend on IT resources using complementing applications with a longer shelf life. The result was a planned breakeven on investments within 3-4 years, with benefits continued beyond the third year. Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 Mayank Lakhani Senior Managing Director Assurance Advisory, Greenfield, Indirect Tax and GCC Region mayank.lakhani@nexdigm.com +91 22 6730 9000 ### Fair Valuation of Indian Operations of a Global Transportation and Shipping Company for acquisition Client : Indian Operations of a Global Transportation and Shipping Services Provider Service Offered : Valuation for Global Acquisition & Regulatory Filings Sector / Industry : Transportation Objective Our client (Client) was the fourth largest container transportation and shipping company headquartered in France. They were in the process of making an open offer for acquiring a global logistics and supply chain company based out of Switzerland (Logistics Company) to strengthen its position as the leading worldwide maritime transport and logistics group. As part of the Client’s strategic reorganization, there was also a plan to transfer the Client’s logistics business to the Logistics Company once the open offer was successful. For this purpose, the Client had appointed an independent financial consulting firm (Adviser) for the valuation of its logistics business spread across the globe. Approach Our approach was bifurcated into three phases: Phase I - Understanding the Business and Industry Dynamics (Research) We held discussions with the management of the Indian Operations, the Client, and the Adviser while analyzing the business model of the Indian Operations. This gave us valuable insights on future business plans of the Indian Operations and their service offerings. We referred to proprietary databases and research reports for an in-depth understanding on the Indian logistics sector. We then adopted a top-down approach in order to understand the future outlook of the logistics industry. Phase II - Evaluation of Methodologies We started by evaluating the various valuation approaches, namely the Asset Approach, Income Approach, and Market Approach. Since the Client prepared a global logistics business plan based on geography, company specific business plans were not available. As a reasonable bifurcation between the global company’s and Indian Operation’s business plan for each of the Indian Companies was not possible, the discounted cash flow method was ruled out. There were recent transactions involving the Indian Operations company as well as that of a comparable listed peer’s in India. Taking the specific facts regarding the Indian Operations into account, we identified PORT and CCM under Market Approach to value the Indian Companies. Phase III- Valuation Conclusion With the CCM valuation using the EV to EBIT multiple and PORT valuation, we presented our findings to the Client and Adviser in the form of a valuation report detailing our valuation approach, process and valuation conclusion. To produce a sound conclusion, we used both the CCM and PORT methods to value the closely-held Indian Operations of the Client. Since there was a recent, orderly transaction which took place within a span of one year from the Valuation Date, it represents the fair value of the Indian Operations. Impact Nexdigm coordinated and supported the Adviser in arriving at the global transaction price of the overall logistics business of the Client. Nexdigm developed a positive rapport with the Adviser while delivering a complex assignment involving several firms across the globe. Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 ### Supporting British Steel Trading Company for the sale of Indian Assets as a part of global re-structuring plan Client : A British Steel Trading Company Service Offered : Transaction Support Sector / Industry : Manufacturing Objective The client approached Nexdigm to act as the domestic advisory team for providing support, expert advice and local knowledge to the Global Chief Restructuring Officer, his team in India and the group’s senior management. Our client expected support on two major aspects of the entire sale process of its Indian assets - the structuring of operational reporting performance of all Indian entities and transaction support during the sale process. Solution Supporting day-to-day operations during the restructuring Designing and maintenance of 13-week cash flow forecasts on a weekly basis and monthly working capital reports assessing the working capital situation of all Indian Entities. Designing and preparation of a dynamic operational business model for its only manufacturing entity (Revenue more than c.INR11,000 mn) in the entire group, in line with global reporting norms and changing the operational requirements based on market condition. Developing a cash monitoring system in consultation with senior management of the Indian entities and preparing a board pack for reporting to lender nominee director. Preparing consolidated financials statement for India group on quarterly basis and reporting on the operational performance to global lenders. Maintaining and monitoring complex intercompany transactions and preparing monthly reconciliation statement for more than 10 accounts between all / among the Indian entities and offshore group entities (Transaction value ranging c. INR 7,000 mn) Ongoing accounting and MIS support for lenders’ reporting purposes. Transaction Support Financial Analysis, Due Diligence & Negotiations Hand-holding the sale process in coordination with leading investment bankers and legal consultants -responding to bidders’ queries, data room management and management meetings Commercial inputs on term sheets and related loan documentation (total borrowings c. INR 7,600 mn) Defending assumptions in long term business plans and cash forecasts from significant global lender push-backs, I-bankers and buyer Assistance in preparation of information memorandum for the Indian group entities. Preparation of waterfall analysis Sensitivity analysis for cash flows of Indian trading and manufacturing subsidiaries (revenues c. INR 11,000 mn upwards) Vendor Due Diligence of Indian trading subsidiary with revenues upwards of c. INR 5,000 mn Assistance in deriving at the valuation for sale of all the Indian assets. Assisting COO and group chairman on the meetings with the buyers Legal, Regulatory and Tax Support FEMA inputs on settlement mechanisms (invocation of guarantees, standby letters of credit, etc.) for offshore company backed loans Tax advisory on the transaction structure on the need basis Support on the collating the documents for getting the RBI approvals for novation of the foreign intercompany trade advances and repatriation of funds outside India. Preparation of liquidation models for its trading concern in India and refinance workings on a need basis Providing timely inputs on various domestic tax, international tax, transfer pricing, company law and FEMA aspects Acting as interim CFO for its only manufacturing company in the group for co-representing the company along with group chairman against the buyersconsultant for the purpose of due diligence (asset base of c. INR 20,000 mn) Impact We designed and prepared a dynamic operational business model for its only manufacturing entity in the entire group, in line with global reporting norms and changed the operational requirements based on market conditions. During the project, we maintained and monitored complex intercompany transactions and prepared the monthly reconciliation statement for more than 10 accounts between all Indian entities and offshore group entities Nexdigm devised and implemented cash controls to unlock funding of c.$13.5 mn from global lenders and suggested tax efficient modes of inward/outward repatriation under the waterfall analysis. We also managed and collated information from various top level management officials from Indian entities and offshore companies. We extended co-operation to the group COO & Chairman as well as senior management officials in India for 4+ years on all sale opportunities and debt re-structuring proposals. Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 ### Project management for winding down operations in India Client : A US-based software and semiconductors company Service Offered : Project Management and Tax Litigation Services Sector / Industry : IT and ITeS Objective The client was facing problems winding up their operations and eventually winding down their presence in India. There were several issues that were hindering the winding up process like multiple registrations, open litigations, numerous consultants, etc. Impact Nexdigm drafted a plan of action for the open litigation cases after deliberations with the client. We organized meetings with the client’s tax consultants to understand the issues under litigations to examine the probability of success for open items. We also successfully convinced the tax consultant to work on a fixed fee model as against a time based model, and subsequently secured a significant reduction in professional fees and provided better clarity on the costs to handle protracted litigation. Since most of the open litigations were around transfer pricing adjustments, we suggested that the client opt ‘Safe Harbour Rules’ under the transfer pricing regulations to avoid litigation exposure in the future. The client was extremely pleased with our solution oriented approach, and hence, Nexdigm was retained as their preferred partner for almost every routine and non-routine aspect of the project. Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 ### Tax litigation before the Mumbai Tax Tribunal Client : An Israeli Telecom company Service Offered : Tax Litigation Sector / Industry : IT and ITeS Objective The client supplied software to various telecom businesses all over the world. They had set up an Indian subsidiary and was assisting with lending necessary human resources and recovering only the cost and overheads. The client needed to defend their tax position of software payments not being taxable in India before the Mumbai Tax Tribunal. Our Solution After detailed fact and legal research, we were able to counter every claim made by the Indian tax authorities. At the Tribunal, we argued that the software sold was a standard copyrighted product. We also brought to the notice of the judges, by relying on several clauses of the agreement, that our client would remain the owner of intellectual property rights. Along with the Tax Counsel, we examined the additional software supply agreement to prove that the same was only for the supply of additional software, and the terms and conditions for the supply of software would remain the same as provided in the original agreement. We were successful in convincing the judges that although the agreement mentions the source code and signing an escrow agreement, no escrow agreement was signed and neither the source code was transferred. We also argued that since the term ‘computer software’ is not used in the India-Israel Tax Treaty, there is no intention to cover software payments. We also highlighted various other tax treaties (like Namibia and Russia) where computer software is specifically covered under the treaty. We were in a position to argue that there was no change in the facts from earlier years, and hence the order’s of earlier years should be followed. On the issue of services provided by the company to the Indian subsidiary, the tax officer contended that the Indian subsidiary acted on behalf of the company in India. The Indian subsidiary is completely dependent on the company to earn its revenue in India. Accordingly, the tax officer concluded that the Indian subsidiary should be considered as Dependent Agent PE of the company. We argued that the Indian subsidiary is an independent entity earning income in India. It was also demonstrated that the agreements entered by the Indian subsidiary was on a principal-to-principal basis. Furthermore, in earlier years, the Indian tax authorities had not raised an issue regarding a PE, and hence the said argument cannot be taken in 6th year of the transaction (i.e. principle of consistency should be followed). Furthermore, it was also argued that none of the conditions of a Dependent Agent PE were discussed by the tax officer in its order. Based on these arguments, we were able to convince the judges that there is no PE in India. The tax authorities had also done a protective assessment, wherein if it was held that a company does not have a PE in India, then the payments received for rendition of services was taxable as Fees for Technical Services (FTS) as it made available technical, knowledge, skills, etc. to its Indian subsidiary. Before the Tribunal, it was argued that payments received by the company were on a cost-to-cost basis without any income element and hence not taxable in India at all as it is reimbursement of expense. As an alternative argument, it was argued that even where payments are considered to be technical in nature, the same should not be taxable in India as it did not result in the transfer of knowledge to the recipient of the services according to the India-Canada Double Tax Avoidance Agreement (DTAA) read with protocol to the India-Israel DTAA. It was bought to the notice of judges that the India-Israel DTAA does not provide for the ‘make available’ clause in the agreement. We took the help of the protocol and the most favored nation clause, and took the support of the India-Canada DTAA to bring out the make-available clause. We also relied on earlier year orders and other judicial precedents to strengthen the case. Impact After detailed fact and legal research, Nexdigm was able to counter every claim made by the Indian tax authorities. At the Tribunal, we argued that the software sold was a standard copyrighted product. We also brought to the notice of the judges, by relying on several clauses of the agreement, that our client would remain the owner of intellectual property rights. We thoroughly examined the Double Taxation Avoidance Agreements between India and Israel to ensure our findings were in line with the international tax treaties. Nexdigm obtained a favorable order from the Mumbai Tax Tribunal on all the grounds of the appeal. The ruling has had a far-reaching impact on all the subsequent years by becoming a binding precedent, resulting in substantial tax savings for the client on a yearly basis. Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 Maulik Doshi Senior Executive Director, Transfer Pricing and Transaction Advisory Services maulik.doshi@nexdigm.com +91 22 6730 9000 ### Acquisition of a major business unit of a listed Indian company by way of a Slump Sale Client : NHK Spring Service Offered : Transaction Advisory (M&A), Anti-Trust Fillings, Post Acquisition Integration Sector / Industry : Manufacturing Objective NHK’s experienced global M&A team approached the transaction with a typical Japanese penchant for paying minute attention to details and information. They signed up Nexdigm along with a leading law firm to act as its advisors for the transaction, with an initial mandate to conduct an onsite financial and tax due diligence and assist the legal firm and NHK corporate teams with pertinent facts for their respective legal, commercial and operational due diligences. Our Solution Customized technical deliveries combined with extensive local project management support A right mix of experienced professionals with multivariate skills enabled us to quickly adapt to the developments and provide deliveries across all workstreams, including in situations that extended well beyond the traditional mandate in a typical M&A support assignment. The client developed immense confidence in our project management ability and our solution-oriented approach, and hence, we were retained as the preferred advisory and implementation partner for almost every routine and non-routine aspect of the project, including: Enterprise/Asset Valuations, including developing a business case for structuring the transaction as a Slump Sale v/s Greenfield Set-up Negotiations with Sellers and Term Sheet Finalization, including measures to ensure that that the value base of various assets to be transferred on the cut-off date is not eroded. Anticipated and built-in various other matters into the Term Sheet to avoid last-minute re-negotiations, and thereby achieved a smooth transition to the Business Purchase Agreement. Onsite Financial and Tax Due Diligence, and thereafter ascertained fulfillment of various Conditions Precedent stated in the Business Purchase Agreement. These exercises greatly helped NHK to validate the enterprise value and financial performance of the unit, and to identify matters that called for valuation adjustments and/or indemnities from the Seller. Legal Support - Supported in various FEMA/FDI compliances and in devising a mechanism for efficient allotment of shares. Nexdigm also extended support in managing the transfer of operational contracts and OEM vendor contracts. Competition Law and Anti-Trust filings - Liaised with various NHK and Seller teams, legal advisers, economists, and the Competition Commission of India (CCI) authorities to gather relevant information for the filings. Adopted a unique methodology for the discovery of the relevant market size, an input that greatly enabled unconditional clearance of the transaction by the CCI Tax Advisory, including an approach for purchase price allocation amongst the acquired tangible and intangible assets based on judicial precedents. Support and Liaison for various Local Registrations –All documentation was put in place before the transaction closing date. Further, in-principal approvals were also obtained from various regulatory authorities to enable them to issue new registrations in the name of NHK on the transaction closing day itself. IT integration – After identifying the need for a new ERP license, Nexdigm team also helped in finalizing the job order, MIS specifications, and in the selection of the IT consultant and ERP Vendor. Onsite Nexdigm team enabled the smooth transition of data on the closing date with a fully functional customized ERP. Accounting and Treasury support- Nexdigm offsite teams managed accounting and treasury function of newly formed NHK entity until the transaction closing date, including efficient short-term investment of surplus funds and acting as authorized signatory for banking transactions. HR Support, Administration, and Corporate Communications - Nexdigm onsite team stepped in with their knowledge of the local culture, language and logistics to help with various day-to-day requirements during the project on a need basis. This ranged from support for smooth onboarding of employees, corporate communications to factory workers and vendors to travel and stay logistics for expatriate staff etc. Impact Nexdigm enabled smooth interactions and exchange of information between various parties for the project that lasted well over 12 months. We became the single point of contact on behalf of NHK to take care all the issues holistically and ensured no disruptions in back-office operations during the transition of control to NHK. The project included enterprise/asset valuations, negotiations with sellers, competition law and anti-trust filings, tax advisory, IT integration, accounting and treasury support, as well as HR Support, Administration and Corporate Communications. NHK could conduct Business-As-Usual on the next business day after the transaction closing date, a critical achievement to maintain its status in the market. Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 ### Supporting a Swiss-based manufacturing company in the acquisition of an Indian company Client : A Swiss Process Control Instruments Manufacturing Company Service Offered : Mergers, Acquisitions, Divestitures & Restructuring Sector / Industry : Manufacturing Objective The client required assistance in the acquisition of a public limited company in India that focused on manufacturing process control instruments. Solution After understanding the challenges of the engagement, we structured our approach to ensure that requirements of all parties were met. First, we undertook financial and tax due diligence to understand the potential risks in the acquisition and identified steps to be taken for minimizing the potential risks. Next, we recommended transferring 90.01% of the shares to the buyer as minority shareholders holding 10% shares or more have the right to file claims against the company for oppression and mismanagement. Impact Our solution helped both parties achieve their desired objective in terms of a tax efficient structure, safeguarding the interest of both buyers and sellers by creating an escrow arrangement and efficiently carving out non-core assets of the promoters. In addition, we also supported the client in the smooth implementation of the structure. Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 ### Analysis of existing transactions and providing mitigation strategies on PE exposure and POEM of the foreign company Client : A Singaporean Trading and Chemical Company Service Offered : International Tax Advisory Sector / Industry : Healthcare Objective The client was engaged in the business of indenting chemicals where it earned commission income for carrying out indenting activities in India. The client wanted to analyze whether their POEM would be considered to be in India under the new POEM guidelines and also understand the PE risk in India. Solution Based on the facts of the case, we carried out an in depth PE and POEM analysis and provided a few mitigation strategies to our client. Given that POEM regulation were recently introduced in India, we carried out a detailed research on old case laws and took the help of a few foreign case laws to identify whether the client has any POEM exposure in India. We also carried out a detailed analysis of the draft guidelines on POEM issued by the Indian tax authorities and provided detailed insights along with various do’s and don’ts for mitigating the POEM exposure. Furthermore, we also advised the client on maintaining documentation to substantiate the fact that management decision are in fact taken outside India. In respect of PE exposure in India, we conducted a research on various case laws and tax commentaries and provided a detailed opinion on Agency PE risk in India. We also suggested that in the given set of facts, it would be possible to argue that the Indian company is an independent agent as it is carrying out indenting activities for various customers and hence, Agency PE would not be triggered. Based on our experience of handling similar cases, we provided various do’s and don’ts to mitigate the Dependent Agency PE (DAPE) risk in India. Nexdigm also suggested that as a last resort, the company should be remunerated at arm’s length in order to avoid any additional attribution of profits even in the case an Agency PE is constituted. We also suggested that robust transfer pricing documentation should be maintained to substantiate the fact that the agent is remunerated at arm’s length. Impact Nexdigm conducted research on various case laws and tax commentaries to provide a detailed opinion on Agency PE risk in India. We also suggested that in the specific scenario, it would be possible to argue that the Indian company is an independent agent as it is carrying out indenting activities for various customers and hence, Agency PE would not be triggered. Based on our experience of handling similar cases, we provided various do’s and don’ts to mitigate the Dependent Agency PE (DAPE) risk in India. We also suggested that as a last resort, the company should be remunerated at arm’s length in order to avoid any additional attribution of profits even in case an Agency PE is constituted. Our advice helped the client to have a clear and comprehensive understanding of POEM and PE exposure and the ways to minimize risks in India. It also helped the client in ensuring that appropriate documentations are in place which would eventually help in defending its case before the Indian tax authorities and avoid protracted litigation. Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 Maulik Doshi Senior Executive Director, Transfer Pricing and Transaction Advisory Services maulik.doshi@nexdigm.com +91 22 6730 9000 ### Issuance of a comprehensive memo on Permanent Establishment exposure in India Client : A German Manufacturing Company Service Offered : International Tax Advisory Sector / Industry : Manufacturing Objective The client setup two subsidiaries in India which were engaged in marketing and sales promotion services for products in India. The client provided Information Technology (IT) support services to its Indian subsidiaries. In order to provide the IT support services, it provided certain IT assets or equipment (including software) to its subsidiaries and had charged the subsidiaries service fees for providing these services. The client required advice on PE exposure in India on account of its IT assets or equipment in India. Impact Based on the facts of the case, our international tax experts carried out a detailed PE analysis and provided their views along with mitigation strategies. On initial research, it appeared that the company had a fixed place PE exposure in India. However, we discovered that it was possible to argue that the company did not satisfy the disposal test as it did not have complete control over the assets or equipment. Furthermore, we also observed that the assets or equipment were kept at various locations of the Indian subsidiaries. Accordingly, since the assets were located at multiple locations, the assets or equipment cannot be considered as a fixed place. We advised the client that in order to completely mitigate the risk, it would be advisable that the asset or equipment be purchased directly by the Indian subsidiaries from third-party vendors instead of the parent company. Our detailed advice helped the client to have a clear and comprehensive understanding of the PE exposure and the ways to minimize risks in India. The advice also helped the client in ensuring that appropriate documentation are in place which would eventually help in defending its case before the Indian tax authorities and avoid protracted litigation. Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 Maulik Doshi Senior Executive Director, Transfer Pricing and Transaction Advisory Services maulik.doshi@nexdigm.com +91 22 6730 9000 ### Support in bidding for a major construction project in India Client : A UAE Construction and Engineering Company Service Offered : Indirect Tax Advisory Sector / Industry : Real Estate Objective A UAE company required support in participating in a bid for a construction project in India. Solution We first provided a detailed input and output tax cost analysis for the client. We assisted them in identifying various procurement and supply options/scenarios and preparing the tax cost sheets to ascertain the most tax efficient option. We also suggested a few terms to structure the transactions in order to optimiseindirect taxes on Engineering Procurement Construction (EPC) contracts. Furthermore, we delivered a contractual classification note with treatment of the same as a works contract. The assignment was planned and structured in the following way: Preparatory work Analysis of the activities to be undertaken by the company Noting the laws applicable to the client for carrying out this project and drawing suitable assumptions to kick-start the process Compiling information and detailed analysis We prepared the tax cost sheets taking into consideration key factors such as identifying the nature of procurements made for the following EPCcontracts: Inter-state Procurements Local Procurements Imports We highlighted the tax impact on the company taking into consideration the nature of procurements done and estimating the total eligible credit available to the company. We also analyzed the applicability and eligibility of the company for credit if the service or part of the service delivered is outsourced to sub-contractors. Another crucial task was to determine the applicability of a works contract on the business activities as a whole and evaluating the best possible option for valuation for the purpose of taxability, which would result in the least net output tax liability. Furthermore, a total of six feasible options were suggested along with their respective ranks on the basis of the least net output tax payable considering all permutations available for valuation (for e.g. valuation as per composition scheme under State VAT and on an actual basis under service tax, valuation as per composition scheme under State VAT and on an ad-hoc basis under service tax, etc.) as per the legislative provisions prescribed under the State VAT and service tax laws. A similar evaluation was done taking the Laws of the GST Act into consideration incase the project would have to be undertaken by the company after the implementation of the GST Law. Impact Nexdigm provided a detailed input and output tax cost analysis for the client. We assisted them in identifying various procurement and supply options/scenarios and preparing the tax cost sheets to ascertain the most tax efficient option. We also suggested a few terms to structure the transactions in order to optimize indirect taxes on Engineering Procurement Construction (EPC) contracts. The client successfully implemented the best option, after a comparative analysis of seven options provided by Nexdigm for its company, which entailed savings in bidding cost. This facilitated the company to place a competitive bid for the construction project. Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 ### Supporting African Conglomerate in developing an India entry strategy for Furniture Wholesale Trading Client : An African Furniture Company Service Offered : : Market assessment, Competition Mapping, Identifying Target Market and Initial point of Entry Sector / Industry : Consumer Objective One of the companies in the conglomerate, which dealt in consumer goods, was interested in entering the Indian market to conduct wholesale trading in the furniture market. In this regard, they wanted support in creating their India growth plan. Solution In pursuit of this objective, we conducted a market assessment, competition mapping, and evaluated various distribution channels and supply chain networks in the organized and unorganized market. We identified target markets and the initial point of entry based on external environment such as market growth, competition, logistics, etc. We used a combination of primary and secondary research to deliver the report as per the proposed scope. The assignment was structured in four areas: Preparatory Work Selected target cities to conduct market study: As per the mandate, four cities, namely Mumbai, Pune, Chennai and Bangalore were chosen for conducting market study Identified relevant clusters and stakeholders to conduct proposed survey in each city: We had identified relevant furniture clusters and stakeholders in each city for market study. Information gathering and analysis Primary interviews were conducted in the four cities with the following stakeholders in the furniture industry value chain: Furniture manufacturers Furniture retail chains or shops (organised and unorganised) E-commerce companies (dealing in furniture business) Third Party Logistic (3PL) companies Custom house agents Institutional buyers (hotels, hospitals, etc.) Consolidators Industry experts We interviewed 100+ stakeholders in India. The objective of the survey was to capture the following: Market Assessment: A comprehensive analysis of market forces, market trends, product segments, entry barriers, risks, opportunities, and challenges. Competition Mapping: Analysis of various furniture manufacturers, retail chains, traders, e-commerce companies and their products, market operations, sales, promotion, and brand building practices, strengths, and weaknesses in the organized and unorganized market. Supply Chain Analysis We analysed the sales and distribution models of the key furniture players and furniture retail chains, which includes information about their mode of operation, dealers, distributors, port of import, type and location of warehouse(s), information about various stakeholders involved from manufacturing/importing to delivering goods to end customers. We evaluated the business models of e-commerce companies in the furniture business. We evaluated margins, terms of trade at each intermediary level in the distribution channel. We mapped the supply chain with indirect tax cost at each stage and evaluate the possibilities to mitigate the said tax cost. Tax and Regulatory Scrutiny We analyzed product packaging related regulations while importing furniture to India, compared various warehouses from a commercial and tax perspective, and the structure of relevant taxes and duties applicable for the same. Impact We conducted a market study to gain sector and local insights from the organized and unorganized sector present in the market. Nexdigm also recommended a target market for the client’s product portfolio and the initial point of entry. In addition, we assisted them in creating a tax efficient supply chain and distribution structure in line with the Indian ecosystem. Based on the market assessment, competition mapping, supply chain analysis, and tax and regulatory scrutiny, we helped the client create a robust India expansion plan. Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 ### Business Plan for Hollister's India entry strategy and manufacturing setup Client : Hollister Incorporated Service Offered : Business Set-Up, Project Management, Accounting and Tax Advisory Sector / Industry : Healthcare Objective Hollister was planning to set up its first new manufacturing facility in over 30 years in north India. The company wanted to ensure they did their due diligence before going ahead with the proposed venture, and were seeking key inputs for their decision making process. In addition to advisory, they were looking for an Indian partner to assist in the implementation of their overall India entry strategy. Challenge Hollister was planning to set up a manufacturing facility in north India. The company had existing facilities in the US and Europe and was looking to establish its first new manufacturing facility in over 30 years. The company wanted to ensure they did their due diligence before going ahead with the proposed venture, and were seeking key inputs for their decision making process. In addition to advisory, they were looking for an Indian partner to assist in the implementation of their overall India entry strategy. Solution We provided complete business and regulatory advisory and setup support for Hollister's Greenfield manufacturing plans in India. As the implementation partner for the overall project, Nexdigm assisted in the planning and execution phases on the following key aspects: Phase 1: Business Plan and Capital Structuring We worked closely with Hollister's management team for a period of four months and provided a detailed business plan. The level of detail and insights presented in this document served as a useful reference to the client for budgeting and monitoring expenses throughout the project lifecycle. We also made recommendations on capital structuring and potential project funding options. This extensive background preparation enabled Hollister to firm up their India entry strategy, with the assurance that the venture had good potential for success. Phase 2: Project Support In the project phase, Our initial role was providing project management support in key aspects of the proposed manufacturing setup. The role included project planning, vendor onboarding and management, contractual obligations tracking, obtaining registrations and approvals, human resources support, treasury, information technology, drafting of policies and several other areas. We reviewed all prospective vendor contracts, and provided feedback from a commercial perspective as well as potential tax planning possibilities. The role included dealing with contractors for the release of funds, cost and time overruns, vendor payments and invoice management. Tax Advisory: We provided crucial advisory with respect to tax implications and compliances during various stages of the project. It including setting up Hollister's inter-company transfer pricing, preparing detailed manuals to comply with complexity related to indirect tax provisions and availing various exemptions and benefits. Other activities included managing project cash flow and providing feedback w from an accounting and tax standpoint for capitalization and development of a fixed asset register per Indian and US Generally Accepted Accounting Principles (GAAP). Phase 3: Ongoing Support Although the project was completed in 2009, Nexdigm continued to be a vital partner to Hollister by providing advisory and assessment services in the areas of direct tax, indirect tax, and transfer pricing. Our services also include tax approvals for duty-free export/import, obtaining incentives, refunds, tax scrutiny and assessment. We assisted Hollister in some tax litigation matters with the Tax Appellate Tribunal. We also provides ongoing support to Hollister for GAAP conversion and payroll management. Impact Nexdigm provided complete business and regulatory advisory and setup support for Hollister's Greenfield manufacturing plans in India. We worked closely with Hollister's management team to provide a detailed business plan. We also made recommendations on capital structuring and potential project funding options. This enabled Hollister to firm up their India entry strategy, with the assurance that the venture had a significant potential for success. In the project phase, Nexdigm provided project management support including project planning, vendor onboarding and management, contractual obligations tracking, human resources support, drafting of policies, etc. We reviewed all prospective vendor contracts, and provided feedback from a commercial perspective taking into account potential tax planning possibilities. Although the project was completed in 2009, Nexdigm continued to be a vital partner to Hollister by providing advisory and assessment services in the areas of direct tax, indirect tax, and transfer pricing. Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 ### Support in filing representation with the government, to help align amusement parks under GST Client : An International Standard Indian Amusement Park Service Offered : Representation Sector / Industry : Consumer Objective The client’s services were eligible for exemption from entertainment tax, but the government imposed the State Goods and Service Tax (SGST) on the admission fees. The company needed support while representing their case to the relevant authorities and obtaining incentives in the form of investment-linked exemption. Impact After scrutinizing the client’s business, we focused on the previous indirect tax regime where it received incentives from the State Tourism Department. We obtained a meeting with representatives from the departments within 15 days of filing a representation. Based on meticulous analysis and qualitative information, the State Finance Ministry acceded to the submissions of the company. Furthermore, the State Industries Ministry was directed to work with the company to devise a compensation formula, resulting in mitigation of a potential loss of USD 112 million to the client. Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 ### Providing guidance and Directional Strategy to the engineering division Client : A leading Indian conglomerate Service Offered : As-is assessment, competency mapping, restructuring, and change management Sector / Industry : Real Estate Objective The client entered into a strategic joint venture with a foreign company offering end-to-end services from management consultancy to executing turnkey projects up to 2012. The company faced several challenges in the form of a partner’s exit, slow-down in the economy and lack of adequate policy reforms. The company wanted to assess its readiness to initiate a joint venture partner search and formulate a future growth strategy. Solution A team was structured with a mix of specialist on business processes assessment, competency mapping, industry experts, business leaders and management consultants. This team enabled us to quickly segment the problems in different modules and carry out an ‘as-is’ assessment of the company. The ‘as-is’ assessment of key architectural services and competency mapping of key personnel staff were carried out to understand the status quo of the organisation. The assessment was divided among the following three work-streams: Process Lack of comprehensive compliance and monitoring program in each department for project execution was observed. Low level of documentation for key factors such as stress calculation, engineering change management, weight calculation were observed during the assessment. People Lack of motivation among employees was realized during the assessment. Goals and key performance indicators were unclear among senior employees of the organisation. There was a lack of clarity amongst employees on future career growth within the company Technology Data was unavailable for projects executed prior to separation from the earlier partner. Data backup was not up to date in the servers and local machines. Also, the data was not consistent among the various teams. Based on our assessment, we generated two alternative strategies for partner identification: Strategy 1 : Start searching for a suitable partner immediately. However, this approach had lesser probability of deal closure due to current issues with the people, system and processes. Strategy 2 : Working on prioritiseditems for three to six months under the CEO to resolve the issues identified, and then initiate the partner search process. We met the shareholders and key management to discuss the status quo and next course of action. Based on the agreement with the shareholders and key management, strategy 2 was undertaken. Under this, we supported the client in benchmarking key competitors against the client’s status quo. It included market research, interviewing key competitors, industry experts, customers, etc. On the basis of the above internal and external assessment, we supported the client in following areas: Recruit an on-board a full time CEO We supported our client in identifying key resources in the industry to fit the CEO’s position Strengthen structural design, engineering and safety We supported them in setting up an internal team to fix norms/guidelines as per the industry standards Identifying source of competitive advantage We assisted them in preparing the board paper Set processes for establishing linkages and traceability of drawings We assisted the company in finalising their working manual Impact Nexdigm conducted an as-is analysis of the client’s current Processes, People and Technology. On the basis of our assessment and market research, two alternate growth strategies were formed and discussed with the stakeholders. We helped the company build a strong foundation for future growth by improving existing processes, imparting skills to existing resources through training and knowledge sharing platforms and helping fill in the key position available in the company. We also identified strategic focus sectors and services besides assisting in formulating a policy on outsourcing. Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 ### Investigation of WB allegation regarding diversion of funds, conflict of interest and kickbacks received by employees Client : A leading German infrastructure company Service Offered : Investigation Services Sector / Industry : Real Estate Objective Our client is a multinational German company with over 30 years of experience in servicing various Indian and international clients in the field of fabrication and construction of reformers, heaters, vessels, tanks, heavy static and rotary equipment's, piping and structures, etc. The company has a workforce of over 8,000 skilled/semi-skilled/unskilled workers and a state-of-the-art fabrication facility spread over 65,000 m2 equipped with all modern apparatus. Impact The inputs and evidences provided by us played a key role in the penal actions taken by the parent company’s board against the local management, former board members and identified third parties. Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 Mayank Lakhani Senior Managing Director Assurance Advisory, Greenfield, Indirect Tax and GCC Region mayank.lakhani@nexdigm.com +91 22 6730 9000 ### Investigation services including digital forensic review, data analysis and interviews Client : A leading Indian automotive lubricants company Service Offered : Investigation Services Sector / Industry : Automobiles Objective The client was concerned with internal employees receiving potential financial favors or kickbacks from third parties. They wanted to gather evidence, conduct an investigation and assess whether the employees had mismanaged financial information. Impact Nexdigm conducted a thorough investigation of the employees involved and used disc imaging of employees’ laptops to gather evidence of malpractice. Following the investigation, the management initiated disciplinary actions on employees and enhanced their monitoring mechanism to address similar issues in future. Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 Mayank Lakhani Senior Managing Director Assurance Advisory, Greenfield, Indirect Tax and GCC Region mayank.lakhani@nexdigm.com +91 22 6730 9000 ### Accounting and Corporate Services Setup Client : A US-based IT Solutions Company Service Offered : Finance Controlling, Accounting and Management Reporting, Compliance Management Sector / Industry : IT and ITeS Objective The client, a leading Information Technology (IT) solutions company, headquartered in the US wanted to set up its operations in a Special Economic Zone (SEZ) in India. They needed to hire employees, set up the requisite infrastructure, seek regulatory approvals for operating in the SEZ, set up systems and processes around accounting and payroll, manage recurring tax compliances, etc. Challenges Challenges for successfully setting up their company in India included hiring employees, setting up requisite infrastructure, seeking regulatory approvals for operating in the SEZ, setting up of systems and processes around accounting and payroll, recurring tax compliances, etc. The company wanted to focus on its core processes and operations and needed a local partner to assist them in setting up the processes around accounting and compliance management. Solution We worked closely with the senior management of the company in the US and India to understand the exact requirements of the group for their new company in India. This gave us a clear perspective of the work involved, its criticality and the order in which each of the activities had to be approached. Setting up the accounting system and processes: The company started its operations with 100+ employees in first few month’s. As such, robust systems were required to be established right at the outset. We assisted the company with setting up of systems relating to accounting and relevant parts of Human Resources (HR), administration and operations that impact accounting. We assisted the company with: Designing the formats and process flows for data capturing, reporting and documentation to ensure that data is captured at the source itself. Since the company provided IT solutions, we anticipated the challenges that the company would face for recovering employee advances, salaries, etc. due to the high turnover involved in this industry. Accordingly, we advised the company on the process and documentation to be maintained for such transactions. We assisted in designing the process flow for disbursing vendor payments, salaries, employee advances, tax payments, receipts, etc. The company used different bank accounts for these payouts, and it was critical that bank reconciliation, problem resolution and detailed accounting happens on time and without any error to ensure business continuity. Setting up the payroll system The employee cost is one of the biggest cost drivers in an IT solutions company. As such, it was essential that the payroll process is set up with precaution. We played a pivotal role in facilitating a payroll process system between the company and the payroll vendor. We assisted the company in the following areas in the initial set-up phase: Suggesting adequate checks and balances in the payroll process We coordinated with the overseas management and payroll service provider every month till the payroll process was stabilized. This was done to ensure all payroll queries were resolved and employees were paid on time We assisted the company’s overseas management to familiarise them with the Indian payroll nuances and calculations from time to time We independently reviewed payroll reports provided by the payroll vendor and company policies for the initial few months by validating it with inputs to ensure they were compliant We continue to support the company on various matters in areas of advisory, compliance, and litigation support services (including indirect taxation, direct tax and transfer pricing). The services include ongoing compliances, obtaining refunds, handling of tax scrutiny and assessment, monthly management reports, annual financial statements as per the Indian Generally Accepted Accounting Principles (GAAP), and audit liaison. Impact Nexdigm worked closely with the senior management of the company in the US and India to understand the exact requirements of the group for their new company in India. We initially helped design the formats and process flows for data capturing, reporting and documentation to ensure that data is captured at the source itself. We assisted in designing the process flow for disbursing vendor payments, salaries, employee advances, tax payments, receipts, etc. Nexdigm also played a pivotal role in facilitating a payroll process system between the company and the payroll vendor Our support to the company in the initial phase enabled them to setup robust processes around critical areas like accounting, compliance management and payroll function for the company in an outsourced environment. Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 Rajiv Rajendran Executive Director, Corporate Services rajiv.rajendran@nexdigm.com +91 20 6720 3800 ### Contract management services including contract drafting, redlining, and negotiation Client : A Fortune 500 healthcare company Service Offered : Contract Management Services Sector / Industry : Healthcare Objective The client sought a partner to centralize the contract management process within the procure to pay function. This included process standardization, reduction in turnaround time, process automation, and risk management. Challenges Decentralized processes across geographies and businesses Usage of non-uniform legacy processes and systems, attributed to the client’s organic and inorganic growth Non-standard contract templates and contract creation processes, causing significant deviations from legal prescribed standards Long turnaround times in executing low to medium risk, high volume contracts High cost of legal review/intervention in recurring contracts Uneven contract volumes, leading to uncertainty in resource requirements The Solution Developed a multi-geography solution for the North American and EMEA regions Set up an offshore delivery center in India with skilled attorneys to support contracting as per the client’s time zone and jurisdiction Helped standardize contract templates and develop negotiation playbooks across businesses Created a process automation solution for error reduction in contract development Liaised extensively with internal and external stakeholders to drive change management Transition from person to process dependent model, with: Standardization of process flows and follow-up cycles Adaptable, trained contracting team. Impact Nexdigm developed a multi-geography solution for the North American and EMEA regions while setting up an offshore delivery center. We helped make the transition from a person dependent to process dependent model. We also achieved a 50% reduction in average end-to-end contracting cycle time, a 40% reduction in time spent by the in-house legal team and 25% time saving in preparing contracts. We also created a process automation solution that minimized commercial and legal risk from non-standard contractual terms leading to better control and oversight of the entire process. Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 ### Transforming the contract management process of a global e-commerce company and migration to a new platform Client : A US-based global e-commerce company Service Offered : Contract Management Services Sector / Industry : IT and ITeS Objective The client’s contract management process was unable to keep pace with its dynamic business model which was fueled by inorganic growth. The client needed support for ongoing contract management, including review and administration, and support during migration to a new contract management platform. Challenges We partnered with the client to address the client’s contract management needs, which involved two types of engagement: On-going contract management support, including review and administration Support for migration to a new contract management platform Under the on-going contract review and administration services (for North America and EMEA) we: Defined the size and structure of the Nexdigm contract management team to provide contract review and administrative support Created playbooks with contract review guidelines and fall-back language for different types of agreements and provisions Created a standard multi-party NDA template Prepared guidelines to capture meta-data Recommended a process to link child agreements with relevant master agreements Recommended a standard process for storing wet-signed contracts. Under the support for migration to a new contract management platform, we: Conducted a User Acceptance Testing and suggested improvements to meet the client’s requirements Provided user training and hyper-care support for the rollout of the new platform Prepared user guides and manuals Impact The centralized contract review team of Nexdigm helped reduce turnaround times for high volume contracts with low to medium complexity. The team managed contract administration, which helped eliminate inconsistencies and inaccuracies. We helped implement and manage a contract management process, including contract review guidelines, templates for certain contract types, extraction guidelines for metadata, and contract archival. The new process helped bring structure, standardization, and method to the client’s contract lifecycle management. Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 Nimish Shah North America Sales and Marketing nimish.shah@nexdigm.com +1 630 818 1830 / 701 ### Competition analysis in the Indian tractor manufacturing market Client : Japanese Farming Equipment Manufacturer Service Offered : Industry Benchmarking and Competition Analysis Sector / Industry : Automobiles Objective The client, a Japanese tractor manufacturing company, needed assistance in developing an entry strategy for the Indian market. The client engaged Nexdigm to conduct an in-depth analysis of two major players in Indian tractor market (hereinafter referred to as target companies). Solution Pursuant to these objectives, we conducted a brief industry and market assessment study along with peer review and analysis. Peer analysis involved extensive primary and secondary research on the information given below regarding the target companies: Business growth and strategy history Financial analysis and comparison with industry average Import and export details Government incentives Sales and distribution model Estimated cost analysis Challenges faced and future outlook The project was structured in the following way: Preparatory work We identified various associates (industry experts) from our associations, to get them on board and get relevant information on the target companies After on boarding the associate, we designed the structure of the report after considering the clients requirement. Information gathering and analysis Primary Survey Primary interviews were conducted with the selected associates/stakeholders in the industry value chain to capture the relevant information Secondary Survey We collected relevant data available from the website of target companies like information on the production facility, product information, distribution network, etc. With the help of our internal database, we were able to gather information on the financials, statistics on import and export, pricing strategy, etc. of the target companies. We interviewed 20+ associates in select industries to validate the our data gathered from the primary and secondary survey. The objective of the survey was to capture and validate: The product portfolio of the target company; specifications of various farm equipment's in different category The price points of target company’s products in India and a comparison with the industry average The sales and distribution model, distributor network, facility related information like manufacturing units, office locations across India, production capacity, after-sales support services, etc. Recent promotion and brand building practices. Brand positioning and information related to export and import statistics Competitors Analysis: Peers Comparison Nexdigm analyzed and compared the performance of various departments of target companies like financial performance, operational strategy, sales and distribution network which included information about their mode of operation, dealers, presence in India, statistics of import and export, etc. We also evaluated the target companies recent promotion and brand building practices that they have implemented and were contemplating to put in place. On the product, pricing, and operational strategy front, we analyzed how the target companies priced and designed the product mix suitable for various marketplaces. Incentives, Tax, and Regulatory Advisory We analyzed and provided details of government incentives (central and state) that might be available to the client in a few target Indian states, e.g. Maharashtra, Haryana and Tamil Nadu, based on the client’s requirement. On the regulatory and policy front, we analyzed and provided current and expected (future) structure of duties, indirect taxes and levies (both at national and state level) and their impact covering the initial tax feasibility study from current tax regime’s stand point. Our report included: Existing applicable indirect taxes An overview of the proposed indirect tax structure (new Goods and Services Tax system) and its implications based on the information available in the public domain Impact Nexdigm analyzed and compared the performance of various department of the target companies such as financial performance, operational strategy, sales and distribution network which included mode of operation, dealers, presence in India, statistics of import and export, etc. On the product, pricing and operational strategy front, we analyzed how the target companies priced and designed the product mix suitable for various marketplaces. We also evaluated their recent promotion and brand building practices. Nexdigm provided a roadmap of the Indian tractor market through an industry and market assessment along with peer review and analysis. The report also collected provided the current and future structure of duties, indirect taxes and levies along with their impact on the company. Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 ### Roadmap for APAC Service & Repair Network Set Client : Cardinal Health Service Offered : Supply Chain, Program Management Sector / Industry : Healthcare Objective Cardinal Health acquired three medical supply businesses from Medtronic (Patient Care, Deep Vein Thrombosis and Nutritional Insufficiency). The range of products Medtronic transferred included Medical Machinery. Unlike consumables which require only supply and product return channels, machinery supplies require maintenance support. Hence, a Service and Repair (S&R) function needed to be created to support these products. Impact Country-wise optimal S&R model We assessed the commercial, operational, cost, and transactional aspects to determine the optimal model for each of the 22 APAC countries. Different models were presented based on quality, cost, and timeline analysis, and this helped facilitate selection of a final model. Insights on IT and Supply Chain Insights on complex functional work streams were provided and used to facilitate decision-making. Detailed roadmap Nexdigm provided a detailed roadmap to country-specific project management teams to facilitate smooth execution to achieve the desired outcome. Solution alignment Additionally, Nexdigm also supported the client by bringing alignment to the recommended models among the relevant stakeholders scattered across geographies. Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 ### Facilitating Global Expansion Client : Avgol Nonwovens Service Offered : Greenfield and Brownfield Sector / Industry : Consumer Objective Collection, a critical function for every NBFC, was identified as a problem area in the Client’s processes. The client faced approx. 10% dishonored monthly EMI payments and leading the collection process became expensive without significant results. The client wanted to execute improvement and optimization of their processes to increase collections while minimizing the costs of the same. Approach Nexdigm’s approach to this project was based on the four pillars of time, cost, quality and risk. A thorough monitoring system was put in place with daily, weekly, fortnightly and monthly reports, to identify obstacles early on and ensure that all activities were on track. The set-up process involves getting the right approvals, appointing the right vendors, and ensuring smooth coordination between them. To meet this end, Nexdigm deployed a dedicated project team on-site to ensure that every detail was executed as planned. This enabled Nexdigm to prepare for and handle obstacles smoothly without hampering the flow of the project. The Outcome Timely Delivery Nexdigm obtained crucial registrations in record time which were critical for completing the project on time. For example, the Pollution Clearance which must be obtained before setting up a factory in the State of Madhya Pradesh generally takes about 45 days. However, with the proactive approach of the project team and the concerned authorities, this was obtained in five days. Cost Savings Nexdigm conducted various negotiations on behalf of the client with their vendors, bankers, and suppliers, and resulted in a significant saving versus the initial project cost. Furthermore, the team systematically monitored costs and was involved in preparing and maintaining the project budget which was tracked periodically to identify optimal timing of capital infusion. Nexdigm also conducted regular budgeted versus actuals checks to ensure that the project was on track. Incentives Nexdigm identified, applied for, and obtained incentives offered by the government through a dedicated liaising effort by its project team. These incentives were worth more than those available under regular state incentive schemes. This achievement was possible because Nexdigm aided Avgol in convincing the State authorities of the value Avgol would bring to the state. Loan Syndication Nexdigm assisted in loan syndication with three banks (two nationalised banks and one private bank) and was able to get sanctions for term loans in foreign currency which justified the business case of the project. Outsourced CFO Position Nexdigm deployed a lean finance and accounts team covering all aspects of a CFO in India for this project. The team worked in tandem with Avgol’s global finance team. Nexdigm’s assistance included setting up an accounting and compliance function including designing accounting policies that were aligned to global policies, initializing an accounting software, managing regulatory compliances without delays, preparation and finalization of financial statements and MIS, and liaising with auditors. This also entailed managing the treasury function including forecasting monthly cash flows and advising on timing and modes of fund infusion. ERP implementation support Nexdigm assisted in the implementation of SAP ERP for Avgolin India. It included assisting with a design review to the existing global SAP system to align with Indian tax regulatory compliances including GST and withholding taxes as well as the Indian accounting and reporting standards. Import support Nexdigm supported the company in imports of nearly 100 containers, goods were imported from over 10 different countries across the globe. Nexdigm also assisted in the appointment of a specialized Customs consultant to ensure duty benefits on the import of capital goods. Mitigating Risks By working proactively with various stakeholders, Nexdigm helped identify risks in various areas such as, legal, compliance, financial and commercial amongst others. HR Recruitment Support Nexdigm assisted in organizing and conducting a successful on-site recruitment program. Recruitment support for hiring the General Manager and top functional personnel, technical and non-technical hiring. The team assisted with commercial negotiations for all salaries involved. On-site safety Despite an average workforce of 400+ on-site on any given day, the team successfully achieved 450,000 manhours of safe time during project execution as on 1 August 2017. Policies Assisted in the implementation of Group level policies (viz. HR Policy, Safety and Security Policy, etc.) after fine-tuning these to suit Indian requirements. Impact Case Highlights We obtained crucial registrations in record time which were critical for completing this project within the proposed deadline Cost Savings We conducted various negotiations on behalf of the client with their vendors, bankers and suppliers, which resulted in significant saving compared to the initial project cost Incentives We identified, applied for, and obtained incentives beyond those available under the regular state incentive schemes Loan Syndication We were able to get sanctions for term-loans in foreign currency which justified the business case of the project ERP implementation support Nexdigm assisted with a design review to the existing global SAP system to align with Indian tax regulatory compliances including GST and withholding taxes as well as the Indian accounting and reporting standards HR Recruitment Support We organized a successful on-site recruitment program and assisted with commercial negotiations for all salaries involved Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 ### Optimization of collections using analytics Client : A leading Indian NBFC Service Offered : Collection Optimization Sector / Industry : Banking and Finance Objective Collection, a critical function for every NBFC, was identified as a problem area in the Client’s processes. Around 10% to clients dishonored monthly EMI payments, leading the collection process to become highly expensive without significant results. They approached us to reduce their cost of collections. Challenges High representation bounce rate Each payee with a bounced payment was given second chance to make the payment, a process technically termed representation. 90% of these attempts defaulted again, leading to heavy wastage of representation cost and efforts. High cost of collection Collecting default payments is a resource intensive job, which made it costly. Moreover, the field collection team couldn’t carry out the collection functions during the representation period, i.e. the first half of the month, bringing down the productivity significantly. Nexdigm was mandated to explore opportunities to address these challenges through process optimization using data-driven analytics. Solutions Through our initial assessment and discussions with the business teams, we identified three major focus areas- effective customer engagement, improved field team productivity, and optimization of the collection process. After a detailed analysis, we converted these focus areas into two specific problem statements: 1. Representation Process Optimization 2. Effective Customer Engagement Representation Process Optimization The existing representation process Was spread over 14 days, impacting the productivity of the collection team. Needed a lot of manual data consolidation with the involvement of multiple teams Automated filtration of cases was missing, which led to low realization rates and high cost of representation. Solution designed Developed Machine Learning (ML) backed predictive models for more filtered representation. 70% of 10% dishonored payments were filtered out based on the above model and directly forwarded to the next step, saving time and representation cost. This also reduced the idle time of the field collection team and increased their productivity to almost double. Effective Customer Engagement Existing process The customer database had inconsistent and incorrect details limiting contact with them. The defaulters who could have been engaged with and reached out to before the EMI due dates. SMS campaigns did not impact the outcome because of carpet bombing marketing approach and incorrect data. Solution designed Developed a communication strategy backed by Predictive Behavior Models to intervene before the due date. This avoided the unintended defaults in payments and controlled future delinquencies. Mapped communication channels (voice blast, tele-calling and SMS) basis the customer profile. This led to a reduction in the burden on the field collection team since a number of clients responded to the first round of communication itself. Implemented database improvement initiatives. Identified patterns of response by customers to multiple mode and tone of communication. This impacted customer behavior positively and brought down unintended defaults Impact We built machine learning models in sequence, to predict the cases to be filtered via the representation process vis-à-vis the cases to be closed through reminders by using 15 years of data and nearly 5 billion data points. Based on our model, only 30% of the default cases were sent to representation, thereby reducing the cost of representation by around 70%. We also managed to reduce the turn-around time of the representation process by 21%, through process optimization. Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 Amit Kumar Director, Intelligent Automation and Accelerated Analytics (ia3) amit.kumar@nexdigm.com +91 124 474 8800 ### Provided integrated accounting, tax, and compliance support for wholly-owned Indian subsidiary Client : A US-based developer and manufacturer of innovative water purification and disinfection technology Service Offered : Accounting, tax and compliance services Sector / Industry : Healthcare Objective The company was looking for an implementation partner to address key issues such as revenue recognition and treatment of commissions, conceptualize an accounting system for Panchayats, examine clauses of a tripartite agreement and examine if any tax benefits can be availed. Solutions In addition to the predefined scope, Nexdigm developed an innovative and critical revenue model addressing the complexity of the arrangement between the three parties. The CWS systems bought by the Panchayats were financed by a bank and the company collected the service charge in a fiduciary capacity for the Panchayats. Nexdigm helped the client in formulating the accounting policy of revenue on sale of the CWS and apportionment of the service charge among the three parties based on the tripartite agreement. We addressed the client’s requirements and provided the following integrated support services: We designed the revenue model for the tripartite agreement ensuring it is compliant with the Accounting Standards and the erstwhile Schedule VI of the Companies Act, 1956. We reviewed the draft tripartite agreement and suggested the clauses for sharing of revenue and expenses among the company, NGO and Panchayats. We developed the internal control system for its operations and also helped the entity design the accounting system to capture information in line with the company’s agreements. The accounting system designed was robust and generated the Profit and Loss account for each CWS project (Panchayat). Impact Nexdigm’s overall project support addressed all the required concerns and provided the company with a detailed assessment of the complex business, tax and regulatory landscape in India. Our analysis helped the client plan its entry strategy and set up the manufacturing facility in record time. Download Case Study For more information on this case study, please contact Deepti Ahuja Vice President, Global Sales deepti.ahuja@nexdigm.com +91 22 6730 9000 ### Blockchain-based procurement traceability in India for food safety Every morning, millions of families across India sit down to meals that have traveled hundreds, sometimes thousands, of kilometers from farms to processors to markets. For big food companies like PepsiCo, Nestlé, or Amul, this journey is carefully tracked using ERP systems, automated quality checks, and internal audits. Yet even these robust systems face a blind spot: multi-tiered suppliers and small farmers who are part of the value chain but not fully connected digitally. Ensuring the safety, authenticity, and certification of produce from these suppliers is a daily challenge for procurement teams. This is where blockchain is making a difference. By providing a shared, immutable ledger, it enables all participants in the supply chain such as farmers, aggregators, processors, and retailers: to record, verify, and share data about a product's origin, certifications, and journey. It does not replace ERPs; it complements them, filling gaps in visibility, traceability, and consumer trust. ### From Cost To Conscience: Procurement’s New Role In FMCG In India’s fast-moving consumer goods (FMCG) industry, sustainability has shifted from being a buzzword to becoming a business priority. Regulators are tightening norms, consumers are more vocal about eco-friendly choices, and investors are asking tougher ESG questions. Procurement, once measured mainly on cost and delivery, is now at the center of this transformation. From greener packaging to holding suppliers accountable on ESG compliance, procurement leaders are being asked to do much more than negotiate prices. ### Simplified GST Registration to boost compliance, ease of doing business; experts flag low cap, tough exit The government has rolled out a Simplified Goods and Services Tax (GST) Registration Scheme under Rule 14A of the Central Goods and Services Tax (CGST) Rules, 2017, aimed at easing compliance for small taxpayers and promoting trust-based registration According to a GSTN advisory issued on November 1, 2025, taxpayers with a monthly output tax liability of up to Rs 2.5 lakh on supplies made to registered persons will be eligible to opt for registration under the scheme. The framework promises faster registration, simplified documentation, and reduced procedural complexity for micro and small businesses. ### 8th Pay Commission Pension Calculator: How The Hike Is Calculated, Expected Increase Explained 8th Pay Commission Pension: Centre announces Terms of Reference for 8th Pay Commission, report due in 18 months. Pensioners may see hikes with fitment factor. After a long wait, the Centre has finally given a reason to cheer to its employees and pensioners by announcing the Terms of Reference (ToR) for the 8th Pay Commission, with a timeline to submit the report within 18 months. ToR is a blueprint that helps the committee to carry forward its work by outlining the scope of work and the specific areas where the commission is expected to make recommendations, ranging from basic pay structure, allowances, and pension revisions to retirement benefits and service conditions. ### 8th Pay Commission: What central government employees and pensioners can expect for salaries, pension According to Ramachandran Krishnamoorthy, Director – Payroll Services at Nexdigm, the 8th CPC could double basic salaries and pensions if a fitment factor of 2.0 is implemented. Millions of central government employees and pensioners may finally have a reason to cheer. The government has approved the Terms of Reference (ToR) and finalised the names of panel members for the 8th Central Pay Commission (CPC), setting the stage for a long-awaited salary and pension revision that could reshape the financial landscape for over 1.2 crore beneficiaries. ### 8th pay commission pension calculator: your Rs 25000 pension could double to Rs 50000! Check new amount with fitment factor 8th Pay Commission Pension Calculator: When we talk about a pay commission, the main focus usually is on central government employees since they play a crucial role in executing government policies nationwide. There is a lot of chatter about how their basic pay and various other allowances will be raised. However, discussions about pensioners don't seem to attract the same level of interest even though there are more pensioners than employees. According to the government's pensioners portal, as of October 30, 2025, there are 68.72 lakh pensioners, which includes those from civil, defence, telecom, railway and postal departments. In contrast, the number of central government employees is around 50 lakh. ### 8th Pay Commission salary calculator: How is salary of govt employees calculated, and what is fitment factor? The central government has given the green light to the terms of reference (TOR) for the 8th Pay Commission. They have also named Justice Ranjana Prakash Desai, a former Supreme Court judge, as the chairperson of the Commission. The commission will now start preparing its report and will submit it in the next 18 months. The report will go to the Union Cabinet for review and approval. When the Cabinet approves a pay commission's recommendations, it also signs off on the fitment factor, which is a multiplier for salary and pension revisions for central government employees and pensioners. ### GST Annual Return Filing For FY25 Enabled: New Rules, Turnover Limits, And Compliance Tips The GST portal has enabled filing of the GSTR-9 annual return and GSTR-9C reconciliation statement for FY 2024-25. The GSTR-9 is an annual return that taxpayers registered under GST must file once every financial year. It provides a summary of all monthly or quarterly GST returns filed during the year, including details of outward and inward supplies, tax paid, and input tax credit claimed. Prabhat Ranjan, Senior Director, Nexdigm told News18 that while we all have been filing GSTR 9 and 9C for quite some time now, here are a few points which need to kept in mind for completing the filing this time around. ### Empowering category managers: The strategic role of procurement support In a rapidly shifting global supply landscape, category managers carry the heavy responsibility of balancing costs, managing supplier risks, advancing sustainability, and meeting stakeholder expectations, often all at once. Yet, while they are expected to deliver strategic value, their days are frequently consumed by operational tasks: chasing supplier data, reconciling price fluctuations, or navigating compliance hurdles. This is where procurement support teams come in: the often-unsung enablers of strategic category management. When designed and deployed effectively, procurement support functions can transform the operating pattern of category managers, freeing them from tactical overload and enabling data-backed, forward-looking decisions. ### Global sourcing & Singapore’s electronics industry: From cost to resilience Global sourcing in Singapore’s electronics industry has evolved from a cost-saving tactic strategic imperative for resilience. Amid trade wars, tariff shifts, and supply chain disrupti procurement now drives competitiveness by managing geopolitical risks and diversifying supplier bases. With India and Southeast Asia rising as viable alternatives, companies mu act swiftly to build agile, shock-resistant supply chains that ensure continuity and growth an increasingly volatile global landscape. For Singapore’s electronics manufacturers, global sourcing has shifted from being a cost advantage to being a survival strategy. In a world defined by trade wars, tariffs volatility and supply shocks, sourcing is no longer just about saving costs; it has become a core approach to building resilience; whether by mitigating geopolitical tensions, adapting to tariff swings, or building diversified supply chains. With India and Southeast Asia emerging as credible alternatives, the question is no longer if companies should diversify but how quickly. ### Who Wins Big In The India-UK Trade Pact India’s textiles and apparel exports represent a meaningful portion of the country's exports; textiles have historically been one of the top non-petroleum merchandise export categories The India–UK Comprehensive Economic and Trade Agreement (CETA) is more than just a trade pact; it is a game-changer for Indian exporters. With steep tariff cuts, improved market access, and facilitation in services and mobility, the deal is set to unlock targeted growth in high-potential sectors. Industries where every percentage point of duty can make or break a deal, from textiles and leather to engineering goods and processed foods, this Free Trade Agreement (FTA) could tilt the playing field in favour and stand to gain a competitive edge in the UK market. When exports rise because of an FTA, two indirect-tax realities immediately follow. First, exporters will generate higher unutilised input tax credits (ITC) at the domestic stage and will rely more on IGST refunds and zero-rated procedures to recover that cash. Second, schemes such as RoDTEP (Remission of Duties and Taxes on Exported Products) / RoSCTL (Rebate of State and Central Taxes and Levies) become more valuable because they refund non-creditable duties and levies, which directly improve exporters’ cash flows and unit economics. Below are the sectoral winners that could capitalise on the India–UK FTA. ### Global Capability Centres Trends: Strategic Progression & Workforce Management In a world where innovation decides market leaders, Global Capability Centres (GCCs) have quietly become the powerhouse behind transformation for global enterprises. No longer just about operational efficiency, today’s GCCs are setting the pace in AI, automation, digital strategy, and cutting-edge research. India, with its unparalleled talent base and thriving tech ecosystem, stands at the centre of this change turning global ideas into real-world impact. The recent bold shifts are deeper integration into business strategy, renewed focus on skills and leadership, and a clear roadmap for shaping the future of work. Transitioning Support Units into Innovation Powerhouses Today, GCCs extend far beyond transactional back-office operations. They emphasize advanced capabilities such as Artificial Intelligence (AI), Machine Learning (ML), and Data Analytics to drive innovation and operational efficiency. Additionally, many have embraced cloud adoption to scale seamlessly. The focus is no longer solely on executing routine functions but on developing strategic centres capable of ideating and delivering cutting-edge solutions. India leads this transformation, hosting a substantial portion of the world’s GCCs, supported by a robust STEM talent pool, competitive cost structures, and a vibrant technology ecosystem. Cybersecurity has also become a critical priority amid growing digital footprints. GCCs have increased investments in advanced cybersecurity frameworks and stringent data governance practices to mitigate evolving risks. Globally, India stands out for its cost and labour advantages, Eastern Europe excels in specialized engineering roles, and Latin America benefits from geographic proximity to North America. ### Upcoming GST reforms will ensure open, transparent economy: FM Sitharaman ahead of GST council meet The GST Council is expected to deliberate on India’s next-generation GST reforms, including rationalisation of tax rates, simplification of compliance, and structural corrections, ahead of an October rollout. Union Finance Minister Nirmala Sitharaman-led GST Council is set to hold a crucial two-day meeting in New Delhi from 3–4 September 2025. The Council is expected to deliberate on India’s next-generation GST reforms, including rationalisation of tax rates, simplification of compliance, and structural corrections, ahead of an October rollout. Officials have indicated that the new GST model may feature a two-slab system, with one bracket ranging from 0–5% for essential items and another from 12–18% for the majority of goods, along with a steep 40% “sin tax” on demerit products like tobacco and gutka. Speaking at the 120th Foundation Day celebrations of City Union Bank, Sitharaman highlighted that the GST reforms aim to make the economy “absolutely open and transparent” while reducing the compliance burden for businesses, particularly small enterprises. She noted that Prime Minister Narendra Modi has set up a Task Force for next-generation reforms, focused on simplifying regulations, lowering costs, and creating an enabling ecosystem for startups, MSMEs, and entrepreneurs. ### GSTAT’s first anti-profiteering ruling expands probe scope, rejects cost-based defences; hospitality, retail on notice The Principal Bench of the Goods and Services Tax Appellate Tribunal (GSTAT) has delivered its first ever anti-profiteering verdict, upholding the recovery of Rs 5.47 lakh with 18% interest from a restaurant franchise for failing to pass on a GST rate cut from 18% to 5% in November 2017. The ruling in DGAP vs Urban Essence, issued on August 5 by GSTAT President Dr. Sanjaya Kumar Mishra, affirms that anti-profiteering investigations can cover all products sold under a GST registration and not just the item mentioned in the original complaint and rejects cost escalation as a valid defence. The Tribunal directed that the profiteered amount, along with interest, be deposited into the Consumer Welfare Fund, ensuring consumers benefit even when direct refunds are not feasible. ### IBC tweak to check PMLA clash likely To uphold the IBC’s objective and ensure legal clarity, it is essential to amend Section 32A, reinforcing its supremacy over conflicting statutes such as the PMLA during the bankruptcy resolution process. ### PHDCCI Optimistic On Economy But RBI, Experts Flag Tariff Risks India is poised to remain the world’s fastest-growing major economy in 2025, even as rising US tariffs test the resilience of its exports, according to a white paper by the PHD Chamber of Commerce and Industry (PHDCCI). On Monday, US President Donald Trump threatened to “substantially raise” tariffs on India over its oil trade with Russia. In a post on Truth Social, he accused India of “buying massive amounts of Russian Oil” and “reselling it for big profits” on the open market. He further criticized New Delhi for “not caring” about the loss of lives in Ukraine due to the ongoing war. Earlier, New Delhi strongly rejected Trump’s remarks, calling the threat “unjustified and unreasonable”. Notably, the PHDCCI report called India “the brightest global star”, showing its structural momentum in manufacturing, technology and value-added exports. A report by the State Bank of India (SBI) Research, however, revealed that the domestic economy could take a hit after the US imposed tariffs on Indian exports, with an additional penalty linked to its trade with Russia. ### Explained: Why Rule 31B is triggering fresh GST heat on online gaming firms Brought in 2023 on the recommendation of the GST Council, Rule 31B of the CGST Rules states that in the case of online gaming, the “value of supply” shall be the amount paid or deposited with the gaming service provider. In simple terms, this means that tax should be calculated on the total amount a player pays or deposits to participate in a game — but it should not include winnings that are reused. The Indian online gaming industry, already battling a retrospective demand for the 2017–2023 period, is now under fresh scrutiny from tax authorities. The GST department has started issuing new notices seeking tax on bonuses, cashbacks, and other promotional credits extended to users by gaming companies, according to reports. This stems from Rule 31B, which defines how the value of taxable gaming transactions should be calculated. Platforms had assumed these credits funded by the company and often non-withdrawable were not taxable, as they were part of marketing and user acquisition strategies. ### Improve Spend Visibility in Source-to-Pay: Unlock Strategic Procurement Success In today’s inflationary world and fragmented supply chains, organizations cannot afford to fly blind when it comes to procurement spending. Increased transparency of the entire Source-to-Pay (S2P) process is essential for successful procurement operations. But spend visibility isn’t only tracking costs — it’s about empowering leaders to drive efficiency, mitigate risk, and capture value beyond savings. Direct spends represent an average of 60–70% of all the procurement costs while the remaining are indirect spends. Companies with better spend visibility capture up to 15% higher savings. Despite the benefits, nearly 60% of companies have little or no visibility – especially in indirect spend where optimization opportunities are often overlooked. Better visibility into indirect spend alone can yield up to 30% in savings. Furthermore, ~75% of procurement savings are driven by strategic sourcing, enabled by improved spend data access. It’s a missed but fixable opportunity. ### Technology Intervention in End-To-End Invoice Processing Invoice processing has always been a significant burden on companies. Not only from the perspective of manual labor, but also to actively avoid and ensure any payment leakages. Over the years, various technologies have been introduced to reduce the manual labor but primarily targeted towards large volume processing. This article explores a modular approach in invoice processing which can lead to significant improvements in efficiency, accuracy and cost savings and be employed by companies irrespective of their size and outsourcing needs. ### Evolving contract management from paper trails to digital smart For years, the legal function has relied on deep expertise, institutional knowledge, and manual effort. However, as contract volumes grow and deal cycles tighten, that traditional approach is no longer sustainable. Contract Lifecycle Management (CLM) platforms and the AI technologies embedded within them are reshaping how legal and business teams operate. ### From Samsung to Volkswagen: Call for customs reforms grow as classification disputes mount When companies try to classify their imports, they resort to General Rules of interpretation like 'more specific description would prevail over general description’ or ‘essential character test’ or alternatively classified under the heading which occurs last in numerical order. ' But when seemingly more valid HSN codes can apply to the same product, all with different tariff implications, the Companies naturally look for the most suitable HS Code - often the one which matches the component closely. ### Fit-to-Size Technology Solutions for Digital Transformation in Finance and Accounting for Mid-Size Companies CFOs today frequently face questions about digital transformation. Digital transformation in finance and accounting offers mid-size companies the promise of enhanced efficiency, accuracy, and strategic decision-making. However, to truly reap these benefits, the implementation of technology solutions must be meticulously planned and tailored to the organization’s specific needs. This article investigates the essential components of fit-to-size technology solutions and provides some critical steps for achieving successful digital transformation. ### Transforming contract management through outsourcing Ensuring business continuity is essential for any organization. Contracting plays a significant role in business continuity, and more companies are exploring transformative strategies in this area. One key component of such a strategy is outsourcing contract management to service providers who can utilize specialized expertise and the latest technologies available in the market. This article examines several key pillars of transformation, including process optimization, efficiency gains, risk mitigation, enhanced visibility, cost reduction, technological integration, and obligation tracking. ### Strengthening guest trust: How cybersecurity is shaping the future of hospitality The article Strengthening Guest Trust: How Cybersecurity is Shaping the Future of Hospitality by Krishnanand Bhat discusses the critical role of cybersecurity in the hospitality industry. It emphasizes that hotels and related businesses are prime targets for cyber-attacks due to the vast amounts of personal and financial data they handle. Krishnanand Bhatt, through this article, highlights the importance of implementing robust cybersecurity measures to protect guest information, maintain trust, and ensure business continuity. ### UAE Tax considerations for family foundation structures In UAE, Family Foundations have grown (in number) to become an integral part of the UAE's wealth management offering. A foundation, in principle, is a type of structure with a legal personality. A family foundation provides both non-residents and Emiratis, an attractive solution to manage their wealth, protect their assets, and make succession planning arrangements. DIFC, the country’s premier financial hub alone has approximately 500 registered family foundations, and the number is growing very fast in light of the spurring interest shown by Ultra-High-Net-Worth Individuals (UHNIs) across the world. In this article, Lokesh Gupta, underscores the impact of UAE Corporate Tax law on the Family foundation structure with below outline – Whether family foundations are regarded as taxable person under UAE CT law? Whether SPV’s held by family foundation enjoy the same status as Family foundation? Family foundation revenue streams and their tax incidence Compliance requirements for the family foundation structure ### Cybersecurity in Hospitality: How to protect your guests from digital intruders In a recent article featured by Hotelier India, Krishnanand Bhat, emphasizes the critical importance of cybersecurity in the hospitality industry. He outlines how implementing robust security measures is essential for preventing financial and reputational losses, and protecting your guests from digital intruders. ### Nexdigm Enters the Next Paradigm of its Growth Nexdigm is moving to the next chapter of its growth with the appointment of Ramesh Bangera as the Chairperson of the Group. This key change in the leadership comes after Guljit Singh's retirement, under whose guidance Nexdigm has expanded into global markets and made notable advancements in digital transformation. Ramesh Bangera has been associated with Nexdigm for over three decades. He brings 35 years of experience, along with a combination of critical oversight and an in-depth understanding of business. "We will leverage our solid foundation and trusted partnerships to chart a forward-looking path, embracing innovation and technology-driven, integrated services that have come to define Nexdigm's expertise." With this renewed focus, a Managing Committee has been established with the goal of setting the strategic direction for the business and overall growth of Nexdigm. Along with Ramesh Bangera, Nimish Shah and Mayank Lakhani, recently appointed as Co-CEOs, will constitute the Managing Committee. This leadership transition marks the beginning of a new chapter for Nexdigm, pursuing the path of being a multidisciplinary global organization and paving the way for fresh opportunities to service clients in the ever-changing market. Nimish Shah has been with Nexdigm for 18 years and has undertaken numerous roles and led various functions. He brings a wealth of experience in building and nurturing client relationships, deep knowledge of the North American market, passion for technology, and a balanced mindset to the Managing Committee. As Co-CEO, he leads the Business Services, Business Consulting, and Technology. Mayank Lakhani, who has been with Nexdigm for 17 years, has played a key role in various strategic initiatives, delivering outcomes through his comprehensive approach that merges strategy and operations effectively. His entrepreneurial drive and vigor will energize the Managing Committee. As Co-CEO, he heads the Professional Services, Entity Setup & Management, and Corporate Functions. Nexdigm is steadfast in its dedication to innovation and excellence. With new leadership at the helm, we will persist in pursuing our strategic objectives and being the catalyst for success for our clients. Nexdigm is an employee-owned, independent, global organization serving clients from more than 50 countries. Harnessing our multifunctional and digital capabilities across Business Services and Professional Services, we provide our customers, both listed and privately held firms, with integrated solutions for navigating complex challenges. Nexdigm resonates with our plunge into a new paradigm of business; it is our commitment to Think Next. ### Union Budget 2024: FM reacts to opposition's criticism; asserts 'no discrimination' in State fund allocation Major reforms in Indian Shipping industry announced with focus of overhauling the regulatory and flagging framework for generating local employment. Shipping industry players could be required to revisit their operational models with changes in ship flagging framework. E-commerce export hubs, a model proposed in the FTP 2023, is seen gaining momentum in this budget. Typical focus areas: Public-Private-Partnership model, better infra in terms of stocking, customs clearances, processing of returned orders, and linkage to Market Access Initiative (MAI) Scheme. These hubs to be set up to specifically facilitate trade and service-related exports for MSME sector. These could be kind of bonded zones similar to EOU having various facilities. ### Cybersecurity in Hospitality: Protection Guaranteed! Hotels deploy incident response teams, conduct forensic analysis, and reinforce security measures. Regular training, back-ups, and collaboration with cybersecurity experts help mitigate and prevent such incidents, ensuring guest data and operations remain secure. Additionally, advanced cybersecurity measures, cloud computing, loT devices, Al for personalized services, and contactless payment systems are widely utilized. These technologies enhance guest experiences, streamline operations, and improve security. ### Green supply chain management: A sustainable future for industries In this article, we will explore the evolution of GSCM, industries adopting it, future trends, and the compelling reasons behind its growing importance. In recent years, there has been a growing emphasis on sustainable business practices, and one key aspect that has gained significant attention is green supply chain management (GSCM). This evolving approach focuses on integrating environmentally friendly practices into every stage of the supply chain — from raw material sourcing to production, distribution, and disposal—while incorporating the principle of 4R1D (reduce, reuse, recycle, reclaim, and degradable). The emergence of green supply chain management was a direct response to the pressing global challenges of environmental degradation and climate change. Initially, the focus was on reducing the ecological footprint of supply chain activities. However, as these challenges intensified, GSCM evolved to encompass a broader range of strategies, including using sustainable materials, energy-efficient manufacturing processes, and the implementation of circular economy principles. ### Lok Sabha Elections 2024 : Need for GST reforms to cater MSMEs The Goods and Services Tax (GST) regime, a pivotal reform in the nation’s taxation structure, has evolved over the last seven years. Nonetheless, there still lies some room for tailored adjustments in the GST legislation to accommodate the distinctive circumstances encountered by the industry, specifically the micro, small, and medium enterprises (MSMEs). Here, it may be pertinent to note that this sector contributes around 30% to the country’s GDP, with exports taking up around 46% share. ### Climate-proofing business: Strategies for success Within boardrooms and executive suites, a growing realisation is taking hold – the changing climate has become an undeniable factor shaping the corporate landscape. It’s estimated that $125 trillion of investment is needed by 2050 to meet net zero emissions. This recognition underscores the pressing need to elevate corporate climate resilience as a core business imperative. However, the outcomes of COP28, the latest international climate conference, reveal a concerning gap between global climate ambitions and immediate corporate actions. Only companies adept at identifying both physical and transitional climate risks, seamlessly incorporating them into their strategic and operational blueprints, will be capable of not only weathering the storms of change but also thriving in the new era of sustainability and resilience. The outcomes of COP28 further emphasise the urgency for corporations to reassess their climate risk management strategies. It’s estimated that 16.9% of global assets worth about US$24.2 billion are at risk due to climate change. ### Medtech industry: Glimpse to the future Dr Nimish Shah, Vice President-North America Sale and Marketing, Nexdigm highlights that the medtech industry in India is at an inflection point, witnessing rapid growth driven by technological advancements. Artificial Intelligence (AI), Machine Learning (ML), Internet of Medical Things (IoMT), etc., are no longer niche but are now part of the regular course of business. The Indian healthcare sector has witnessed some transformative changes in the last decade. Stakeholders across the industry have been active participants in this journey. Although the pandemic brought adversities, it also led to the sector leapfrogging in adopting digital technologies to deliver healthcare. The medtech industry in India is at an inflection point, witnessing rapid growth driven by technological advancements. Artificial Intelligence (AI), Machine Learning (ML), Internet of Medical Things (IoMT), etc., are no longer niche but are now part of the regular course of business. The Medtech industry has grown steadily over the past decade and is expected to grow from US$ 12 billion to US$ 50 billion by the end of this decade. There are two broad ways to achieve this growth: to increase exports of devices manufactured in India and to move up the value chain by delivering new and innovative products. Over the next few years, the industry will focus on keeping innovation at the heart of everything. ### India’s Macro Economic Outlook: A CFO's Viewpoint The year 2024 could be an unpredictable year for the Indian economy. Being an election year, the re-election of the current government would provide a further push to the populist decision to advance the economic growth of the country and move towards the vision of a 5 trillion-dollar economy by 2027-28. On the other hand, if a new government gets the voters' mandate, it might result in a brief pause in the economy before the new government brings in their own vision of economic development, which is quite normal in this type of scenario. Besides these uncertainties, ongoing geopolitical issues such as conflicts between nations, increasing climate risk, strict trade barriers, etc. have disrupted supply chains and oil prices, leading to an increase in input prices. However, until now, India has managed to navigate the situation with its strong diplomatic ties. ### Complexity of GST framework - how companies can avoid fraud The Goods and Services Tax (GST) was implemented with the primary aim of simplifying the taxation system. However, despite concerted efforts by authorities to achieve this goal, the GST framework remains inherently complex. This complexity not only poses challenges for taxpayers but also creates loopholes that can be exploited by fraudulent entities, leading to significant revenue losses for the government. During a special drive spanning from May 2023 to December 2023, the government identified a concerning number of 29,273 fraudulent entities, suspected of evading Input Tax Credit (ITC) to the tune of ₹44,015 crore. Similarly, between the fiscal years 2020-21 and May 2023, authorities unearthed a staggering 43,516 instances of GST fraud, involving a substantial ₹2,68,537 crore. These figures may just be a tip of the iceberg and indicates a possibility of numerous undetected cases. Moreover, fraudsters have exploited the complexity of the system, impersonating as tax authority and sending fake summons or notices to unsuspecting taxpayers. ### Revamping Indian Real Estate: How Amendments To Insolvency Laws Promote Resolving Projects? From an optimistic future outlook, the Indian real estate market appears bright. According to a Concorde analysis, the real estate industry is expected to develop at a strong 9.2% CAGR between 2023 and 2028. By 2030, the Indian real estate market is projected to be worth US$1 trillion, and by 2025, it is anticipated to account for 13% of the nation’s GDP. However, the Indian real estate sector has long grappled with challenges ranging from delayed projects to disputes between developers and homebuyers. Amidst this backdrop, amendments to India’s insolvency laws have emerged as a potential game-changer in transforming the real estate landscape. ### Income Tax Budget 2024 Highlights: Expectations of rationalization of GST rates seem to be a big miss Sanjay Chhabria, Director, Indirect Tax at Nexdigm said, “Budget 2024 has highlighted a positive impact of GST transition on the industry, by doubling the tax base and two-fold increase in the average GST collection. The expectations of rationalisation of GST rates seem to be a big miss as the FM announced no change in the tax rates. ### Budget 2024 Income Tax Slabs 2024-25 LIVE Updates: Full fiscal picture will drop in July 2024 The full fiscal picture will drop in July 2024. For now, they are keeping it balanced and far-sighted. Vote on account Budget 2024 skips to touch the reforms to be brought in indirect taxation. No major proposals will surely delay the industry expectation to final budget post-election," says Sanjay Chhabria, Director, Indirect Tax at Nexdigm. ### Innovations and Compliance: Financial Management in Surgical Products Industry In the fast-paced and highly competitive landscape of the surgical product industry, precision in financial management is not just an aspiration but a necessity. The surgical equipment industry, which includes the manufacturing and distribution of medical devices, instruments, and surgical tools, faces unique finance and accounting challenges intrinsic to its sector. This article dives deep into the pivotal challenges that confront finance functions within this industry, shedding light on practical measures that can be adopted to enhance financial management practices and ensure accurate accounting procedures. One of the foremost challenges faced by the surgical product industry pertains to inventory management. With an array of products characterized by diverse demand patterns and varying shelf lives, efficiently managing inventory levels becomes a delicate balancing act. The solution lies in the implementation of efficient inventory management strategies facilitated by specialized accounting software that tracks product demands and shelf life. Organizations should also consider conducting regular audits to identify slow-moving inventory and adjust procurement plans accordingly. The execution of both internal and external financial audits proves instrumental in identifying potential issues, ensuring compliance with financial regulations, and detecting errors or fraud. Furthermore, this aids in optimising inventory levels and minimising holding costs. The surgical industry operates within a framework of strict regulations, such as those imposed by the Food and Drug Administration (FDA) and the European Union's (EU) Medical Device Regulation (MDR) and In-vitro Diagnostic Medical Devices Regulation (IVDR). Compliance with these regulations is imperative to uphold product safety and quality. To tackle this challenge, organizations should contemplate outsourcing specialised accounting services to expert firms well-versed in healthcare financial regulations. This outsourcing ensures accurate record-keeping and financial reporting that aligns seamlessly with regulatory requirements. ### Union Budget 2024: Will The Finance Minister Slash The GST On The Gaming Industry? India's online gaming market has witnessed exponential growth in recent years, projected to rise from $1.6 billion in 2022 to $5 billion by 2025 on the back of an increased smartphone and internet penetration, according to an 'All India Gaming Federation report'. However, the GST rate hike to 28% from October 2023 has significantly impacted this industry, thus hampering the sustainability of startups in this sunrise sector. While this move has certainly put a dent in the profit margins of the industry, it has even led to downsizing and closures in some instances. As established in Karnataka High Court's judgment in the case of Dream11, games preponderantly involving 'skills' like fantasy sports and electronic sports (esports) ought to be differentiated from pure 'chance' based gambling. However, the blanket 28% GST on all deposits made in gaming apps does not distinguish between these formats, thereby treating 'skill', 'chance', and 'addictive' betting on an equal footing. Given this, while the technology and innovation-driven e-sports companies have sought a rate rationalization relief / GST review from the government in this year's interim budget, the big question remains as to whether the Hon'ble Finance Minister would accede to such requests. ### Integrating Artificial Intelligence (AI) with contracting software speeds up processes By 2030, virtually every company will be using some form of Artificial Intelligence (AI) contracting software. If you have not done so, you may need to start researching now for an AI contract management system and find the right consulting firm to ease the transition -- because the world of public and private sectors will be moving ahead with AI. We will all face challenges like the ones that follow, but solutions are not that difficult. You can do this! Most of us know how recent technological innovation has again brought new and efficient life into our stream. Not long ago we pushed for change in contract drafting when the volume of contracts per enterprise began exponentially rising. Simultaneously, however, we discovered our contract drafting, review, and negotiation processes taking far too long. A plethora of stories told revealed, for example, how an overlooked mistake in a contract can waste much time and cost companies millions -- take your pick on the currency. ### Enablers of Digital Adoption: Private Investments in Logistics Technology In today’s interconnected world, shipping and logistics serve as the backbone of the economy, drawing substantial attention from both business entities and policymakers. This heightened focus brings forth a wealth of opportunities across various fronts. As corporate manufacturing giants seek new production and sourcing hubs to diversify their supply chains, India emerges as an increasingly attractive destination. Given India’s escalating growth, it is poised for a significant upsurge in its share of global manufacturing exports. Leveraging this momentum, India stands at the brink of a monumental opportunity supported by notable strides in its domestic and export logistics framework alongside ongoing developmental projects. ### 5 New Ways Cyberthreats Target Your Bank Account The world of cybersecurity is constantly evolving, and it’s important to stay informed about the latest tactics used by cybercriminals. This detailed exposé aims to empower cybersecurity and financial professionals with the knowledge to defend against these threats effectively. Digital banking is prevalent, providing cybercriminals ample room to launch sophisticated attacks on personal and corporate bank accounts. This paper meticulously examines five cutting-edge cyber threats that pose significant risks to banking accounts in 2023. By following the comprehensive recommendations, professionals can fortify their defenses and protect their clients’ assets from these threats. ### The Rapidly Changing Landscape of Commercial Contracting The world of commercial contract negotiation and processing is in a transformative shift due to the fusion of game-changing legal technology and global work processes. The dynamic developments in this field offer exciting opportunities for corporate counsel and law firms to augment their traditional practices through innovative new tools and the increasing globalization of their service offerings. Nowhere is this more apparent than in the legal functions of large multinational companies, where the processing of legal agreements has changed dramatically in recent years. These companies, which often negotiate and monitor tens of thousands of agreements per year in the course of normal business processes, have been early adopters of technology and international legal outsourcing as a way to substantially lower costs and better cover the global nature of their business operations. ### Budget 2024: Save up to Rs 18000 a year in electricity bills via Pradhan Mantri Suryodaya Yojana rooftop solar power scheme; who is eligible The rooftop solar electricity program is an excellent step towards green energy. Reduces burden on electricity distribution companies, on coal and other minerals and makes uninterrupted electricity available to individuals. A win win for all. ### India's finance minister unveils budget, promises reforms to drive growth The government's resolve to stick to the fiscal consolidation path is a welcome step and the lower-than-expected market borrowings for 2024-25 is likely to be positive for the bond market. ### Investment On Some Income Of IFSC Exempted, Tax Relaxation For Startups A Bold Move No changes in the tax rates in GST and customs. A bold move, much against the expectations of rationalised slab rates and against the historic customs rate changes in every budget. Three freight corridors are planned for port connectivity and decongestion. And, the Logistics sector is poised for integrated infra push. ### Budget expectations of income tax provisions for the manufacturing sector As the Union Budget 2024-25 is interim, it is improbable that numerous changes or reforms will be introduced. However, India is at a critical juncture and hopes to attract investment in the manufacturing sector, including electronic vehicles, hydrogen fuel, heavy industry, etc. The government is expected to concentrate on the ‘Make in India’ and the Atmanirbhar Bharat initiative, as these significant initiatives were launched to position India as an appealing investment destination. Anticipate some adjustments in the pertinent tax provisions to enhance investments in manufacturing further. Lower tax rate for manufacturing industries – Section 115BAB of the Income-tax Act 1961 (ITA) Under Section 115BAB of the ITA, a newly established company in the manufacturing sector may choose a reduced tax rate of 15% upon meeting specific conditions. This section marked a positive development by aligning India’s tax rate with, in some cases, even lowering it compared to tax rates in several Asian countries. This rate cut has attracted quite a few manufacturing investments in India. However, the benefit of this lower tax rate is available only if the company commences manufacturing by 31 March 2024. Thus, the sunset clause is only a couple of months away. Extend the sunset clause by a minimum of one year to sustain the current optimistic sentiment and encourage a continued increase in manufacturing sector investment. ### Union Budget 2024: Changes Needed in Rules to Safeguard Industries from Cyber Attacks The Indian Union Budget 2024 presents a crucial and urgent need for the government to address the escalating cybersecurity threats that industries face. In this era of increasing digitalization, safeguarding industries from cyber-attacks is necessary and a top priority for national economic security. This article emphasizes the need to prioritize the essential changes in rules and policies in the upcoming budget to strengthen the cybersecurity of Indian industries. ### 5 Things Early-stage Start-ups Must Be Aware Of To Avoid GST Notices The last decade has witnessed an exponential rise in the start-up ecosystem in the country. While the COVID-19 outbreak and the effects of the lockdown in 2020 may have dented this ecosystem, the year 2021 registered a return on the growth trajectory. Today, the start-up ecosystem in India, which had started as a software-intensive hub, is now industry and location-agnostic and has expanded leaps and bounds across industries and service sectors. This has been possible on account of various government initiatives, the availability of skilled workers, access to capital, and a supportive business environment. This has in turn led to a steady growth for the country in the ranks of ‘ease of doing business’. Amongst the diversified government measures that encourage start-ups in India, GST is the most critical one as far as the indirect tax perspective is concerned. While the compliances have been largely simplified vis- à-vis the erstwhile regime, the government (through the GST Council) has in recent times upped the ante on the administration and vigilance front through extensive use of technology to plug revenue leakages and to curb tax frauds. ### Artificial Intelligence (AI) can manage your contract repositories quickly with smarter solutions This article explores the benefits of using AI to efficiently manage a contract repository. It covers how human interaction enhances AI’s power to accurately get the job done faster. It explores practical use cases that demonstrate how you can use AI to streamline related processes to provide a sharper understanding of contractual obligations tied to supplier-specific relationship management. Within that, two questions arise with most users: What are the basics of AI and the related challenges? How, exactly, does AI revolutionize contract repositories? LET’S FIND OUT! Managing contract repositories is a critical function for businesses of all sizes, and the advent of Artificial Intelligence (AI) is revolutionizing contract repository management within Contract Management Systems (CMS). But old challenges remain. Managing contract repositories has always been a time-consuming and error-prone task. The sheer volume and complexity of contracts require a sophisticated approach especially when using AI capabilities to streamline contract repositories. That much we know. In the past CMS provided a huge improvement in managing a contract repository, but today, with the advent of AI, the traditional CMS system now has compatibility issues with AI and can become very confusing. For example, only slight variations in a contract party’s name can reappear or reinvent itself or be misinterpreted as a separate supplier for vendor management. Moreover, a CMS system can also become very unpredictable for accurately tracking contract terms, collating amendments, and ensuring contract terms are applied consistently across related contracts. ### The Roadmap of PMO from Tactical to Strategic Programme management strategies are breaking away from their hierarchical and rigid approach, and a new paradigm is taking shape that is more collaborative and involves all stakeholders in decision-making. This article explores the practices that underpin this new paradigm, shedding light on how it can unlock the full potential of projects and drive measurable business outcomes. As organisations and shareholders strive for better business results in today's economic environment, the role of Programme Management Offices (PMOs) has taken centre stage in maximising the value of every investment. PMOs are now being challenged to go beyond traditional project tracking and reporting, with a strong emphasis on delivering measurable business outcomes. Historically, programme management strategies followed a hierarchical and rigid approach, restricting flexibility and responsiveness. However, a new paradigm has taken shape, emphasising a more collaborative and inclusive method involving all stakeholders in decision-making. By embracing this approach, a sense of ownership and accountability is nurtured among team members, paving the way for improved outcomes. The focus now lies on establishing a more agile and adaptable framework that can effectively navigate the complexities of dynamic programmes. ### Income tax payable on winnings from online, offline games of chance Many e-commerce companies like Amazon, CRED and others often run contests like spin-the-wheel where cash equivalent or non-cash prizes like iPhone, OnePlus mobile, gift vouchers, and other goodies are offered. At times, instead of prizes, cashback or discounts on products are given to the customer. To win these prizes all an individual needs to do is spin the wheel or play the game on the e-commerce website. No money or registration fee or similar is required to be paid to participate in spin-the-wheel contests organized by e-commerce companies. Sometimes, points are given which can be redeemed later for gift cards after crossing a certain threshold. ### Safeguarding the digital frontier: Indian Digital Personal Data Protection Act 2023 and its approach to emerging technologies In the ever-evolving landscape of emerging technologies, the Indian Digital Personal Data Protection Act of 2023 has emerged as a pioneering legal framework. It maintains a delicate balance between nurturing innovation and safeguarding individual privacy. Central to this endeavor is exploring how the Act addresses data protection within AI, IoT, and blockchain domains. The AI Conundrum Artificial Intelligence’s incredible power lies in its ability to sift through enormous amounts of data and make informed decisions on its own. However, this advanced technology also challenges traditional methods of safeguarding personal information. The Act, cognizant of AI’s potential pitfalls, emphasizes the principles of transparency and accountability. It mandates that organizations employing AI must clearly state their data usage policy to the individuals whose data is being collected (data principals). This bolsters trust and enables individuals to understand and contest automated decisions that impact their lives. Additionally, the Act restricts cross-border data transfers, ensuring that sensitive personal data used in AI systems remains subject to stringent safeguards, even when processed abroad. It reflects the Act’s commitment to preserving personal data’s integrity in the AI age. IoT: A Web of Data The IoT, with its interconnected web of devices, presents a multifaceted challenge to data protection. The Act acknowledges the IoT’s potential vulnerabilities and mandates robust security measures for IoT device manufacturers. It places a significant onus on these manufacturers to ensure that data collected from IoT devices is encrypted and protected from unauthorized access. Moreover, the Act promotes the concept of data minimization within IoT ecosystems. It encourages organizations to collect only the data necessary for their intended purposes, mitigating privacy risks associated with excessive data gathering. ### If data privacy regulations impact your organization today, are you ready for change? Today, after several years of General Data Protection Regulations (GDPR) being enforced, potential risk and penalties arising from a data protection (DB) breach could affect your organization -- not to mention certain innovative technologies -- such as Blockchain, IoT or AI-powered tools like Chat GPT that can impose the biggest obstacles to successful resolution – if we are not prepared. That’s why we very much need smarter solutions responding more accurately to GDPR. But, there’s hope. If you mitigate well-crafted contracts and build effective collaboration between contracting parties, opposing parties will be well informed of any potential data breach that could hurt the performance of a contract. So, what do you need to know about GDPR and other privacy laws and regulations that that could demand changes in how you write your business contracts? The purpose of the GDPR, adopted by the European Union (EU) in 2016 and enforced May 25, 2018 -- was mainly to clearly define the responsibilities of organizations’ processing personal data of EU residents. Similarly, the first U.S. comprehensive consumer data privacy law, the California Consumer Privacy Act (CCPA),1 enforced in 2020, regulates the use of personal information of California residents. Companies striving to keep themselves and their business partners compliant know all too well how violating either of these privacy regulations carries substantial penalties. This has changed how business contracts are now written. ### Shaping new legal professionals to become client service savvy Legal professionals want to be involved as early as possible in transactions. Their influence and participation, however, is only welcome if it is collaborative and if they come with a profound understanding of the business. Whether you are the privacy expert or the contract negotiator, at the end of the day your client, burdened with legal concerns, is simply looking for someone who can explain issues to them in clear, understandable language and resolve their issues as quickly as possible. Why is it then, that the legal education pipeline, regardless of jurisdiction, rarely equips new attorneys with the tools to respond accordingly? Instead, they teach young minds how to think as ‘lawyers’, to embrace the complexity of dense regulatory environments, and to weave complex thoughts (and precedents) into persuasive arguments that can vanquish opposing counsel. Although this is great for courtroom TV shows, it does not help harried colleagues at work. So as leaders and managers, how do you shape new legal professionals to be client service savvy and to understand the need for efficient solutions and clear language? A great way to get important results without overlooking real world issues are to embrace and use these four tools for success. ### Navigating challenges of trust, risk, and security in AI-driven enterprises In recent years, the advent of Artificial Intelligence (AI) has triggered a significant transformation across various industries. AI has proven to be a catalyst for innovation, enhancing productivity, streamlining operations, and elevating customer experiences. However, this technological revolution has not come without its share of concerns. As AI-driven enterprises continue to reshape the business landscape, stakeholders are increasingly grappling with trust, risk, and security issues. This article delves into the challenges AI-driven enterprises face and outlines strategies to ensure the secure and responsible deployment of AI technologies. The Significance of Trust Trust is the cornerstone upon which AI’s widespread acceptance and adoption rests. Businesses and individuals must have confidence in the capabilities and intentions of AI systems. Building this trust requires a comprehensive, multifaceted approach encompassing: Transparency: Companies should be transparent about their use of AI. This involves explaining how AI is used, what data it relies on, and what decisions it makes. Clear and concise communication helps individuals understand the benefits and limitations of AI systems. Education: Organizations should aim toward providing resources, FAQs, and user guides that help individuals understand the basics of AI and how it works. Explaining technical concepts in simple language can alleviate confusion and foster trust. Privacy and Data Security: Assuring individuals that their data is handled carefully is crucial. Companies should implement robust data protection measures, comply with relevant privacy regulations (e.g., GDPR, CCPA), and clearly outline their data handling practices in their privacy policy. Consistent Performance: Ensuring AI systems consistently deliver accurate and reliable results becomes necessary when used in day-to-day operations. Regularly updating and fine-tuning the AI models to maintain high-performance levels and communicating any improvements to the users can prove beneficial for organizations in the long run. ### Digital privacy: Why a cultural lens is essential in understanding intricacies of digital data protection India is a melting pot of cultures, languages, and belief systems, standing at the crossroads of a digital revolution. What is considered a norm in one part of the country may be entirely different in another. Understanding these intricacies becomes vital for designing data protection strategies that respect and resonate with the diverse population. As the world increasingly relies on data-driven technologies, safeguarding personal privacy becomes a challenging strive in India's diverse cultural setting. Protecting individual privacy while respecting diverse cultural norms is a tightrope walk that policymakers and businesses must undertake. Hence it is important to delve deep into the challenges and opportunities of implementing digital data protection and privacy compliance in this culturally vibrant nation. Privacy as a Cultural Construct Privacy means different things to different people. In some communities, sharing personal information is a communal activity; in others, it's a closely guarded secret. A vital first step is fostering cultural sensitivity and understanding. Recognizing that privacy is culturally contingent enables us to appreciate the variations in how individuals and communities approach it. This acknowledgment sets the stage for respectful dialogue and compromise. The Challenge of Language India boasts hundreds of languages, each with its nuances. Effective data protection measures require unambiguous communication with individuals, organisations, and regulatory bodies. India's linguistic diversity poses a fundamental challenge in ensuring adequate data protection and privacy. Clear communication is essential for individuals to understand their rights, make informed decisions about their data, and for organizations to comply with data protection regulations. Therefore, addressing this challenge requires a commitment to multilingual communication, translation services, and culturally sensitive approaches to data protection and privacy practices. ### AI in Enterprises: Highly Risky and Challenging In recent years, the advent of AI has triggered a significant transformation across various industries. AI has proven to be a catalyst for innovation, enhancing productivity, streamlining operations, and elevating customer experiences. However, this technological revolution has not come without its share of concerns. As AI-driven enterprises continue to reshape the business landscape, stakeholders are increasingly grappling with trust, risk, and security issues. This article delves into the challenges AI-driven enterprises face and outlines strategies to ensure the secure and responsible deployment of AI technologies. The Significance of Trust Trust is the cornerstone upon which AI’s widespread acceptance and adoption rests. Businesses and individuals must have confidence in the capabilities and intentions of AI systems. Building this trust requires a comprehensive, multifaceted approach encompassing: Transparency: Companies should be transparent about their use of AI. This involves explaining how AI is used, what data it relies on, and what decisions it makes. Clear and concise communication helps individuals understand the benefits and limitations of AI systems. Education: Organizations should aim toward providing resources, FAQs, and user guides that help individuals understand the basics of AI and how it works. Explaining technical concepts in simple language can alleviate confusion and foster trust. Privacy and Data Security: Assuring individuals that their data is handled carefully is crucial. Companies should implement robust data protection measures, complywith relevant privacy regulations (e.g., GDPR, CCPA), and clearly outlinetheir data handling practices in their privacy policy. ### Disruption and Transformation: How AI will Impact Global Trade in the Next Decade The use of artificial intelligence (AI) to sift through data and find areas for improved efficiency has already started to have an impact on the scheduling, safety, and monitoring of shipments from ports to railways. Major players in the shipping market have been investing in AI capabilities and research for years, with Maersk recently opening an AI-driven automation center as a symbol of the type of disruption that can be expected in the market as the promises of technology begin to manifest. But beyond these immediately tangible gains in efficiencies and minor disruptions that come from early applications of AI to global trade, what are the more substantive impacts that we can anticipate in the next decade? How will trade in goods and services change? What changes can we expect in the labor market and costs of doing business? Trade in goods – what will stop shipping? Innovative ideas such as the 3D printing of clothing have moved from science fiction to science fact. The use of 3D printing is a daily reality for designers, and the use of such technology is only picking up pace as companies respond to the criticism of how ‘fast fashion’ is unsustainable. This is just one of the many items which may no longer be imported into the U.S. as AI and new technology create alternative production sites. Soon it may be unnecessary to ship everything from phone cases to toys, since they can be manufactured at a continuously lower cost in local facilities or even consumers’ homes. The use of AI will even improve yields from hydroponic and traditional farms, suggesting that many food products would no longer make sense to ship from distant locations. If AI and new technology can’t (yet) create unique products such as rare earths, new and developing tools will still have an impact on trade patterns, as they can help find untapped resources that are in friendlier locations. With the U.S. government funding AI-based research to improve the country’s ability to produce key products such as energy storage devices, more and more of those products and the resources that go into them will be produced domestically. The bottom line is that the usage of AI and new technology over the next decade will not only bring dramatically improved logistics, it will shift what is moved from place to place as a substantial portion of goods are suddenly competitive even when produced domestically. ### Nexdigm enhances capabilities in Professional Services with the addition of Bimal Tanna Mumbai, October 3, 2023: Bimal Tanna, a Chartered Accountant and seasoned veteran with over 35 years of experience joins accounting and consulting firm Nexdigm as Senior Global Business Advisor with a specific focus on Professional Services. Bimal will play a key role in the coaching and mentoring of the leadership team and assist management in the development of key initiatives with a special emphasis on Professional Services. Bimal has worked with PricewaterhouseCoopers Pvt Ltd (PwC) in India for over two and a half decades where he had served on the Board of Directors, was part of the India Leadership Team, and had led the critical Partner Affairs function. He was also a Partner at Bansi S. Mehta & Co. for over a decade prior to joining PwC India. Bimal is an Independent Director on the Board of Directors of Jio Financial Services Limited and certain other companies. “Bimal’s extensive experience working with multinational companies from diverse sectors combined with his long-term vision, critical thinking, and robust decision-making will help us improve operational capabilities and service delivery while providing strategic and operational roadmaps to achieve our goals,” said Guljit Singh, Group Executive Chairperson, Nexdigm. ### Data Protection in India 2023: Bridging the Gaps with The Digital Personal Data Protection Act, 2023 In today’s digital age, data is the lifeblood of organizations. It drives innovation, enhances customer experiences, and empowers businesses to make informed decisions. However, with great power comes great responsibility. Data protection and privacy have become of paramount concern worldwide, and India is no exception. In 2023, the Digital Personal Data Protection Act (DPDP) is set to cause a stir, aiming to address the glaring gaps in organizations’ data protection practices. The Data Protection Challenge: Recognizing the Gaps India has experienced exponential growth in the digital ecosystem over the past decade. From e-commerce giants to fintech startups, organizations of all sizes collect, process, and store vast amounts of sensitive information. ### Enhancing customer service in global business service centers Defining good customer service depends on the product you sell. For automobiles, friendly in-person contact during a sale or service call can be the key. In a hotel, the cleanliness of the room, breakfast buffet and interactions with front desk staff can make or break a visit. But what about global business services (GBS) organizations? How do you define good customer service from an IT Center of Excellence or an outsourced legal function? These services, often delivered over a cloud-based platform or via an email exchange, are less tangible. Any friction in this system can lead to a drop in customer satisfaction, so getting it right the first time becomes crucially important. In today’s volatile and highly-interconnected world, it is apparent that more and more businesses are relying on global business service frameworks to help deliver reliable, high-quality service across the globe and around the clock. The GBS model provides efficiency, cost-savings, and can help to eliminate costly variance and empire-building within disparate regions or departments of a company. However, the very nature of GBS, with offshoring, time zone differences and a diverse global workforce, presents unique customer service challenges. This article explores the most common customer service issues faced in this environment and discusses strategies such as quality training, improved stakeholder identification, and cross-cultural communication savvy to enhance customer service and drive business success. ### Companies might face repercussions if they aren't careful while using AI About prompt engineering, Chat GPT, deepfakes, web scraping and other, often unobvious aspects of artificial intelligence, whose English names have not yet been translated into Polish, changes that AI will force on the labor market and legal departments of companies, the future of professionals or gigantic penalties for non-compliance with regulations that do not exist yet. The term "artificial intelligence" (AI) was first used by John McCarthy in 1956 at the Dartmouth conference, but the definition of artificial intelligence is still the subject of many disputes and discussions. Already in the 1950s, Alan Turing proposed that the ability of machines to pretend to be human and use natural language in a remote conversation should be considered a test of machine intelligence (the so-called Turing test). ### Should we be worried – European Union regulating use of artificial intelligence? Proposed by the European Commission on 21 April 2021, AI Act seeks mainly to classify and regulate artificial intelligence applications based on their risk to cause harm. Such classification primarily falls into four categories: banned practices, high-risk systems, and other AI systems with limited and minimal or no risk. Regulating the use of AI solutions has gotten positive reviews prompted by the Generative AI solution revolution such as the AI tool ChatGPT (Chat Generative Pre-Trained Transformer), an artificial intelligence chatbot developed by OpenAI and launched on November 30, 2022. ### The Future of Cybersecurity: How is AI Revolutionizing the Battle Against Cyber Threats What are the effective strategies for implementing AI in cybersecurity: Key considerations for businesses? AI-driven cybersecurity solutions have a notable advantage in conducting behavioral analysis. By closely examining user behavior, network traffic, and system activities, they possess the capability to identify and flag unusual patterns that may signify potential malicious intent or cyber threats. This enables organizations to proactively respond to emerging security risks and fortify their defenses against cyberattacks. Automated Security Operations The scale and complexity of modern cyber threats demand automated security operations. AI technologies enable autonomous cybersecurity systems that can handle routine security tasks, such as patch management, log analysis, and incident investigation, with minimal human intervention. Enhancing Threat Hunting AI augments the capabilities of human cybersecurity experts by providing them with powerful tools for detecting threats. AI-driven threat-hunting tools can sift through massive amounts of data, identify subtle patterns, and flag potential threats that might have been missed through manual analysis alone. ### UAE free zones not fully exempt from first-time corporate tax The UAE’s June 1 introduction of its first corporate tax will undo some of the fiscal incentives that have prompted foreign businesses to flock to its more than 40 special economic zones (SEZs). After years of not taxing company profits, the government has launched a 9% levy, in line with the global push towards a level playing field for corporate tax. It is a step change for all businesses across the Emirates, but it creates particular challenges for businesses in SEZs. Despite their long-standing offer of tax-free holidays for up to five decades, these zones are not fully exempted from the new regime and do not benefit from concessions offered to onshore businesses. “Being set up in a free zone doesn’t, by default, make you eligible for 0% corporate tax,” says Lokesh Gupta, an associate director at consultancy Nexdigm UAE. ### Healthcare Agreements: Get Them Right the First Time Healthcare agreement negotiations bear a unique and well-known risk burden. Additionally, the timeline for healthcare agreements is also longer than many other industries because of how long it usually takes to bring new products to market. Healthcare agreements involve some extremely sensitive issues, such as protecting the identity of a cancer patient, promoting ground-breaking chemical compounds in the pharmaceutical sector, and ensuring that top physicians do not inadvertently cross ethical lines to support commercial interests. ### Relevance of Economic Principles over Judicial Precedents - Lodha Group Ruling The Mumbai Bench of Income-tax Appellate Tribunal (ITAT) in a recent ruling of Macrotech Developers Limited [TS-237-ITAT-2023(Mum)-TP] (a Lodha Group company and hereafter referred to as the ‘taxpayer’) set aside the Dispute Resolution Panel (DRP) directions in relation to determination of arm’s length price (ALP) of corporate guarantee and accepted benchmarking conducted by the taxpayer using scientific and credible approach in accordance with the transfer pricing principles governed by the Income-tax Act (the Act). ### Taxability of employee benefits may decide which tax regime makes more sense for you When deciding between the old and the new tax regimes, most of us will consider the most common deductions like those under section 80C, 80D, or also the deduction available on principal and interest on home loans, before taking a call. However, one must not forget that employee benefits are also treated differently under the old and new tax regimes, and this will also need to be considered before making your choice. “For FY24, the tax slab rates have been reduced to make the new regime more attractive. Standard deduction of ₹50,000 from salary income has been made available, the basic exemption has been increased to ₹3 lakh and surcharge rate has been reduced to 25% for high net worth individuals (HNI's) having annual income exceeding ₹5 crore. With a clear intention of implementing a simplified tax model, the government has taken considerable efforts to make the new regime of taxation lucrative and appealing,” says Sneha Pai, senior director at Nexdigm, a professional services group. ### Helping clear the air on 0% UAE corporate tax rate The UAE is about to achieve an important milestone in the overall tax landscape, as Corporate Tax regime would be implemented from 1 June 2023. The proposed tax rate of 9% keeps the UAE as one of the #attractive #jurisdictions for business. Furthermore, the law also provides relief to Free Zone establishments and small businesses/SME’s. ### The European Union on the home stretch to regulate the use of systems based on "artificial intelligence". We are to expect a revolution similar to the one faced when GDPR was introduced Although Europe lags behind the United States and China in the development of artificial intelligence (AI), it is way ahead in legislation of its safe use, based on the European values.  As in the case of the GDPR, the EU has a chance to become a global leader in AI regulations soon.  At the same time, the European Union faces a real challenge of striking the right balance between maintaining high standards of privacy protection and security of users of artificial intelligence systems and creating appropriate conditions for the development of innovation. ### Nexdigm Named in ISG Provider Lens™ for Procurement BPO and Transformation Services Nexdigm has been named in the Information Services Group (ISG) Lens Provider™ for Procurement BPO and Transformation Services Quadrant Report 2023. In their assessment, ISG highlights Nexdigm’s unique procurement offering built around its core service portfolio, including Contract Management, Procurement Operations support, and Accounts Payable. With delivery centers in the USA, Poland, and India, Nexdigm services clients globally with native language support. The report also highlights Nexdigm’s capabilities to bring about outward transformative improvement changes to bridge into supply chain management and similar inward transformation with integration with the finance department. ### Supply Chain Reliability: A Cause Of Concern For Healthcare Economies such as the US and Europe are slowing sharply, and significant Asian emerging-market economies are expected to constitute nearly 3/4th of global 2023 GDP growth. Considering the above factors, a key question dwelling in the minds of leaders of the world's top economies for the last six months is whether a recession is on the horizon? ### SC Ruling in SAP Labs Case - Significance and Implications The Hon’ble Apex Court in its order dated 19th April 2023, in the case of SAP Labs India Pvt Ltd. quashed and set aside the ruling of the High Court (‘HC’) and observed that selection of comparables, application of filters etc. gives rise to substantial question of law and thereby remitted back the case to the HC to decide the matter afresh. Civil Appeals were preferred by the Revenue and few of the taxpayers arising out of the orders passed by various HC more particularly the HC of Karnataka in the case of SAP Labs India Pvt. Ltd. In this context it is pivotal to understand what the substantial question of law means and its interplay with Transfer Pricing principles. ### MCA issues new rules on voluntary exit of companies Companies keen to exit their business for various economic reasons can now hope for quick regulatory clearance with the government operationalising the newly set up Centre for Processing Accelerated Corporate Exit (CPACE). The Ministry of Corporate Affairs on Monday notified the rules authorising CPACE to handle this work, taking over the task from RoCs across the country. CPACE is set up at the Indian Institute of Corporate Affairs, an institution attached to the ministry. The amended rules for removal of companies from the official register will be effective 1 May, the ministry said while also bringing out the forms for voluntary closure. The move of shifting voluntary closure of companies to a centralised agency is part of a revamp of the approval process for various corporate filings aimed at uniform and quick decision-making process. ### Section 115A Amendment - Impact on Withholding Tax & ITR Compliance As per Indian Tax Law[1], payments made to Non-Residents/Foreign Companies for Fees for Technical Services (FTS) and Royalties were liable to tax at the effective tax rate of 10.92% (including surcharge and education cess). Further, Indian Tax Law[2] also provide that where India has entered into a Double Tax Avoidance Agreement (DTAA) with other countries, the provisions of the Act shall apply only if they are beneficial. As a result, provisions of the DTAA shall prevail over the provisions of the Act if the same is more beneficial. Currently, many Tax Treaties signed by India with major countries like the United States of America, the United Kingdom, etc, prescribe a higher tax rate of 15% for Royalty and FTS. Further, many other Treaties with countries like Germany, Singapore, France, etc, provide for a tax rate of 10%. ### GST on transportation services - navigating through turbulent waters GST on services by way of transportation of goods by aircraft / vessel is certainly on a roller-coaster ride these days. The story began in September 2022, when the GST exemption pertaining to goods transportation services witnessed a sunset from 1 October 2022 onwards. This resulted in taxing the transportation of export cargo by the Indian transporters / freight forwarders, liable to Integrated GST (IGST). This created a lot of buzz amongst the exporters as well as the Indian transporters /freight forwarders. Consequently, owing to the hardships faced, various associations and trade bodies filed representations before the Government against such withdrawal of GST exemption. The following challenges were being faced by the Indian transporters / freight forwarders: a) As per the GST law, the place of supply for export cargo was the destination of such goods, i.e., place outside of India. Due to this, question arose as to whether the exporters in India could claim input tax credit (ITC) of the GST so collected by the transporters / freight forwarders since it was believed that such credit could only be taken at the place of supply. The exporters, nevertheless, took a chance and rightly so, as principally it did not make sense to deny the benefit of ITC which culminated into refund to exporters when exports are zero-rated. ### E-way bills for Feb show moderation The number of electronic permits issued to transport goods within and across states moderated in February from the previous month but remained above the 80 million mark seen since November. At 81.8 million, e-way bill generation indicates a mid-quarter dip, but year-end inventory clearance by companies could boost goods shipment in March. E-way bill data, a high-frequency indicator of consumption, shows that the number of permits raised often goes up in the last month of every quarter. E-way bills in February point to transportation activity in the month for which taxes are collected in March. Quoting its February manufacturing purchase manager’s index figure, S&P Global had said earlier this month that India’s manufacturing industry sustained robust output growth halfway through the final fiscal quarter, but it was driven mainly by the domestic market. It pointed out a notable slowdown in the rate of international sales expansion of the 400 companies it surveyed. Although companies continued to scale up input purchases, capacity utilization was not under pressure, S&P said on 1 March while reporting the 20th consecutive month of production growth, with manufacturing PMI at 55.3 in February. ### Co-working cos, tax experts ask government to simplify GST registration Co-working operators and tax experts have urged the Centre for a simplified GST registration for firms operating from a shared space. The request comes after GST officers sought extensive documentation, such as registered leases and clearances from original owners, to prevent firms from using the coworking setup only for GST registration. "Denial of registrations at co-working spaces is a challenge faced by a lot of multinationals wanting to start small in India to test the market and environment or those seeking to follow a hybrid model of working,” said Saket Patawari, Executive Director–Indirect Tax, Nexdigm. Despite benefits and flexibility offered by the coworking operators, an evident roadblock was the denial of GST registration when the ‘principal place of business’ was applied for at such shared spaces. ### CBDT issues new guidelines to streamline digital economy tax The Central Board of Direct Taxes (CBDT) has issued norms for processing returns filed by digital economy firms that are liable to equalization levy, streamlining the administration of India’s digital economy tax. The Centralized Processing of Equalization Levy Statement Scheme, 2023, which is effective from Tuesday, sets the modalities for processing the returns filed by these entities. The equalization levy was introduced in 2016 on online advertisements and later expanded to cover the sale of goods and provision of services through e-platforms. While online advertising services rendered by offshore entities are taxed at 6%, e-commerce supplies by non-resident firms are taxed at 2%. Experts said that the scheme was long awaited as there was no procedure for processing of equalization levy statements so far, which had created some uncertainty, especially regarding refund claims made. ### TDS/TCS Amendments in Finance Bill, 2023 - A Snapshot! Tax Deduction at Source (TDS) provisions were introduced back in 1961. Theywere implemented on the principle of “pay as you earn” and to have a regular source of revenue for the Government throughout the year. TDS is an important mechanism for collection of tax. Over the years, the scope of TDS and Tax Collection at Source (TCS) is widened by adding new sections in the Income-tax Act, 1961 (ITA) with an objective to minimise tax evasion and increase tax compliance. In the recent years, TDS was introduced for E-commerce operators, Virtual Digital Assets, Purchase of goods, higher withholding tax for non-filers of tax returns, TCS on goods and services etc. Government gives utmost importance to compliance of TDS provisions by limiting allowability of corporate expenses only on payment of TDS, levy of interest, penalty and in some cases prosecution for non-compliance of TDS/TCS provision. With the changes in TDS/TCS provisions every year, it becomes imperative for the business community to be updated with all the changes for ensuring smooth compliances. ### Union Budget 2023: 'Custom duty proposals are largely aligned to government's vision of Make in India' All eyes were on the Hon’ble finance minister as she presented her last full Union Budget before the 2024 elections. While the Indirect Tax proposals in the Budget Speech were primarily limited to customs duty rate changes, the details, as always, lie in the fine print. On the GST front, the perplexity around claiming Input Tax Credit (ITC) on account of expenditure incurred for Corporate Social Responsibility (CSR) has been clarified by disallowing ITC on such expenditure. Furthermore, to curb the inordinate delay and to ensure regular compliance by taxpayers, an outer time limit of three years has been introduced for filing GST returns. While the unregistered suppliers and composition dealers have been allowed to trade on e-commerce platforms, an obligation has been cast on the e-commerce operators to ensure there is no contravention of provisions by such suppliers, otherwise they could be penalized to the extent of the tax amount. ### Budget 2023 LIVE: Amrit Kaal's first budget finds common ground with countrymen, apprehension over new tax regim Capital investment outlay increase by 33% to 10 lakh crores will boost the economy, lead to job creation and will up the infrastructure sector. Without going into fine print, one can rate the budget at 9 given the thrust on capital expenditure and relief to middle class individual taxpayers: Maulik Doshi, Deputy Managing Director, Direct Tax, International Tax, Transfer Pricing, Nexdigm ### Expansion of Angel Tax on ‘Non-Resident’ Investors Section 56(2)(viib) of the Income Tax Act, 1961 (‘Act’) provides that where a company in which the public are not substantially interested, receives, from any person being a resident, any consideration for issue of shares exceeding the face value of such shares, the aggregate consideration received for such shares as exceeds the fair market value (FMV) of the shares shall be chargeable to income-tax under the head ‘Income from other sources’. Thus, section 56(2)(viib) seeks to tax receipt of premium in excess of the FMV. The mechanisms for computing the FMV has been prescribed under the Rule 11UA of the Income Tax Rules, 1962 (Rules).  In case of fresh issue of shares, Rule 11UA provides for either of the below two methods of valuation, at the option of assessee: Break up value method (Net Asset Value with suitable replacement of valuation for specified assets) or Discounted Cash Flow (DCF) Method, as determined by a Merchant Banker ### Budget 2023: Agriculture accelerator fund to increase productivity To support agro startups, Nirmala Sitharaman has announced the Agriculture Accelerator Fund. It will attempt to implement cost-effective solutions to problems encountered by farmers by introducing contemporary technologies and boosting output. Utkarsh Sinha managing director Bexley advisors a boutique investment bank firm said “The government’s Fund-of-Fund (FoF) strategy has already demonstrated success with SIDBI’s flagship fund, as well as SRI. Expanding this model in new industries, like agriculture (and hopefully manufacturing) will yield positive results and accelerate the formation of agri-focused funds and ventures." ### How Budget 2023 proved India to be the global leader of millet? Finance Minister Nirmala Sitharaman commented on India's goal to promote millets both domestically and abroad while presenting the first Amrut Kaal budget. The year 2023 has been designated as the International Year of Millets, and FM noted that India cultivates a variety of Shree Anna grains, including Jowar, Raagi, Bajra, Ramdana, Cheena, and Saama. India is the world's largest producer and second-largest exporter of millets, and it to keep a serious consideration to our diet, FM announced that the Indian Institute of Millet Research in Hyderabad will be transformed into a centre of excellence. ### Union Budget 2023 should provide measures to boost consumer demand and reduce costs for businesses Union Budget 2023-24, the last full-year budget for the current government, will be closely watched by India Inc as it sets the tone for the economic policies of the government. India Inc will look forward to this budget as a balance between growth and being financially cautious. The government is expected to focus on promoting growth rather than recovery following three years of dealing with the pandemic. ### The World Bank is Forecasting a Recession - Good News for Some A global recession seems inevitable in 2023 based on a deluge of recent economic forecasts, most notably that of the World Bank, which downgraded their outlook for 2023 last week. Russia’s ruinous war against Ukraine, international inflation and continuing global trade conflicts over technology will also slow economic growth across many sectors. Some pundits are even wondering whether developments such as ChatGPT might negatively impact the labor market. Nevertheless, in every economic situation there are winners as well as losers, so who will potentially benefit from the global economic downtown? ### After China+1, global corporations now mull over ‘Minus China’ Global manufacturers are considering plans to completely withdraw from China as issues related to Covid, labour and geopolitical tensions make the “world’s factory” less and less attractive. If India can quickly grab the opportunity, it can position itself as the next factory of the world. The Covid crisis hastened the adoption of China Plus One. Now, as another Covid wave in the East Asian country makes global corporations relive the pandemic nightmare, experts are observing a trend of “Minus China” strategy gaining ground among actors in the global value chains. The world’s leading manufacturers are highly dependent on China — known as the world’s factory — for their sourcing and production operations. ### Climate becomes mainstream business for consultancies Climate and good governance have become a mainstream business for consultancies as companies embrace these goals either on account of management choice, regulatory requirement or customer preference, according to industry leaders. Businesses adopting sustainability goals have prompted large consulting firms to set up separate verticals for this practice even as specialized firms seek to tap the opportunity, which is expected to see significant growth in the next decade. ### Register in portal. Now, claim refunds on cancelled flat booking, insurance policy An unregistered buyer (mostly individual customer) will need to get temporary registration on the GST portal to get the tax refund in case of cancellation of flat booking or insurance policy and exhaustion of time period of issuance of credit note by the concerned supplier, the Central Board of Indirect Taxes & Custom (CBIC) said in a circular. The move follows recommendations by the GST council. The unregistered buyer will have to obtain the registration using her/his PAN, following which she/he shall select the same State/UT as her/his supplier — in respect of whose invoice refund is to be claimed — is registered. The buyer is also required to enter bank account details in which she/he seeks to obtain the refund. ### Reverse charge mechanism: CBIC not to seek review of SC verdict quashing IGST levy on ocean freight The Central Board of Indirect Taxes & Customs (CBIC) will not file a review petition against a ruling by the Supreme Court in favour of Mohit Minerals, quashing an Integrated Goods & Services Tax (IGST) levy on ocean freight under RCM (Reverse Charge Mechanism). Experts say the legal battle is closed for now, unless the government amends the law. The legal cell of the board has communicated to the GST Commissioner of Mumbai Central that it would not file a review petition against the May 19 ruling. The ruling has become famous for a court observation which states that recommendations of the GST Council are not binding on the government, which has triggered strong political debates. ### GST collection 2nd highest in October 2022: Festive sales to higher imports – here are the top 5 factors, experts list GST Collection: According to economists and other experts, the revival in the rural economy and festive season sales have contributed most to the GST collection in October 2022. The goods and service tax (GST) collection were reported second highest in October 2022, according to the recent data released by the Ministry of Finance. GST collection for the previous month stood at Rs 1.52 lakh crore. April 2022 has seen the highest-ever GST collection, as per data. According to economists and other experts, the revival in the rural economy and festive season sales have contributed most to the GST collection in October 2022. ### Awaiting action. GST rejig likely only after 2024 LS polls Rationalization of Goods & Services Taxes (GST) likely to be put off for post general election i.e., 2024. “GST rates are critical not just from inflation point of view, but also it is highly politically sensitive issue. We may see complete overhaul of GST rates once Lok Sabha election got over in 2024,” a senior Government official told business line. Retail inflation based on Consumer Price Index (CPI) has been above the upper tolerance level of targeted range of 2-6 per cent and likely to stay for some more time. while median rate of 4 per cent is remote possibility. A Group of Ministers, under the convenorship of Chief Minister of Karnataka Basavaraj Somappa Bommai, is going through rate rejig exercise. The Committee did give an interim report, post which Council recommended some rate change in June such as pre-packaged - pre-labelled items beside others. However, final report awaited. ### GST Council meet: Decriminalization of certain offence, tax rate on pulses husk, key decisions taken by GST Council Finance Minister Nirmala Sitharaman on Saturday, 17 December held the Goods and Service Tax (GST) Council meet in national capital Delhi. The Group of Ministers (GoM), chaired by Meghalaya Chief Minister Conrad Sangma, set up last year on the issue had submitted its report to Finance Minister Nirmala Sitharaman on Thursday. The GST Council on Saturday agreed to decriminalize certain offences and doubled the threshold for launching prosecution to ₹2 crore, Revenue Secretary Sanjay Malhotra said. ### Centre, states look to widen GST taxpayer base The Centre and states are exploring ways to widen the GST taxpayer base and boost collections with a few states working on pilot projects to link third party data with that of the assesses. Vivek Johri, chairman, Central Board of Indirect Taxes and Customs, said various strategies are being worked upon to widen the tax base. “Widening GST base would mean we have to see taxpayers who ought to be in tax net… are they there or not. This can be through more robust use of data from other agencies. Some states are working on various pilots,” he told reporters on Saturday after the 48th meeting of the GST Council. ### The Rise and Proliferation of Contract Analytics- A Guide Large-scale enterprise contract management as a business function has evolved in the last decade. What was legacy has now metamorphosed into a business process function, led by specialized contract management professionals, and supported by software engineers, cloud computing professionals, and data scientists. It all started as document management activity on a share-point when organizations began to realize that contracts could be a source of unlocking hidden value and, if left untouched, could result in massive compliance and business risk. Giving way to loosely drafted, inconsistent contract clauses led to lost revenue, compliance risks, and trust issues with the suppliers or clients. Contract management since then has progressed from person-centric to process-centric enterprise activity. The largest shift came with the realization of contract management as a cycle and the application of artificial intelligence on contracts to cut down on manual efforts and steps in contract management. ### Contract Management as a Strategic Asset On the surface, your company is thriving - with business partners worldwide, clients in every corner of the globe, and plans to build warehousing facilities in Asia and South America. Although things are getting more complex and dynamic, business is booming. You have a great feeling about how things are going until you enter the conference room to see your Chief Procurement Officer (CPO) and legal professionals staring at you to discuss an urgent issue. They have lost track of the end date for your logistics contracts, and some of those contracts expired. Your primary shipping partner wants to change the contract terms substantially, and it will cost tens of thousands of dollars to get back on track. Your thriving company has hit an unexpected hurdle. Your first response is to review the changes and develop a plan to get this relationship back on track. But you also wonder whether this might be the tip of the iceberg; if we lost sight of this agreement, are there more surprises lurking under the surface? So, you commission a thorough review of your contracting and contract obligation tracking process. ### Global headwinds impede export to 7 trading partners Merchandise exports to seven out of India’s top 10 trading partners declined sharply from a year ago in October due to a significant slowdown in economic activity globally, two people, citing the preliminary data released by the government, said. Merchandise exports to the US, United Arab Emirates, China, Bangladesh, UK, Saudi Arabia and Hong Kong contracted year-on-year by 26%, 18%, 47.5%, 52.5%, 22%, 20% and 23.6%, respectively, in October 2022 due to the impact of massive global headwinds, they added. However, exports to the Netherlands grew by 22%, Singapore by 25%, and Brazil by 58% over the year ago. It shows that the impact of the economic meltdown is uneven, they said, seeking anonymity. India’s total mercantile exports fell 16.65% from the year-ago to $29.78 billion in October. Exports to the top 10 destinations, which account for 47% of the total exports by value, fell 21% from $17.72 billion in October 2021 to $13.92 billion last month. ### Nexdigm named again in Everest Group’s Global PEAK Matrix, this time for Finance and Accounting Outsourcing (FAO) 2022 Chicago: Nexdigm has been named in Everest Group’s Global “PEAK Matrix® for Finance & Accounting Outsourcing (FAO) 2022” report. Everest Group highlights Nexdigm’s end-to-end F&A service offerings across the entire F&A value chain, catering to multiple areas such as process consulting, F&A business process management, and transformation management. Per Everest Group, Nexdigm is recognized for its ‘customer-centric approach as well as agility and responsiveness in handling dynamic requirements of its clients.’ Nexdigm integrates all FAO services with data analytics while strengthening its digital ecosystem with automation and path-breaking technologies. Nexdigm continues to invest in expanding its delivery capacity in the US and Europe, providing a high degree of flexibility in its engagements. “Nexdigm featuring amongst the top 27 global finance and accounting outsourcing providers in the PEAK Matrix demonstrates our capability in bringing value to our clients by providing the right mix of deep domain expertise, technical capabilities, and process excellence,” said Guljit Singh, Group Executive Chairperson, Nexdigm. “In global businesses, Finance and Accounting as a function is seen as a business enabler for organizations. Our teams collaborate with finance leaders as their trusted partners while working diligently to integrate processes, data, and technology to give top-notch solutions to our clients.” “Nexdigm provides end-to-end offerings, including operations consulting, managed services, and transformation support across the F&A value chain, with a strong focus on the P2P segment,” said Vignesh Kannan, Practice Director, Everest Group. “Its rich experience in serving SMB clients, especially in the US and APAC geographies, continued investments in enhancing its proprietary and third-party solutions through partnerships, and its focus on customer-centric and collaborative approach came out as key its strengths in Everest Group’s Finance and Accounting Outsourcing (FAO) Services PEAK Matrix® Assessment 2022.” ### Nexdigm expands again, this time with a second office in Gurugram, and relocation of its corporate offices to Lower Parel, Mumbai Business and professional services firm, Nexdigm, has opened its second new office in the National Capital Region located at Udyog Vihar, Sector 18 in Gurugram, India. The office will help cater to the growing needs of the company while amplifying its presence in the region. Nexdigm also shifted its Mahalaxmi, Mumbai office to a larger space, Grade A building at Urmi Estate with superior infrastructure and amenities in Lower Parel, a central business district. Nexdigm’s significant geographic expansion is a result of focused efforts to ensure better working environment for its associates and a higher commitment to serve clients globally. Speaking of the development, Guljit Singh, Group Executive Chairperson, Nexdigm, said, “India, especially the North, has been a current strategic focus for us at Nexdigm. Setting up a second office in the area has led to tripling our capacity within a short span of three years. This combined with our expansion at Mumbai and new offices in USA and Poland, all in a span of 12 months, is telling of our commitment to our clients in the region and the global space.” Nexdigm has been expanding at a rapid pace, setting up international offices in USA, Poland, and two offices in UAE. Nexdigm also has a strong presence in other geographies, namely - Canada, Japan, Singapore, and Hong Kong. Nexdigm is an employee-owned, privately held, independent global organization that helps companies across geographies meet the needs of a dynamic business environment through its professional and business services. Harnessing its multifunctional and digital capabilities, the company provide its customers, both listed and privately held firms, with integrated solutions for navigating complex challenges. Its multidisciplinary teams serve a wide range of industries with a specific focus on healthcare, food processing, and banking and financial services. ### Combining process excellence with data analytics to gain an edge For companies embarking on business transformation, new technologies are offering endless opportunities to improve efficiency, effectiveness and more. Arjit Agarwal and Utkarsh Sharma, leaders at Nexdigm, outline how one such technology – advanced data analytics – can be combined with process excellence to gain a competitive edge. The emergence of high-speed internet, digital technologies and real-time decision-making have irrevocably changed how business is done. These revolutionary developments have leveled the playing field in most industries, made them far more customer-centric than in past decades, and significantly narrowed the gaps that separate one company from the next. In an era where every advantage is a significant one, business transformation has become the goal to not only keep pace with the times, but also stay ahead of the competition. ### Digital contract management as an enabler What compels businesses to prioritize technology over manual operations? It’s their need for assured regulatory compliance with quick turnaround times to draft, negotiate, and sign off deals. But does this era of digitized contract management mean that general counsels and their teams who author contracts are becoming redundant? No, with respect to differing opinions, legal is here to stay. Does it mean a change in how legal experts are engaged in the process? Indeed. This article points to some trends that reflect encouraging changes ahead. Conventionally, drafting, enforcing, and managing contracts to protect business interests required legal specialization. However, intelligent technologies are fast replacing human roles. Is this a problem? Specifically: Can such technologies possibly substitute for the experience and skills that a general counsel brings to the job? Is machine intelligence tipping the balance against contract professionals? Is machine intelligence bringing in a new era of man-machine collaboration? ### GST collection rises 28% to Rs 1.43 lakh crore, festive season to drive mop-up The GST collection remained above the Rs 1.4-lakh-crore mark for the sixth straight month in August and the ensuing festival season will help continue the trend. India's tax collection from the sale of goods and services soared 28 per cent to Rs 1.43 lakh crore in July aided by rising demand, higher rates, and greater compliance. The GST collection remained above the Rs 1.4-lakh-crore mark for the sixth straight month in August and the ensuing festival season will help continue the trend. Better reporting coupled with economic recovery has have a "positive impact on the GST revenues on a consistent basis", the finance ministry said in a statement. The gross GST revenue collected in August 2022 is Rs 1,43,612 crore of which CGST is Rs 24,710 crore, SGST is Rs 30,951 crore, IGST is Rs 77,782 crore (including Rs 42,067 crore collected on import of goods) and cess is Rs 10,168 crore (including Rs 1,018 crore collected on import of goods), the ministry said. ### Strengthening India’s cold chain infrastructure can accelerate growth of food processing The cold chain industry is one of the most critical components of the food processing value chain, where perishables form one of the largest segments. Even now, some sub-segments of perishables see wastage as high as 40%, where a lack of cold vhain infrastructure is a major aspect. The Indian cold chain industry is at a nascent stage and remains largely untapped due to several factors, such as the requirement of high capital investment, lack of requisite supporting transport infrastructure (roads, bridges). There is a significant opportunity to improve the cold chain industry in India. In order to further bolster the attractiveness of the industry, the Ministry of Food Processing Industry, under the Pradhan Mantri Kisan Sampada Yojana (PMKSY) initiative, provides financial incentives for setting up cold chain infrastructure. Over the next decade, as India’s perishables market is expected to grow at the back of an expected 15% CAGR growth of the food processing sector, the need for cold chain facilities is expected to increase exponentially. As per available information from the Ministry of Agriculture and Farmers Welfare, there are 8,186 cold storages with a capacity of 374.25 Lakh MT which is available in the country for storing perishables. Currently, the cold storage industry in India is severely unorganised. A significant portion of these cold storage facilities are privately owned (95% of cold storage facilities are owned and operated by the private sector, whereas 3% are owned by cooperatives, and the remaining 2% fall under PSUs). Within the country, the distribution of cold storage is disproportionate, with the majority of cold storage facilities being located in Maharashtra, Uttar Pradesh, Gujarat, Punjab, and West Bengal. These facilities are being used to store primary produce and are located close to farming areas, mainly for crops such as potatoes, chilies, onions. ### Nexdigm Named in Everest Group’s Global PEAK Matrix for Procurement Outsourcing (PO) 2022 Nexdigm has been named in Everest Group’s Global “PEAK Matrix® for Procurement Outsourcing (PO) 2022” report. Everest Group highlights that Nexdigm offers end-to-end Procurement Outsourcing solutions through managed services, transformation projects, and resource augmentation in Sourcing, Contract Management, Procurement Support, and Procure to Pay (P2P). Per Everest Group, Nexdigm is recognized for its "flexibility, proactiveness, and adaptability" amongst its client partners. Nexdigm has a platform agnostic approach for its focussed offerings of contract management, accounts payable, and ongoing procurement operations support. It caters to the client’s needs by investing in developing in-house digital solutions such as GenexAP (workflow and documentation management) and expanding partnerships with third-party providers for technologies such as RPA, OCR, and automated reconciliation tools. With a strong presence in the North American market, they are now expanding their global presence by setting up new operations in Warsaw, Poland; and Chicago, USA, while ramping up its existing India delivery centers in Pune and Gurugram. “Nexdigm featuring amongst the top 21 global procurement outsourcing providers in the PEAK Matrix demonstrates our capability in bringing value to our clients by providing the right mix of deep domain expertise, technical capabilities, and process excellence,” said Guljit Singh, Group Executive Chairperson, Nexdigm. “Procurement as a function has gone through a complete revamp in the past couple of years and has been recognized as a critical function for ensuring business continuity. Nexdigm will continue to be the agile partner by providing customized solutions to our clients while striving for greater heights.” “It’s focused offerings covering contract management, account payables, and other tactical procurement operations with a good portfolio mix across client segments within the North American market has helped Nexdigm emerge as an Aspirant in Everest Group’s 2022 Procurement Outsourcing (PO) Services PEAK Matrix® Assessment,” said Vignesh Kannan, Practice Director, Everest Group. “It has also expanded its delivery presence across onshore, nearshore, and offshore centres while continuing to strengthen its digital ecosystem through investments in both in-house solutions and third-party partnerships.” ### Building supply chain resilience through smarter sourcing Resilience in supply chains has emerged from Covid-19 as one of the key success factors for business operations. Amit Singh and Ramakrishnan Kasinathan, leaders at management consultancy Nexdigm, outline four ways how internationally operating companies can enhance the adaptability of their supply chains through smarter sourcing. For decades, the globalization of manufacturing has been one of the main trends within supply chain. By outsourcing or offshoring activities, companies can lower costs and increase competitiveness. These benefits for long outflanked the risks that come with offshoring, such as more complex supply chains and vulnerability to potential instabilities. However, the Covid-19 pandemic challenged the decade-long notion, with resilience becoming the key driver for adapting supply chains in order to effectively face new realities. The pandemic resulted in global economies implementing trade restrictions, closing ports and airports alike, which exposed vulnerabilities in production and supply chain strategies. Essential products such as pharmaceuticals, medical supplies, and other essential goods were stuck when needed the most. A pandemic combined with numerous geo-political trade tussles constrained the flow of goods. As a result, manufacturers scrambled to reassign production capacities, find new resources, and reduce dependency on suppliers projected as risky. ### SC rulings to bring relief to importers, clarity on GST Council’s role Experts say judgment recognises States as Centre’s equal partners, and not subservient to the latter or the GST Council The Supreme Court judgment scrapping Integrated Goods & Services Tax (IGST) on ocean freight will bring lot of relief for importers, according to tax experts. They also maintain that the comment on GST Council’s recommendations has brought clarity. The apex court on Thursday said recommendations of the GST Council are not binding on the Centre and States and these have only persuasive value. ### CBIC clarifies ambiguity on GST on pre-packaged items, new rates from Monday The Central Board of Indirect Taxes and Customs (CBIC) on Sunday clarified that all pre-packaged items containing a quantity up to 25 Kg, will attract a GST of 5%. The CBIC said that the items, which are pre-packaged in above 25 Kg, in a single packet will be exempt from GST. Also the clarification said that if several packages intended for retail sale to the ultimate consumer, say 10 packages of 10 Kg each, are sold in a larger pack, then GST would apply to such supply. Such a package may be sold by a manufacturer through a distributor. ### Property Guru - Impact of GST on Real Estate ### GST E-invoicing Mandatory for Companies with Turnover of Rs 5 cr and above Centre is now planning to make GST e-invoicing compulsory for businesses with a turnover of Rs 5 crore and above. It would lead bringing the threshold down from the recent Rs 20 crore, said a government official said. E-invoicing recommends a normalised organisation of a receipt that can be perused by a machine. It is a framework where B2B solicitations are verified electronically by the Goods and Services Tax Network (GSTN) for additional utilisation on the common GST portal. This is quite a welcome move and a win-win situation for both companies and the Government. Tax filing would be a simple and error-free process for all companies. It will also bring greater transparency, automate data entry work, and improve compliance. This is also an eco-friendly and sustainable decision and would reduce carbon footprints; this new change will definitely reduce stress on the environment and make SMEs & MSMEs more aware of environmental sustainability. ### GST Council defers decision on 28% GST on casinos, online gaming; GoM to submit report by July 15 The Group of Ministers, headed by Meghalaya CM Conrad Sangma, has been asked to re-deliberate the tax rate on horse racing, online gaming, casinos by July 15. The report will be discussed by the GST Council at its next meeting. The two-day GST council meeting in Chandigarh concluded on Wednesday. The two-day GST council meeting, headed by Union Finance Minister Nirmala Sitharaman, in Chandigarh concluded on Wednesday. After the meeting, FM Sitharaman announced that the proposal to levy 28 per cent GST on casinos, online gaming, horse racing and lottery has been deferred. The Group of Ministers, headed by Meghalaya CM Conrad Sangma, has been asked to re-deliberate the tax rate on horse racing, online gaming, casinos by July 15. The report will be discussed by the GST Council at its next meeting. The GST Council will meet again on this GoM's agenda in 1st week of August. ### No proposal of 28% GST on crypto services Contrary to several media reports, the GST council is not going to impose 28 percent GST on crypto services, sources at the Finance Ministry told Business Today. “No proposal of 28% GST on crypto services. Crypto services will not to be treated at par with online gaming”, the source told Business Today. Multiple media sources reported recently that the GST council is considering a 28 percent tax on cryptocurrency, similar to the present GST on online gaming, casinos, betting, and lottery. Those reports also claimed that services like crypto mining, as well as sales and purchases, would be subjected to the 28 percent GST. The recent Union Budget slapped a flat 30 percent tax on all crypto gains plus a one percent TDS. This led to a steep drop in trading volumes across all KYC compliant cryptocurrency exchanges in the country. Moreover, KYC compliant exchanges also came under heat from NPCI. The regulator released a statement that it is not aware of any Indian exchange allowing its customers to buy cryptocurrencies via UPI after Coinbase exchange’s very public launch in India. ### How India's taxmen are chasing global PE funds for misusing tax treaties to evade capital gains tax The income tax department has reportedly slapped an over Rs 500 crore tax demand from big global funds, including private equity and venture capital funds, for misusing tax treaties with Mauritius, Cyprus and Singapore and underreporting income. While investing in start-ups in India, private equity funds either take the traditional route of investing directly or through a special purpose vehicle (SPV) set up outside India, usually in tax- and investor-friendly jurisdictions such as Mauritius, Singapore and Cyprus. "When a PE makes a direct investment in an Indian company, generally withholding tax provisions are applicable if there is a secondary purchase (i.e. transfer of shares from existing shareholders) made by the PE.. PEs also invest in Indian companies through a SPV located outside India in a tax- and investor-friendly jurisdiction. The exit normally takes place through a sale of shares of the SPV outside India, say to another non-resident," explain Uday Ved and Amitabh Khemka of KNAV. Currently, PE funds that are based out of India are subject to capital gains tax in India. Private equity funds, which deal in unlisted companies, attract long-term capital gains at 10%, while short-term capital gains is levied at 30-40%. Tax authorities have given orders to at least 12 global funds last week, and initiated proceedings against them because most of the investments were routed through tax havens like Mauritius and Singapore, instead of direct investment in India. ### What is driving India's GST collections? In December last year, officers from the Directorate General of GST Intelligence (DGGI) intercepted four trucks outside a Kanpur factory that makes pan masala and tobacco products. These trucks were making their way from the factory without any invoice or the electronic way bill (e-way bill). Under GST, the e-way bill is a compliance mechanism that transporters need to carry when moving goods. ### There is need for comprehensive review of GST regime Four years since the GST reforms were implemented, there is a growing clamor for a comprehensive review of the tax regime to potentially avoid protracted litigation, rigorous exposures in the form of interest and penalties. In an interview, Saket Patawari, executive director – Indirect Tax, Nexdigm, an independent global corporate advisory firm lists the key areas. Edited excerpts. Last four years have been a roller coaster ride for the government machinery, GSTN and the taxpayers. While a lot has settled now in terms of compliance mechanism and GSTN, however, from a law point of view it is still at a very nascent stage. There are several issues bothering the industry and it will take a while to have things settled. Over the course of four years, various issues/lacunae have come to light in the GST legislation. One such issue faced by the outsourcing industry has been spooked by the extremely wide interpretation of the term ‘Intermediary’ whereby even services provided on principal-to-principal basis to foreign recipients, which otherwise are exports are sought to be taxed by revenue authorities and rejection of export refunds. While the CBIC has tried to allay some of the industry concerns by issuing a clarification on the scope of ‘intermediary’, there still exists several areas / scenarios which remain open for interpretation. ### No denial of duty exemption for not adhering to import procedures: CBIC The CBIC has asked field offices not to deny Customs duty exemptions to importers of oxygen-related equipment merely for not adhering to import procedures during the second wave of the Covid-19. The CBIC has asked field offices not to deny Customs duty exemptions to importers of oxygen-related equipment merely for not adhering to import procedures during the second wave of the Covid-19 pandemic last year. The Central Board of Indirect Taxes and Customs (CBIC) said the issue of non-observance of conditions of Import of Goods at Concessional Duty Rates (IGCR) has come up during audit and verification of import of such equipment. In an instruction to field offices, the CBIC said owing to the peculiar circumstance of the Covid-19 wave, parts of medical oxygen related equipment were imported on the emergency requirement and at times are said to have been assembled at the premises of hospitals or other establishments. Considering the medical national emergency faced by the nation, these very exceptional circumstances may have led to the importers not being able to adhere to certain procedural aspects of the IGCR. ### GST net on crypto may expand to include their sale, purchase Although the finance ministry has already imposed a 30% income tax on earnings from virtual digital asset transactions from April 1, there are still several aspects pertaining to goods and service tax on cryptocurrencies, such as its mining, sale and purchase, and their exchange value when used for buying or bartering goods and services. The GST Council will have to study both the technical and legal aspects pertaining to cryptocurrencies before taking a view on tax rates, experts said. ### Healthcare Supply Chain Excellence – CFO’s take on the Supply Chain This feature is a CFO’s take on the underlying factors that bring value to supply chains. Bhavesh Shah highlights factors such as supplier loyalty, interconnected ecosystems, balancing costs, guiding principles, and versatility that is required to build and run a robust supply chain. Change and communication have been one of your focus areas. How have you been able to manage relationships and yet have regular communication with the customer in the virtual world? “COVID-19 has taught us many things that we had not envisaged in the past few decades. The virtual world has opened up a lot of avenues in the digital space, and we must capitalize on the same. One of the things that we have today is a connection through technology, the way we are connecting today without having physical contact. We must ensure our ecosystem is well connected. Customers can connect to us via phone, email, websites, or log in to our webinars…” said Bhavesh. He also emphasized how grabbing every opportunity to meet the client in person is important and mentioned that one should not merely depend upon virtual interactions. If you had a chance to travel back in time to January 2020, what would you have done differently? “I have thought about it a couple of times! At Convatec, we had embarked on a major transformation, and for that purpose, we aligned ourselves to a few key principles. We call those principles FISBE – F as in Focus, so focus on a few things. I as in, Innovate – people think innovation is only left to R&D, but one can innovate in the supply chain, marketing, and even in finance. S – Continue to Simplify. B – Build capabilities and finally, E – Execute excellence. Lastly, keep a keen eye on talent. Motivating associates and connecting with them by trying to find a common sense of purpose would be something I would have done differently.” ### Nexdigm Expands Its Geographical Presence with New Office in Illinois The Consul General of India, State of Illinois, and Choose DuPage joined Nexdigm to announce the company’s first North American office in Oak Brook, Illinois. Nexdigm is an employee-owned, privately held, independent global organization that helps companies across geographies meet the needs of a dynamic business environment in professional and business services. Nexdigm currently serves hundreds of US business clients. Speaking on the occasion from his Oak Brook office, Guljit Singh, Group Executive Chairman, said, “Our expansion is not limited. With this office and our new offices in Poland and UAE, we hope to increase collaboration on a global scale. It will help our customers choose between onsite and offsite services per their requirements. Additionally, we can now service our clients round the clock.” For Nexdigm, this is a multimillion-dollar investment in the region and will create several high-paying jobs. This location will initially support several key senior advisers situated in North America who play a significant role in the management and functioning of the company. In addition, 12 new executives and their teams will serve a wide range of industries, with a specific focus in healthcare, food processing, banking and financial sectors. Over the last decade, the company has grown on many continents, employing over 1,300 people in the US, India, UAE, Poland, and Japan, providing transnational support to numerous clients through their 12 offices worldwide. The Oak Brook office grand opening was attended by several government dignitaries along with senior leaders of prominent multinationals and industry associations. “Over the past 18 months, I’ve gotten to know Nexdigm, and we have organized several activities with them focusing on specific sectors and areas where we can collaborate. They have, of course, a great understanding of India and the US markets, and I’m really excited that they now have a physical presence in the US, and that too in the Chicago area, the heart of the US mid-west, an area that is under my jurisdiction,” said Amit Kumar, Consul General of India in Chicago. “We congratulate Nexdigm on choosing Illinois for their first U.S. location,” said Margo Markopoulos, Director of Office of Trade at the Department of Commerce and Economic Opportunity. “Illinois continues to welcome new companies to our state, thanks to our location, diverse industries, and skilled workforce. Nexdigm joins over 2,000 foreign-based companies that have located in Illinois, and who employ over 300,000 Illinoisans. The Illinois Department of Commerce is excited to work with Nexdigm as they continue to grow their footprint, right here in Illinois.” “DuPage County and Choose DuPage is thrilled to welcome Nexdigm to Oak Brook, Illinois,” said Greg Bedalov, President and CEO of Choose DuPage. “Nexdigm’s choice of DuPage County and Oak Brook for its first North American offices signifies a tremendous commitment to our region. We are dedicated to working with Nexdigm to assure its long-term success and extremely grateful for Nexdigm’s investment in DuPage County. The new office marks a significant milestone in Nexdigm’s journey.” ### Indian Global Capability Center (GCC) Market Expected to Generate Over $60 Billion in Revenue by 2025; Experts Cover Key Factors for Successful GCCs The Indian Global Capability Center industry is predicted to generate over $60 billion in annual revenue by 2025, up from $36 billion in the current year. In India, more than one million people are currently employed in over 1,430 locations. It is also worth noting that 70 percent of India's GCCs are owned by businesses based in the United States. Nexdigm, in association with USIBC (US-India Business Council), ICICI Bank - Canada, CBRE, and the Indo-American Chamber of Commerce concluded its four-part webinar series on "Global Capability Centers – India as the preferred destination." The topic for the concluding session was "The role of technology in virtual migration, transformation, and governance of GCCs." “Let’s start the conversation with people! When you have the right people with the right level of engagement, other wonderful things are bound to happen. Again, before you even touch the tools, what is the culture you want to inculcate? That drives the narrative of what kind of tools would be best suited for you,” Sayee Bellamkonda, Executive Vice President at CBRE. During migration to a GCC, there are multiple technology options available that can be useful from the initial onboarding and training stage to the introduction of new processes. Deploying technologies, such as Optical Character Reading, Artificial Intelligence, Machine Learning, and Robotic Process Automation, tends to save time, reduce cost and maintain accuracy. Implementing these tools depends on the nature, complexity, volume, and end-goal of the activity. Speaking on his biggest learnings in change management due to technology intervention in transformations, Darius Thomas, Deputy Managing Director of Business Process Management and Entity Set-up & Management at Nexdigm said, “First and foremost, it is imperative we get a buy-in from all stakeholders before undertaking a transformation. It is important to understand who the stakeholders are as well. There may be apprehensions during transformation as employees worry about loss of jobs, or perhaps that the management does not listen to employees’ ideas regarding transformation. To address these challenges, communication and collaboration are the keys.” The webinar series covered a wide variety of topics which gave an in-depth understanding of setting up Global Capability Centers and the advantages India has to offer in this regard. Previous webinars provided evidence-based data that showcased India as a top choice for businesses of all sizes looking to create a GCC. Peter Bendor-Samuel, Founder and Chief Executive Officer of the Everest Group, said, “India has the deepest talent pool particularly when we are thinking about engineering, IT or data science-related (skills)… In this world of talent scarcity, particularly in North America, it is a very attractive location with well-developed infrastructure ranging from real-estate, tax, and even recruiting platforms.” Peter Schumacher, Founder and Chief Executive Officer of Value Leadership Group, said, “If you’re looking at establishing something in Silicon Valley or Austin, Texas, as opposed to in Bangalore, you’re looking at potentially $75-100 million per year, over 10 years and that’s a billion dollars. You could do 90% of what you could do in Silicon Valley in Bangalore for probably a third to a fifth of the cost.” The CFO of Senneca Holdings, Eric Sweitzer shared his GCC experience, "Giving up control (is part of the process) and that’s uncomfortable. To get through that, you’ve got to trust your partner, and that takes time. The benefit is that you get to focus on your business which creates value." Suhail Akhtar, Head of IG India, talked extensively about building a cyber-resilient GCC. He said, "One of the things that we started doing is having a zero trust security model. The zero trust model is based on a strict verification model, and you never trust before authenticating. Data protection, of course, is another thing that is part of the zero trust architecture. Therefore, it is important to categorize your corporate data so that you only give access to data to the people who really need it." Captives, Build, Operate, and Transfer (BOT), and Managed Services were among the GCC operating models considered by the panelists. They stated that the Captives and BOT models aid in the implementation of a faster go-to-market strategy, while the Managed Services model aids firms in achieving long-term economies of scale. The series also covered the tactical and strategic objectives of a GCC. As GCCs became value generators, they started to become multifunctional to deliver higher throughputs. Based on Nasscom's sample survey report, 43% of GCCs are singularly focused, while 57% are integrated or multifunctional. ### Nexdigm Announces the Addition of Mark Kennedy as Country Head-Business Development, Nexdigm - Japan Mark Kennedy is a seasoned professional and will be heading all regional and global business development related activities for Nexdigm in Japan. With over three decades of total work experience and most of it in Japan, he is familiar with the markets in the region and has a very good understanding of the needs of multinational companies. Mark comes to Nexdigm from Hollister, a leading US healthcare multinational where he held senior leadership positions for over 20 years. He is fluent in Japanese and is well-versed with the customs and traditions of the country. At Nexdigm, Mark will focus on developing the Japanese market. He will be responsible for enhancing and expanding the existing ecosystem for Nexdigm in Japan, creating more visibility, and supporting Sales. He will also play a key role in targeting new opportunities, building new strategic alliances, nurturing existing alliances and client relationships. “Mark’s involvement and experience in expanding product portfolio and improving upon efficiencies is something we hold in high regard. He will play a vital part in Japan, fabricating new bonds, supporting existing unions and customer connections in the global space, including however not restricted to the Japan-India passage,” said Manoj Gidwani, Vice President, Global Marketing. “Japan has always been a land of opportunities. Mark’s long-standing association with Japan and his extensive understanding of business nuances will prove instrumental in tapping into new opportunities within the region for us,” said Mark Shircel, Senior Global Business Adviser, speaking from Chicago, USA. ### Nexdigm Announces the Addition of Frank Arcaro as Senior Global Principal Consultant Frank Arcaro is a seasoned global tax professional with over four decades of experience. Before joining Nexdigm, Frank held senior leadership positions with Hollister and KPMG. He holds a Bachelor’s and Master’s degrees in Taxation from DePaul University. He is also a Certified Public Accountant from the University of Illinois, Chicago, USA. Frank will assist Nexdigm’s global initiatives (especially in North America), strengthening existing client relationships and targeting new opportunities. As Senior Global Principal Consultant for Nexdigm, he will be involved in developing and executing strategic initiatives to ensure the success of the overall Professional Services, including but not limited to Tax, Transfer Pricing, Transaction Advisory and Assurance. “Frank is a brilliant individual who has worked extensively with several industries over the past four decades. His expertise across the domain of Professional Services will play a crucial role in expanding our business presence across North America,” said Sam Brilliant, Senior Global Business Adviser. “I am delighted to welcome Frank into our Nexdigm Family! I am certain his rich experience will help him drive the next chapter of our growth. I am sure our Professional Services teams will greatly benefit from Frank’s guidance,” said Dr Nimish Shah, Vice President, North America Sales and Marketing, speaking from Chicago, USA. ### Government's appetite for more GST giving stomach-ache to food aggregators ### Budget 2022 Highlights: Key Direct Tax Takeaways ### Budget 2022: Govt to double down on reducing compliance burden for firms ### Budget 2022: Finally, India’s crypto taxation is here! ### Budget 2022-23 Expectations ### Budget 2022 should build confidence in new manufacturing firms ### What CFOs expect from Budget 2022? ### Food aggregators to collect 5% GST beginning January 1 ### What the weakness in e-way bills foretells ### Fitment panel's GST recommendations may cause an immediate spike in inflation ### Global Capability Center (GCC) Strategies Deliver Innovation and Operational Efficiencies Nexdigm, in association with USIBC (US-India Business Council) and ICICI Bank, Canada, hosted its second installment in a four-part webinar series on "Global Capability Centers – India as the preferred destination." This webinar concentrated on the key operating models and the evolution of Global Capability Centers (GCCs) while covering essential aspects related to a cyber-resilient operating framework. The webinar was highlighted by experts discussing the choices and benefits of various GCC operating models. Eric Sweitzer, CFO of Senneca Holdings, shared his GCC experience. He said, "Giving up control (is part of the process) and that’s uncomfortable. To get through that, you’ve got to trust your partner, and that takes time. The benefit is that you get to focus on your business which creates value. The GCC solution gives the business more opportunity to create value, and then ultimately, as we need more resources, the GCC can offer up additional resources and solutions to create more value. And that really is the journey with GCCs." Suhail Akhtar, Head of IG India, talked extensively about building a cyber-resilient GCC. He said, "The challenges that GCCs face is not very different from the challenges faced by the parent organization. One of the things that we started doing is having a zero trust security model. The zero trust model is based on a strict verification model, and you never trust before authenticating. Data protection, of course, is another thing that is part of the zero trust architecture. Therefore, it is important to categorize your corporate data so that you only give access to data to the people who really need it." As background to the topic, GCCs transitioned from cost generators to strategic business enablers and value generators. Initially, transactional activities, headcount, and budgets were offshored with the aim of cost reduction. But as GCCs matured, they grew in size, achieved operational efficacies and have become centers of excellence. GCCs now go beyond improving operational efficiencies to include creating value and innovating new solutions. The panelists also discussed the various GCC operating models, namely; Captives; Build, Operate, and Transfer (BOT); and Managed Services. They mentioned that Captives and BOT models help in implementing an expedited go-to-market strategy, whereas the Managed Services model helps organizations achieve economies of scale in the long run. The Indian GCC market is estimated to be worth USD 36 billion in revenue this year and is expected to reach over USD 60 billion by 2025 with 70% of India's current GCCs belonging to US-headquartered companies. The panelists also emphasized cost efficiencies and the sheer talent pool India offers when considering setting up a capability center in the first webinar. ### Recent NCLT Ruling on Conversion of Equity into Preference Shares: Analysing the Implications ### Dealing with Shareholders’ Democracy ### Nexdigm-Ebner Stolz report ### Supreme Court's Restraint On 'Ideal Gst Law ### Relaxations in GST Annual Return & Reconciliation Statement ### GST systems to periodically check monthly return filing compliance for e-way bill blocking ### Robust GST collections likely in November, uncertainty about December ### Nexdigm lays focus on investment opportunities for food processing in India In a bid to weigh opportunities for conducting and expanding business in the food processing industry of India, Nexdigm organized a knowledge-sharing webinar titled ‘India’s Attractiveness and Opportunities – Food Processing Industry’ under its banner series ‘Diversify to Differentiate – Think India, Think Next!.’ The webinar, hosted under the aegis of the Consulate General of India, Chicago, brought to light various policies and investor incentives. The commencement was followed by significant and strategic insights from The Consul General of India and the Director of Agricultural and Processed Food Products Export Development Authority (APEDA), a sub-division of the Government of India. Talking about how the processing industry has matured over the years, Bhupinder Singh, CEO and Managing Director of Vista Processed Foods (a subsidiary of US-headquartered OSI Group) said, “We have been in the industry for last 25 years, and we have seen growth, especially in technology. When we started, the chicken birds weight was only 1.5 kg. Now, we see bird weight going to 2.4 kg, and this is a huge efficiency improvement; this has helped the industry to add value to a lot of products.” Talking about how foreign companies can benefit from the food processing ecosystem, Suresh Chitturi, Vice-Chairman and Managing Director of Srinivasa Farms said, "I think the government can still do more on the policy front and the financing front especially, because I think we are heavily disadvantaged in how Indian banks finance and fund Indian businesses." The new PLI scheme aims to bridge the gap for local demand and enhance value addition for select target segments, such as ready-to-cook or eat foods, processed fruits and vegetables, value-added marine products, and mozzarella cheese. There are also incentives for new manufacturing setups in the form of a reduced corporate tax rate to 15%, which will boost investments further. ### How Organizations Prepare for Transformation ### E -way bill generation to be blocked for GST from 15 August ### Supreme Court’s Restraint on ‘Ideal GST Law’ - Upholds Inverted Duty Structure Refund Restriction ### Government’s Clarification on ‘Intermediary Services’ & ‘Distinct Persons’ – A Respite for Service Exporters? ### Income Tax Rule Change: Taxpayers get another oppportunity to file tax settlement ### GST council chaired by Finance Minister Nirmala Sitharaman on Friday approved several proposals put forward by the Fitment Committee. ### GST Council Meeting Highlights: GST on Zomato Order, Time not Right to Bring Petrol Under GST, Says FM ### GST Council thinks not the right time to bring petrol, diesel under GST ### Expectations from the upcoming 45th GST Council meeting ### Whitepaper on healthcare compliance addresses risks during value transfers faced by healthcare companies ### Through the Pandemic, India’s Shared Service Centers Delivered to Global Organizational Goals Nexdigm, in association with USIBC (US-India Business Council) and ICICI Bank, Canada, hosted the first in a four-part webinar series "Global Capability Centers – India as the preferred destination." The first webinar focused on evidence-based data behind India being a leading destination for organizations of all sizes to establish a GCC. Global experts shared their insights and experience. Peter Schumacher, Founder and Chief Executive Officer of Value Leadership Group, said, “If you’re looking at establishing something in Silicon Valley or Austin, Texas, as opposed to in Bangalore, you’re looking at potentially USD 75-100 million per year, over 10 years and that’s a billion dollars. You could do 90% of what you could do in Silicon Valley in Bangalore for probably a third to a fifth of the cost.” Peter Bendor-Samuel, Founder and Chief Executive Officer of the Everest Group, spoke about why global businesses prefer setting up GCCs in India. He said, “… India has the deepest talent pool particularly when we are thinking about engineering, IT or data science-related (skills)… In this world of talent scarcity, particularly in North America, it is a very attractive location with well-developed infrastructure ranging from real-estate, tax, and even recruiting platforms. So, it’s a very easy place to establish a GCC.” According to the data presented in the webinar, 80% of the GCCs navigated the COVID-19 pandemic without significant operational interruption. Due to rapid digital transformation and deployment of remote business tools, there was also minimal absenteeism at the pinnacle of the pandemic. The majority (67%) of GCCs leaders believe the remote working model is here to stay since there was a negligible loss in productivity. As a result, India leveraged its robust infrastructure and supportive government policies to be a leading location for new GCCs, accounting for more than 25% of new set-ups in 2020. The Indian GCC market is estimated to be worth USD 36 billion in revenue this year and is expected to reach over USD 60 billion by 2025. Currently, over 1,430 centers are employing more than one million people in India. It is interesting to note is that 70% of India's GCCs belong to US-headquartered companies. India-based GCCs continue to have a digital focus and invest in Data Analytics, Cloud, Robotic Process Automation, Artificial Intelligence/Machine Learning, Blockchain, Internet of Things technologies and over 500 of these GCCs are investing in hyper-intelligent automation projects. ### Global Capability Centers Based in India Can Provide Cost Savings of Up to 45% Over 3 - 5 Years, as Per Nexdigm With an increasing focus on digital, over 75% of India-based Global Capability Centers (GCCs) are investing across analytics, cloud migration, and robotic process automation, and over 50% in artificial intelligence, machine learning, and Internet of Things (IoT) as discussed during Nexdigm’s webinar on "India – A Favorable Destination for Global Capability Centers." Nexdigm is a global business advisory organization serving clients from more than 50 countries leveraging its multifunctional, professional capabilities to help organizations set up Global Capability Centers (GCCs), manage and optimize existing GCCs, or provide outsourced services for their clients. The webinar highlighted that 70% of India GCCs belong to US-headquartered companies, followed by 20% from Europe and 10% from the Asia-Pacific region. The session aimed to showcase the potential of GCCs in India and highlight how multinationals can leverage India’s sizable knowledge-driven workforce to their advantage. This can be in terms of business continuity, expanding their talent pool, strengthening their operations, and globalizing their back-offices. “Indo-US enjoys a comprehensive strategic partnership that cements cross-sectoral links between them. With current trade of ~USD 142 million, the countries have complementary strengths and capabilities that can make the combined vision and ambition of USD 500 billion trade a reality. The liberalized atmosphere and large talent pool are attracting a lot of global companies, resulting in them moving their manufacturing units to India. I believe Indo-US trade will play an important role in boosting growth for industries in India,” said Dr. T. V. Nagendra Prasad, Consul General of India, San Francisco, at the Nexdigm webinar. Mr. Peter Bendor-Samuel, Founder & CEO, Everest Group, said, “India has executives who have a deep-root level of understanding and are capable of driving operations on their own. Backed with digital transformation, matured market conditions, and cost-saving business models along with immense range of services and capabilities, GCCs have opened a gateway for not only global firms but also smaller players in India. I think that's really fuelling the next wave of growth and building investments in India due to the exhaustive ecosystem created by the government.” “India as a country provides minimal business risk for companies due to suitable policy backing. Hence, I feel companies should not look at India as a makeshift set up but as a full-fledged business unit. Also, the talent here has exceptional leadership capabilities to lead strategic businesses, which enables companies to make collaborative investment in nurturing and building up right talent for future growth,” said Mr. Jerry Kinnick, President, Continuum Global Solutions at the Nexdigm webinar. The Indian GCC market size is approximately USD 28.3 billion (as of 2019), with over 1,750 centers and over one million employees. India’s skilled talent pool across sectors is set to increase to over 600 million by 2025. At present, ~50% of all GCCs are located in India, and over 180 of these are not just capability centers but also innovation centers that belong to Fortune 500 companies. As per Nexdigm, with GCCs, there could be savings of up to 45% over an average time of three to five years. Speaking at the Nexdigm webinar, Mr. Rajiv Kumar, Joint Secretary, Ministry of Electronics & IT (MeITY), said, “Over the years, India has changed its perception from being a cost-center to an innovation center for GCCs. Today, we have more than 4 million people in the workforce within the IT sector, and nearly 1/4th of them work in GCCs. With more than 1,300 GCCs currently operating in India, we are seeing businesses expanding in diverse sectors, such as automobiles, semiconductors, aerospace, industrial automation, engineering, energy, and healthcare. With the vast talent pool, upgraded infrastructure, and right government policies, we have shown the world that India is a great marketplace to invest for GCCs.” “Today, 80% of companies, either B2B or B2C, are doing business digitally in India. We are setting up ‘Startup SETU’ to enable Indian and global startups to engage, create, and build a better ecosystem in the country. We have also opened 20 centers of excellence across Tier II and Tier III cities to boost local talent,” he added further. Factors such as a large educated talent pool, young demographics, infrastructure requirements across metro and smaller cities along with well established intra-country connectivity, and appropriate policy support have enabled India to maintain its leadership position in GCCs. India’s cost to value proposition is approximately 3 to 4 times lower than the US. As discussed in depth during the webinar, there has also been ~250% increase in GCCs in India in the last 10 years. India has also been attracting global unicorns, eight of which have already set up operations in India. The webinar highlighted that 43% of GCCs are singularly focused while 57% offer integrated services with a combination of IT, Business Processes, Engineering, and R&D from one cohesive center. A majority of GCCs in India are from sectors such as Software and IT, BFSI, Pharmaceuticals, Telecom, Electricals & Electronics, and Manufacturing. An interesting fact is that the Software plus Banking, Financial Services, and Insurance verticals account for almost 30% of the total installed talent base. The webinar also stated that the southern and western parts of India have been the primary locations for most GCC establishments. States such as Maharashtra, New Delhi and the National Capital Region (NCR), Karnataka, Tamil Nadu, and Telangana house the majority of Indian GCCs. However, northern India has also emerged as a promising location for GCCs in recent years. ### Business Leaders Laud India’s Success Story C-suite executives representing a host of multinational companies from various industries, have complimented India’s dynamic business ecosystem for driving growth despite the global pandemic. Speaking at a panel discussion, the heads of companies like Avgol, Aptar group, AMP Energy, ICICI Bank Canada, unanimously felt that India maintains an attractive environment for companies considering expanding their presence. The panel discussion was hosted by business advisory firm Nexdigm in association with the US-India Business Council (USIBC) and ICICI Bank, Canada. Speaking on his experience of doing business with India, Shachar Rachim, CEO, Avgol Nonwoven, said, “We experienced a lot of support from State Governments, local authorities, and banks for setting up Avgol’s plant for hygiene grade nonwoven fabrics and diapers in Madhya Pradesh, India. This has encouraged us to consider another investment to set up a production line in Gujarat by the end of 2021.” The talented workforce in India was a major advantage in setting up a greenfield project in India, he added. Highlighting new business trends post-pandemic, Vivek Abraham, Vice-President, Invest India, said, “The Covid-19 pandemic has accelerated a lot of trends that were a couple of years in the making to a few months. This has led to new business opportunities emerging in healthcare and technology, sectors in which India has natural strengths.” Businesses like PPE kits which were small opportunities pre-pandemic have now become major businesses. India is now the second-largest PPE kit manufacturer in the world. In addition to this, supply chain diversification is seen as the next big trend arising out of the Covid-19 scenario. Kanwal Tikoo, President India & South Asia, Aptar Group, said, “The three drivers for business in India are – a market full of opportunities, the affordable and skilled workforce, and the evolution of India as a manufacturing destination. All this backed by an enabling government is the key factor that attracts us to India.” India is on the threshold of an evolving market that is well informed, well connected, and demands global quality, added Tikoo. According to Pinaki Bhattacharyya, CEO & MD, AMP Energy India, “India is a key market for renewable energy that is even larger compared to Japan, US or Australia. India also offers the lowest cost of renewable power available and is part of the top three markets in the world in this sector.” Amy Hariani VP, Legal Policy Council, USIBC, said, “Increasingly US companies are investing in India not only for the Indian market but also for the regional market like Bangladesh, Sri Lanka and other countries around the region. Companies are embarking on a two-part strategy to penetrate and work with the domestic market as well as export to areas around the region.” India offers various export incentives that make it an attractive destination for companies in addition to the large domestic market, added Amy. Rounding up the discussion, Marc Lessem, Executive Director, Nexdigm said, “In addition to the financial incentives for new investment, India respects and honors legal protection of intellectual property rights (IPR), which is critical to any innovative business.” The consensus among global business leaders is that India enjoys rapid simplification and digitization of governance structures. As a result of these drivers, India has seen a steady, high inflow of FDI over the last decade. India has performed well in several aspects of the Global Competitiveness Index Report by the World Economic Forum. And, in the World Bank’s Ease of Doing Business survey, India has jumped 79 places in the last five years. ### Nexdigm Enhances Capabilities with the Addition of A.K. Viswanathan as Managing Director – Direct Tax & Regulatory, Transfer Pricing, and Transaction Advisory Services A.K. Viswanathan (Vis) is a qualified Chartered Accountant, a Certified Internal Auditor and a Certified Public Accountant with multiple years of experience including 24+ years at Deloitte in India and Canada. Vis will lead Nexdigm’s Direct Tax & Regulatory, Transfer Pricing and Transaction Advisory Services. “I am extremely happy to welcome Vis on board, and I believe his diverse and extensive experience will surely add value by leading and working alongside our current associates within Nexdigm’s Direct Tax and Regulatory, Transfer Pricing, and Transaction Advisory Services, and take them to the next level,” said Ramesh Bangera, Independent Member, Board of Directors. “An erstwhile Partner for Deloitte both in Canada and in India, Vis brings a good blend of global and domestic exposure. His talent for communicating technical issues in business language made him a trusted adviser to the leadership of various global companies. Being a certified Marshall Goldsmith Stakeholder Centered Coach and one of the MG India 25 coaches, he will be working closely with group leaders to develop strategy, talent, succession, support corporate initiatives, and identify growth opportunities,” said Guljit Singh, Group Executive Chairperson. ### Increased Investment Opportunities for Food Processing in India In a bid to weigh opportunities for conducting and expanding business in the food processing industry of India, Nexdigm organized a knowledge-sharing webinar titled "India’s Attractiveness and Opportunities – Food Processing Industry" under its banner series "Diversify to Differentiate – Think India, Think Next!" The webinar, hosted under the aegis of the Consulate General of India, Chicago, brought to light various policies and investor incentives. The commencement was followed by significant and strategic insights from The Consul General of India and the Director of Agricultural and Processed Food Products Export Development Authority (APEDA), a sub-division of the Government of India. The dignitaries present for the webinar included the Honourable Amit Kumar, the Consul General of India in Chicago, Dr. Tarun Bajaj, Director of APEDA; Bhupinder Singh, CEO and Managing Director of Vista Processed Foods (a subsidiary of US-headquartered OSI Group, a global leader in the food market) and Suresh Chitturi, Vice-Chairman and Managing Director of Srinivasa Farms, a leader in the Indian Poultry Industry. The discussion started with an overview of the Indian landscape related to the food processing industry. Experts spoke about the major initiatives strengthening the growth of the Indian economy, including "Atmanirbhar Bharat" or a "self-reliant India," which focuses on developing India as a global manufacturing hub. The thought leaders pointed out that other country-wide economic drivers included Infrastructure Development, the Digital India transformation, a noticeable enhancement in the Ease of Doing Business, and significantly streamlined processes for foreign investors. Talking more about these aspects, the Honourable Amit Kumar said, “I just wanted to add a word about Atmanirbhar Bharat. We are, of course, looking to bolster our manufacturing capacity so that we are more self-reliant in many ways. But this does not mean in any way that we are shirking away from our global engagements. Instead, our objective is to strengthen capacities so that we can be more active players in the global supply chain.” One interesting statistic mentioned that the food processing industry is expected to grow at the compound annual growth rate of over 15%. While India is a global leader in food production, the actual processing of food averaged out to only 10% throughout the industry. So, while India has a strong production position, there is a significant investment opportunity on the processing front. Further, the food processing sector allows 100% investment via the automatic route, meaning no government approvals are required. As a result, the sector has realized cumulative investments (until today) in excess of USD 10 billion. Taking the discussion further, Tarun Bajaj pointed out, “There are three important sectors as far as the economy is concerned, one is agriculture, another is industry and third is the retail sector (consumers). And the processed food sector links all three. India is the sixth-largest retail market in the world, and out of that, the food sector accounts for 65%. Large sections of the middle-class and working population that are coming up require processed food; they require items that are easy to use. We call it the sunrise industry because every year, there is a growth of 6-8%, and sometimes it is up to 8-10%, depending on the product category. The most important part is the production base. We are first, second, or third in terms of the production of many food items. This, coupled with the large land area, makes us an important destination. We also export a significant amount. India exported USD 41 billion of food products last year. This was an increase of around 29% as compared to the previous year, despite COVID-19.” Talking about how the processing industry has matured over the years, Bhupinder Singh said, “We have been in the industry for last 25 years, and we have seen growth, especially in technology. When we started, the chicken birds weight was only 1.5 kg. Now, we see bird weight going to 2.4 kg, and this is a huge efficiency improvement; this has helped the industry to add value to a lot of products. We have also seen food safety and quality systems coming in this supply chain that has helped India export. As a company, OSI believes there is significant business potential in India. We have been investing every year for growth to bring capacity up to the requirement. But, it is not only for customers here (India) but also for exports.” Talking about how foreign companies can benefit from the food processing ecosystem, Suresh Chitturi said, “The government is moving; there are some very good policies now, but it takes time. You can’t hatch an egg in a day; it takes 21 days. Similarly, it takes time for some of these things to come to fruition. I think the government can still do more on the policy front and the financing front especially, because I think we are heavily disadvantaged in how Indian banks finance and fund Indian businesses. That’s actually a huge advantage for people investing in India who can get foreign funds. There are huge opportunities for people with capital because most Indian players struggle with that, and we do not have access to significant capital. And unlike in other forms of agriculture, the government is very welcoming for FDI in terms of processing.” The new PLI scheme aims to bridge the gap for local demand and enhance value addition for select target segments, such as ready-to-cook or eat foods, processed fruits and vegetables, value-added marine products, and mozzarella cheese. Incentives are provided on incremental net sales ranging from 4-10%. Additionally, it also benefits small- and medium-sized enterprises engaged in innovation for organic foods and commitments to promoting Indian food in international markets. Some Indian states also consider food processing a thrust or focal sector and provide for additional incentives in the range of 10-15%. There are also incentives for new manufacturing setups in the form of a reduced corporate tax rate to 15%, which will boost investments further. ### With $1 Trillion in Cyber Theft in 2020, the Need to be Cyber Resilient is Greater Than Ever Nexdigm hosted a webinar with seasoned experts in technology / techonology risk domain and discussed plausible techniques of enhancing cybersecurity in line with the US Executive Order (EO) on Cybersecurity. After a year of rampant cybercrimes costing in excess of an estimated $1 trillion, the newly announced United States Executive Order on Cybersecurity (EO) seeks to minimize losses and create a system of security by design. The EO is written with the interest of national security in mind and, if followed by industry, can result in minimizing ransomware attacks like that which impacted Colonial Pipeline Company which had its first shutdown of operations and had to pay a ransomware demand of over $4 million. According to the data presented in the webinar, as many as 36 billion records were exposed last year, with around 3,000 reported breaches. The data further stated that during the lockdown, a steep rise of 600% was reported in phishing attacks, while cyber attacks on banks increased by 238% and ransomware attacks increased by 148%. The EO focuses on how IT service providers (including cloud providers) and Operational Technology providers need to imbibe a robust Cybersecurity posture in the form of Zero-Trust Architecture (ZTA), Endpoint Detection and Response (EDR), and encryption of data while in rest and in transit. Dr. Anupam Srivastava, Vice President of International Strategy and Business Development at Safe Zone Ltd., opened the panel discussion by shedding some light on how the new White House directive gained relevance and spoke extensively about the ways and means hackers use to escape legal jurisdiction from international agencies. “I should point out that in my work with the US government and others, one of the things we always talk about is that systems are only good as the people manning and operating those machines,” Mr. Srivastava said. He also added a key observation stating, “security culture is a value system that has to be imbibed by employees all the way up and down the management chain.” Jerry Leishman, Head of the Regulated Security & Compliance practice, CORTAC Group, further elucidated upon the extent of the impact of the new White House Directives on the existing cybersecurity framework. He noted that the amount of financial loss with cyber theft was more than the existing drug trade across the globe and went on to explain how the Department of Defense is working with all stakeholders to strengthen cyber infrastructure across the board. Keith Frederick, who is the Chief Information Security Officer in four different companies, started off by giving his perspective on damage control post a cyber attack. His suggestion for businesses was to keep an incident response plan, quarantine the attacked segment, and continue with day to day to operations - to maintain cash flow into the business. He emphasized upon learning from attacks and analyzing them to learn and improve. Krishnanand Bhat, Director - Technology Advisory, Nexdigm, provided an explanation on ZTA computing. He talked about how computers used to trust each other and communicate seamlessly. But with the passage of time and growth of cyber crime, it has become imperative to ensure the information to be validated, identified, and then processed. He explained that devices, networks, and people that utilize the technology paradigm need to be validated each and every time. Krishnanand concluded the discussion by advising organizations on how to maintain cybersecurity standards. He said, “Cybersecurity is everyone’s responsibility. Don’t rely on any directive to tell you how secure you need to be. It’s like protecting yourself - when you protect yourself, you protect your organization. When you protect your organization, you protect the society at large, and then it spreads to the country. It needs to become a way of life.” ### Whitepaper on Healthcare Compliance Addresses Risks During Value Transfers Faced by Healthcare Companies Business advisory experts, Nexdigm and legal experts, Shearman & Sterling, have jointly released a paper to address key compliance challenges faced by healthcare companies in India and overseas markets. Some of the key aspects covered in this paper include - Legal Framework and Regulatory Oversight on Healthcare Companies (HCC), Avenues for Transfers of Value, Compliance Challenges and Ways to Address Them, Perspectives on Compliance Risk, Compliance Culture, and Compliance Monitoring. The paper focuses on the compliance challenges in product promotion as well as in organizing non-promotional events with or for Healthcare Practitioners (HCPs) and proposes ways to address such challenges. It also considers legal risks in jurisdictions where HCPs are employed by government-owned hospitals or other government-owned or -controlled healthcare facilities, due to potentially applicable anti-bribery statutes that also apply across borders. The paper examines four key compliance risk areas that HCCs typically face where the primary compliance risk arises from employees of HCC providing items/services of value to HCPs and/or government representatives, directly or through third parties, to influence pending or future decisions or reward prior decisions. These risk areas have been categorized as – HCP interactions, third party interactions, Government interactions, and other compliance risk areas. According to Ravi Menon, Senior Business Adviser, APAC Healthcare, South India, Nexdigm, “The healthcare industry, more than any other industry, needs to establish a positive trust balance in its favor with all its stakeholders. Be it the patients and intermediaries like doctors and hospitals, policymakers, or payors, ensuring a reputation and track record of integrity, fair dealings, and honest communication are key for long-term success and patient welfare.” Trust needs to be built up as a key element in any healthcare organization’s culture, led by clear top management commitment and leadership and supported by well-defined policies, systems, and mechanisms which typically result in high-quality implementation through regular training, monitoring, and control. Globally, ensuring that value transfers are fair and appropriate, and that players do not engage in unethical or unfair practices, is now seen as a non-negotiable imperative in the healthcare industry, adds Menon. The paper acutely observes that improper value transfers do not always occur in the form of outright cash payments, but in many cases occur through non-monetary or indirect avenues (e.g. inappropriate or excessive travel and entertainment, employment opportunities, prestigious speaker or publication opportunities, or improper grants and donations to foundations associated with customers or government officials). According to Brian Burke, Partner, Litigation, Shearman & Sterling, “Now more than ever, it is critically important for companies in the healthcare industry to be on the lookout for improper transfers of value. All kinds of activities should be on a checklist - from excessive speaker fees to inflated congress sponsorships, from gifts and entertainment to kickbacks to government officials. Simply put, the pressure to procure preferential treatment is at an all-time high due to the COVID-19 pandemic, and healthcare companies would be wise to respond accordingly.” The paper observes that three key aspects underline an effective culture of compliance. First, ensure that there is adequate ‘tone-at-the-top’ which requires that a company’s senior and middle management embrace and communicate the importance of compliance through their words and actions to the workforce. Second, there should be appropriate and frequent training to employees on compliance issues, and, where appropriate, this training should be customized (i.e. to function and risk). Third, a company should have in place effective and working reporting mechanisms that allow for employees and others (third parties and vendors) to raise compliance concerns anonymously, in their local language, and without fear of retaliation. Some of the possible risk mitigation approaches recommended by the paper include having: Clear Policies & Guidelines: Adopt and implement clear policies covering the end-to-end process for educational programs, including ‘do’s & don’ts'. Training: Provide tailored training to employees involved in educational programs on applicable policies, guidelines, and criteria. Event Owners: Designate medical teams rather than sales or marketing employees as event owners. Review and Approval Mechanism: Establish clear approval criteria and approval levels depending on program costs and risk levels. Ensure there is a compliance approval mechanism for sponsoring events above a certain threshold. Due Diligence: Conduct risk-based pre-event due diligence on event organizers and other third parties engaged in connection with an educational program. Site Visits or Spot Audits: Conduct spot-checks and periodic audits with respect to educational programs, including on-site visits to events as they are being held. Transactional Analytics: Conduct transactional analytics, benchmarking, and monitoring of transaction data to identify trends and patterns. Monitoring of prescription data: Monitor prescription conduct of HCPs sponsored to attend or speak at educational events to identify notable increases in sales resulting from their involvement in the educational program. ### 2021 marks 70 years of Indo German diplomatic relations, M&A deals pave the future: Nexdigm-Ebner Stolz report Mumbai (Maharashtra) [India], September 28 (ANI/NewsVoir): A business report tracking merger and acquisition (M & A) deals in the Indo-German trade corridor in the past decade, has revealed that 171 M & A deals valued at USD 4.5 billion took place in that period. The report has further stated that Germany is also the third most active European acquirer of businesses in India, hence, solidifying its presence in both inbound and outbound acquisitions. The Nexdigm-Ebner Stolz report titled 'Enabling Collaborative Development - Indo-German deals in a decade' was released to commemorate 70 years of diplomatic relations between Germany and India. Acquisitions from Indian companies in Germany As per the report, Germany is the most popular M & A destination for Indian auto companies as the country is the global hub for auto innovation and the second-largest export market for Indian auto component manufacturers. Indian investments in software companies have also been following an increasing trend. Given the rapidly evolving nature of the industry, cash-rich Indian IT companies have been making global acquisitions to enhance their technology portfolio and tap into experienced talent, along with expanding their customer base. Speaking of these observations, Dr. Christoph Eppinger, Partner at Ebner Stolz, said, "While the UK has been the leading investment destination in Europe for Indian companies in the past, Brexit may propel Germany's popularity as a foothold for Indian companies in the EU, as they need an alternative to consolidate and manage their EU operations." The report stated that 70% of all acquisitions by Indian companies in Germany have been complete buyouts, on the back of a more organized and mature economy. Acquisitions from German companies in India German acquisitions in India are fueled by the country's large captive consumption market and its positioning as a value-efficient base to cater to the world. With India's improving R & D competencies, German companies are also viewing the country as an R & D hub. M & A trends emphasize the strengths of the two countries as sectors such as automotive, pharmaceuticals, and software, lead deal activity, highlighting the synergistic opportunities. Considering the complex and distinct business environments of India and Germany, the corridor has been ripe with collaborations, with over 600 Indo-German joint ventures in India. The report found that less than 30% of all acquisitions by German companies in India were complete buyouts, suggesting German companies' preference to retain Indian promoters to counter challenges of operating in the subcontinent with their local know-how and on-ground management. M & A trends post-pandemic According to Tanwir Shirolkar, Senior Director at Nexdigm, "The transactional trend in the next few years is geared towards digitalization. E-health, ed-tech, and e-retail are among the sectors which have observed a flurry of deals in the past year and a half, and this interest is only expected to pique further." The report suggests that post-pandemic, artificial intelligence, cloud adoption, data security, health-tech and green energy are some of the key areas that will drive deal activity." Further, with the increasing interests from mid-market companies on both sides, cross-border M & A, strategic collaborations, and technology tie-ups will be crucial to drive business growth and expansion in the Indo-German corridor. In addition to acquisitions and JVs, companies would also look to contract research and manufacturing arrangements. ### 2021 Marks 70 Years of Indo German Diplomatic Relations, M&A Deals Pave the Future: Nexdigm-Ebner Stolz Report ### Moving towards Atmanirbharta in Mobile and Electronics Industry ### Moving towards Atmanirbharta in Mobile and Electronics Industry ### No Depreciation on Corporate Goodwill a bad pill for M&As? ### Union Budget 2021 on ‘GST/Indirect Tax’ - Hits and Misses ### Dissolution or Reconstitution of Firm - Rub Salt Into the Wound? ### Post Budget reactions ### Exploring the hopes around Transfer Pricing in Budget 2021 ### Dividend taxation puts India in quandary; is it justified to impose additional tax on dividends? ### Nexdigm Expands Its Presence in the UAE with a New Office in ADGM, Abu Dhabi Nexdigm is pleased to announce an increased presence in UAE with a new office in Abu Dhabi. The new office is located in the Abu Dhabi Global Market (ADGM), an International Financial Center located in UAE’s capital city. This location has several major advantages that make it a prime location for business activity. ADGM is a Financial Free Zone, which has state-of-the-art infrastructure and facilities along with its own independent authorities - the Registration Authority (RA), the Financial Services Regulatory Authority (FSRA) and ADGM Courts. The authorities together ensure that its business-friendly environment operates in line with international best practices. ### Global Capability Centers Based in India Can Provide Cost Savings of Up to 45% Over 3 - 5 Years, as Per Nexdigm With an increasing focus on digital, over 75% of India-based Global Capability Centers (GCCs) are investing across analytics, cloud migration, and robotic process automation, and over 50% in artificial intelligence, machine learning, and Internet of Things (IoT) as discussed during Nexdigm’s webinar on "India – A Favorable Destination for Global Capability Centers." Nexdigm is a global business advisory organization serving clients from more than 50 countries leveraging its multifunctional, professional capabilities to help organizations set up Global Capability Centers (GCCs), manage and optimize existing GCCs, or provide outsourced services for their clients. The webinar highlighted that 70% of India GCCs belong to US-headquartered companies, followed by 20% from Europe and 10% from the Asia-Pacific region. The session aimed to showcase the potential of GCCs in India and highlight how multinationals can leverage India’s sizable knowledge-driven workforce to their advantage. This can be in terms of business continuity, expanding their talent pool, strengthening their operations, and globalizing their back-offices. “Indo-US enjoys a comprehensive strategic partnership that cements cross-sectoral links between them. With current trade of ~USD 142 million, the countries have complementary strengths and capabilities that can make the combined vision and ambition of USD 500 billion trade a reality. The liberalized atmosphere and large talent pool are attracting a lot of global companies, resulting in them moving their manufacturing units to India. I believe Indo-US trade will play an important role in boosting growth for industries in India,” said Dr. T. V. Nagendra Prasad, Consul General of India, San Francisco, at the Nexdigm webinar. Mr. Peter Bendor-Samuel, Founder & CEO, Everest Group, said, “India has executives who have a deep-root level of understanding and are capable of driving operations on their own. Backed with digital transformation, matured market conditions, and cost-saving business models along with immense range of services and capabilities, GCCs have opened a gateway for not only global firms but also smaller players in India. I think that's really fuelling the next wave of growth and building investments in India due to the exhaustive ecosystem created by the government.” “India as a country provides minimal business risk for companies due to suitable policy backing. Hence, I feel companies should not look at India as a makeshift set up but as a full-fledged business unit. Also, the talent here has exceptional leadership capabilities to lead strategic businesses, which enables companies to make collaborative investment in nurturing and building up right talent for future growth,” said Mr. Jerry Kinnick, President, Continuum Global Solutions at the Nexdigm webinar. The Indian GCC market size is approximately USD 28.3 billion (as of 2019), with over 1,750 centers and over one million employees. India’s skilled talent pool across sectors is set to increase to over 600 million by 2025. At present, ~50% of all GCCs are located in India, and over 180 of these are not just capability centers but also innovation centers that belong to Fortune 500 companies. As per Nexdigm, with GCCs, there could be savings of up to 45% over an average time of three to five years. Speaking at the Nexdigm webinar, Mr. Rajiv Kumar, Joint Secretary, Ministry of Electronics & IT (MeITY), said, “Over the years, India has changed its perception from being a cost-center to an innovation center for GCCs. Today, we have more than 4 million people in the workforce within the IT sector, and nearly 1/4th of them work in GCCs. With more than 1,300 GCCs currently operating in India, we are seeing businesses expanding in diverse sectors, such as automobiles, semiconductors, aerospace, industrial automation, engineering, energy, and healthcare. With the vast talent pool, upgraded infrastructure, and right government policies, we have shown the world that India is a great marketplace to invest for GCCs.” “Today, 80% of companies, either B2B or B2C, are doing business digitally in India. We are setting up ‘Startup SETU’ to enable Indian and global startups to engage, create, and build a better ecosystem in the country. We have also opened 20 centers of excellence across Tier II and Tier III cities to boost local talent,” he added further. Factors such as a large educated talent pool, young demographics, infrastructure requirements across metro and smaller cities along with well established intra-country connectivity, and appropriate policy support have enabled India to maintain its leadership position in GCCs. India’s cost to value proposition is approximately 3 to 4 times lower than the US. As discussed in depth during the webinar, there has also been ~250% increase in GCCs in India in the last 10 years. India has also been attracting global unicorns, eight of which have already set up operations in India. The webinar highlighted that 43% of GCCs are singularly focused while 57% offer integrated services with a combination of IT, Business Processes, Engineering, and R&D from one cohesive center. A majority of GCCs in India are from sectors such as Software and IT, BFSI, Pharmaceuticals, Telecom, Electricals & Electronics, and Manufacturing. An interesting fact is that the Software plus Banking, Financial Services, and Insurance verticals account for almost 30% of the total installed talent base. The webinar also stated that the southern and western parts of India have been the primary locations for most GCC establishments. States such as Maharashtra, New Delhi and the National Capital Region (NCR), Karnataka, Tamil Nadu, and Telangana house the majority of Indian GCCs. However, northern India has also emerged as a promising location for GCCs in recent years. The esteemed panelists at the webinar were Rajiv Kumar, Joint Secretary, Ministry of Electronics & IT; Dr. T. V. Nagendra Prasad, Consul General of India, San Francisco; Peter Bendor-Samuel, Founder & CEO, Everest Group; Jerry Kinnick, President, Continuum Global Solutions; moderated by Marc Lessem, Senior Executive Director, Nexdigm, and Alpana Shirgaonkar, Executive Director, Business Process Management, Nexdigm. The webinar is a part of Nexdigm’s series – ‘Diversify to Differentiate – Think India, Think Next!’ ### Nexdigm Shares Insights on "Anti-Bribery and Corruption – Traversing the Current Pandemic" There have been major government interventions across the globe, following the COVID-19 outbreak. With rapid policy changes, ranging from revised guidelines to new standard operating procedures and the disbursal of stimulus packages to revive economies, the threat of misuse of funds has never been this significant. These changes present substantial challenges in the form of governance and compliance during the transition period and the short-term. Anticipating such challenges, Nexdigm (SKP) reached out to leading anti-corruption practitioners in an attempt to understand the anti-bribery and corruption scenario in their region, that culminated in a series of podcasts called "Global Anti-Bribery and Corruption Insights" with experts from 15 geographies across the globe. Nexdigm’s webinar on Global Anti-Bribery and Corruption, conducted on 8 September 2020, discussed the key factors, critical risks, and imminent steps to create proactive due diligence for companies to stay abreast of the latest threats arising from employees working remotely. The expert panel at the webinar included Amii Barnard (C-Suite Coach, Consultant, and Corporate Governance Expert), Thomas Fox (Principal, The Compliance Podcast Network), Sundar Narayanan (Director - Forensics, Nexdigm), and Mayank Lakhani (Senior Managing Director - Assurance, Nexdigm). The panel highlighted key issues pertaining to compliance officials, including channels of training, innovating suggestions for training modules, effective channels of communication, effective communication strategies for the current scenario, the importance of due diligence for developing economies, internal monitoring controls, and several other crucial considerations to mitigate bribery and corruption. Speaking on the principles to keep in mind while conducting compliance training, Amii Barnard said, “There are three main points to keep in mind. Be relevant, be culturally literate, and recognize adult learning principles. You have to keep in mind the background of the people with whom you are speaking. It is very important that they understand you clearly and resonate with what you say. Creating a story also helps when teaching adults because they are naturally more inclined to understand information through storytelling. Also, ensure you are creating a two-way form of communication. Gaining feedback on programs is as essential as providing information because then you can start a cycle of continuous improvement.” Thomas Fox, the author of the award-winning FCPA Compliance and Ethics Blog and the international best-selling book ‘Lessons Learned on Compliance and Ethics’, strongly agreed with the burgeoning requirement for compliance training and emphasized the need of focused training for high-risk employees. Thomas also noted the importance of having an internal ethics champion. He stated, “Don’t just plan it, do it. Having an ethics champion accessible to employees is invaluable. Trained ethics champions available at the front-line can help employees with ethical decisions and provide information back to the compliance department. This will create a constant feedback loop that will elevate the overall work culture. Employees can approach the champion to solve their problem, making it a very powerful tool. Compliance champions will be the on-ground eyes and ears of the compliance committee.” Sundar Narayanan, head of Forensics at Nexdigm, was most concerned with the state of control monitoring, which has an impact on nearly every process of an organization, from due diligence to sales. Speaking on the seven factors for control monitoring, Sundar noted, "Control monitoring starts with a management commitment which could span regional or functional management, as the case may be. The second step is ‘clarity and communication’, which includes assessing how the policy is communicated and how clear the policy and expectations are. The third key factor is ‘risk acceptance and incentivization’, which involves assessing and accepting risks, and preparing mitigation plans while conducting businesses that are usually incentivized. The next is ‘expectation and measurement’, which broadly covers creating a set of expectations and monitoring those expectations at a process level.” “The fifth, sixth, and seventh critical factors are stakeholder engagement, budget and resources, and governance, reporting, and action. Stakeholder engagement is very critical; compliance managers must be deeply engaged with stakeholders. The budgets and resources of the compliance team must also be checked to understand whether they have adequate means to effectively manage the overall controls. The final step is ‘governance, reporting, and action’, which refers to all these factors being monitored, evaluated, and recalibrated to ensure continuous improvement,” said Sundar, who believes metrics play a key role in reflecting expectations. Nexdigm also launched a report on ‘Global Anti-Bribery and Corruption Insights’, which captures important excerpts from the podcast series. It shares perspectives on the current risks, compliance enforcement trends, suggestions for compliance officers, as well as training and communication programs that can be incorporated to mitigate these risks in different geographies. The report covers crucial factors, including corruption risks amidst the current pandemic, the impact on government touchpoints, anti-corruption enforcement trends, and suggestions for compliance officers across 15 countries. ### India's deal market clocks $42 billion in first half of 2020 ### Four provisions for pandemic-proof commercial contracts ### Will credit availability fall with additional fields in GSTR 2A? Check how it may affect you ### Nexdigm's Analysis of India’s Deal Landscape in H1-2020 The first half of the year 2020 clocked a total deal value of USD 42 billion, down from H1 2019, primarily due to the COVID-19 outbreak. While deal activity could be subdued in the coming quarters on account of challenges in execution and economic slowdown, the India growth story remains attractive to investors with a long-term horizon. 2019 observed a cautious drift in M&A activity, attributed largely to political uncertainty and economic slowdown. Although deal momentum was expected to improve in 2020, the first half of the year remained relatively plateaued, with M&A activity valued at USD 24,227 million from 292 deals. This subdued trend was owed largely to the rapid outbreak of COVID-19 worldwide. Keeping with past trends, Information Technology outnumbered other sectors in terms of deal volume. Financials, Telecommunication, and Industrials are the predominant sectors for H1 2020, bagging the big-ticket transactions that accounted for ~70% of the total deal value. Some of the notable deals were Jio and Facebook Inc., GMR and Groupe ADP, Krishnapatnam Port and Adani Ports, Yes Bank and SBI, and Corporation Bank and Union Bank. Amidst the global pandemic, Reliance Jio has emerged as an investment magnet for many global leading private equity (PE) firms. In the current scenario, PE investors have routed surplus un-allocated capital to Jio Platforms, due to its proven execution capabilities, almost debt-free capital, and large domestic customer base. The viable business model, and the management vision, backed by extensive experience, have driven investor confidence in the uncertain economic situation. In their recently concluded webinar "Investment Transactions in India - Opportunities and Key Considerations for European Investors," subject matter experts from Nexdigm (SKP) shared insights on prevailing investor sentiment into Indian M&A deals. One noteworthy observation was the "wait and watch" strategy that investors are employing, as they prudently re-evaluate their investment plans in the current uncertain economic environment. Investors are also constantly looking out for aggressive price reduction mechanisms, broader representatives and warranties, and more favorable indemnity arrangements with the sellers. Equity Investments The year 2020 anticipated positive growth in equity investments, owing to the investor confidence built-in 2019, marking a critical period for equity investments. However, the pandemic subdued sentiment, and the deal value for H1 2020 stands at USD 16,413 million, an 8% decline from H1 2019. However, sectors such as telecommunications, information technology, and healthcare emerged optimistic, accounting for ~80% of the total deal value, with an aim to minimize impediments in the new way of life. Some of these deals are Piramal Pharma and Carlyle Investment, Indo Star Capital and Brookfield Asset Management, and investments in Jio Platforms. Private Equity Exits IPOs had gained traction as an exit route in the initial quarter of 2020, contributing to almost 10% of the deal volume, while 2019 had observed single number exit deals through IPOs. However, IPOs expect to undergo turmoil over the coming quarters in the current, cautious market. Investors are holding their positions, sanguine about selling at a higher price in the future, leading to a drop in private equity exits. Some of the major exits witnessed include Embassy Office Parks REIT and Blackstone Advisors India, Intas Pharma and Capital International, and Lauras Labs and Warburg Pincus India. Impact of COVID The uncertainty around business projections, discord on the valuation of companies, and diversion of cash flows to operational needs have hampered deal success. Nevertheless, the government and businesses are undertaking relentless efforts to tackle the crisis and ensure that the long-term potential of investments remains intact. With India’s determination towards promoting "self reliance," the government has curbed corporate tax rates and has indicated further considerations under the "Make in India" initiative, to emerge as a more favorable investment destination than its South Asian peers. Coupled with businesses exploring restructuring and supply chain diversification to address the changes in geo-political dynamics, these incentives are expected to encourage transaction opportunities over the coming years. The post-pandemic "new normal" is expected to witness a turnover in industry and trade dynamics, with investments being steered towards essential industries, to leverage underlying opportunities for innovation. M&A-related activity would continue to hold potential, as businesses acquire stressed assets, and industries witness consolidation to achieve competitive synergies in the current, challenging scenario. ### Nexdigm Augments Its Taxation Practice with the Addition of Saket Patawari as Executive Director-Indirect Tax and Senior Director – Nexdigm Accountant and a Lawyer with more than 15 years of rich experience in Indirect Tax, including advisory, representation and litigation, compliance, and policy advocacy. Saket has led several successful change management initiatives in his earlier roles. “I am pleased to welcome Saket on board, and strongly believe that his capabilities complement our well-established Indirect Tax practice,” said Mayak Lakhani, Senior Managing Director - Assurance, Greenfield, GCC Region, and Indirect Tax. “With a blend of industry and professional services experience, Saket is well-positioned to deliver practical, technically proficient solutions that are customized to a client’s unique context.” “Saket is a valuable addition to our professional service advisory and compliance leadership team. His joining resonates with our organizational strategy,” said Srikant Jilla, Chief Operating Officer. ### Senior Healthcare Policy and Industry Experts Explore Opportunities in the Indian Healthcare Sector, in the Webinar Hosted by Nexdgm In a recently concluded international webinar on the Ayushman Bharat initiative and emerging opportunities in Indian Healthcare, experts from the Government and pharmaceutical industry agreed that public-private partnerships are going to play a key role in advancing Healthcare and tackling COVID. The webinar was hosted by Nexdigm, and supported by the Consulate General of India, Chicago, in collaboration with the US-India Business Council. The panelists at the webinar from the series "Diversify to Differentiate – Think India, Think Next!" were Honorable Dr. Indu Bhushan - Chief Executive Officer of Ayushman Bharat (AB PM-JAY) and National Health Authority; Mr. Rakesh Chitkara - Senior Director, Global Government Affairs at Abbott Healthcare India; Mr. Sarthak Ranade - Managing Director, Janssen India and member of the Johnson & Johnson (J&J) India President Council; Mr. Amit Kumar - Consul General of India, Chicago; Mr. Ravi Menon - Senior Business Adviser Healthcare – Nexdigm and Mr. Samuel Brilliant - Senior Global Business Adviser, Nexdigm. The webinar emphasized that India's healthcare landscape is evolving rapidly and has recently witnessed extensive policy interventions to enhance health security to a large populace. One of the prominent reforms implemented is the "Ayushman Bharat" initiative, which aims to extend access to Healthcare to the vulnerable sections of India's population. The virtual event highlighted the significance of India as a potential investment destination for international health and pharma sector companies. It emphasized that the public and private stakeholders should come together to help the advancement of health care in India and also to tackle challenges like COVID-19. In his remarks, Honorable Dr. Indu Bhushan, Chief Executive Officer of Ayushman Bharat (AB PM-JAY) and the National Health Authority of India commented, “Market opportunities exist in all sectors related to Healthcare, as currently, there is limited penetration of health care products and services. Due to the demand side reforms executed by the government, we will see a major spurt in demand for Healthcare delivery, Diagnostic products and services, Pharmaceuticals, Medical devices, and other healthcare-related industries. The National health policy envisages doubling the spend on public health (currently 1.2% of GDP) by 2025. The COVID-19 crisis has spurred a new era of healthcare centric thinking, and the Government of India has increased government spending that will act as a catalyst for sectoral growth. If you are involved in the healthcare sector, you are in a Sunrise sector of the Indian Economy.” Rakesh Chitkara, Senior Director, Global Government Affairs at Abbott Healthcare India, said, "Public-Private Partnership (PPP) in the health care sector has the potential to play an especially important role in the successful implementation of the schemes under Ayushman Bharat. We need to devise mechanisms where PPPs can work in a more coordinated manner at the State level. Health & wellness centers (HWCs) have demonstrated that the creation of strong primary healthcare systems closer to the communities is extremely critical to the delivery of essential healthcare services. These HWCs provide opportunities for private players to jointly work with the state governments to either upgrade or create new health and wellness centers." According to Sarthak Ranade, Managing Director, Janssen India, the importance of investing in health has been brought to the forefront by the current pandemic. He said, "It is important to look at how to reduce the out of pocket expenses when it comes to healthcare expenditure. Indian citizens still pay 60 to 65% of the healthcare expenses out-of-their own pockets. India should learn from and adapt certain best practices from other countries and customize a solution that works for everyone." He also highlighted how technology could be harnessed to ensure good quality of outcomes in all these programs. Speaking on India-US bilateral trade, Amit Kumar, Consul General of India, Chicago said, "India US bilateral trade has the potential to grow to $250 billion in the next 5-7 years. The COVID pandemic has underlined the need for resilient and reliable partnerships and global supply chains, which can withstand shocks and uncertainties. During the pandemic, our long-standing cooperation with the US in the areas of health and scientific research has deepened with close contact and exchange of information between CDC and ICMR. At least three Indian companies are collaborating with US partners to develop a COVID vaccine." Schemes like Financial Inclusion as well as strengthening last-mile delivery in healthcare services together lay the foundation for sustained growth and opening opportunities for private investment, he added. India has a large health care sector, and over the next five years is expected to grow at a CAGR of 17% and reach $400 billion. The private sector has been a vibrant force in the Indian health care industry, accounting for almost 74% of the total health care expenditures. Overall, $200 billion is expected to be invested in the medical infrastructure by 2022. The key driving factors have been the rise in consumer awareness, increase in disposable incomes, urbanization, changing disease patterns, and the expansion of both private and government health care coverage resulting in more affordable and accessible health care services. Marc Lessem from Nexdigm gave an overview of the firm's healthcare practice. Nexdigm supports companies with their strategic initiatives as they evolve into the new paradigm of business. Nexdigm has a special focus on healthcare and has enabled many businesses in the sector succeed across their lifecycle in India. As a part of their knowledge management efforts in Healthcare, Nexdigm has published a knowledge paper on India's National Health Protection Scheme: Ayushman Bharat - Growing Opportunities in Affordable Healthcare which forecasts how the program would increase the future demand for healthcare products and services, making this sector an attractive investment opportunity for potential long term growth. ### Vivad Se Vishwas Scheme in a limbo as COVID-19 looms ### COVID -19- Need to Restructure ### Equalization Levy on Non-Resident E-Commerce Operators ### Negotiating a pandemic-proof contract: Why Force Majeure isn’t enough and what needs to be added ### Nexdigm Explores Global Interest in the Indian Healthcare Sector with Senior Indian Government Officials and Industry Experts, Focusing on the US-India Corridor The recent pandemic and subsequent lockdowns across the globe have resulted in an upsurge in demand for global collaboration in the areas of sustainable trade and flexible supply. Businesses, especially in critical sectors like Healthcare, are facing a need to diversify and re-structure their operations. India’s healthcare landscape is evolving rapidly and has recently seen extensive policy interventions to enhance health security to a large populace. This sector presents sizeable opportunities for investors. One of the most prominent reforms implemented is the "Ayushman Bharat" initiative, which aims to extend access to healthcare to the vulnerable sections of India’s population. Nexdigm, with support from the Consulate General of India, Chicago, and in association with the US-India Business Council (USIBC), is pleased to present its next webinar in the series "Diversify to Differentiate – Think India, Think Next!" The session is titled, "Growing Access Opens New Opportunities in Indian Healthcare" and will focus on the USA-India corridor. ### Shared Values and Value Addition, Strengthen US India Relationship, Stated Honorable Suresh Prabhu in a Webinar Hosted by Nexdigm Addressing an international webinar promoting the India – US corridor, Honorable Suresh Prabhu, Former Union Minister of Commerce & Industry and Civil Aviation and India's Sherpa to the G20 encouraged US companies to collaborate with Indian states for business. The webinar was hosted by Nexdigm, and supported by the Consulate General of India, Houston, and in collaboration with the US-India Chamber of Commerce DFW. The virtual event highlighted the significance of India as a robust investment hub for US-based companies due to the relaxations in Foreign Direct Investment (FDI) regulations, progressive macroeconomic landscape, and the educated populace offered by the country. Honorable Suresh Prabhu and Aseem Mahajan – Counsel General of India, Houston, were the key speakers of the session. Marc Lessem – Senior Executive Director from Nexdigm initiated the session by highlighting three drivers that have led to a steady FDI inflow. These include – Subsidies and Tax Incentives, Respect and Legal Protection of Intellectual Property Rights and Rapid Simplification, and Digitization of Governance Structures. In his remarks, Honorable Prabhu commented, "The current pandemic has created several challenges – strategically, economically as well as culturally. However, India holds a bright future where we are looking at moving from a USD 3 trillion economy to a USD 10 trillion economy in the coming years. Consumption is bound to increase, and there is a plethora of opportunities for insurance, investment banking, infra, engineering, and logistics, and businesses can leverage upon it and yield rich dividends in the future." Emphasizing on the US – India trade relations, Honorable Prabhu mentioned, "US and India have unique trade relations, the US is one of the largest trading partners of India. The trade deficit is changing, and India is purchasing more than earlier, especially oil and aircrafts. He recommends businesses and industries to invest in India, stating that the shared values and value addition form an essential business strategy. Aseem Mahajan expressed, "With a young, educated population at the forefront and a restructured regulatory framework facilitating the ease of business, India could be the next destination for global enterprises. Major FDI policy reforms are being made in the sectors such as agriculture, auto components, defense, construction development, broadcasting, pharmaceuticals, e-commerce, food processing, and civil aviation. Also, reforms in factors such as dealing with construction permits, trading across borders, resolving insolvency, etc. have also aided the ease of doing business in India." Neel Gonuguntla – President, US India Chamber of Commerce, DFW moderated the panel discussion where she discussed the Texas-India corridor and greenfield projects in India. Speaking on the ease of doing business, Chris Morris – Chief Operating Officer, Perennials & Sutherland affirmed, “I challenge anyone to find another country that has climbed up the rankings so fast. I challenge anyone to find another country that has factors like an educated workforce, a large pool of labor, English speaking Western-friendly democracy, from which we have benefitted immensely.” He shared his experience of setting up their manufacturing operations in India and stated that the entire set up was carried out smoothly in record time, right from procuring the lease to finding the right people and skills. "India's deep artisanal, western friendly, largely English speaking background, along with a pool of highly educated individuals to run the administration of our facility, made perfect sense for us to target India," shared Morris. “I don’t think any other country in 10 years has progressed rapidly, and right from manufacturing to operations to logistics standpoint, India has made incredible strides,” added Matt Quinn - Regional Director, Commercial Business Development, Bell Helicopter. "We see a major opportunity in India, and we have been fortunate to find suitable partners with similar values," says John Ackerman - Executive Vice President, Global Strategy and Development, Dallas Fort Worth International Airport. Guljit Singh – Group Executive Chairperson, Nexdigm, offered his closing remarks by thanking all the speakers and panel members for sharing their valuable insights. India's investment potential, as the world's largest democracy, with a huge customer base, and a growing middle class is of interest to the current US administration. This webinar is a part the series on "Diversify to Differentiate" and Nexdigm is happy to be a part of your journey on Thinking of India, Thinking Next. ### Nexdigm Further Strengthens Global Capabilities in Business Process Management (BPM) and Business Consulting (BC) with the Addition of Darius Thomas Over the last year, Nexdigm (SKP) has strategically and aggressively invested in US and other markets in enhancing their service portfolio to better serve their valued global clients. Nexdigm (SKP) is delighted to announce that Darius Thomas has joined their team as Senior Executive Director – BPM. He brings in nearly two decades of experience from organizations like Cognizant, Deloitte Consulting, eClerx Services, and Selectica Inc., with expertise in capital market operations, risk assessment, process efficiency enhancement through the LEAN methodology and robotics, and operating model design working alongside C-suite leaders and other senior external stakeholders across the North American, European, and Asian markets. “Darius will play a pivotal role in creating the right ecosystem to enhance our Business Services offerings, with a multi-disciplinary team capable of facilitating our clients’ long-term growth. He will lead innovation efforts within our BPM practice, integrating process expertise with technology-driven solutions,” said Samuel Brilliant, Senior Global Business Adviser speaking from his Florida office. “With several senior business leaders and advisers like Kartik Nagarajan, Marc Lessem, Steven Younts, Samuel Brilliant, and Mark Shircel joining our various global teams in recent months, and more to come, the addition of Darius Thomas further strengthens our global capabilities, specifically for US customers,” said Guljit Singh, Group Executive Chairperson from his Chicago office. Nexdigm is truly excited to have him on board. ### COVID-19 relaxations announced by FM ### FM Sitharaman eases regulatory, tax compliance burden amid Covid-19 ### India tightens rules on tax residency in crackdown on wealthy evaders ### Japanese investments in India are poised for a boom Coming Soon ### Honest Taxpayers May Be Spared Brunt Of New Rule (86B) ### Nexdigm Explores Global Interest in Geographic Diversification with Senior Indian Government Officials and US-Based Industry Experts, Focusing on the US-India Corridor In light of the pandemic, Nexdigm, a global business advisory organization is inviting a panel of global investment experts, to discuss geographic diversification as an option to address the current and foreseeable challenges in the global manufacturing and supply chain ecosystem. The webinar, open to registrations, is scheduled for 10 AM - 11 AM CDT on July 8, 2020. The recent pandemic and subsequent lockdowns across the globe have resulted in an upsurge in demand for global collaboration in the areas of sustainable trade and flexible supply. Businesses are facing a dire need to diversify and re-structure their business operations. In these unprecedented times, India remains committed to enabling this diversification through relaxations in Foreign Direct Investment regulations, progressive macroeconomic landscape, and a large talent pool of knowledge-based resources. To shed more light on this Nexdigm, in collaboration with the US India Chamber of Commerce DFW, and with support from the Consulate General of India, Houston, is pleased to present its second webinar in the series "Diversify to Differentiate – Think India, Think Next!" The session is titled "India: Uniquely Poised as a Manufacturing Hub" and will focus on the USA -India corridor. ### Nexdigm Explores Global Interest in Geographic Diversification of Supply Chains - Senior Government Officials Spotlight Investment in the US-India Corridor Against the backdrop of a projected multi-billion dollar spend on India's healthcare infrastructure by 2022, and an expected 17-19% CAGR for the next five years, American healthcare companies are setting their sights on investing in India. In the virtual event organized by Nexdigm with support from the Consulate General of India, Chicago, Senior Indian Government Officials made compelling arguments for Foreign Direct Investment (FDI) in India. USD 200 billion spend on India’s healthcare infrastructure by 2022 and with the healthcare industry expected to grow by 17-19% CAGR for the next five years, Honorable Rajeev Arora, Additional  Chief Secretary, Government of Haryana, Honorable Amit Kumar, Consul General of India, Chicago, and Honorable Jyoti Arora, Special Secretary & Financial Advisor, Ministry of Electronics & Information Technology (MeITY) – Electronics and Healthcare made compelling arguments for Foreign Direct Investment (FDI) into India. In his remarks, honorable Mr. Arora, commented, “One of the reasons to select India is the educated workforce; the human resource development in medical and technical fields as well as the Research and Development available in this country is internationally competitive. These factors can add tremendous efficiencies to any business.” As was aptly explained by honorable Mr. Kumar, “The pandemic has invited great collaboration between India and the USA, with multiple companies and agencies working together to fight COVID-19. The government has announced multiple subsidies, including allowing 100% Foreign Direct Investment in healthcare, which will augur well for the growth of the healthcare sector in India.” The virtual event was organized by Nexdigm with support from the Consulate General of India, Chicago. Also discussed was that a number of healthcare companies in the USA are setting their sights on investing in India. The session also highlighted the strong relations between the healthcare sectors of India and the USA, with a large number of US-based players, including Pfizer, Abbott, among others, already present in India. The long-standing collaboration between the Center for Disease Control and Prevention (USA), the National Institute of Health (USA), and the Indian Council of Medical Research was credited for supporting past and future FDI. Mr. Kumar also highlighted India’s role in the fight against the pandemic with examples of cross-national collaboration to develop a vaccine. This includes the recently announced international partnership of the Serum Institute of India, as well as Bharat Biotech’s partnership with the University of Wisconsin-Madison. The supply-side shocks associated with the COVID-19 pandemic have highlighted the business risks due to the concentration of supply from a single source. In international discussions, India has emerged as one of the most attractive FDI destinations, capable of hosting global organizations that are revisiting their manufacturing strategy, trying to hedge their sourcing and production. With an existing, qualified workforce, India provides an edge for the set up of new investments and ventures. Substantial subsidies are being offered by the central and the state governments to help businesses jump-start their operations in India. These are further backed by conducive intellectual property laws, which are especially important for healthcare players. Honorable Jyoti Arora highlighted the Electronics manufacturing industry, which has been a focus area for the Indian government and has seen 25% year-on-year growth over the last four years. The three major incentives introduced were notified by the Ministry of Electronics and IT (MietY) on April 1, and have a total outlay of INR 50,000 crore (USD 6.6 billion). These will be beneficial in building a strong ecosystem for pharma and medical devices. States are expected to introduce geo-tagging facilities for their regions soon, to help investors identify geographies for their investment. Poised to be the world’s third-largest economy by 2030, India offers a stable financial, political, and judicial environment so that businesses can count on scalability and growth. In recent times, Walmart invested over USD 16 billion through Flipkart, Amazon invested USD 6.5 billion, and Facebook invested USD 5.7 billion in the region. The government’s announcement of the simplification of the corporate tax regime, resulting in an effective 15% tax rate for new manufacturing setups, has enhanced India’s competitiveness as an Asian investment destination. The pro-business attitude is echoed at the state level of governance. While states like Maharashtra and Gujarat have always been at the forefront of incentivizing investment, today, territories like Uttar Pradesh, have also introduced reforms to attract FDI. India’s investment potential, as the world’s largest democracy, with a huge customer base, and a growing middle class is of interest to the current US administration. India’s large English-speaking populace and intellectual property laws provide a definite advantage for American investors. It is not surprising then that many multinational businesses have invested resources in cultural training about India. ### Renewed global interest in Geographic Diversification of Supply Chains - Senior Government Officials spotlight investment in the US-India corridor Against the backdrop of an estimated USD 200 billion spend on India’s healthcare infrastructure by 2022 and with the healthcare industry expected to grow by 17-19% CAGR for the next five years, Honorable Rajeev Arora, Additional Chief Secretary, Government of Haryana, Honorable Amit Kumar, Consul General of India, Chicago, and Honorable Jyoti Arora, Special Secretary & Financial Advisor, Ministry of Electronics & Information Technology (MeITY)– Electronics and Healthcare made compelling arguments for Foreign Direct Investment (FDI) into India. In his remarks, honorable Mr. Arora, commented, “One of the reasons to select India is the educated workforce; the human resource development in medical and technical fields, as well as the Research and Development available in this country, is internationally competitive. These factors can add tremendous efficiencies to any business.” As was aptly explained by honorable Mr. Kumar, “The pandemic has invited great collaboration between India and the USA, with multiple companies and agencies working together to fight COVID-19. The government has announced multiple subsidies, including allowing 100% Foreign Direct Investment in healthcare, which will augur well for the growth of the healthcare sector in India.” The virtual event was organized by Nexdigm (SKP) with support from the Consulate General of India, Chicago. Also discussed was that a number of healthcare companies in the USA are setting their sights on investing in India. The session also highlighted the strong relations between the healthcare sectors of India and the USA, with a large number of US-based players, including Pfizer, Abbott, among others, already present in India. The long-standing collaboration between the Center for Disease Control and Prevention (USA), the National Institute of Health (USA), and the Indian Council of Medical Research was credited for supporting past and future FDI. Mr. Kumar also highlighted India’s role in the fight against the pandemic with examples of cross-national collaboration to develop a vaccine. This includes the recently announced international partnership of the Serum Institute of India, as well as Bharat Biotech’s partnership with the University of Wisconsin-Madison. The supply-side shocks associated with the COVID-19 pandemic have highlighted the business risks due to the concentration of supply from a single source. In international discussions, India has emerged as one of the most attractive FDI destinations, capable of hosting global organizations that are revisiting their manufacturing strategy, trying to hedge their sourcing and production. With an existing, qualified workforce, India provides an edge for the set up of new investments and ventures. Substantial subsidies are being offered by the central and the state governments to help businesses jump-start their operations in India. These are further backed by conducive intellectual property laws, which are especially important for healthcare players. Honorable Jyoti Arora highlighted the Electronics manufacturing industry, which has been a focus area for the Indian government and has seen 25% year-on-year growth over the last four years. The three major incentives introduced were notified by the Ministry of Electronics and IT (MietY) on April 1, and have a total outlay of INR 50,000 crore (~USD 6.6 billion). These will be beneficial in building a strong ecosystem for pharma and medical devices. States are expected to introduce geotagging facilities for their regions soon, to help investors identify geographies for their investment. Poised to be the world’s third-largest economy by 2030, India offers a stable financial, political, and judicial environment so that businesses can count on scalability and growth. Recently, Walmart invested over USD 22 billion through Flipkart, Amazon invested USD 10 billion, and Facebook invested USD 6 billion in the region. The government’s announcement of the simplification of the corporate tax regime, resulting in an effective 15% tax rate for new manufacturing setups, has enhanced India’s competitiveness as an Asian investment destination. The pro-business attitude is echoed at the state level of governance. While states like Maharashtra and Gujarat have always been at the forefront of incentivizing investment, today, territories like Uttar Pradesh, have also introduced reforms to attract FDI. India’s investment potential, as the world’s largest democracy, with a huge customer base, and a growing middle class is of interest to the current US administration. India’s large English-speaking populace and intellectual property laws provide a definite advantage for American investors. It is not surprising then that many multinational businesses have invested resources in cultural training about India. ### Nexdigm with support from Consulate General of India organizes virtual event to discuss investment in US-India corridor Against the backdrop of an estimated US$ 200 billion spend on India’s healthcare infrastructure by 2022 and with the healthcare industry expected to grow by 17 to 19% CAGR in the next five years, Rajeev Arora, additional chief secretary, Government of Haryana, Amit Kumar, Consul General of India, Chicago and Jyoti Arora, special secretary and financial advisor, Ministry of Electronics and Information Technology (MeITY)– Electronics and Healthcare made compelling arguments for Foreign Direct Investment (FDI) into India at a virtual event organized by Nexdigm (SKP) with support from the Consulate General of India, Chicago. It was also discussed that a number of healthcare companies in the USA are setting their sights on investing in India. The session also highlighted the strong relations between the healthcare sectors of India and the USA, with a large number of US-based players, including Pfizer, Abbott, among others, already present in India. The long-standing collaboration between the Center for Disease Control and Prevention (USA), the National Institute of Health (USA) and the Indian Council of Medical Research (ICMR) was credited for supporting past and future FDI. In his remarks, Arora commented, “One of the reasons to select India is the educated workforce, the human resource development in medical and technical fields, as well as the research and development available in this country, is internationally competitive. These factors can add tremendous efficiencies to any business.” As was aptly explained by Kumar, “The pandemic has invited great collaboration between India and the USA, with multiple companies and agencies working together to fight COVID-19. The government has announced multiple subsidies, including allowing 100% FDI in healthcare, which will augur well for the growth of the healthcare sector in India.” Kumar also highlighted India’s role in the fight against the pandemic with examples of cross-national collaboration to develop a vaccine. This includes the recently announced international partnership of the Serum Institute of India, as well as Bharat Biotech’s partnership with the University of Wisconsin-Madison. The supply-side shocks associated with the COVID-19 pandemic have highlighted the business risks due to the concentration of supply from a single source. In international discussions, India has emerged as one of the most attractive FDI destinations, capable of hosting global organizations that are revisiting their manufacturing strategy, trying to hedge their sourcing and production. With an existing, qualified workforce, India provides an edge for the set-up of new investments and ventures. Substantial subsidies are being offered by the central and the state governments to help businesses jump-start their operations in India. These are further backed by conducive intellectual property laws which are especially important for healthcare players. Jyoti Arora highlighted the electronics manufacturing industry, which has been a focus area for the Indian government and has seen 25% year-on-year growth over the last four years. The three major incentives introduced were notified by the Ministry of Electronics and IT on April 1 and have a total outlay of Rs. 50,000 crore. These will be beneficial in building a strong ecosystem for pharma and medical devices. States are expected to introduce geotagging facilities for their regions soon, to help investors identify geographies for their investment. The government’s announcement of the simplification of the corporate tax regime, resulting in an effective 15% tax rate for new manufacturing setups has enhanced India’s competitiveness as an Asian investment destination. The pro-business attitude is echoed at the state level of governance. While states like Maharashtra and Gujarat have always been at the forefront of incentivizing investment, today, territories like Uttar Pradesh, have also introduced reforms to attract FDI. ### Nexdigm, Formerly Known as SKP Business Consulting, Strengthens US Presence and Capabilities with the Addition of a Senior Executive Director Nexdigm Incorporated announced a major investment in USA with the appointment of Marc Lessem, based in Chicago. Marc is an accomplished business executive with more than 30 years of experience. He has held senior management roles in General Management, Operations, Marketing, Sales, and Finance. “I am delighted to welcome Marc, as we further strengthen our capabilities and dig our boots deeper on the ground in USA,” said Guljit Singh, Group Executive Chairperson of Nexdigm. “Marc further builds on our global and regional offerings in this new normal and turbulent economic uncertainties.” “Marc is leading the efforts to enhance business development efforts of Nexdigm in North America, a strategically important market to serve our US-based clients. He is uniquely positioned to closely engage with our valued existing and new clients to design and deliver integrated, customized holistic solutions that help them achieve tangible results in all our Professional and Business Services,” said Steve Younts, Senior Global Business Adviser to Nexdigm. “We are excited to have him on board.” ### Is govt taking extreme steps to tighten noose on fake GST registrations? ### Should COVID-19 vaccine be taxed? Here’s what may advocate for its tax exemption ### GST e-invoicing for midsize firms ### Indirect Tax Collection exceeds RE, grows 12% in FY21 at INR 10.71 lac cr ### Indirect Tax mop-up exceeds RE ### Slump Sale - The Changing Landscape ### GST Council Meet: Tax Cut On COVID Essentials, Black Fungus Medicine On Agenda ### Daily average E-Way bill generation exceeds 16 lakh in June ### Transfer Pricing: Tax Tribunal Allows Refund To Overseas Entity In a landmark ruling last month, the Mumbai bench of the Income Tax Appellate Tribunal has granted relief to a foreign entity on the tax paid by it. If the foreign company has returned the excess royalty paid by its Indian entity, its tax outgo will also stand reduced, the ITAT has held. Welcoming the ruling, Maulik Doshi, executive director at consulting firm Nexdigm said currently there is no provision in the tax law to claim such a... ### Slump Sales: New Rules Of The Game ### Late fee relief to non-filers of GST returns to help small business, add to revenue: Experts The late fee for non-furnishing of GSTR-3B for July 2017 to April 2021 has been capped at Rs 500 per return for those taxpayers who did not have any tax liability. NEW DELHI: The rationalisation of late fees for delayed filing of monthly GST returns will give relief to small businesses and add to the government revenue, according to tax experts. The GST Council, chaired by Finance Minister Nirmala Sitharaman and comprising state ministers, on Friday decided to come out with an amnesty scheme to provide relief to taxpayers in late fee for pending returns. The late fee for non-furnishing of GSTR-3B for July 2017 to April 2021 has been capped at Rs 500 per return for those taxpayers who did not have any tax liability. ### UK payroll updates for employers - November 2025 For employers in the UK, understanding upcoming changes for the 2025-26 tax year is crucial to ensuring compliance and planning for the months ahead. The following focuses on key tax and payroll-related changes that may affect payroll operations with considerations for tax administration, employee benefits, and overall compliance. ### The Maharashtra Government has recently issued the Global Capability Center (GCC) Policy 2025, which will remain in effect for five years i.e., till FY 2029-30 The Policy, which has received the Maharashtra Cabinet clearance, primarily focuses on: Establishing Maharashtra as the premier global destination for GCCs by hosting about 400 new GCCs. Creating 4 lakh high-skilled jobs by integrating industry-driven curricula, fostering cutting-edge research, and equipping the workforce with advanced digital and technical skills. Promoting GCC-led research, fostering multinational collaborations, and attracting high-value, knowledge-intensive investments. Developing world-class business districts and a robust Digital Databank to map talent, resources, and connectivity, helping new GCCs identify optimal locations. Propelling Tier-2 and Tier-3 cities such as Nashik, Nagpur, and Chhatrapati Sambhajinagar into the global GCC landscape, creating new economic hubs and fostering balanced, technology-driven growth. ### Key Highlights of GST Notification and Clarification Circulars in October 2025 The Central Board of Indirect Taxes and Customs (CBIC) has issued a notification related to extend date of filing GSTR-3B on 18 October 2025. ### Revised Thresholds for Perquisite Valuation: A Major Relief for Salaried Employees In August 2025, the CBDT issued Notification No. 133/2025, introducing the Income Tax (22nd Amendment) Rules, 2025. The amendment inserted Rule 3C and Rule 3D, substantially enhancing the exemption limits for perquisites (non-monetary benefits) under Section 17 of the Income-tax Act, 1961. The changes take effect from April 1, 2025. ### Enhancing Certainty, Transparency and Uniformity in Permanent Establishment and Profit Attribution for Foreign Investors in India NITI Aayog's recent working paper titled "Enhancing Certainty, Transparency and Uniformity in Permanent Establishment and Profit Attribution for Foreign Investors in India" highlights the urgent need for India to strengthen tax certainty to attract sustainable foreign investment. While India has recorded a steady rise in FDI inflows, from USD 5856 million in 2005-2006 to over USD 50,018 million in 2024-2025, foreign investors continue to face uncertainty arising from inconsistent interpretations of Permanent Establishment (PE) and profit attribution provisions. These issues lead to prolonged litigation, compliance costs, and unpredictability in tax outcomes. The paper identifies that ambiguities in defining PE, especially under evolving business models such as the digital economy and service sectors, combined with inconsistent profit attribution methods, significantly impact India's investment climate. ### Key Highlights of GST Notification and Clarification Circulars in September 2025 The Central Board of Indirect Taxes and Customs (CBIC) has issued a notification related to ‘Central Goods and Services Tax (Third Amendment) Rule, 2025’, which details key amendment made to the GST Rules as notified by the Ministry of Finance on 17 September 2025. ### IASB announcement on adoption of international standards in MENA region The International Federation of Accountants (IFAC) is the global body for the accountancy profession, uniting more than 180 member organizations to drive integrity, transparency, and consistency worldwide. Its 2025 MENA Insights Snapshot benchmarks adoption of international standards across the region. Between 2019-2024, the MENA region recorded a 36% rise in IFAC membership and notable progress in adopting IFRS, ISAs, the Code of Ethics, and IPSAS. Key enablers to this have been government support, regulatory reform, and Arabic/French translations of standards-while gaps remain in areas such as quality assurance and public sector reporting. 2025 MENA Insights Snapshot IFAC has released the 2025 MENA Insights Snapshot, launched at IFAC Connect MENA 2025 in Riyadh with Saudi Organization for Chartered and Professional Accountants. (SOCPA). The report shows rapid adoption of IFRS, ISAs, the Code of Ethics, and IPSAS across the Middle East & North Africa. While Saudi Arabia leads as the only country to have adopted all seven baselines, the snapshot also underlines opportunities to strengthen regulatory oversight, technical capacity, and implementation. IFAC will continue working with MENA regulators and PAOs to turn adoption into impactful practice serving the public interest. For corporates in the UAE and wider MENA, this underscores the need to align financial reporting and audit practices with international standards to ensure transparency, compliance, and global investor confidence. As implementation moves from adoption to practice, expert guidance in IFRS preparation and audit becomes essential. ### Ministerial Decision No. 243 and 244 of 2025 – Electronic Invoicing System Implementation Framework The Ministry has issued following Ministerial Decision (MD's) No. 243 of 2025; and 244 of 2025 establishing the legal and procedural framework for the implementation of the Electronic Invoicing System in the United Arab Emirates. The said decisions outline the scope of application, exclusions from the applicability of e-invoicing, phased mandatory compliance requirements, provisions for voluntary adoption, and the structure of the pilot programme and also provided definitions which shall be relevant for undertaking the said compliance. ### Amendments in Executive Regulations of Federal Decree Law on Account E-Invoicing In alignment with the UAE's National Digital Transformation Strategy, the Ministry of Finance has issued amendments to Articles 59 and 60 of the Executive Regulations of Federal Decree-Law No. 8 of 2017 on Value Added Tax, through Cabinet Decision No. 100 of 2025. These revisions shall be effective from 29th September 2025 and introduce significant changes to invoicing obligations, particularly in preparation for the phased implementation of mandatory e-invoicing. ### Mandatory e-filing of appeals & staggered timelines for dealing with backlog of appeals The President, Goods & Services Tax Appellate Tribunal (GSTAT), Principal Bench, vide order dated 24 September 2025, has mandated that all appeals / applications arising out of orders of Appellate Authorities (under Section 107) or Revisional Authority (under Section 108) must now be filed and processed electronically on the GSTAT portal developed by NIC (https://www.efiling.gstat.gov.in). All such appeals will be heard and recorded digitally through this portal. ### MCA extends the conducting of general meetings through audio-visual means Ministry of Corporate Affairs ("MCA") has issued a general circular 03 of 2025, dated 22.09.2025 concerning holding of annual general meeting (“AGM”) and extraordinary general meeting ("EGM"). ### Government relaxes revised MRP affixation condition; waives advertisement requirement Pursuant to representations from industry and trade associations, the Central Government has relaxed the compliances under the Legal Metrology(Packaged Commodities) Rules, 2011 relating to revision of MRPs on unsold stock due to GST rate changes. Superseding the earlier advisory dated 9 September 2025, the following compliances would now apply to manufacturers/packers/importers and their representatives: Re-stickering optional Businesses are permitted, though not required, to place revised MRP stickers on unsold packages manufactured before 22 September 2025, provided the original declaration is unobstructed. Newspaper advertisement waived The government has removed the earlier requirement to publish revised prices through two newspaper advertisements. Price revision circulars are mandatory: Revised prices must be communicated through circulars to wholesale dealers, retailers, etc., with copies endorsed to the Director, Legal Metrology (Central Government) and Controllers of Legal Metrology of all States/Union Territories, to ensure compliance at the retailer level. Communication to Trade Partners Manufacturers, packers, and importers must take prompt steps to inform dealers, retailers, and consumers about GST-based price revisions through electronic, print, and social media. Use of old packaging permitted (bearing pre-GST MRPs): Pre-GST packaging material/wrappers may be used up to 31 March 2026 or till such material is exhausted, whichever is earlier, with necessary corrections made to the MRP by stamping, sticker, or online printing at any visible place on the package. Revised unit sale price optional: Declaring the revised unit sale price on unsold pre-packaged commodities or unused packaging material or wrapper bearing pre-printed MRP is not mandatory but may be declared voluntarily. ### Govt to monitor MRP revision of 54 commodities for 6 months, pursuant to GST rejig The Department of Revenue (TRU), vide Circular dated 9 September 2025, has directed all Central GST field offices to track commodity prices for the next six months, following the recent GST rate changes. Accordingly, field formations have been instructed to report commodity-wise MRP data, before and after 22 September 2025, on a monthly basis. The first report is to be submitted by 30 September. This exercise will cover around 54 commodities, including food, personal care, healthcare, education, energy items, and others. A copy of the Circular along with the commodity list is enclosed herewith for your reference. ### MCA widens the scope of mergers that can be handled by the Central Government The Ministry of Corporate Affairs (MCA), vide its notification dated 4 September 2025, has issued the Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2025 (Amendment Rules). The Amendment Rules shall come into force on the date of their publication in the Official Gazette. ### Ministry of Consumer Affairs permits additional revised MRP on unsold stock upto 31 December 2025 The Ministry of Consumer Affairs, Food and Public Distribution has permitted manufacturers, packers, or importers of pre-packaged commodities to declare the revised Retail Sale Price (MRP) on unsold stock pursuant to changes in GST rates, up to 31 December 2025 or until such stock is exhausted, whichever is earlier. ### ITAT Mumbai Clarifies: MLI Provisions Require Separate Notification to Be Enforceable In a significant and far-reaching ruling, the Mumbai ITAT, in the case of Sky High Appeal XLIII Leasing Company Limited [TS-1085-ITAT-2025(Mum)], discussed in detail the applicability of the Multilateral Instrument (MLI) to the existing treaty network, the Principal Purpose Test (PPT) under the MLI, and the taxability of leasing revenue in the hands of the foreign entity. This well-reasoned ruling marks a crucial development for cross-border taxpayers relying on the DTAA and the interpretation of the PPT. ### Key Highlights of GST Notification and Clarification Circulars in August 2025 The GSTN team has released Gross and Net GST revenue collections for the month of July 2025. Detailed report may be viewed here. ### UAE Corporate Tax - Ministerial Decision No. 229 and 230 of 2025: Practical Implications for Free Zone Businesses The Ministry of Finance has issued Ministerial Decision No. 229 of 2025, replacing Ministerial Decision 265 of 2023 on Qualifying and Excluded Activities for the purposes of claiming the benefits of Qualifying Free Zone Person (QFZP) regime. This decision is applicable retrospectively from the 1 June 2023 onwards. ### GST 2.0: Council’s Mega Overhaul Slashes Daily Costs, Boosts Refunds, and Targets Sin Goods Major tax relief for households and MSMEs, faster refunds for exporters, and stricter rules for tobacco and luxury items mark a decisive shift in India’s indirect tax regime ### Thailand – Contributions to the Employer Welfare Fund commencing on 1 October 2025 The introduction of the Employee Welfare Fund (EWF) is a significant step forward for employee rights and financial security in Thailand. Employees will benefit from a formalized support system which addresses critical needs during periods of financial crisis. On the other hand, it has imposed new operational and financial responsibilities for employers to ensure compliance, particularly those managing large workforces. ### ADGM Penalizes Company and its Directors for Repeated Non-Compliance The Abu Dhabi Global Market (ADGM) Registration Authority has issued Final Notices imposing financial penalties on certain registered companies with them and their directors for failing to comply with statutory obligations under the Companies Regulations 2020. This enforcement action reflects ADGM’s commitment to promoting corporate transparency and regulatory compliance. ### Egypt’s new Labor Law No.14 of 2025 – Updates for employers and employees The Labor Law No.14 of 2025, also known as Egypt’s new labor law is a major milestone aiming to protect workers, modernize employment relations, and align national labor standards with international conventions. Officially enacted in May 2025 and effective from 1 September 2025, the new labor law delivers long-awaited protection for workers while also considering the needs of employers ### Key Highlights of GST Notifications and Clarification Circulars July 2025 The GSTN team has released Gross and Net GST revenue collections for the month of June 2025. Detailed report may be viewed here. ### India-UK Double Contributions Convention (DCC) for Social Security After the successful conclusion of negotiations on a trade deal announced on 6 May 2025, United Kingdom (the UK) and India have signed a Comprehensive Economic and Trade Agreement (CETA) on 24 July 2025. This is a landmark trade agreement, advancing a new era of economic partnership and opportunity. Alongside this, India and the UK have also agreed on the text of a reciprocal Double Contributions Convention (DCC) to promote co-operation in the field of social welfare. ### Supreme court rules that Foreign Firm’s Strategic Control via Indian Entity Creates Taxable PE in case of Hyatt International Southwest Asia Ltd In a landmark ruling in the case of Hyatt International Southwest Asia Ltd. (Hyatt)1, the Supreme Court has held that a foreign company can be considered to have a Permanent Establishment (PE) in India under the India-UAE Double Taxation Avoidance Agreement (DTAA), even if it does not have a physical office or fixed base in India. The Court highlighted that where the foreign company exercises significant control, oversight, and management of the core functions of the business through employees or personnel based in India for a longer period, a PE can be established even in the absence of profitability or exclusive premises. ### Redrawing the AE Line: Simplification That Complicates The proposed changes to the definition of Associated Enterprises (AEs) under the new Income Tax Bill, 2025, carry significant implications. Before delving into the impact, it is important to revisit the current legal framework under Section 92A(1) and 92A(2) of the Income-tax Act, 1961. ### Key Highlights of GST Notifications and Clarification Circulars June 2025 The Central Board of Indirect Taxes and Customs (CBIC) has issued a circular related to Generation and quoting of Document Identification Number (DIN) on any communication issued by the officers of the Central Board of Indirect Taxes and Customs (CBIC) to taxpayers and other concerned persons. ### Navigating International Tax Disputes: UAE's Mutual Agreement Procedure (MAP) Guidance The United Arab Emirates' (UAE) transition from a historically tax-neutral jurisdiction to an active taxing regime marks a significant shift in its international tax profile. With the introduction of corporate tax (including transfer pricing provisions) in alignment with the Organization for Economic Cooperation and Development (OECD) standards, the UAE is no longer merely a financial hub but a jurisdiction with substantive tax obligations. This transformation has elevated the importance of robust dispute resolution mechanisms, particularly the Mutual Agreement Procedure (MAP), which serves as a vital safeguard against double taxation in cross-border transactions. As businesses operating in the UAE increasingly engage in transactions with international related parties, MAP offers a treaty-based framework to resolve tax disputes arising from transfer pricing adjustments and jurisdictional conflicts. In an increasingly globalized economy, cross-border transactions and complex tax structures can lead to instances of double taxation. To provide taxpayers with a clear pathway for resolving such disputes, the UAE Ministry of Finance (MOF) has issued detailed guidance on the MAP. This article examines the fundamental components of the MAP framework, its implementation, and practical implication for businesses operating across multiple jurisdictions. ### FTA Issues New Decision clarifying compliance requirements for Unincorporated Partnerships, Foreign Partnerships & Family Foundations On 19 May 2025, the UAE Federal Tax Authority (FTA) issued Decision No. 5 of 2025, outlining new compliance requirements for: Unincorporated Partnerships Foreign Partnerships Family Foundations ### Key Highlights of GST Notifications and Clarification Circulars May 2025 The Central Board of Indirect Taxes and Customs (CBIC), has issued instructions related to Grievance Redressal Mechanism for processing of application for GST registration -reg. With reference to instruction No. 03/2025 dated 17 April 2025 issued by CBIC, an applicant who has grievances and whose GST registration (ARN) falls under the central jurisdiction, such as any queries for unjustified rejection, can approach the Jurisdictional Zonal Principal Chief Commissioner/Chief Commissioner for quick and effective grievance redressal. ### VAT Public Clarification (Concerned Services) FTA issues Public Clarification on Concerned Services - Accounting for Output Tax, issuing Tax invoices, and Input Tax recovery. ### Key Highlights of GST Notifications and Clarification Circulars April 2025 CBIC has issued Instruction No. 03/2025-GST superseding Instruction No. 03/2023-GST to streamline the processing of applications for GST registration filed in FORM GST REG-01. The move comes in light of multiple complaints regarding delays and arbitrary document demands by field formations, often resulting in the rejection of genuine applications. The instruction outlines uniform guidelines and imposes restrictions on the discretionary practices followed by officers. ### VAT Public Clarification (Barter & Precious Metals) FTA issues Public Clarification on Valuation for Supply-Barter Transactions and Application of the Reverse Charge Mechanism on Precious Metals and Precious Stones between Registrants in the State for the purposes of Value Added Tax. ### TCS on Sale of High-Value Luxury Goods The provision of Tax Collected at Source (as opposed to Tax Deducted at Source) was initially introduced in the Income Tax Act, requiring the sellers of motor vehicles to collect tax at source (TCS) at the rate of 1% on the sale of motor vehicles where the value of such motor vehicle exceeds INR 10 Lacs. ### Key Highlights of GST Notifications and Clarification Circulars March 2025 CBIC has amended Notification 02/2017–Central Tax dated 19 June 2017 to update the territorial jurisdiction of Principal Commissioner/Commissioner of Central Tax of Alwar, Chennai Outer, Jaipur, Jodhpur, Madurai, Tiruchirapalli and Udaipur. ### SEBI strengthens Corporate Governance framework for SME Listed and High-Value Debt Companies The Securities and Exchange Board of India (SEBI), via its notification dated 27 March 2025, introduced significant amendments to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations). These changes aim to reinforce corporate governance, enhance transparency, and impose stricter compliance requirements on entities listed on SME Exchanges and those classified as High-Value Debt Listed Entities (HVDLEs). ### CBDT signs record 174 APAs and first ever Multilateral APA in FY 24-25 Even before reaching the milestone of the 13th anniversary of the Advance Pricing Agreement (APA) regime in India, CBDT achieved another milestone of signing 174 APAs in a given financial year (FY 24-25), with 34 APAs signed on a single day. This year also marked the year India entered into the first-ever Multilateral APA. ### CBDT expands Safe Harbour Rules thresholds to INR 300 crores and other clarifications The Central Board of Direct Taxes (CBDT) vide Notification1 dated 25 March 2025, has sought to amend the Safe Harbour rules, specifically Rule 10TA and 10TD of the Income-tax Rules, 1962 (the Rules). These rules may be called the Income-tax (6th Amendment) Rules, 2025, and shall be deemed to have come into force from the date of publication. ### Public Clarification issued for amendment in Executive Regulations of Federal Decree Law The Federal Tax Authority has recently issued a Public Clarification on the Amendments to the Executive Regulation of Federal Decree-Law No. 8 of 2017 on Value Added Tax – Cabinet Decision No. 100 of 2024. The same is dealing with the ambiguities that have arisen on account of said amendment. We have summarized the same for ease of reference. ### GST Key Year End Activities: FY 2025-26 With the new financial year around the corner, it would be pertinent to ensure adherence with certain statutory compliances under the GST legislation. Here’s all you need to know to stay compliant. ### Key Highlights of GST Notifications and Clarification Circulars February 2025 CBIC has notified that the provisions of the Central Goods and Services Tax (Amendment) Rules, 2024 issued vide Notification 12/2024–Central Tax dated 10 July 2024. ### MCA Extends Timeline to Dematerialize Shares The Ministry of Corporate Affairs ("MCA"), vide its Circular dated 12 February 2025, has issued the Companies (Prospectus and Allotment of Securities) Rules, 2025 ("Amendment Rules"). The Amendment Rules shall come into force on the date of publication in the official gazette. ### Key Highlights of GST Notifications and Clarification Circulars January 2025 CBIC has notified that the due date for filing GSTR-1 was extended from December 2024 to 13 January 2025 and for the quarter of October 2024 to December 2024, till 15 January 2025. Further, the due date for filing GSTR-3B was extended to December 2024 till 22 January 2025. The due date for filing GSTR-3B for the quarter of October 2024 to December 2024 was extended to 24 January 2025 for some states, whereas the same was extended to 26 January 2025 for other states. ### NCLAT allows capital reduction u/s 66 to be repaid as loan; upholds shareholder discretion The National Company Law Appellate Tribunal (NCLAT), in a recent ruling, overturned the National Company Law Tribunal's (NCLT) decision and approved a capital reduction proposal by Ulundurpet Expressways Pvt. Ltd. (UEPL) under Section 66 of the Companies Act, 2013 (the Act). This ruling allowed UEPL to structure the repayment proceeds as interest-bearing unsecured loans between the company and its shareholders, to be repaid over a period of time. ### Major Clarifications provided by Federal Tax Authority The Federal Tax Authority (FTA) and Ministry of Finance (MOF) have, in recent times, released various Public Clarification, Decisions, and User Guide for issues faced by businesses and to increase compliance in UAE. ### Key Highlights of GST Notifications and Clarification Circulars December 2024 The Central Board of Indirect Taxes and Customs (CBIC) has issued a notification for extending the due date for furnishing the return in FORM GSTR-3B for the month of October 2024 till the twenty-first day of November 2024 for the registered persons whose principal place of business is in the state of Maharashtra and Jharkhand. ### Highlights of CBDT's 6th Annual Report on APA Program The Advance Pricing Agreement (APA) program has proven to be an effective tool for dispute resolution since its inception in 2012 in India. The Sixth Annual Report, covering FY 2023-24, clearly highlights the progress made by the Central Board of Direct Taxes (CBDT) in entering into APAs. The previous annual report, issued in September 2023, provided statistics up to FY 2022-23, offering valuable insights into the growth and impact of the program over the years. ### Key amendments to ministerial decision on Participation Exemption and Foreign Permanent Establishment The Ministry of Finance has announced amendments to existing ministerial decision no.116 of 2023 on the participation exemption and foreign permanent establishment exemption for the purpose of Federal Decree-Law No. 47 of 2022 (UAE CT law) by issuance of an updated ministerial decision no. 302 of 2024 (new decision). ### Key Amendments to Ministerial Decision on Tax Groups The Ministry of Finance has announced amendments to the existing Ministerial Decision No.125 of 2023 on tax groups for the purpose of Federal Decree-Law No. 47 of 2022 ('UAE CT law') through the issuance of an updated Ministerial Decision No. 301 of 2024 ('new decision'). ### SEBI amends Listing Regulations The Securities and Exchange Board of India (SEBI) has, vide its notification dated 12 December 2024, amended the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations). These amendments will become effective from 31 December 2024 (Effective Date), unless specified otherwise. ### Switzerland suspends application of Most Favoured Nation (MFN) Clause for India-Switzerland Tax Treaty Switzerland and India entered into a Double Taxation Avoidance Agreement (DTAA) on 2 November 1994, with subsequent amendments through protocols on 16 February 2000, and 30 August 2010. Notably, the amending protocol of 30 August 2010 introduced a Most Favoured Nation (MFN) Clause, which ensures that any reduction in tax rates on dividends, interest, royalties, or fees for technical services under any later treaty entered between India and an OECD member state would also apply retroactively to the India-Switzerland DTAA. ### Key Highlights of GST Notifications and Clarification Circulars November 2024 The Central Board of Indirect Taxes and Customs (CBIC) has issued a notification for extending the due date for furnishing the return in FORM GSTR-3B for the month of October 2024 till the twenty-first day of November 2024 for the registered persons whose principal place of business is in the state of Maharashtra and Jharkhand. ### Extension of Applicability of Safe Harbour Rules to AY 2024-25 and extension of timeline for filing Return of Income, Master File, and Safe Harbour The Central Board of Direct Taxes (CBDT) vide Notification dated 29 November 2024 has extended the applicability of the Safe Harbour Rules under Rule 10TD of the Income-tax Rules, 1962 (the Rules) to Assessment Year (AY) 2024-25. These rules may be called the Income-tax (Tenth Amendment) Rules, 2024 and shall be deemed to have come into force from 1 April 2024. ### New Decision on Unincorporated Partnership, Foreign Partnership, and Family Foundation issued overhauling the old decision Article 16 of the Federal Decree-Law No. 47 of 2022 on the taxation of corporations and businesses (UAE Corporate Tax Law) prescribes that an unincorporated partnership would by default be treated as a pass-through entity. Partners would be considered as conducting business of unincorporated partnership and would be liable to tax accordingly. The law also provides an option to the unincorporated partnership to make an application to the authorities to be taxed at a partnership level instead of the partner level. ### UAE Transfer Pricing Disclosure Form Article 55 of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses states that Taxable Persons are required to file together with their Tax Return, a disclosure containing information regarding the Taxable Person's transactions with its Related Parties and Connected Persons in the form prescribed by the Authority. ### RBI provides operation framework for reclassification of Foreign Portfolio Investment to Foreign Direct Investment The Foreign Exchange Management (Non-Debt Instruments) Rules, 2019 (Rules) stipulate that the aggregate investment by a foreign portfolio investor, along with its investor group (collectively referred to as FPI), must remain below 10% of the total paid-up equity capital of an Indian company on a fully diluted basis ("prescribed limit"). In the event of a breach, the Rules mandate that the FPI must either divest its holdings to fall below the prescribed limit or reclassify its entire investment as Foreign Direct Investment (FDI) within five trading days from the date of settlement of the trades causing the breach. However, the absence of detailed procedural guidelines for such re-classification created ambiguity ### Public Clarification on updating information in tax records with FTA The Federal Tax Authority (FTA) has released a Public Clarification No. TAXP007 on Tax Procedures, which provides grace period for registrants to amend information related to their tax records available with the FTA without the imposition of administrative penalty. ### Key Highlights of GST Notifications and Clarification Circulars October 2024 The Central Board of Indirect Taxes and Customs (CBIC) has issued a notification to amend specific Central Goods and Services Tax Rules, 2017 (CGST Rules). ### NCLT dismisses selective capital reduction In a recent decision, the National Company Law Tribunal (NCLT), Kolkata Bench, against the established precedents, dismissed the selective capital reduction proposed by Philips India Limited (Philips). A capital reduction was proposed by Philips in terms of Section 66 of the Companies Act, 2013 (the Act) to squeeze out the minority shareholders. ### Summary of significant changes in Executive Regulations of Federal Decree-Law Cabinet Decision No. 100 of 2024 on the Executive Regulation of Federal Decree-Law No. (8) of 2017 recently issued, which revoked Cabinet Decision No. 52 of 2017 on the Executive Regulation of Federal Law No. (8) of 2017 and its amendments (Old Executive Regulation) have brought about major changes to Executive Regulations in the last seven years. The Federal Tax Authority has carried out changes considering the business scenario and manner in and around UAE and shall be effective from 15 November 2024. However, few of the regulations shall be effective retrospectively. ### Key Highlights of GST Notifications and Clarification Circulars September 2024 The Central Board of Indirect Taxes and Customs (CBIC) has notified that the provisions of Sections 118, 142, 148 and 150 of the Finance (No. 2) Act, 2024 (15 of 2024) shall come into force from 27 September 2024, whereas those of Sections 114 to 117, 119 to 141, 143 to 147, 149 and 151 to 157 of said Act shall be effective from 1 November 2024. ### Central Government amends the Compounding Proceeding Rules The Central Government vide its notification, has amended the Compounding Proceeding Rules, which shall be referred to as Foreign Exchange (Compounding Proceedings) Rules, 2024. These rules shall be in supersession with erstwhile rules i.e. the Foreign Exchange (Compounding Proceedings) Rules, 2000. ### Gist of Circulars issued by CBIC on 10 September 2024 In line with the announcements made in the 54th GST Council Meeting held on 9 September 2024, the Central Board of Indirect Taxes and Customs (CBIC) has issued a few circulars to provide clarity on the issues discussed therein. ### MCA notifies changes concerning mergers and acquisitions The Ministry of Corporate Affairs (MCA) recently introduced changes concerning mergers and acquisitions transactions. ### Highlights of the 54th GST Council Meeting The GST Council meeting focused on streamlining GST rates, simplifying compliance for small businesses, expediting refund claims, and enhancing anti-evasion measures. Additionally, the Council has also approved upgrades to GST IT systems to boost efficiency and address technical issues. The meeting aimed to improve the overall effectiveness and fairness of the GST framework. ### Delhi HC reinstates tax exemption for Tiger Global’s Flipkart Sale, reversing AAR’s tax avoidance claim Recently, the Delhi High Court (HC) delivered a noteworthy judgment quashing the ruling of the Authority for Advance Rulings (AAR) that denied Tiger Global International III Holdings a capital gains tax exemption on its 2018 sale of Flipkart Singapore shares to Walmart. The AAR had held that the transaction was structured to avoid taxes under the India-Mauritius Double Tax Avoidance Agreement (DTAA). The HC reversed the decision of AAR by upholding the validity of transactions protected by Article 13(3A) of the DTAA, which applies to deals made before major treaty changes. It also reaffirmed that the Tax Residency Certificate (TRC) is valid unless challenged with substantial evidence of fraud. ### Key Highlights of GST Notifications and Clarification Circulars August 2024 The Central Board of Indirect Taxes and Customs (CBIC) has notified that the provisions of Section 13 of the Finance Act, 2024 (8 of 2024) shall come into force from 1 October 2024, whereas those of Section 11 and Section 12 of said Act shall be effective from 1 April 2025. ### ADGM announces fee revision for commercial licenses starting 2025 The Abu Dhabi Global Market (ADGM) is launching a new initiative to further support the smooth transition of businesses from Al Reem Island to ADGM following its recent expansion to the island last year. ADGM, the UAE capital’s international financial center, has unveiled major updates to its licensing fee structure to support businesses. Effective 1 January 2025, ADGM will significantly reduce fees for non-financial and retail licenses by 50% or more. This initiative is designed to improve the ADGM’s business environment, making it more appealing and accessible to a wider range of enterprises. ### Ministry of Finance amended Foreign Exchange Rules The Central Government announced key amendments to Foreign Exchange Management (Non-debt Instruments) Rules, 2019, which will come into effect from 16 August 2024 . The principal objective of the Amendment Rules is to simplify cross-border equity share swaps and provide for the issue/transfer of equity instruments of Indian companies in exchange for the equity instruments of foreign companies. Other changes under the purview of the Amendment Rules include amending the definitions of 'start-ups' and 'control' to align them with the definitions under other laws and permitting 100% FDI through the automatic route in White Label ATM operations. ### Key transfer pricing considerations on FTA's guidance for determining taxable income he Federal Tax Authority (FTA) has issued a comprehensive guide on "Determination of Taxable Income," which provides an overview of the adjustments required to be made to the accounting income for determining taxable income and the Corporate Tax (CT) payable. ### MCA introduces e-adjudication platform The Ministry of Corporate Affairs (MCA), via Notification No. G.S.R. 476(E) announced the Companies (Adjudication of Penalties) Amendment Rules, 2024. These new rules are set to come into force on 16 September 2024 and represent a significant shift towards digitalization in the adjudication process. ### MCA centralizes strike-off process for LLPs under C-PACE The Ministry of Corporate Affairs (MCA), via Notification No. G.S.R. 475(E) has introduced the Limited Liability Partnership (Amendment) Rules, 2024. This amendment shall take effect from 27 August 2024. ### Key Highlights of GST Notification and Clarification Circulars in July 2024 The Central Board of Indirect Taxes and Customs (CBIC) has issued a notification to notify Central Goods and Services Tax (Amendment) Rules, 2024, as per the recommendations of the GST Council. The changes include the insertion of new Form GSTR-1A, amendment to Rule 88B to provide no-interest liability on the amount deposited up to the due date of filing GSTR-3B and debited from Cash Ledger while filing a return, etc ### RBI proposes amendments in Import Export Regulations The Reserve Bank of India (RBI) has recently proposed a few amendments to the Import Export Regulations and Direction and accordingly has sought feedback/comments on these regulations and directions so proposed on or before 1 September 2024. The proposed regulation will be known as “Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2024”. ### MCA notifies IEPF Amendment Rules, 2024 The Ministry of Corporate Affairs (MCA), via Notification No. G.S.R. 414(E) has notified the Investor Education and Protection Fund (IEPF) Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2024. ### MCA allows multiple KYC updates throughout the year for Directors by paying fees The Ministry of The Ministry of Corporate Affairs (MCA) vide its notification has inserted a proviso in Rule 12A of Companies (Appointment and Qualification of Directors) Rules, 2014, by inserting Companies (Appointment and Qualification of Directors) (Amendment) Rules, 2024 with effect from 1 August 2024. ### India Strengthens Transparency on Company Ownership: MCA Updates SBO Disclosure Requirements The Ministry of Corporate Affairs (MCA) issued a new notification, amending the Companies (Significant Beneficial Owners) Rules, 2018 and amending the Companies (Management and Administration) Rules, 2014. This significant update introduces changes, particularly in the filing requirements for Form No. MGT-6. This significant update and introduces crucial changes, particularly in the filing requirements for Form No. BEN-2 and MGT-6. ### MCA enforces enhanced disclosures on dues pending to MSMEs The Ministry of Corporate Affairs (MCA), vide notification dated 15 July 2024, has amended the Specified Companies (Furnishing of information about payment to Micro and Small Enterprise suppliers) Order, 2019 (the Order) by adding a proviso. The proviso clarifies that only "Specified Companies" that have outstanding payments to any Micro or Small Enterprise supplier for more than 45 days from the date of acceptance or deemed acceptance of goods or services under Section 9 of the Micro, Small and Medium Enterprises Development Act, 2006 (the MSME Act) are required to furnish information in the prescribed form (previously MSME-1). The Order also mandates the use of a new form, replacing the existing MSME-1 for such filings. ### Gist of Circulars issued by CBIC on 11 July 2024 The Central Board of Indirect Taxes and Customs (CBIC) has released few more circulars on 11 July 2024. These circulars are in line with the decisions taken during the 53rd GST Council meeting held on 22 June 2024. The primary objective behind these circulars is to provide clarity on recommendations put forth during the council meeting and are majorly beneficial to the taxpayers. ### Important Update from MCA on V2 to V3 migration In continuation to the Ministry of Corporate Affairs (MCA) endeavors of implementing the launch of a new set of forms on the MCA V3 portal, MCA is set to launch a third set of Company Forms covering nine e-forms on 15 July 2024 at 12:00 AM. ### Key Highlights of GST Notification and Clarification Circulars in June 2024 The GSTN (Goods and Services Tax Network) Team issued an update on the GST Portal on 16 May 2024, stating that the facility of Form GST SRM-I, pertaining to details of registration and disposal of machines, has been made available for filing of information by Pan Masala and Tobacco taxpayers and Form GST SRM-II, pertaining to inputs and outputs produced and consumed for a month, will also be made available shortly. Adding to the above, the GSTN team issued an update on 7 June 2024, intimating that the facility of Form GST SRM-II is also available on the portal. ### Gist of Circulars issued by CBIC on 26 June 2024 The GST regime, implemented in 2017, marked a pivotal shift in India's indirect tax structure, aiming to simplify tax compliance and unify markets across states. However, over time, the complexities inherent in such a vast taxation system have necessitated periodic revisions and clarifications to address ambiguities and operational challenges faced by businesses and tax authorities. ### Highlights of the 53rd GST Council Meeting The GST Council met after a gap of almost eight months, this being the first one after the new government came into power. Several significant changes and clarifications have been recommended, aiming to strengthen the GST systems and processes, reduce litigation, and provide relief to taxpayers on multiple issues. ### FTA issues Public Clarification on Director, Manpower and Visa Facilitation Services The Federal Tax Authority (FTA) recently issued two Public Clarifications under UAE VAT law that discuss the VAT treatment. ### Key Highlights of GST Notification and Clarification Circulars in May 2024 The Central Board of Indirect Taxes and Customs (CBIC) amended Notification no. 02/2017-Central Tax dated 19 June 2017 by substituting the territorial jurisdiction of Principal Commissioner/Commissioner of Central Tax of Alwar, Jaipur, Jodhpur and Udaipur in the state of Rajasthan in the exercise of power conferred under the Central Goods and Services Tax (CGST) Act, 2017 and the Integrated Goods and Services Tax (IGST) Act, 2017. ### Synopsis of the new Corporate Tax Guide for Free Zone Person On 9 December 2022, the UAE Ministry of Finance (MoF) released the UAE Corporate Tax (CT) law, which is applicable from the financial year commencing on or after 1 June 2023. Under the CT law, a Free Zone Person is considered a taxable person. However, a Qualifying Free Zone Person (QFZP) is eligible for a 0% CT rate if it fulfills specified conditions, which inter-alia include: Maintains adequate substance in the Free Zone Derives Qualifying Income Has not elected to be subject to CT Transacts with related parties at Arm's Length Price (ALP) Conducts audit of its books of accounts Meets de minimis requirements. Furthermore, Cabinet Decision No. 100 of 2023 and Ministerial Decision No. 265 of 2023 were issued, clarifying various aspects, including coverage of Qualifying Income. While this guidance was available, there were still certain open areas and questions that needed clarification to determine the taxability of Free Zone Companies. In view of the same, on 20 May 2024, the Federal Tax Authority (FTA) issued a comprehensive CT Guide on Free Zone Persons, addressing some of the important issues. ### FTA announces mandatory UAE Pass-based login on the EmaraTax portal from September 2024 Following recent updates to the EmaraTax portal, the Federal Tax Authority (FTA) has introduced the option to sign up/login to the EmaraTax account via UAE Pass, the national digital identity for all citizens, residents, and visitors in the United Arab Emirates. ### Key Highlights of GST Notification and Clarification Circulars in April 2024 The Central Board of Indirect Taxes and Customs (CBIC) has exempted four taxable persons with specified GSTINs from payment of interest on late filing of GSTR-3B for specified months, subject to there being sufficient balance in their electronic cash ledger or electronic credit ledger, or them depositing the required amount through challan. The same is on account of the inability of said persons to file the return due to a technical glitch on the portal. ### Key Highlights of GST Notifications and Clarification Circulars March 2024 The Central Board of Indirect Taxes and Customs (CBIC) has issued Guidelines for CGST field formations in maintaining ease of doing business while engaging in investigation with regular taxpayers. The Instruction incorporates aspects related to tax investigation, summons and searches to rectify the simplicity of business procedure. ### CBIC's guidance on 'investigations' to CGST field formations for maintaining ease of doing business The Central Board of Indirect Taxes and Customs (CBIC) has issued guidelines [Instruction No. 01/2023-24-GST (Inv.)] for CGST field formations to follow uniform procedures while conducting investigations involving regular taxpayers. The guidelines aim to strike a balance between enforcement activities and maintaining the ease of doing business. ### SEBI Eases Compliance Requirements for Alternative Investment Funds (AIFs) In a bid to increase trust in the Alternative Investment Fund (AIF) ecosystem while providing flexibility, the Securities and Exchange Board of India (SEBI) approved certain amendments to the SEBI AIF Regulations, 2012, at its meeting held on 15 March 2024. ### SEBI Eases Compliance Requirements for Listed Companies In order to facilitate ease of doing business for listed entities, the Securities and Exchange Board of India (SEBI), at its meeting held on 15 March 2024, has approved certain amendments to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. ### Government notifies policy to promote e-vehicle manufacturing; Slashes customs duty on initial imports The Ministry of Heavy Industries (MHI), notified the “Scheme to Promote Manufacturing of Electric Passenger Cars in India” with the aim to attract investments from global EV manufacturers and promote India as a global manufacturing destination for e-vehicles. This Scheme will be valid for a period of five years or as notified by the Indian government. Some of the key highlights of the said Scheme are as follows: A minimum investment of INR 41.50 billion (USD 500 million) for manufacturing electric passenger cars. There will be no cap on maximum investment. The manufacturing facility(ies) shall be made operational within three years from the date of issuance of the approval letter by the MHI. The applicant shall achieve a Minimum Domestic value addition (DVA) of 25% by the 3rd year and 50% by the 5th year. ### Central Government revises minimum thresholds for exemption from combination regulations The Ministry of Corporate Affairs (MCA) w.e.f. 7 March 2024 has notified revised thresholds to claim exemption from combination regulations under the Competition Act, 2002 (the Act). ### OECD’s Releases Report on Pillar One Amount B The Organization for EconomicCo-operation and Development (OECD) Inclusive Framework released the report on Pillar One's Amount B1, marking a significant milestone in international tax reform efforts. This comprehensive document captures the collective feedback garnered from a broad spectrum of stakeholders during extensive consultations. The aim is to simplify tax compliance for businesses and enable tax authorities to dedicate more resources to complex issues, thereby improving the efficiency and effectiveness of tax administration globally. ### Key Highlights of GST Notifications and Clarification Circulars February 2024 The Central Board of Indirect Taxes and Customs (CBIC) had notified the “Public Tech Platform for Frictionless Credit” as the system with which information may be shared by the common portal in accordance with Section 158A of CGST Act, which allows the common portal to share various taxpayer information such as registration details, outward and inward supplies disclosed in GSTR-1, GSTR-3B, Annual Return filed in GSTR-9, etc. with the consent of the supplier or recipient, as the case may be. ### Reconciliation between disclosed income and third-party information through 'on-screen functionality' The Central Board of Direct Taxes (CBDT), via its press release under the e-Verification Scheme-2021, implemented an "on-screen functionality" to reconcile the discrepancies identified between the information received from third parties and the information filed by the taxpayers in the return of income. The on-screen functionality is available on the compliance portal on the e-filling website. ### UAE provides timelines for making an application for Corporate Tax Registration The UAE Corporate Tax (CT) law has been made applicable with effect from the financial year beginning on or after 1 June 2023. One of the important requirements of UAE CT Law was obtaining a CT Registration number. Based on an earlier FAQ issued by the Ministry of Finance, it was provided that companies can register before they file their first tax return. However, Federal Tax Authorities have issued Federal Tax Authority Decision No 3. of 2024, specifying timelines for making an application for CT Registration, which will be effective from 1 March 2024. ### Limited Liability Partnership (Significant Beneficial Owners) Rules, 2023 The Ministry of Corporate Affairs vide its Circular No. 01/2024 F.No.17/30/2018 dated 7 February 2024 addresses the relaxation of additional fees and extends the last date of filing of Form LLP BEN-2 and LLP Form No. 4D under the Limited Liability Partnership Act, 2008 read with the Limited Liability Partnership (Significant Beneficial Owners) Rules, 2023. ### Enhanced disclosure requirements during voluntary liquidation The Insolvency and Bankruptcy Board of India (IBBI) notified IBBI (Voluntary Liqudiation Process) (Amendment) Regulation, 2024 (Amendment Regulations) on 31 January 2024. The Amendment Regulations enhance disclosure requirements with respect to voluntary liquidation regulations aimed to streamline the process further. ### Key Highlights of GST Notifications and Clarification Circulars January 2024 The due date for filing Form GSTR-3B for November 2023 has been extended to 10 January 2024 for registered persons whose Principal Place of business is situated in districts of Tirunelveli, Tenkasi, Kanyakumari, Thoothukudi and Virudhunagar in the state of Tamil Nadu. Furthermore, Rules 80(1B) and 80(3B) have been inserted in the CGST Rules, 2017 to extend the due date for filing Forms GSTR-9 and GSTR-9C to 10 January 2024 for registered persons whose principal place of business is in the districts of Chennai, Tiruvallur, Chengalpattu, Kancheepuram, Tirunelveli, Tenkasi, Kanyakumari, Thoothukudi and Virudhunagar in the state of Tamil Nadu. ### Direct Listing of Equity Shares on International Exchange (IFSC - GIFT CITY) The Ministry of Finance has amended Foreign Exchange Management (Non-debt Instruments) Rules, 2019 and notified the ‘Direct Listing of Equity Shares of Companies Incorporated in India on International Exchanges Scheme.’ The Ministry of Corporate Affairs has also notified Companies (Listing of Equity Shares in Permissible Jurisdictions) Rules, 2024. These, together, provide an overarching regulatory framework to enable public Indian companies to issue and list their shares in permitted international exchanges. ### Key Highlights of GST Notifications and Clarification Circulars December 2023 The due date for filing Form GSTR-3B for November 2023 has been extended to 27 December 2023 for a person whose Principal Place of business is situated in districts of Chennai, Tiruvallur, Chengalpattu and Kancheepuram in the state of Tamil Nadu. ### Government eases policy for import of used IT assets from SEZ to DTA, subject to conditions The Directorate General of Foreign Trade (DGFT) has notified the policy for import of "Used IT Assets (Laptops, desktops, monitors, printers)" from the Special Economic Zone (SEZ) to the Domestic Tariff Area (DTA), vide Notification No. 56/2023 dated 1 January 2024. As per the said policy, the import of used IT assets shall be subject to a license for restricted imports, except where they fulfill the below-mentioned criteria: The used IT assets are moved from the SEZ for their further use in DTA operations only; given that there is a minimum usage of two years in the SEZ area and these goods are not older than five years from the date of manufacturing. Where the SEZ unit is closing down its operations and relocating to the DTA, the import of used IT assets from SEZ to DTA is allowed without a license, given that the goods are not older than five years from the date of manufacturing. However, IT assets that have entered the SEZ area in second hand /used/old condition and have been used for less than two years are not covered. The above relaxation from import license shall be applicable given that no exemption from any regulatory requirements [i.e. Compulsory Registration Order (CRO), Wireless Planning & Coordination (WPC), Restriction of Hazardous Substances (RoHS)] was availed at the time of import of these used IT Assets into the SEZ. ### CBDT amends Safe Harbour Rule 10TA and Rule 10TD effective 1 April 2024 The Central Board of Direct Taxes (CBDT) vide Notification dated 19 December 2023 has sought to amend the Safe Harbour rules, specifically Rule 10TA and 10TD of the Income-tax Rules, 1962 (the Rules). These rules may be called the Income-tax (29th Amendment) Rules, 2023, and shall be deemed to have come into force from 1 April 2024. ### Key Highlights of GST Notifications and Clarification Circulars November 2023 The Central Board of Indirect Taxes and Customs (CBIC) has notified special procedure for taxable persons who could not file an appeal against the order passed on or before 31 March 23 under Section 73 or 74 of the CGST Act within three months from communication of said order or within a further period of one month, as the case may be, in accordance with Section 107(1) r.w. Section 107(4) of the CGST Act. ### Government allows 'hybrid working' for SEZ employees until December 2024 The Ministry of Commerce and Industry has notified an amendment to Rule 43A of the Special Economic Zone (SEZ) Rules 2006 by which a SEZ unit may, as per its requirements, permit specified employees to work from any place outside the SEZ under the ‘hybrid work’ model. The said permission shall be applicable up to 31 December 2024. ### Key Changes in Determining Qualifying Income of a Qualifying Free Zone Person Cabinet Decision No.100 and Ministerial Decision No.265 of 2023 Another development in the UAE Corporate Tax (UAE CT) framework comes pursuant to the public consultation paper released by the UAE Ministry of Finance (MoF) on 19 July 2023 for the classification of Qualifying Activities and excluded activities. The MoF has repealed the decisions issued earlier for determining the Qualifying Income (QI) of a Qualifying Free Zone Person and defining Qualifying Activities and Excluded Activities. The same is now replaced with new decisions that give additional clarity on a few aspects and introduce some new benefits for the taxpayers, especially with respect to the exploitation of Intellectual Property Rights and trading in Qualified Commodities. ### Key Highlights of GST Notification and Clarification Circulars in October 2023 The Central Board of Indirect Taxes and Customs (CBIC) has amended the CGST Rules, 2017. The key amendments include the addition of Rule 28(2), which specifies the value of supply of services between related persons by way of providing a corporate guarantee to any banking company or financial institution as 1% of the amount of such guarantee offered, or the actual consideration, whichever is higher. Further amendments are made in Forms GST REG-01, GST REG-08, GSTR-8, GST PCT-01 and GST DRC-22. ### Supreme Court refused to reconsider the position of tax dues under IBC In its recent judgment, the Supreme Court rejected a review petition that sought to hold that the tax dues are not at par with secured creditors and will not find priority in the waterfall mechanism under Section 53 of the Insolvency & Bankruptcy Code, 2016 (IBC or Code). ### MCA notifies changes impacting beneficial ownership and dematerialization rules The Ministry of Corporate Affairs (MCA) notified certain amendments to rules by separate notifications dated 27 October 2023. ### Supreme Court rules on interpretation of the MFN clause in tax treaties In a seminal judgment, the Division Bench of the Supreme Court ruled in favor of the Revenue in a protracted and contentious dispute concerning the Most Favored Nation (MFN) clause in the tax treaties. This decision marks a significant departure from the established legal precedent. Its consequences are anticipated to reverberate extensively throughout the realm of international taxation, especially concerning the interpretation of the Double Taxation Avoidance Agreements (DTAA) and the protocols concerning DTAA. ### Highlights of the 52nd GST Council Meeting In its 52nd meeting, the GST Council has provided recommendations on some long pending contentious issues, including the taxability of personal guarantee provided by Directors to the bank or corporate guarantee provided for related persons. The Council has also recommended a few measures for trade facilitation and measures relating to GST law and procedures compliances. ### Key Highlights of GST Notification and Clarification Circulars in September 2023 The Central Board of Indirect Taxes and Customs (CBIC) has notified amendments to the CGST Rules through Central Goods and Services Tax (Third Amendment) Rules, 2023. ### Online filing of Form 10F by non-resident without PAN Under the Indian domestic tax laws, the non-residents availing benefits of a tax treaty are required to furnish a Tax Residency Certificate (TRC), along with a self-certified Form 10F (where certain specific information like Status, Nationality, Tax Identification Number, Period of TRC, Address, etc. is not available on TRC issued by resident country tax authority). ### CBDT notifies final valuation rules for Angel Tax provisions The Finance Act, 2023 extended the applicability of Section 56(2)(viib) of the Income-tax Act, 1961 (the Act) even to the consideration received from non-residents in excess of Fair Market Value (FMV) for issuance of shares of unlisted companies. This is commonly referred to as ‘Angel Tax.’ ### Federal Tax Authority announces application of RCM on electronic devices among registrants for VAT purposes The Federal Tax Authority (FTA) has issued Cabinet Decision No. 91 of 2023, effective from 29 October 2023, which introduces a special Reverse Charge Mechanism (RCM) to the local supply of electronic devices. ### Highlights of CBDT's 4th and 5th Annual Report on APA Program The Advance Pricing Agreement (APA) program has been proven to be an effective tool for dispute resolution since its inception in 2012 in India. The 4th Annual Report encapsulating FYs 2019-20, 2020-21 and 2021-22 and 5th Annual Report which was released within a span of three days encapsulating FY 2022-23 clearly highlights the progress made by the Central Board of Direct Taxes (CBDT) in entering into the APAs. The last annual report was issued in November 2019, covering the statistics till FY 2018-19. ### An Overview of Small Business Relief under Corporate Tax in UAE The Federal Tax Authority (FTA) recently issued a detailed Corporate Tax Guide on Small Business Relief (SBR). ### Key Highlights of GST Notification and Clarification Circulars in August 2023 With effect from 1 October 2023, Electronic Commerce Operators (ECOs) will be required to follow the following special procedure in respect of supply of goods made through them by unregistered persons covered under Notification 34/2023 – Central Tax dated 31 July 2023 and composition taxpayers ### Extension of Applicability of Safe Harbour Rules to AY 2023-24 The Central Board of Direct Taxes (CBDT) vide Notification1 dated 9 August 2023 has extended the applicability of the Safe Harbour Rules under Rule 10TD of the Income-tax Rules, 1962 (the Rules) to Assessment Year (AY) 2023-24. ### Updates in Executive Regulations related to Tax Procedures Law Cabinet Decision No. (74) of 2023 on the Executive Regulation of Federal Decree-Law No. (28) of 2022 on Tax Procedures (New Executive Regulation) was issued, which revoked Cabinet Decision No. (36) of 2017 on the Executive Regulation of Federal Law No. (7) of 2017 on Tax Procedures and its amendments (Old Executive Regulation). The New Executive Regulation is effective from 1 August 2023. ### Bombay High Court validates that Section 153 prevails over Section 144C for time limit for passing Final Assessment Order Shelf Drilling Group companies had filed writ petitions1 with the Bombay High Court (HC), pleading that the limitation under Section 153(3) of the Income Tax Act, 1961 (the Act) read with the notifications for relaxations issued had expired on 30 September 2021. Therefore, no final assessment order could be passed as the proceedings were time-barred, and in view thereof, the Return of Income as filed should be accepted. ### Key Highlights of GST Notification and Clarification Circulars in July 2023 The date of exercising the option by Goods Transport Agencies (GTAs) to pay GST under forward charge is amended to 1 January to 31 March of the preceding financial year instead of the prior timeline of 1 January to 15 March. Furthermore, GTAs shall not be required to file a declaration for paying GST under the forward charge mechanism as it shall be deemed to have been exercised for the next and future financial years unless the GTA files a declaration in Annexure VI to revert under the reverse charge mechanism between 1 January to 31 March of the preceding financial year. ### NCLAT Dispenses Shareholders and Creditors Meeting in a Scheme of Amalgamation In the scheme of amalgamation by Reliance Industries Limited (RIL or Appellant), the Hon’ble National Company Law Appellate Tribunal, New Delhi (NCLAT) set aside the order passed by the National Company Law Tribunal, Mumbai Bench (NCLT) that directed the Appellant to hold the meetings of shareholders and creditors under Section 230(1) of the Companies Act, 2013 (Act). ### Supreme Court Reiterates Overriding Effect of Insolvency and Bankruptcy Code, 2016 The Supreme Court, in its recent judgment, reiterated the overriding effect of the Insolvency and Bankruptcy Code, 2016 (IBC). Further, the Hon’ble Court has also expressly discussed the priority of claims as set out under Section 53 of the Code and stated that the government’s dues placed at least priority therein. ### Gist of Circulars issued by CBIC on 17 July 2023 The Central Board of Indirect Taxes and Customs (CBIC) issued various Circulars on 17 July 2023 to clarify the recommendations made in the 50th GST Council meeting held on 11 July 2023. ### Highlights of the 50th GST Council Meeting The Hon’ble Finance Minister chaired the milestone 50th GST Council meeting in New Delhi. The meeting dealt with long-pressing issues, including the taxability of online gaming, setting up of the Appellate Tribunals, tightening of procedures for registration and claiming of Input Tax Credit (ITC). The Council also recommended a few measures for trade facilitation and streamlining GST compliances. ### Key Highlights of GST Notification and Clarification Circulars in June 2023 The due date for filing Form GSTR-1, GSTR-3B and GSTR-7 for May 2023 has been extended to 30 June 2023 for a person whose Principal Place of business is situated in Manipur. ### High Court quashes tax recovery fastened on the Director of a delinquent company In a recent case, the Hon’ble Bombay High Court quashed the order passed by the Income-tax Authority under Section 179(1) of the Income-tax Act, 1961 (ITA) (the Act) against the Ex-director (petitioner or ex-Director) of the assessee company. The impugned order by the Income-tax department sought to recover the tax payable by the assessee company from the petitioner as per Section 179(1) of the Act. ### SEBI Amends Listing Regulations The Securities and Exchange Board of India (SEBI) has, vide its notification dated 14 June 2023, amended the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations). These amendments shall come into force from 14 July 2023 (Effective Date), unless specified otherwise. ### NCLT confirms that requirements of the Companies Act do not apply on commencement of Voluntary Liquidation In a recent case, the New Delhi Bench of the National Company Law Tribunal (NCLT) accepted the proposition that once the voluntary liquidation is commenced in respect of the Corporate Person, the requirement to perform the Statutory Audit and consequent filing of the Financial Statement and Annual Return with the Registrar does not apply. ### UAE Corporate Tax: ‘Qualifying Income’ Clarified The UAE Corporate Tax (CT) Law has been implemented effective 1 June 2023. The CT law that was first released in December last year has a specific provision for Free zone companies in UAE which seeks to tax the income of Qualifying Free Zone Person (QFZP) ### Key Highlights of GST Notification and Clarification Circulars in May 2023 The Central Board of Indirect Taxes and Customs (CBIC) has reduced the threshold limit of e-invoicing applicability under GST to 50 Million (earlier, it was 100 Million). Now, for every person whose aggregate turnover in any of the previous FY from 2017-18 exceeds 50 Million, then such person is required to generate an e-invoice under GST. ### NCLT Upholds the Delayed Claim of Income Tax Authorities In a recent case1, the Chandigarh Bench of the National Company Law Tribunal (NCLT) upheld the delayed claim submitted by the Income Tax Authorities (the Department) and directed the liquidator to consider the claim of the Department. In the current case, the insolvency resolution process was initiated against Tara Chand Rice Mills Private Limited (Corporate Debtor), and due to the failure of the resolution process, the liquidation process was initiated. This alert summarizes the key aspects of the aforesaid ruling. ### Credit card payments covered under LRS, TCS to apply India has come a long way in liberalizing foreign exchange transactions for its residents. The legal framework for the administration of foreign exchange transactions in India is provided by the Foreign Exchange Management Act, 1999 (FEMA). Earlier, transferring money overseas was a cumbersome procedure involving numerous approvals from the Reserve Bank of India (RBI). However, as India solidified its position in the global markets, open cross-border capital flow became crucial for holistic economic growth. Thus, the RBI introduced LRS for individuals to remit/spend in foreign exchange easily. ### CBDT proposes major changes to valuation Rules in respect of Angel Tax The Union Budget 2023 expanded applicability of Section 56(2)(viib) of the Income-tax Act, 1961 (the Act), commonly referred to as angel tax provisions, regarding the issuance of shares by unlisted companies to non-resident investors. Thus, the provisions of Section 56(2)(viib) of the Act have been widened to cover within its ambit receipt of consideration from any person irrespective of their residential status. The objective was to widen the tax base by rationalizing the tax provisions and eliminating tax avoidance by non-residents. ### MCA seeks to Expedite the Merger Process for certain companies The Ministry of Corporate Affairs (MCA) notified the Companies (Compromises, Arrangement and Amalgamations) Amendment Rules, 2023 (Amendment Rules), being effective from 15 June 2023. The Amendment Rules seek to modify the process governing the merger of a certain class of companies popularly known as ‘fast-track merger’. ### Hyderabad ITAT upholds applicability of Section 56(2)(viia) on receipt of shares in scheme of amalgamation In a recent case, the Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) upheld the applicability of Section 56(2)(viia) of the Income Tax Act (the Act) in the case of receipt of shares by an amalgamated company at less than Fair Market Value (FMV), pursuant to a scheme of amalgamation. ### Economic Principles are relevant while performing Transfer Pricing Analysis of Corporate Guarantee Transactions Macrotech Developers Limited (Known by the brand name ‘Lodha' and hereafter referred to as the ‘taxpayer’) is an Indian company engaged in the business of building and developing residential and commercial properties. During the years under consideration (AY 2017-18 and AY 2018-19), the taxpayer had entered into international transactions with its Associated Enterprise (AE) based in Mauritius. During AY 2013-14, the AE raised funds by issuing bonds for its business purpose. The taxpayer along with a few other group companies provided corporate guarantees to the AE towards issuing such bonds. However, no guarantee commission was charged from the AE in lieu of such a guarantee. The Assessing Officer (AO) referred the matter to the Transfer Pricing Officer (TPO) for the determination of Arm's Length Price (ALP). ### Key Highlights of GST Notification and Clarification Circulars in April 2023 The taxpayer whose aggregate turnover is INR 1 billion or more is required to generate IRN at the E-Invoice portal for all the eligible document type such as Invoice/Debit Note/Credit Note within seven days from the date of issuance of invoice. The same is not applicable to debit/credit notes. ### Gujarat High Court seeks to settle stamp duty conundrum on the scheme of amalgamation Recently Gujarat High Court has passed an order in the matter of Chief Controlling Revenue Authority v Costal Gujarat Power Limited and others (Civil Appeal No. 6054 of 2015) (said Order). The said Order seeks to provide better clarity on several aspects of stamp duty payable under the Gujarat Stamp Act (GSA) on the order approving the scheme of amalgamation between the companies. The said Order was passed in eight connect matters under the composite scheme of amalgamation. The appeal emanated from the order passed by the Revenue Authority levying stamp duty on the composite scheme of amalgamation along with interest and penalty. ### DDT vs DTAA 'tax-rate controversy'- Mumbai Tribunal Special Bench ruling The taxation of dividends underwent a change when in Finance Act 2020, dividends were made taxable in the hands of shareholders. Prior to this, since 1997, the dividend-paying company had to pay the Dividend Distribution tax (DDT). A question arose where dividends were distributed to non-residents whether the DDT rate had to be restricted to the rate of tax on dividends as specified in tax treaties. ### Apex Court holds selection of comparable companies as 'substantial question of law' The landscape of Transfer Pricing litigation delves around matters that are more or less factual, viz. selection of most appropriate method, choice of comparable companies, aggregation of international transactions, etc. Among the various issues cited, one of the most common litigative issues is the selection of comparable companies. It is pertinent to note that the selection of comparable companies is a dynamic and statistical process (conducting a search, including the application of quantitative and qualitative filters) that requires judgment, and the same cannot be bracketed as a formula that would yield the same results every time it is run or processed as the qualitative aspect is more subjective in nature. ### MCA sets up C-PACE to speed up closure of companies In March 2023, the Ministry of Corporate Affairs (MCA) established the Center for Processing Accelerated Corporate Exit (C-PACE) at the Indian Institute of Corporate Affairs, Gurgaon, Haryana. The objective of establishing C-PACE is to facilitate and speed up the removal of the names of companies from the Register of Companies, also known as Fast Track Exit, thereby providing ease to companies that are closing their business. ### Advisory on generation of E-invoices The Indian Government has recently issued an advisory to impose restrictions on reporting of invoices on the Invoice Registration Portal (IRP) to ensure timely compliance. ### Gist of Notifications issued by CBIC on 31 March 2023 In its 49th meeting, the GST Council recommended various amnesty schemes to regularize the pending compliances. To give effect to those, the Central Board of Indirect Taxes and Customs (CBIC) has issued some notifications. ### Reassessment notices - Individuals / NRIs - Track your Tax Portal! The Central Board of Direct Taxes (CBDT) in India introduced the Faceless Reassessment Scheme by way of a notification in March 2022. This notification aimed to remove the interface between the Assessing officers and taxpayers during reassessment proceedings, thereby replacing it with a Faceless approach. Furthermore, the Scheme proposed to select cases for reassessment through an automated random allocation in accordance with the risk management strategy formulated by CBDT. Following the same, many taxpayers, including Non-Resident Indians (NRIs), have been receiving show-cause notices under the Faceless Reassessment Scheme in respect of income escaping assessment. In the context of NRIs, it has been observed that such notices are often in the context of time deposits and high-value accounts maintained by the NRIs with banks and are issued based on information collected from database available with tax department through reporting of financial transaction by various parties including banks, Registrar and Transfer Agents etc. It has been contended that the income represented in the form of such assets (deposits and accounts) has escaped assessment as the taxpayers have not filed a return of income in India. Therefore, it has been alleged that the source of such time deposits and accounts remains unexplained, and the interest income received remains undisclosed. Accordingly, the show cause notices require the taxpayers to explain why reassessment proceedings should not be initiated in their case by way of issuance of a notice. ### Key Highlights of GST Notifications and Clarification Circulars in March 2023 As recommended in the GST Council’s 49th meeting, with effect from 1 March 2023, 5% GST rate has been notified on Rab, when sold in pre-packaged and labeled, and Nil GST when sold in other than pre-packaged and labeled (02/2023 and 03/2023 dated 28 February 2023). ### Key Amendments to Finance Bill, 2023 Finance Bill, 2023 was presented by the Hon’ble Finance Minister (FM), Nirmala Sitharaman on 1 February 2023. While moving the Bill for approval by the Lok Sabha on 24 March 2023, the FM introduced amendments to Finance Bill 2023. The said ‘Amended Bill’ has been passed by the Lok Sabha on 24 March 2023. The Bill is still awaiting assent from the President. ### Key Highlights of GST Notifications and Clarification Circulars in February 2023 The impact of credit note and their amendments will now be auto-populated in Table 4(A) instead of Table 4(B) of GSTR-3B. If the value of credit notes becomes higher than the sum of invoices and debit notes put together, then the net ITC would become negative, and the taxpayers will be allowed to report negative values in Table-4A. Also, taxpayers can now enter negative values in Table 4D(2) of GSTR-3B. ### Key Highlights of GST Notifications and Clarification Circulars in January 2023 CBIC has assigned the powers of the Superintendent of Central Tax to Additional Assistant Directors in the Directorate General of Goods and Services Tax Intelligence (DGGI), Directorate General of Goods and Services Tax (DGGST), and Directorate General (DG) Audit. ### Assessment on non-existent company dismissed by Delhi High Court The Hon'ble Delhi Court dismissed the appeal in the case of Commissioner of Income Tax (Revenue) vs Sony Mobile Communications India Pvt Ltd (company) on 28 February 2023. The Hon'ble Court quashed the assessment by holding that the assessment order passed in the name of a non-existent company, despite being informed of the amalgamation, was null and void. In doing so, it relied on the decision of the Hon'ble Supreme Court in the case of Maruti Suzuki1 and distinguished the facts of Mahagun Realtors. ### Gist of Notifications issued by CBIC effective from 1 March 2023 An explanation has been added in the principal exemption Notification No. 12/2017 - Central Tax (Rate) dated 28 June 2017, clarifying that any authority, board, or body set up by the Central Government or State Government, including National Testing Agency shall be treated as an educational institution, in respect of services provided by way of conducting entrance examinations for admission to such educational institutions. ### Highlights of the 49th GST Council Meeting The foremost agenda of the 49th GST Council meeting was to discuss the setting up of the Appellate Tribunal and mechanism to curb tax evasion in pan masala, chewing tobacco, and gutkha industry, among other matters for trade facilitation and streamlining GST compliances. The key decisions taken by GST Council in the said meeting are... ### Introduction of Wage Protection System (WPS) by DMCC The Dubai Multi Commodities Centre (DMCC), one of the world’s leading free zones providing a dynamic business environment for companies, has implemented a new Wage Protection System (WPS) as part of its efforts to promote fair and ethical business practices, protect worker rights, and ensure timely payment of wages. WPS is an electronic salary transfer system that allows companies registered in the United Arab Emirates (UAE) to pay employees’ wages via banks or exchanges that are approved and authorized to provide the service. This system, developed by the Central Bank of the UAE (CBUAE), allows the regulator to create a database that records wage payments in the private sector to ensure the timely and full payment of agreed-upon wages. ### NRIs permitted to avail UPI service linked to NRE/NRO accounts The concept of a Unified Payments Interface (UPI) was first introduced in August 2016, which powered multiple bank accounts into a single mobile application (of any participating bank) and merged several banking features, seamless fund routing, and merchant payments under a single system. This system is unique only to India that allows instant real-time settlements to facilitate inter-bank transactions through mobile phones. Any resident Indian with an Indian contact number and bank account could generate a UPI ID and use that UPI ID while transacting from various apps available in the ecosystem. However, NRIs having an international number were excluded from the service of UPI for their NRO (*Non-Resident Ordinary)/ NRE (*Non-Resident External) account. ### Key Highlights of GST Notifications and Clarification Circulars in December 2022 Pursuant to the 48th GST Council meeting held on 17 December 2022, the Central Board of Indirect Taxes and Customs (CBIC) has notified amendments to the CGST Rules, 2017, to facilitate trade and to streamline the compliances. ### The Reserve Bank of India simplifies the reporting in Single Master Form on the FIRMS portal The Reserve Bank of India (RBI) vide its circular RBI/2022-23/160 A.P. (DIR Series) No. 22 dated 4 January 2023 has simplified the reporting of Foreign Direct Investment (FDI) in Single Master Form (SMF) on the Foreign Investment Reporting and Management System (FIRMS) Portal. ### NCLT reiterates that the tax department is a secured creditor Recently, the National Company Law Tribunal (NCLT), Chandigarh Bench has allowed an application filed by the income tax department under Insolvency & Bankruptcy Code, 2016 (IBC) inter alia appealed for directions to Resolution Professional of Recorders & Medicare Systems Pvt. Ltd. (Corporate Debtor), to consider tax department’s claim w.r.t the outstanding amount and other reliefs as deemed fit by the NCLT. The issue involved in this important ruling is summarized in the following paragraphs. ### SEBI amends buyback rules, NCS regulations and introduces governance norms for listed REITs and InvITs In a recent meeting, the Securities and Exchange Board of India (SEBI) approved the gradual phasing out of share buyback through the stock exchange route as it has several limitations. Furthermore, changes are also proposed in buyback through a tender offer route so as to make it more investor friendly. ### Highlights of the 48th GST Council Meeting The foremost agenda of the 48th GST Council meeting was to bring clarity on certain teething issues faced by the trade and industry. The Council has also introduced measures for trade facilitation and streamlining GST compliances. ### Summary of UAE Corporate Tax and Transfer Pricing Law The long wait was finally over on 9 December 2022, when the UAE Federal Tax Authority (FTA) released the final version of the UAE Corporate Tax (CT) law (hereinafter referred to as the law) through Federal Decree-Law No. 47 of 2022. The law is largely based on the public consultation document issued earlier during the year 2022. However, it also contains certain new provisions which inter-alia include General Anti Abuse Rules, Small Business Relief, detailed definition of UAE-sourced income, etc. The CT regime would be effective for the financial year starting on or after 1 June 2023. ### Key Highlights of GST Notifications and Clarification Circulars in November 2022 The Central Government empowered the Competition Commission of India (CCI), established under Section 7(1) of the Competition Act, 2002, to examine the Antiprofiteering measures. ### EmaraTax portal to be launched on 5 December 2022 The Federal Tax Authority (FTA) has recently announced that the "EmaraTax" website will be launched on 5 December 2022. The portal will no longer be accessible from 30 November 2022 due to the migration process. However, the key forms used by importers/exporters will remain accessible during the migration period. ### UAE issues clarifications for taxability of Director Services and changes in VAT law The Federal Tax Authority (FTA) has recently issued two public clarifications under UAE VAT law that discusses the VAT treatment on ### FTA issues changes in Tax Procedure and Executive Regulation under UAE VAT The Federal Tax Authority has made changes to the following legislation relating to UAE VAT ### CBIC issues guidelines on transitional credit verification; Clarifies amendments to IDS refund provisions ### Key Highlights of GST Notification and Clarification Circulars in October 2022 The Central Board of Indirect Taxes and Customs (CBIC) pursuant to the judgment of Hon‘ble Bombay High Court in the matter of Sodexo India Services Pvt Ltd vs Union of India and Others1, have issued captioned instruction. The key highlights of the same are as under: ### Manner of payment of pre-deposit for cases pertaining to Central Excise and Service Tax As directed by the Hon‘ble Bombay High Court in the matter of Sodexo India Services Pvt Ltd vs Union of India and Others1 , the Central Board of Indirect Taxes and Customs (CBIC) has examined the issue regarding the manner of payment of pre-deposit for filing appeals and has issued Instruction no. CBIC-240137/14/2022-Service Tax Section-CBEC dated 28 October 2022, which provides the following: ### Changes in Federal Decree-Law No.8 of 2017 UAE Federal Decree-Law No. 8 of 2017 on VAT (hereinafter referred to as VAT Law) was amended by the Federal Decree-Law No. 18 of 2022 and is to be effective from 1 January 2023. ### eDirham to be replaced with Magnati from 30 October 2022 The Federal Tax Authority (FTA) is in the advanced stages of adevelopment that will impact the payment details provided as part of tax/excise payments. ### Supreme Court favors Revenue for deductibility of delayed contribution to Provident Fund Deductibility of employee‘s contribution to Provident Fund collected by the employer and deposited beyond the due date specified in the relevant statutes but before the filing of the return of income has been a matter of litigation resulting from contrary decisions of various High Courts. While several High Courts have ruled that the delayed contribution shall be allowed as a deduction under Section 43B of the Income-tax Act, 1961 (the Act) so long as the contribution has been made before the filing of the return of income, the Gujarat High Court and Kerala High Court have ruled against it. ### New Regulations on Residential Visa Validity in Free Zones The Federal Authority for Identity, Citizenship, Customs, and Port Security (ICP) has notified a new Residency Visa (RV) rule on 3 October 2022 in regard to its validity period impacting all the Free Zone entities in Dubai. ### RBI’s Latest Circular on Late Submission Fee for Delayed FDI Reporting ### Key Highlights of GST Notifications and Clarification Circulars September 2022 Key amendments to GST Act proposed vide Finance Act 2022 have been notified and are effective from 1 October 2022. ### CCDs characterized as debt not equity ### Major changes under GST Act to be effective from 1 October 2022 To enthrone the efforts of ‘Make in India’ objective along with various changes towards GST procedures and compliances, the amendments to GST Act proposed vide Finance Act, 2022 have been notified and shall be effective from 1 October 2022. ### MCA Modifies Definition of Small Companies under Companies (Specification of Definition details) Amendment Rules, 2022 The Ministry of Corporate Affairs (MCA) has amended Companies (Specification of Definition details) Amendment Rules, 2014 by introducing 'Companies (Specification of Definition details) Amendment Rules, 2022' effective from 15 September 2022. ### IBBI amends the voluntary liquidation process The Insolvency and Bankruptcy Board of India (IBBI) has notified IBBI (Voluntary Liquidation Process) (Second Amendment) Regulations, 2022 (Amendment Regulations), on 16 September 2022. ### Government issues additional guidelines, removing the ambiguity for withholding of tax over benefits and perks provided to business houses The Central Board of Direct Taxes (CBDT) has issued an additional set of guidelines vide Circular no 18 of 2022, exercising the power conferred as per sub-section 2 to Section 194R of the Income-tax Act, 1961 (the Act). The additional guidelines aim to provide clarity on earlier guidelines issued by CBDT vide Circular no. 12 of 2022 dated 16 June 2022 and remove the ambiguities and difficulties faced by the taxpayers on the implementation of the Section. Furthermore, the said Circular also clarifies that the additional guidelines don't impact the taxability of the income in the hands of the recipient of such benefit/perquisite. ### Supreme Court rules that State Government is a secured creditor under IBC In a significant judgment given on 6 September 2022, the Hon'ble Supreme Court held that the State Government is a secured creditor under the Insolvency and Bankruptcy Code, 2016 (IBC). It further reiterated the position that a resolution plan that is not consistent with Section 30(2) of IBC would be invalid and not binding on stakeholders. The issue involved in this far-reaching judgment is summarized in the following paragraphs. ### Dubai Development Authority Mandates the Submission of Financial Statement The Dubai Development Authority (DDA), with effect from 12 August 2022, has enabled its AXS Services Portal for online submission of audited financial accounts electronically by all registered entities. The Free Zone Limited Liability Companies (FZLLCs) and Branch entities registered with DDA are required to submit their most recent Audited Financial Statement along with the summary sheet by or before 31 October 2022. ### MCA introduces The Companies Amendment Rules, 2022 The Ministry of Corporate Affairs (MCA) has amended 'The Companies (Acceptance of Deposits) Rules, 2014,' 'The Companies (Appointment and Qualification of Directors) Rules, 2014,' and 'The Companies (Registration of Charges) Rules, 2014' by introducing 'The Companies (Acceptance of Deposits) Amendment Rules, 2022,' The Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2022;' and 'The Companies (Registration of Charges) Second Amendment Rules, 2022' respectively. All these amendments are effective from 29 August 2022. ### Key Highlights of GST Notifications and Clarification Circulars August 2022 ### Issuance of the Companies (Removal of Names of Companies from the Register of Companies) Second Amendment Rules, 2022 ### RBI notifies new Overseas Direct Investment Regulations ### CBIC issued guidelines on 'Issuance of Summons under Section 70 of the CGST Act, 2017' ### CBIC issued guidelines for ‘Arrest and Bail’ in relation to offences punishable under the CGST Act, 2017 ### Issuance of the Companies (Incorporation) Third Amendment Rules 2022 ### Issuance of the Companies (Accounts) Fourth Amendment Rule, 2022 ### Refund of grossed up tax on non taxable payments ### RBI introduced Liberazation Measures for External Commercial Borrowings ### GIST of Circulars issued by CBIC on 3 August 2022 ### MCA21 Version 3 expected to be rolled out this month ### PAN application integration with LLP incorporation form FiLLiP ### Supreme Court orders States to implement DIN for all communications to assessees under GST ### MCA allows companies to allocate CSR for 'Har Ghar Tiranga' Campaign ### Key Highlights of GST Notifications and Clarification Circulars July 2022 ### Notification No. 17/2022 – Central Tax dated 1 August 2022 ### Supreme Court order to reinstate TRAN facility ### Gist of notifications issued by CBIC effective from 18 July 2022 ### RBI introduces International Trade Settlement in INR to promote growth in global trade ### Gist of circulars issued by CBIC on 6 July 2022 ### Notifications post 47th GST Council Meeting ### Key Highlights of GST Notifications and Clarification Circulars June 2022 ### Highlights from the 47th GST Council Meeting ### CBDT releases Updated Guidance on Mutual Agreement Procedure ### Ministry of Corporate Affairs introduces National Financial Reporting Authority Rules, 2022 ### Government issues guidelines for withholding of tax over benefits and perks provided to business houses ### The Companies (Appointment and Qualification of Directors) Second Amendment Rules, 2022 ### Business Closure- MCA amends rules pertaining to strike-off a company's name ### MCA tightens provisions regarding the appointment of an individual from neighboring countries as a Director in an Indian company ### Key Highlights of GST Notifications and Clarification Circulars May 2022 ### MCA notifies amendments to keep a check on FDI from neighboring countries ### Apex Court's respite to importers: No GST on ocean freight in CIF contracts ### Ministry of Finance, UAE introduces new reporting portal ### Key Highlights of GST Notification and Clarification Circulars in April 2022 ### Key Highlights of GST Notification and Clarification Circulars in March 2022 ### Summary of Public Consultation Document issued for UAE Corporate Tax ### Revised Constitution of Committees addressing taxpayer's grievances from high pitched assessments ### Amendment in the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 ### Maharashtra State Tax Department explains 'Amnesty Scheme' allowing waiver up to 80% of tax arrears ### Supreme Court upholds validity of assessment order passed in the name of amalgamating company post amalgamation taking into consideration factual aspects ### Insolvency and Bankruptcy Board Amends Voluntary Liquidation Process Regulations ### MCA Extends Validity of Exemption Notification Concerning Certain Combinations ### Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Act 2022 (Amnesty Scheme) ### Standard Operating Procedure (SOP) for scrutiny of returns for FY 2017-18 and 2018-19 ### Key Amendments to Finance Bill 2022 at Enactment Stage ### Key Highlights of GST Notification and Clarification Circulars in February 2022 ### Supreme Court Rejects the Special Leave Petition by Apex Laboratories ### Key Highlights of GST Notification and Clarification Circulars in January 2022 ### MCA introduces new FORM CSR-2 for more transparent CSR reporting, mining and analysis of CSR data ### Key Highlights of GST Notification and Clarification Circulars in December 2021 ### CBDT clarifies the legal interpretation of the MFN clause ### UAE Introduces Corporate Income Tax ### OECD releases the latest edition of the Transfer Pricing Guidelines ### UAE VAT Updates: Clarification on Tax Invoices and VAT Tourist Refund Scheme ### UAE VAT Updates: Clarifications Issued ### UAE VAT Updates: VAT benefit extended to three additional free zones, public clarification on VAT treatment of compensation-type payments, eligible goods for profit margin scheme and supply of labor accommodation ### UAE VAT Updates: Currency Exchange Rate published, Taxability of Director Services clarified, Clarification mechanism established and VAT Refund announced ### UAE VAT update: Highlights of the clarifications issued by Federal Tax Authorities during the meeting held on 1 March 2018 ### UAE VAT update ### The United Arab Emirates ### Administrative fees and penalty under VAT ### Online registration for VAT commences in the UAE ### Update on VAT registration rules ### Latest developments on V alue A dded Tax in GCC ### Kingdom of Saudi Arabia (KSA): The VAT impact ### Highlights of the federal law for tax procedures released by UAE’s Ministry of Finance ### GAZT launches public consultation on VAT ### Professional Services Corporate ServicesEntity Set-UpOutsourced Finance & Regulatory ComplianceCompany Secretarial Tax & RegulatoryDirect & Indirect TaxTransfer Pricing & International TaxM&A TaxPrivate Client & Family Office CFO ServicesFinance Controllership SupportFinance Transformation Assurance & Risk AdvisoryInternal Audit & Process ReviewsSOP & Internal Controls Reviews Business AdvisoryTransaction SupportRestructuringDue DiligenceValuations ### Business Services Business Process Services Finance and AccountingCommercial OperationsContract ManagementProcurement OperationsPayroll & HR Support Services 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