India Budget 2018: Implications for International Community

TUESDAY, FEBRUARY 06, 2018

Session I: 9:00 AM - 10:30 AM (IST) / 11:30 PM – 01:00 AM (SGT)

Session II: 9:00 PM - 10:30 PM (IST) / 10:30 AM – 12:00 PM (EST)

INTRODUCTION

Following the overhaul of India’s indirect tax regime in 2017, all eyes are set on India’s Union Budget 2018. The Budget is scheduled to be announced on February 1, 2018. There are significant expectations of changes in taxation, sectoral concessions and several regulatory relaxations to promote foreign investment and overall economic growth of the country including changes to taxation of non-residents and taxation of indirect transfers.

Last year, there have been several developments which impact foreign investments/businesses. For instance, India’s signing of the Multilateral Instrument (“MLI”) in June 2017 represents the dawn of a new era with respect to the taxation of cross-border businesses. The introduction of Thin Capitalization Rules in India, to prevent companies from using a distorted capital structure to benefit from excessive interest deductions, is another step towards broader change. Equally significant, the rollout of the Goods and Service Tax (“GST”) in India from July 1, 2017 has altered the indirect tax landscape in the country. The GST has eliminated the system of cascading taxes that existed previously, while at the same time, it has also substantially increased compliance costs for entities doing business in India. GST has also introduced new rules for the taxation of the digital economy, which operate parallel to the Equalization Levy. We have also witnessed several key rulings under the new Insolvency and Bankruptcy Code (“IBC”) in 2017. Importantly, the Central Board of Direct Taxes (“CBDT”) clarified that a company undergoing insolvency resolution under the IBC be allowed to reduce its book profit to the extent of accumulated loss carried forward, for the purposes of calculation of Minimum Alternate Tax.

We cordially invite you to be a part of our webinar on February 5, 2018 where we will discuss the implications of the changes announced in the Budget 2018 and these recent developments.

Focus Area

  • Impact of Budget 2018 on foreign business and on private equity investors

  • Impact of the MLI on structuring future investments into India

  • Impact of new TISPRO and layering rules on transactions and structures

  • Potential GAAR risks on India focused structures

Flow of the session

SESSION I 

 

9:00 AM TO 10:00 AM (IST):

Panel Discussion

10:00 AM TO 10:30 AM (IST):

Q&A

SESSION II

 

9:00 PM TO 10:00 PM (IST):

Panel Discussion

10:00 PM TO 10:30 PM (IST):

Q&A

Speakers

RAJESH SIMHAN

Leader – International Tax Practice, Nishith Desai Associates

Rajesh Simhan heads the international tax practice at Nishith Desai Associates. He primarily advises clients on complex cross-border tax and corporate structuring transactions. He also has extensive tax litigation experience and has advised / represented clients at various levels, including the High Court and Supreme Court of India. He has also acted and advised on several cross-border mergers and acquisitions and has significant experience on private equity investments. Prior to joining Nishith Desai Associates, he has also extensive experience working with a Big 4 accounting firm. He is often quoted in leading international publications and is also a regular speaker at various conferences, both in India and abroad.

Rajesh has graduated from the National Law School of India University, Bangalore. He has also done his LL.M in Taxation from the Georgetown University Law Center, Washington D.C.

NISHCHAL JOSHIPURA

Leader, Private Equity and M&A

Nishchal is a lawyer, Chartered Accountant and MBA. He has led several high profile M&A and Private Equity deals and set up multiple offshore and domestic India focussed funds. He specializes in legal and tax structuring of complex cross-border transactions.

He also advises major MNCs on Corporate & Securities laws, Transfer Pricing, International Taxation, Globalization, Structuring of Inbound/ Outbound Investments, Taxation of E-Commerce and Exchange Control Laws.

He has been “Highly Recommended” by various legal directories for legal and tax advice on M&A, Private Equity and Investment Funds. He has recently been nominated as a “Young Achiever” at the Legal Era Awards 2015 based on industry research, reviews, rating and surveys conducted by Legal Era.

MANSI SETH

Leader - US Practice and International Tax Practice, Nishith Desai Associates

Mansi Seth heads the International Tax practice and the US practice of Nishith Desai Associates. She advises clients with respect to cross border PE/VC investments and M&A transactions. She also advises clients on structuring India-focused offshore and domestic private equity, venture capital and hedge funds.

Mansi is qualified to practice law in India and New York and received her Master of Laws degree in Taxation from Georgetown University in Washington DC. She regularly presents in international conferences and has been the recipient of the Tax Section scholarship of the International Bar Association.

ASHISH SODHANI

Senior Member, International Tax Practice, Nishith Desai Associates

Ashish Sodhani is a senior member of the International Tax Practice at Nishith Desai Associates. Ashish focuses on cross border tax and corporate structuring transactions including tax litigation. He has been involved in issues relating to applicability of Minimum Alternate Tax on foreign investors before the High Court and has represented clients before various forum’s including Tribunals, various High Courts and Supreme Court of India in relation to disputes on international tax. He, regularly writes articles which are published in international leading publications.

Ashish holds a Bachelor’s degree in law from Government Law College, Mumbai.