Kreston OPR Advisors have announced Darshil Surana with Kreston OPR as a new network partner in India. He will be responsible for growing the Technology Solutions within the Group. He shall have the additional responsibility of managing the Ahmedabad Branch.
Ahmedabad-Gujarat: ‘The city has seen growing importance at national and international levels and is one of the fastest-growing cities. We were looking for a senior resource to help us grow the Ahmedabad Office and Practice. We are so excited to have CA Darshil Surana on board.‘
To contact Vineet or Ruchi at Kreston OPR Advisors, email them at admin@kopr.co.in
To learn more about doing business in India, click here.
News
Earth Day 2023: Mahendra Rustagi
April 21, 2023
As we approach Earth Day 2023, it’s essential to recognise the significance of sustainability in the business world. With the growing environmental challenges we face, it’s crucial for businesses to incorporate sustainable practices into their operations. In this article, Mahendra Rustagi, CEO of Kreston SNR, shares his insights on how businesses can incorporate sustainability into their financial reporting and tax compliance, the benefits of investing in sustainable initiatives, available tax incentives, and how tax and accounting professionals can help businesses quantify the benefits of sustainable practices.
Mahendra pointed out that Indians have a deep respect and commitment towards the Earth, evident in their tradition of worshipping it as Mother and seeking forgiveness before any construction work. This respect for the environment is something that businesses can learn from and apply to their operations.
The business world is among the most significant emitters of greenhouse gases and other pollutants. How can businesses incorporate sustainability into their financial reporting and tax compliance?
The business/industry is responsible to the extent of about 30% of Total Green House Gases (GHG). So they have a huge responsibility to care for their environment and society in a governed manner.
The efforts of businesses in this direction of sustainability should be incorporated by way of a report which we should form as an integral part of reporting. Like in India, the top 1000 listed companies have been mandated to disclose their data related to sustainability efforts through a report called BRSR (Business Responsibility and Sustainability Report) which is attached to and forms part of financial reporting. This can help to build trust with stakeholders and demonstrate a commitment to sustainability.
Earth Day 2023 theme is ‘Invest in our planet.’ Businesses can profit significantly from a sustainable transition if they invest early on. How do you think businesses will profit – or benefit?
Early investment in sustainability would mean improved energy efficiency, lesser water consumption and less waste reduction resulting in efficient operations and reduced operating costs. All this means higher profitability. Also, improved reputation and brand image and higher valuations, motivated team of employees, loyal customers etc, so one can say the business will benefit hugely in long run.
Businesses which are better on the ESG front can stay ahead of potential future regulations, avoid the financial and reputational risks associated with non-compliance and bring long-term economic benefits. Overall, investing in sustainability early not only benefits the environment but can also bring long-term economic benefits to businesses.
What are some tax incentives available for companies that implement sustainable initiatives, and how can businesses take advantage of them?
In India, the government has not yet started any income tax incentives for sustainable initiatives, however, the government is seriously considering and granting some income tax incentives for use of renewable energy and higher directions on some social spending. The Government of India has introduced a scheme called –Production Linked Incentives (PLI ) where huge incentives are provided to a certain class of environment-friendly products manufacturing linked to production. For example, Producers of Electrolysers are being given huge incentives to manufacture Electrolysers for the production of Green Hydrogen. Also, there are incentives for Green Sustainable Buildings and Energy Efficiency through the Bureau of Energy Efficiency (BEE).
Globally, there are several tax incentives available for companies that implement sustainable initiatives. These include tax credits for investments in renewable energy, tax deductions for expenditures related to environmental protection, and accelerated depreciation for certain environmentally friendly assets. Some countries also offer tax incentives for green buildings or for companies that reduce their carbon emissions. To take advantage of these incentives, businesses can consult with tax experts to identify the specific incentives that apply to their sustainable initiatives and ensure that they comply with the applicable regulations. They can also ensure that their financial reporting accurately reflects the impact of their sustainable initiatives, which can further demonstrate their commitment to sustainability and potentially attract socially responsible investors.
How can sustainable practices positively impact a company’s bottom line, and how can tax and accounting professionals help businesses quantify these benefits in their financial statements?
Implementing sustainable practices can positively impact a company’s bottom line in several ways. For instance, it can help reduce operating costs by improving energy and resource efficiency, optimising supply chains, and reducing waste. Sustainable practices can also increase revenue by improving customer loyalty, attracting socially responsible investors, and accessing new markets. Sustainable business practices lead to an enhanced reputation, being more attractive to staff and business partners who value environmentally sustainable practices, and attracting new customers who are seeking environmentally friendly products and services. Relationship between sustainability management practices and business financial measures as higher return on investment (ROI) and sales growth have already been proven.
Tax and accounting professionals can help businesses quantify these benefits in their financial statements by identifying the relevant tax incentives and credits available for sustainable initiatives, accurately reflecting the impact of sustainable practices on the company’s financial performance, and guiding compliance with applicable regulations.
Tax and Accounting professionals can also make the businesses understand the return on investment (ROI)on their sustainable Investments by quantifying the benefits through categorisation and a scoring model for each SDG component which would help them to make informed decisions about future investments in sustainability.
In conclusion, Mahendra’s insights inform us that businesses have a significant role to play in addressing environmental challenges, and they can do so by incorporating sustainability into their financial reporting and tax compliance. By investing in sustainable initiatives early on, businesses can not only benefit financially but also enhance their reputation and attract socially responsible investors. Tax and accounting professionals can assist businesses in identifying tax incentives, accurately reflecting the impact of sustainable practices on financial performance, and guiding compliance with regulations. As we celebrate Earth Day 2023, let us all take a moment to reflect on the impact of our actions on the planet and work towards a sustainable future.
Global vacancies
Times of India Press Road, Shyamal Cross Road, Ambavadi
Yiwen Ping is a Senior Manager of Zhonghui China, one of the Top 4 tax agents in China for years. Yiwen Ping holds an MSc in Accounting and Finance from the University of Manchester. With 13 years of experience, Yiwen Ping is a tax consultant with focus on transfer pricing and is an expert in contemporaneous documentation, related party declarations, CbC reporting, multinational corporation profit monitoring, transfer pricing planning, value chain transformation, transfer pricing dispute coordination, and related services. Her clients are mostly listed companies, SOE groups and WFOEs which cover several industries, such as precision manufacturing, commodities, wholesale and retail trade, medical and biopharmaceutical, real estate, IT, and E-commerce.
Susan Li
CEO of International Business Department, Brighture, China
Susan Li is a highly experienced solicitor and barrister with a wealth of legal expertise in China and Australia. Susan is also a member of several law societies and associations, including the ACLA, Qingdao Law Society of Shandong, and Queensland Law Society. A native speaker of Chinese Mandarin and highly fluent in English, Susan’s experience includes working as a legal and public affairs director for a US Fortune 500 company in South East Asia and Greater China, as well as serving as a senior partner and administrative board chairman at Beijing Jingsh Law Firm. She is currently serving as an International Business CEO at Brighture Tax and Accounting.
Investing in China
R&D tax incentives and policy to support investing in post-Covid China during 2023 are now significantly more appealing to inward investors than in the previous two years. The recent growth target of around 5% is considered cautious by economists given the stronger-than-expected economic activity in 2022.
Despite this cautious tone, many economists have been revising up their estimates for China’s GDP growth in 2023, with some predicting rates as high as 5.8%. This makes it an attractive proposition for investment, however, Kreston Global research also revealed that the Chinese market developed the most outwardly-investing global entrepreneurs or “interpreneurs” than other countries that were surveyed.
Kreston Global experts Yiwen Ping from Zhonghou CPAs and Susan Li from Brighture share their predictions for investment trends in the future, with a focus on balancing revenue and earnings growth with policy alignment and shed some light on this ambitious market and how foreign investors can get involved.
How has the Chinese economy changed in the last 12 months?
Yiwen:On March 5, 2023, Chinese Premier Li Keqiang pointed out in the government work report that in 2022, China’s annual GDP grows by 3%, and in 2023, the expected target is to grow by about 5%. This should be a moderate number since China’s epidemic prevention and control has entered the normalized prevention and control stage of “Class B and B pipe”.
Susan: In terms of the main economic structure, China is standing at the beginning of a new cycle. This is a new era, a new cycle, Total GDP is rapidly narrowing the gap with the largest economy, and per capita GDP is close to the threshold for high-income countries. The proportion of new infrastructure construction and new energy sources in the economic structure has increased significantly increasing investment in innovation and research and development. The era of real estate development has ended, and a new model needs to be solved. The urbanisation rate exceeded 65% and began to slow. After solving the problem of food and clothing, the people began to pursue a better life and realise their self-value. The ageing of the population with fewer children is accelerating. The economic growth has shifted from demographic dividend and investment-driven to total factor productivity and innovation-driven and is benefiting from the continuous consolidation of its position as a global trade power.
What investment opportunities have been attracting new business into China?
Yiwen:On February 27, China’s State Council issued the “Overall Layout Plan for the Construction of Digital China“, which proposed that by 2025, a horizontal integration, vertical connection, coordination and strong integration promotion pattern will be basically formed, including efficient connection of digital infrastructure, accelerated improvement of the scale and quality of data resources, effective release of the value of data elements, and substantial enhancement of the quality and benefits of the development of the digital economy.
Susan:There are some very important opportunities, such as China being carbon neutral by 2060, and achieving this goal creates huge opportunities in the energy transition into a structurally fast-growing industry. If China’s GDP growth is likely to be moderate, there will be many sectors or investment categories that will grow several times that figure. Whether it’s around new energy vehicles, green infrastructure, electric vehicle battery components, or the supply chain layout, you will see a lot of structural growth over the next few decades.
Which industries in China are seeing growth?
Susan: Science and technology industry, artificial intelligence industry, and new energy industry
Yiwen:Our new customers are mainly from the semiconductor materials industry, the lithium battery materials industry, the supply chain industry and the new consumption field. From the perspective of our clients, in recent years, China and Southeast Asian countries are the most are the most popular investment regions.
What advice are you giving clients to secure growth in the next 12 months?
Yiwen:On March 6, the Financial and Economic Committee of the 14th NPC of China held a plenary meeting and adopted the review report on the draft national economic and social development plan for the year of 2023. We recommend that entrepreneurs carefully study these reports and focus on digitalisation and supply chain areas around key industrial chains such as manufacturing to secure growth.
Susan:Product innovation to obtain product pricing power; ensure sufficient human resources; optimize product supply chain; improve technology content and make full use of artificial intelligence technology.
What new accounting services have clients been requesting?
Susan:Tax compliance and sustainable development.
Yiwen:In recent years, with the rapid expansion of China’s capital market, we have found that transfer pricing and R&D have increasingly become the key points of CSRC’s review. Therefore, among our clients, there is a growing demand for planning and advisory services for transfer pricing and the establishment of R&D system.
What investment trends do you predict for the future?
Susan; In any investment in China, it is very important to balance revenue and earnings growth in the short term, but it is also important to balance it with policy. One characteristic of China is the long-term nature of many policies and the ability of investors to align with them.
Yiwen: Due to the digital focus of the China State Council, It can be seen that the entire technology supply chain, from the supply of equipment and materials in the semiconductor industry chain to the application of software and hardware, will continue to be a hot spot for investment.
Finding a Kreston Global firm in China
If you are expanding into China and would like some investment advice, please get in touch. Yiwen Ping works as a transfer pricing expert and Senior Manager at Zhonghou CPAs, which has 10 offices across China. Yiwen is also a member of the Kreston Global Transfer Pricing Group.
Susan Li is the CEO of the International Business Department at Brighture, with offices in Qingdao and Shanghai, read their regular tax update newsletter here. Susan is also a Regional Tax Director representing Asia on the Kreston Global Tax Group.
Please visit our “Doing Business in China” for general advice on setting up a company in China.
If you would like to find out more about expanding your business into China, fill out the enquiry form below and one of our team will get in touch.
With over 20 years of professional experience in international business and organizational development in France and Thailand, Manuel possesses strong skills in business implementation and has managed operational management as part of an International Transfer Program with one of the world’s largest companies in Thailand and SEA. Additionally, he has experience working with international clients, giving recommendations, and supporting foreign investors in doing business in Thailand. Manuel is an expert in the logistics industry and is qualified in administrative communication, business implementation, business optimization, and safety and security.
Visitor economy gives Thailand a boost
A post-pandemic return to travel means the visitor economy should give Thailand the boost it needs to achieve growth. The economy of Thailand is dependent on exports which accounted in 2019 for about 60% of the country’s GDP. In 2022, the economy was projected to expand by 3.4% vs 3.6% only in 2023, reflecting a faster-than-expected decline in global demand.
But the tourism sector recovery, and private consumption, will remain the major drivers of growth. The recent reopening of China to international travel in January 2023 should give a big boost to the recovery of tourism after the almost blank year in 2021 and a year in 2022 at less than 30% of the pre-pandemic figures.
For 2023, Thailand now expects between 25 and 30 million foreign visitors, meaning about 70% of the pre-pandemic figures.
To speak to our experts in Thailand, please get in touch.
With over 20 years of professional experience in international business and organizational development in France and Thailand, Manuel possesses strong skills in business implementation and has managed operational management as part of an International Transfer Program with one of the world’s largest companies in Thailand and SEA. Additionally, he has experience working with international clients, giving recommendations, and supporting foreign investors in doing business in Thailand. Manuel is an expert in the logistics industry and is qualified in administrative communication, business implementation, business optimization, and safety and security.
Investing in Thailand
Thailand is the 8th largest economy in Asia and the 2nd largest economy in Southeast Asia, according to the World Bank, with a population of 66.1 million, stands at the heart of the ASEAN Economic Community, a 10-nation Southeast Asian common market of 663.9 million consumers.
Thanks to its strategic position in Southeast Asia, Thailand serves as a gateway to other destinations. In addition to its excellent connections with the fast-growing neighbouring CLMV (Cambodia, Laos, Myanmar and Vietnam) countries, the powerhouse economies of nearby China and India are also within easy reach.
Excellent digital connectivity, a highly skilled labour force and an excellent standard of living, plus the Thai government’s, comprehensive policies and investment incentives, including the Foreign Business Act of Thailand make Thailand an attractive prospect for foreign investment.
Thailand has become a hub for Chinese investors due to its geostrategic position in the ASEAN free trade bloc, offering access to China and India. Chinese investments in digital economies, crypto, fintech, blockchain, AI, and healthcare have brought significant funding to Thailand. Moreover, Thailand’s extensive infrastructure connectivity plans, including free trade zones and ASEAN integration, have made it an attractive destination for foreign investment. China’s investments in Thailand offer valuable insights into new opportunities for foreign investors looking to invest in the country.
How has the Thailand economy changed in the last 12 months?
The economy of Thailand is dependent on exports, which in 2019 accounted for about 60% of the country’s GDP. In 2022, the economy was projected to expand by 3.4% vs 3.6% only in 2023, reflecting a faster-than-expected decline in global demand.
But the tourism sector recovery, and private consumption, will remain the major drivers of growth. The recent reopening of China to international travel in January 2023 should give a big boost to the recovery of tourism after very few visitors in 2021 and 2022 at less than 30% of the pre-pandemic figures. For 2023, Thailand now expects between 25 and 30 million foreign visitors, meaning about 70% of the pre-pandemic figures.
What advice are you giving investors to secure growth in the next 12 months?
Thailand has been a consistent recipient of Chinese investment for some time, and its geostrategic position as the heart of the ASEAN free trade bloc, with free trade access also to China and India, has made it a hub for many Chinese investors.
This has manifested itself primarily in the drive to digital economies and is building Thailand up both as a connectivity hub, and as a key node for Asia in new tech. Plenty of money is being both raised and made via Chinese investments into various Thai-based initiatives in crypto, fintech, blockchain, and AI, as well as health care including medical tourism.
This, coupled with extensive infrastructure connectivity plans uniting Thailand to ASEAN, and other export markets, and the development of numerous free trade zones (FTZ) is seeing the country take on a highly competitive global role for foreign investment.
So, following where China has been spending and investing its capital can provide foreign investment clues and reveal new opportunities in recipient countries.
What tax or funding incentives have been attracting new business into the country?
Thailand’s Board of Investment (BOI) is the main government agency responsible for promoting foreign investment in the country, offering incentives, ranging from corporate income tax exemption to import duty exemptions on raw materials on businesses that are 100 per cent foreign-owned. Key investment areas covered by the BOI;
• Agriculture and agricultural products; • Chemicals, paper, and plastics; • Services and public utilities; • Light industry; • Technology and development; • Electronics; • Metal products, machinery, and transport equipment; and • Mining, ceramics, and basic metals.
Also, the government’s recent approval of a capital gains tax waiver for startup investors is expected to drive funding for local startups up to 320 billion baht over four years and create more than 400,000 jobs, says the Digital Council of Thailand (DCT).
By 2026, the measure is expected to increase the funding for startups to reach 320 billion baht and create more than 400,000 jobs either through direct or indirect employment, which would help strengthen the country’s economic system.
Local and foreign corporate venture capital (CVC) funds and foreign private equity trusts (PE trusts) will see income tax waived for profits derived from the sale of shares in local startups. Investors will see income tax waived for profits from the sale of shares in Thai CVC funds and Thai PE trusts, both of which invest in local startups. Startups linked with targeted industries must be certified by designated organizations, such as the National Innovation Agency and National Science and Technology Development Agency.
The income tax waiver incentive lasts until June 2032.
What investment trends do you predict for the future?
Thailand aspires to graduate from an upper middle-income to a high-income country by 2037, along with improved security and inclusive and sustainable development, as outlined in the 20-year national strategy (2018-2037). With its recently introduced Thailand 4.0 vision, the government would like to achieve its 20-year strategy through economic upgrading toward a value-based, innovation-driven economy away from the production of commodities and low value-added manufacturing.
Thailand’s vision will not be achievable without progress towards environmental sustainability and socially inclusive growth benefiting all parts of society and regions.
The Thailand 4.0 plan focuses on ten target industries, which can be divided into two groups. The first group focuses on five existing industrial sectors with the aim to add value through advanced technologies: agriculture and biotechnology; smart electronics; affluent medical and wellness tourism; next-generation automotive; and food for the future. The second group includes five additional growth engines: biofuels and biochemical; digital economy; medical and healthcare; automation and robotics; and aviation and logistics.
Which sectors are doing well and have seen growth?
The industrial and service sectors are the main ones in the Thai gross domestic product, with the former accounting for 39.2% of GDP. Thailand’s agricultural sector produces 8.4% of GDP, lower than the trade and logistics, and communications sectors, which account for 13.4% and 9.8% of GDP respectively. At Kreston GSiA Thailand, we also noted that our clients in the manufacturing and logistics sectors are recovering fast in this post-pandemic period.
Thailand’s global investment market
As a regional economic centre, with all its numerous advantages, it should come as no surprise that Thailand has become the second home for numerous global MNEs, and a supply chain hub for major industries. These foreign investment activities have been enabled by streamlining government legislation, a growing domestic market, and access to resources such as finance and technical knowledge.
If you would like to find out more about setting up a business in Thailand, please get in touch or fill out the enquiry form below and one of the team will contact you.
News
Ganesh Ramaswamy
Partner at K Rangamani and Associates LLP, Global Tax Group Regional Director, Asia Pacific
Ganesh has extensive experience of more than 30 years in providing specialist tax services, particularly to large privately owned groups, with particular strengths in the property, retail, healthcare and hospitality industries. He has supported various entities with specialist advice on tax-effective structures and restructures, cross-border transactions on account of outbound and inbound India investments, mergers, acquisitions and divestments. Ganesh has also worked with stakeholders across businesses to deliver solutions such as tax due diligence, tax consolidation and restructuring of large family businesses in the Middle East, Asia, and Singapore.
Investing in India
Investing in India is a compelling opportunity for “interpreneurs”, looking to tap into a rapidly growing economy that is already in the process of overtaking the UK to become the world’s fifth-largest economy. The Reserve Bank of India and the International Monetary Fund predict a 6.8% growth in the Indian economy for 2023.
India is expected to attract $100 billion of foreign direct investment in 2023 with attractive investment opportunities in sectors such as healthcare, renewable energy, information technology, and real estate. The Indian Government has also put in place an investor-friendly policy, making most sectors open for 100% FDI.
Ganesh Ramaswamy, Partner at K Rangamani and Associates LLP and Global Tax Group Regional Director for Asia Pacific advises clients to transition from being founder-led to implementing professional processes, improve corporate governance standards and devising new business models to secure growth in the next 12 months.
India’s growing economy attracts international business
Recentresearch on global investors highlighted India and China as having entrepreneurs that are the most likely to expand globally. Does the data ring true for you in your international client profile?
Both the Reserve Bank of India and the International Monetary Fund, have forecast a 6.8% growth in the Indian economy for the year 2023. The GDP grew by 8.7% in 2022, which was boosted by the pandemic-induced low base of 2021. India continues to be one of the world’s fastest-growing major economies. Steered by decisive leadership, India is rising to the occasion through a significantly enlarged global profile. India is in the process of setting the pace to become a US$ 10 trillion economy in a decade. Therefore, we believe that this brings about tremendous opportunities for our firm in engaging ourselves in international business in future years.
How has the economy changed in the last 12 months?
The Indian economy seems to be moving on after its encounter with Covid-19, staging almost a full recovery in 2022 and is poised to reach the pre-pandemic growth path in 2023. The capital expenditure incurred by the Indian Government increased by over 60% in 2022, from that of the previous years, which was a significant growth driver of the Indian economy. India’s economic growth in 2022 has been primarily led by private consumption and capital formation. The improved health of the private sector banks, has moved them to a better position to increase the credit supply in the market. Consequently, the credit supply to the SME sector has been remarkably high at over 30% in 2022 when compared to previous years. Various agencies, worldwide, continue to project India as the fastest-growing major economy at 6.5% to 7% in 2023.
Investment opportunities in India
Some of the business opportunities which are currently looking very attractive in India are the following:
Warehousing and inventory management for e-commerce businesses
Mobile wallet payment solutions
Website to App conversion services
Health record digitisation and sharing
Cyberattack prevention services
Which sectors are doing well? Have you seen a growth in clients?
Healthcare. renewable energy, information technology, real estate, fast-moving consumer goods and the automobile sectors are currently doing very well in India. According to the Asian Development Bank, the Indian economy is expected to grow by 8% in the next 5 years. Many experts speculate that the Indian stock market, would progress and expand to be the fifth largest in the world, accounting for high market capitalisation.
Client profile in India
Most of our clients have gone global. As a result, they expect a lot from us to support their business needs. Some of our clients need a 24/7 accessibility service for their financial data from us. Some of them insist that we should have the latest and most advanced security measures to protect their business data against data breach threats. A large number of our clients need us to understand their overall financial position and devise financial strategies that aid their growth. In fact, all of our clients do not want us to be a mere accounting firm, but become a trusted advisor for them.
What advice are you giving clients to secure growth in the next 12 months?
Our firm advises clients to transition from being founder-led to more effectively implementing professional processes, improving corporate governance standards and devising new business models. We constantly remind our clients about the fact that the digitisation of the world economy has brought substantial disruption to existing business models, and therefore, they need to create more value out of their core businesses to build new innovative models to serve their clients in these rapidly changing times.
Investment trends for the future
India is expected to attract US$ 100 billion of foreign direct investment (FDI) in 2023, on the back of economic reforms and ease of doing business in India. In 2022, the total FDI, inclusive of equity, capital and reinvested earnings, rose by more than 10% over the FDI received in the previous year with a CAGR of 6% for the last five years. The Indian Government has put in place an investor-friendly policy, where most sectors except some strategically important sectors are open for 100% FDI.
Finding a Kreston Global firm in India
Please visit our “Doing Business in India” for general advice on setting up a company in India.
If you would like to find out more about setting up a business in India, please get in touch or fill out the enquiry form below and one of the team will contact you.
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