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Banking and Financial Services Tax (BFSI)

Banking and Financial Services Tax (BFSI)

KPMG in India’s BFSI team provides income tax and regulatory services, including tax advisory and assistance in compliance, regulatory advisory, regulatory approval assistance, liaise with regulators, etc. We serve domestic and foreign banks, insurance and reinsurance companies, asset management companies, Non-Banking Finance Companies (NBFCs), stock brokers, primary dealers, pre-paid instrument issuers, Foreign Portfolio Investors (FPIs), etc. 

The BFSI team was set up in the year 2005.Our professionals have extensive experience in providing tax and regulatory advisory services to clients in the banking and financial space.

The KPMG differentiator

Our BFSI practice is focussed on finding opportunities and leveraging them to the advantage of clients through tailored as also innovative approaches. The practice has been built upon complementary components of industry/sector knowledge, multifaceted tools and the ability to deliver services locally and globally. 

The team has extensive experience in providing a wide range of tax and regulatory services to multinational companies in the financial sector. We have senior advisors on board who in the past have worked with regulators, providing valuable perspective.

Our service offerings:

We assist our clients in the following areas:

Corporate tax services

Advisory services

  • Tax advisory around new product launches, capital structuring, repatriation
    options, corporate re-structuring, corporate arrangements, including share
    purchase agreements, shareholders’ agreements, joint venture agreements, etc.  
  • Tax advisory around international transactions, taking into account the relevant tax treaty provisions 
  • Advisory around withholding tax implication on domestic and international
  • Agreement review from a taxation standpoint 
  • Help comply with income-tax due-diligence.

Compliance services

  • Assistance in preparing and filing of annual tax returns 
  • Assisting counsels in matters before the income-tax Appellate authorities
    and courts (High Courts and Supreme Court) 
  • Assistance in obtaining PAN/TAN, computing and monitoring of advance tax
  • Assistance in respect of withholding taxes and filing of withholding tax

Regulatory Services

Advise on matters relating to Company law, Reserve Bank of India, Securities Exchange Board of India, Insurance Regulatory Development Authority, Foreign Direct Investment, FATCA regulations, etc.

  • Assistance in seeking regulatory license/approvals i.e. banking, insurance, NBFCs, mutual fund registrations, etc.
  • Assistance in representation before the regulators
  • Assistance in complying with regulatory due diligence
  • Conducting workshops in respect of new products/significant amendments

Foreign Portfolio Investor Services

We have a dedicated team with vast and varied experience in providing focussed services to FPIs. Our team of professionals have an in-depth knowledge of local laws, as well as practical experience with issues relating to FPIs’ investments into India.

Our experience and knowledge about the requirements of the FPI clientele and contemporary knowledge of the latest regulations in a wide array of jurisdictions enables us to assist in designing a tax efficient structure for investments by foreign entities.

We also conduct road shows, along with local custodian bankers, on tax developments in India.

We have good working relationships with all the leading Indian Designated Depository Participants (“DDPs”) and Custodians providing custody services to FPIs investing in India. 

We have been providing services to hundreds of FPIs, and have been assisting our clients in the following areas:

  • Assistance in identifying suitable jurisdictions for setting-up funds for investment in India, and also providing assistance in implementing the identified investment structure
  • Assistance in reviewing FPI applications to be submitted to DDP
  • Assistance in obtaining a PAN
  • Computing capital gains tax liability on the sale transactions executed by the FPI
  • Computing and assisting in monitoring advance tax payments
  • Assisting in preparing and filing annual tax returns

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