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Published on October 26, 2007

Author: Flemel

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Slide1:  TAX Tax Environment in India - Singaporean Investors’ experience Toh Boon Ngee – Director, Tax 14 November 2006 India: Share of Top Investing Countries FDI Inflow :  India: Share of Top Investing Countries FDI Inflow Source: Secretariat of Industrial Assistance, Department of Industrial Policy & Promotion, Government of India India’s 7th largest inward investor country as of July 2006 13,289.80 5,301.51 2,153.11 2,071.11 2,058.45 1,609.69 1,482.66 814.61 771.46 654.86 0 Mauritius USA Japan Netherlands UK Germany Singapore France Korea (South) Switzerland US$ Million Aug 1991 to July 2006 Investment from Singapore into India:  Investment from Singapore into India Source: Secretariat of Industrial Assistance, Department of Industrial Policy & Promotion, Government of India Cumulative (US$ Million) 0.0 4.4 11.7 17.2 0 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 July 2006 Map of Asia:  Map of Asia Singapore:  Singapore Land Area 700 Sq km Total Population 4.5 million 41 years old English and Mandarin speaking Corporate tax rate 20% Tax incentives GST 5% Low effective tax rate Politically Stable Strong Legal Framework High Literacy Rate Singapore’s Major Trading Partners 2005 :  Singapore’s Major Trading Partners 2005 0 Malaysia EU USA China Indonesia Japan Hong Kong Taiwan Thailand South Korea Total Trade (S$ Billion) Source: IE Singapore Singapore’s Trading Partners 2005 China, India and Russia :  Singapore’s Trading Partners 2005 China, India and Russia Singapore’s 38th largest trading partner in 2005 Source: IE Singapore Singapore’s 4th largest trading partner As at 2005, Singapore is China’s 7th largest investor Singapore’s 13th largest trading partner in 2005 Singapore’s fastest growing trade partner, outstripping even China Singapore’s 13th largest import source Singapore’s 13th largest export destination 41.3% 0 China India Russia Total Trade (S$ Billion) India:  India Singapore’s import from India Refined petroleum products Precious stones and pearl Woven fabrics Natural abrasives Singapore’s export to India Data processing machines (such as disk drives, computers, printers and peripherals Printed circuit board assemblies Electronic valves (ICs and semiconductors) Telecommunication equipment and disk media products Singapore’s investment in India Covering most sectors, real estate, financial services etc. Singapore’s Direct Investment in India 2004 & 2003 :  Singapore’s Direct Investment in India 2004 & 2003 0 (S$ Million) Source: Singapore’s Investment Abroad 2004 - Singapore Department of Statistics, July 2006 Transport & Storage 44.0 (’04) 126.2 (’03) Fundamental questions a new investor in India today is asking:  Fundamental questions a new investor in India today is asking India Attraction:  Strong legal framework and regulatory mechanism Independent judiciary, highly democratic Rich source of skilled manpower, huge pool of highly educated, qualified people, strong IT/BPO workforce English speaking population Huge market, high demand for goods and services Young population – 54% below 25 years One of the fastest growing economies with annual GDP growth of 7-8% p.a. Reforms in recent years further enhance investment India Attraction India Reforms in Recent Years Liberalisation of Foreign Direct Investment:  India Reforms in Recent Years Liberalisation of Foreign Direct Investment * Sector specific guidelines India Reforms in Recent Years Liberalisaion of Foreign Trade Policy (2004 – 2009):  India Reforms in Recent Years Liberalisaion of Foreign Trade Policy (2004 – 2009) India Reforms in Recent Years Tax Holidays / Incentives:  India Reforms in Recent Years Tax Holidays / Incentives Tax holidays / incentives Infrastructure Transport Housing Industrial Parks Special Economic Zones (SEZ) Export Oriented Unit (EOU) Special Category States Power and Energy India – Problem Areas:  “Government officers don’t seem to know the rules and it is not easy to get things done smoothly …. We thought, with a population of 1 billion, it would be a big market. But we have run into many, many problems.” says an Indian Singaporean businessman “Things in India move very slowly. In China the momentum is there and it moves like an elephant that reaches its destination by lumbering along at a steady pace.” says another Indian Singaporean businessman, with interest both in China and India India – Problem Areas India:  India “There is a common saying in India that the humble coconut tree is of no use for the first seven years of its life. Thereafter, almost every part of it can be made use of. Doing business in India is very much the same. You need to be patient and not give up before your efforts bear fruit.” - Mr Goh, Chief Operating Officer, Ascendas, quoted in an article – Investing Tips for India and the Sub-Continent, featured in Straits Times 10 July 2004, India – Problem Areas:  India – Problem Areas 1. Regulatory Delayed implementation of policy initiatives Pending incorporation in foreign exchange/regulatory statute by the Reserve Bank of India eg. Overseas borrowings by real estate sector Banking sector liberalization – announced but not fully implemented Stringent overseas borrowing regulations for Indian companies FDI in some sectors still restricted India – Problem Areas:  India – Problem Areas 2. Tax regime Tax officers not fully conversant with legal complication/issues, not kept abreast of frequent changes in legislation Time taken to attain certainty is long No formal process for seeking clarifications Advance Ruling – generally possible for only for some issues Indirect taxes – complicated (Octroi, entry tax, continuation of GST with VAT, etc) India – Problem Areas:  3. Others Rigid labour laws Massive bureaucracy Lengthy litigation process High ground-level hassles Procedural delays in getting clearances and approvals Easy to bring funds into India but not easy to repatriate Escalating real estate prices in major metropolitan cities India – Problem Areas Infrastructural support systems need improvement (quality of roads and highways, availability of power and water) ‘Bureaucracy’ continues..:  ‘Bureaucracy’ continues.. Source: Doing Business in 2006 Publication, World Bank and IFC 152 71 48 33 6 Brazil India China Russia Singapore Days taken to start a business ‘Bureaucracy’ continues..:  ‘Bureaucracy’ continues.. Source: Doing Business in 2006 Publication, World Bank and IFC 67 52 47 32 9 India Russia Brazil China Singapore Days taken to register property ‘Bureaucracy’ continues..:  ‘Bureaucracy’ continues.. Source: Doing Business in 2006 Publication, World Bank and IFC 528 460 363 270 129 Russia Brazil China India Singapore Days taken to get licenses ‘Bureaucracy’ continues..:  ‘Bureaucracy’ continues.. Source: Doing Business in 2006 Publication, World Bank and IFC 546 425 330 241 69 Brazil India Russia China Singapore Days taken to enforce contracts ‘Bureaucracy’ continues..:  ‘Bureaucracy’ continues.. Source: Doing Business in 2006 Publication, World Bank and IFC 4.3 5.0 5.3 6.0 9.3 China Russia Brazil India Singapore Investor protection index (0-10) ‘Bureaucracy’ continues..:  ‘Bureaucracy’ continues.. Source: Doing Business in 2006 Publication, World Bank and IFC 43 39 43 36 35 29 24 20 8 6 Brazil India Russia China Singapore Day taken for imports Days taken for exports ‘Bureaucracy’ continues..:  ‘Bureaucracy’ continues.. Source: Doing Business in 2006 Publication, World Bank and IFC 90 40 40 40 30 60 20 80 0 0 India China Russia Brazil Singapore Difficulty of firing index (0-100) Rigidity of hours index (0-100) ‘Bureaucracy’ continues..:  ☆ ‘Bureaucracy’ continues.. 30 256 264 584 2600 147.9 46.9 43.2 40.8 19.5 Brazil China India Russia Singapore Hours taken to pay taxes Tax rate (%) Source: Doing Business in 2006 Publication, World Bank and IFC ☆ ☆ ☆ ☆ ☆ Slide28:  Presenter’s contact details Name :Toh Boon Ngee KPMG Tax Services Pte Ltd +65 6213 2052 btoh@kpmg.com.sg www.kpmg.com.sg The information contained herein Tax Environment in India – Singaporean investors’ experience is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. © 2006 KPMG Tax Services Pte Ltd, Singapore, a Singapore incorporated company and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. Printed in Singapore.

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