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Over the years, SKP has assisted over 1,200 clients from over 45 countries in doing business in India and abroad. Our clients include Fortune 500 companies, multinational corporations, entities listed on global exchanges, private equity/venture capital–owned companies and family-owned businesses. Here are a few examples of our work where we've helped our clients in dealing with the various complexities of doing business in India and abroad.

Multi-country tax compliances for a major Indian software company

Engagement: SKP was engaged by a major Indian software company with global operations for handling their indirect and direct tax compliances, internal audit and statutory audit support, as well as coordinating with the client, consultants and auditors in 36 countries across Europe, Middle East, Africa and Asia-Pacific.

Defending transfer pricing method used by a global cosmetics company

Engagement: SKP was engaged by a leading global cosmetic company to defend the management fee charge by the foreign parent to the Indian subsidiary before the Indian transfer pricing authorities. We also had to defend the transfer pricing method used by the taxpayer against the method used by the tax authorities at the audit as well as Appellate levels.

Defending losses for the Indian ITES arm of a leading American company

Engagement: Defending losses incurred by the taxpayer as against cost plus 24% proposed to be used as benchmark by the Indian tax authorities

Transfer pricing policy for an Indian multinational software company

Engagement: SKP was engaged by an Indian multinational software company to formulate a transfer pricing policy that maximises after-tax cash flows for the group while balancing India and the United Kingdom’s transfer pricing regulations.

Vendor accounts reconciliation for a personal care products company

Engagement: The client was the Indian subsidiary of a personal care multinational corporation with manufacturing operations and a vendor base of about 1,000 vendors. Their vendor accounts had not been reconciled ever since the commencement of operations. This was making it difficult for the Accounts Payable team to generate a payment list of due invoices directly from the ERP and the task of picking invoices for payment had to be done manually for every payment cycle. The lack of reconciliation was a serious control and audit issue. The client needed vendor accounts to be reconciled and ideally to have all vendors’ balances confirmed by them.

Full suite of accounting services for a container leasing company

Engagement: The client is a Bermuda- and London-based company in the container leasing business. It has containers on lease with some of the biggest shipping companies in the world. The deals are financed back-to-back with funding from banks. The corporate structure comprises a web of companies, designed to take advantage of the tax structures of Bermuda and the UK.

Investigation for a healthcare multinational

Engagement: The client was a subsidiary of a healthcare major. In India, the company operates through distributors. Sales prices are governed by price lists with mark-ups at each stage of the distribution chain. Institutional sales are at discounted prices, driven by negotiations between the institution and the company. Institutions (hospitals) are introduced by the distributor to the company. These are then approved for availing the discounted prices. Sales are routed through the distributor who gets an over-riding commission on the sales value.

Data migration for a medical device and diagnostics company

Engagement: The client was one of the world’s largest and most diverse medical devices and diagnostics companies based in the US. The corporate structure comprised a web of companies, depending on the nature of the product/service being provided to its customers. The parent company decided to have a common platform for transaction processing and reporting, replacing various legacy systems. This involved having a comprehensive process for data migration, including historical and transactional data. The expected benefit from migration was in the form of saving time, reducing effort and eliminating risk. The action plan was prepared by the client and shared with the respective Process Owners on the client side.  The Process Owners identified the key people who would work in collecting the data and coordinating with the functional teams. User awareness training sessions were conducted for Process Owners and key people working on the project.

TDS review for a consumer health products company

Engagement: The client was the Indian subsidiary of one of the Fortune 500 companies dealing in consumer health products, headquartered in the US. It is one of the world’s largest and most diverse medical devices and diagnostics companies. The client outsourced its Accounts Payable and Accounts Receivable functions to an Outside Service Provider (OSP). Their accounts were maintained on SAP. The client wanted to have a third-party review with regards to compliance with TDS provisions and the process followed by the OSP.
 

TDS review and compliances for a spring manufacturing company

Engagement: The client was a wholly owned subsidiary of a leading manufacturing company in Japan, engaged in the manufacture of valve springs, clutch springs, tension springs, torsion springs, wire form and suspension springs at its two plants located in India.

The client wanted to have an independent assessment with regards to compliance with TDS provisions for domestic payments made by them. Also, since the volume of transactions was high, they wanted to outsource the compliance work on a regular basis.