Category: news
Belgium’s trade relations with INDIA by Belgian Foreign Trade Agency
Modi III and the EU, after the Elections by Jan Luykx (EGMONT – Royal Institute for International Relations)
Visit of Corporate Tax Partner (KPMG India) to KPMG Brussels Office
Dear BICC&I Community,
We would like to inform you that Nidhi Maheshwari, Corporate Tax Partner at KPMG India, will be traveling to Belgium on 19 September 2024. If you have any corporate tax-related questions, this could be a great opportunity to discuss them or arrange a meeting at the KPMG offices in Brussels or Antwerp. Please let us know by 10 September 2024 on barbara@bicci.be so we can make the necessary arrangements.
Kindly note that this meeting is free of charge!
Key topics of interest could include but not limited to:
- Income Tax Amnesty scheme introduced in India Finance Act 2024 for resolution of pending disputes
- Withdrawal of Indian Equalisation Levy on e-commerce transactions and consequent need to revisit withholding tax position on transactions
- Dismissal of the review petition on the unavailability of MFN benefit under the India -Belgium DTAA
- Secondment and Permanent Establishment implications
- Compliance for foreign companies with Indian transactions and increased scrutiny of non- tax return filers for foreign companies earning income from India
- Pillar 2 – India’s approach & consequent implications from an India perspective
- Opportunities in India’s International Financial Services Centre (IFSC)- proposition (from a treasury center, offshoring of Bookkeeping, Accounting, Taxation, etc. services perspective)
- Mandatory dematerialization of shares for Indian private companies
Upcoming Trade events in India
UNFOLDING INDIA’S CONSUMPTION STORY
Market access day 2024
Enterprise Europe Network Flanders, Wallonia and Brussels invite you to the MARKET ACCESS DAY 2024, organised in the framework of the Belgian presidency of the Council of the European Union in cooperation with the regions and the European Commission (DG Trade).
Why participate?
Market Access Day 2024 (MAD) will give Belgian companies and economic players the chance to learn more about the opportunities and challenges of EU trade policy, including free trade agreements with third countries and tools such as the Access2Markets platform.
Access2Markets is a portal where EU exporters and importers can find detailed information on: tariffs, rules of origin, taxes and additional duties, import procedures and formalities, product requirements, trade barriers and trade flow statistics, so you can find the best source or export market for your products.
Free Trade Agreements remove the customs duties and red tape that European companies face when exporting to certain countries. Business experts will attest to how they have benefited in practice from doing business in free-trade countries such as Canada, Korea and Japan. New Zealand’s ambassador to the EU and a representative from DG Trade will debate the benefits of the latest free trade agreement between the European Union and New Zealand, which entered into force on 1 May 2024.
Who is it for?
Market Access Day 2024 is geared exclusively towards Belgian companies, business organisations, professionals and others interested in internationalising their products and services.
Don’t miss this opportunity to take your company to new international heights. Register today for Market Access Day 2024 and pave your way to limitless success!
All presentations and workshops are in English.
Register for this event
Promising India – Deep dive into India’s economy by Koen De Leus
Explore Koen De Leus‘s India research for in-depth analysis on the country’s economic landscape and business environment. The research is based on 20+ interviews Koen had with top officials, academics and chief economists (including the chief economic advisor of the Indian government), as well as his personal experience and piles of macro studies he read.
BNP Paribas Fortis visits India
At the Belgo-Indian Chamber of Commerce & Industry, we are committed to empowering our members to thrive in the global marketplace. Recently, we were proud to assist one of our members, Koen de Leus from BNP Paribas Fortis, in his research trip to India.
By leveraging our network and resources, we facilitated valuable connections that helped in achieving their research goals. Koen de Leus shares his experience about his time in India.
“Last October I went on a study trip to India, where I visited New Delhi and Mumbai. And of course, Agra and the Taj Mahal; in order to understand a country, you have to sniff the culture as well
I was impressed by the impeccable road that took me to Agra. We covered the distance from Greater Noida (just outside New Delhi) in less than two hours, compared to the four hours it would have taken before. Every day India builds around 30 kilometres of extra road, and the government aims to pick up that pace to 45 kilometres per day. New ports and airports are being built and infrastructure is improving, all in an attempt to lure foreign companies to invest in India.
India needs these investments. It needs to create between 150 and 300 million EXTRA jobs by 2050 to reap its demographic dividend. On top of that it will have to create jobs for people migrating from rural areas to the (smart) cities. If the country can achieve that, the middle class will grow even larger than it already is today, consumption will follow and economic growth will remain at 7% a year, or even more, for quite a while longer.
However, achieving this goal will not be simple. India is NOT the new China; India is a democracy and democracies typically change much (much) slower. Ten years of Premier Narendra Modi have brought many structural changes, such as digital development and the introduction of the Goods and Services Tax system. But the ‘Big Bang’ reforms of the labour, agriculture and land markets are hard nuts to crack. Healthcare and basic education in rural areas also have room for improvement.
In the following weeks, I will do 10 deep dives into these and other topics to show you my take on India’s promise. I’ll base my articles on 20+ interviews I had with top officials, academics and chief economists (including the chief economic advisor of the Indian government), as well as my personal experience and piles of macro studies I’ve read.
A big thanks to all people I interviewed, talked to, and helped me organize this fantastic insightful study trip.”
Bharat Tex 2024: 26 – 29 February
Bharat Tex 2024 is a prominent international industry platform, featuring exhibitions, knowledge sessions, thematic discussions, Government-to-Government (G2G) meetings, Business-to-Business (B2B) networks, the signing of Memorandum of Understanding (MoUs), product launches, thematic and interactive pavilions and various other activities. The event has been designed to attract multiple stakeholders including top policymakers, global CEOs, international exhibitors and global buyers.
With dedicated pavilions on Sustainability and recycling, thematic discussions on resilient global supply chains and digitisation, interactive fabric testing zones, product demonstrations and masterclasses by crafts persons with over 3 generations of tradition and history, an art Jugalbandi and a marque event involving global brands and international designers, Bharat Tex 2024 truly promises to be a unique experience for knowledge, business and networking.
India’s textile heritage is legendary, dating back centuries and the country is renowned for its diverse and exquisite range of textiles, techniques and traditions. Bharat Tex 2024 will highlight the richness of Indian textiles and strengthen its image as a custodian of tradition, innovation, and sustainability. It will also celebrate India’s reliability as a competitive, sustainable textile manufacturing hub across the entire value chain, from raw materials to end products.
The 4-day event is expected to attract over 3,500 exhibitors from around the world. Over 3,500 overseas buyers, and more than 30,000 trade domestic visitors are expected to attend the show.