Job Objective
Managing tax function of reputed company for its Global Operations
Summary of Skills & Competence
Tax Accounting (ASC 740/FAS 109, IndAS 112, IAS 12)
Unrecognized Tax position (FIN 48, IFRIC 23)
Tax Litigations and Dispute resolution
International Taxation & Transfer Pricing
Tax Planning, Inbound /Outbound Investments, Merger and Amalgamation (Taxation)
Tax Filing -India, US Federal and states, UK, various Asian and European Countries
GST, Excise, Customs and Foreign Trade Policy
One Source Tax Provision Software
Organizational Experience (more than 17 years):
Currently, Dy Head -Taxation for Vedanta Ltd- Cairn Oil & Gas (Direct & Indirect both), managing a team of eight professionals. Cairn India Oil & Gas business vertical of Vedanta Group contributes over 30% of India’s annual production of crude oil with subsidiaries in UK, Australia, South Africa, Mauritius and Sri Lanka. Annual turnover of Oil & Gas business is close to USD 1.5 billion with EBITDA of USD 1 billion.
Also, Head -Tax Accounting for Vedanta Group, managing a team of three professionals. Vedanta Resources Plc is UK registered and has subsidiaries in India, Ireland, South Africa, Namibia, Zambia, UAE, Australia, Mauritius, Cyprus and Jersey Channel Islands
Organization (s)
Designation
Period
Vedanta Limited-Oil & Gas business
Dy Head-Taxation (DT&IDT)
August 2011 -till date
Altran Technologies Limited (earlier Known as Hughes Software Systems)
Group Tax Manager
March 2004 -August 2011
Professional work experience at various jobs
At Industry (Vedanta/Cairn India/Altran Technologies)
a)International Taxation –
Structuring of outbound investments (South Africa and Sri Lanka), Group restructuring involving bringing assets worth USD 6 billion held by foreign subsidiaries (Australia and Netherlands) in Indian listed entity (involved interaction with consultants in various jurisdictions & strategizing tax / accounting / regulatory efficiencies),
Country By Country Report (CBCR) / Master File for Vedanta Group, Bilateral Advance Pricing Agreement (APA) filings to get certainty on transfer pricing positions
Structure Simplification involving foreign subsidiaries leading to intercompany debt simplification and liquidation of dormant entities, HMRC audit in UK, Controlled Foreign Company (CFC) risk mitigation in UK, Advance ruling in foreign Jurisdiction
Due diligence, intangibles & trademark valuation, review of valuation model from tax perspectives
Simplification of Group structure resulting in liquidation / strike off of 21 foreign subsidiaries
Profits / funds repatriation strategy, funding strategy for overseas operations, structuring the investment policy of company, strengthening corporate governance in foreign subsidiaries (tax residency)
b)Litigation –
Spearheading major litigations both DT and IDT for Cairn, formulation of strategy and monitoring the progress. Successful closure of major litigation with a reduction in exposure ~ USD 1 billion. This include extensive dealing with tax advisory firms and Senior Advocates.
Currently, leading tax litigation involving dispute of USD 3 billion involving claim against Government of India under UK India Bilateral Investment Treaty (BIT)
c)Tax accounting –
Tax provision as per Ind AS, IFRS, US GAAP (ASC 740), PPR analysis, IFRC 12, Uncertain tax position for Vedanta Group for DT&IDT.
ETR tax analysis, Tax model for future guidance, Audit Committee paper for tax, Benchmarking with industry peers
d)GST Implementation-
For oil & gas business including advocacy on various GST issues for upstream industry, system development to capture input taxes and output taxes,
Statutory compliances, communication to vendors, structuring of contracts and working closely with various teams to ensure timely compliances & implementation
Mapping of system with ASP/GSP, E-invoicing and E-way bill
e)Advisory –
Advising procurements department on direct & indirect implications of E&P contracts awarded to contractors.
Structuring of contracts to derive tax efficiency in the contracts
f)Compliance –
Supervising the filing of corporate tax returns, transfer pricing documentation, withholding tax returns, expatriate tax returns, service tax returns, VAT returns, Excise returns, and GST returns within the statutory timelines in India
Supervising the filing of VAT returns, Corporate Tax return, Payee return in foreign jurisdictions (USA, UK, South Africa, Mauritius, Sri Lanka)
g)Advocacy-
Representation to Institute of Chartered Accountants of India (ICAI), Central Board of Direct Taxes (CBDT) & Finance Ministry on industry specific accounting/tax issues. Member of Fiscal Committee of Association of Oil & Gas Operators (AOGO, only Industrial body of upstream companies in India). Advocacy on industry issues on GST and various other direct / indirect tax related matters
h)Stakeholder Management
Close interactions with audit committees, leadership teams and CXOs for various business decisions and management updates. Presentation to audit committee on tax risks/tax litigations/tax implications of special projects in coordination with business teams
During internship
Company law compliance, Corporate tax compliance, accounting, financial and tax audits
Significant achievements
USD 60 million saving on tax efficient repatriation of money
USD 50 million savings in contract restructuring
USD 260 million cash out flow saving on account of Ind AS transition
USD 200 million tax saving on account of advocacy efforts
Cairn Reorganization and Vedanta -Cairn Merger
Corporate Governance Project for Vedanta group
Setting up of companies /branches in South Africa, UK, USA and Dubai
Chairman Award in Individual Category for tax efficiency
Professional and Educational Qualifications
Year
Qualification
2016
Certified Public Accountant (CPA), California Board of Accountancy, USA
2011
Certification in Ind Accounting Standard (Ind AS) from ICAI
2010
Certification in International Taxation from ICAI
2004
Bachelor’s in Law (LL.B) from University of Law College Jaipur, Rajasthan University
2003
Chartered Accountant (CA) from ICAI
2000
Bachelor’s in commerce (BCom) from University of Commerce College Jaipur, Rajasthan University