New Media

West India Council
WIC on Outsourcing Business Outing in US

The Western India Council of Indo American Chamber of Commerce (IACC) organized an outsourcing delegation in August 2007. WIC had tied up with two of the most Coveted Events in the American Information Technology (IT) domain as International Partners.

An IACC delegation from India visited both the events to gain an insightful perspective about the current trends in the US Information Technology industry. The first event was the 37th Annual Forum Organized by TAWPI in Boston and focused on the Papered Data Processing domain of the Knowledge Process Outsourcing segment of IT. The second event attended by the delegation was held in Chicago. Called 2007 Business & Technology Solutions Show, it portrayed the latest technology deployed for Data Processing in the American financial sector.

Among all the events adding to the delegate's satisfaction were some exciting happenings like J&B Software, an IACC member company receiving the “2007 TAWPI Hall of Fame Award” at a ceremony conducted on 13 August 2007 at the TAWPI event.

Another member of IACC i.e. Vee Technologies had a Booth at the Expo visited and complimented by many attendees. All the IACC delegates were invited by Metavante on the luxurious Odyssey for a sunset dinner cruise around Boston Harbor.

Overall, the initiative was a grand success in terms of IACC's continued focus for its primary motto of being a facilitator of bilateral trade between India and the US. Both the US and India have of late been deploying their best resources and think-tanks to come up with novel and diverse initiatives and activities such as this one, which in turn may prove to be very beneficial for its members to expand their business horizons and explore new opportunities in the US as well as in the domestic market.

'US Committed to Facilitate Business, Tourist Travel'
At a seminar on US Visa policies, organized by the Western India Council (WIC) of Indo American Chamber of Commerce (IACC), Ms. Maura Harty, Assistant Secretary for Consular Affairs, reaffirmed the US Government's commitment to facilitating legitimate business and tourist travel to that country. The seminar comes at an opportune time when Indo-US relations are at an all-time high and the business between the two countries is booming.

Commenting about these efforts Ms. Harty said, “We look forward to improving the business and people to people relations between India and the United States. We strive to ensure that transparency and efficiency should be the hallmarks of our relationship. We are responsive to the needs of Indians and the business community.”

Ms. Harty also assured the audience, comprising industry captains, that the US Government is committed to streamlining visa application processes. “We have worked tirelessly to ensure that our visa process is the beginning of a positive welcome the United States gives to legitimate travelers, we have worked hard to expand our ability to meet the growing visa demand, by hiring more people and expanding our facilities to accommodate greater numbers of staff and visa applicants,” Harty said.

Renovations to all consular sections in the country to expand capacity are either complete or underway. A new, $100 million Consulate General is currently being built in Mumbai at the Bandra Kurla Complex that is more than double the space for visa applicants and staff. In addition, the U.S. Mission in India expects to inaugurate a new Consulate General in Hyderabad in 2008.

Atul Nishar, Regional President, IACC, in his welcome address, said, “The Indian business community is looking at the US much more seriously. There is more movement between people of the two countries, and hence this topic has become so important. It is our endeavor to guide our members through this seminar and influence policies for our mutual benefit.”

The other guests on the dais included Glen Keiser, Consular Chief, US Consulate, Mumbai, Guests of Honor, Michael Owen, US Consul General, Mumbai and Peter Kaestner, Minister Counselor for Consular Affairs, US Embassy, New Delhi.

Tips on Global Tax Issues for Indian Firms Investing Abroad
Indian economy is entering a significant trajectory. India has become the second-largest source of new foreign investment. Indian companies - big and small - are reaching overseas destinations to tap new markets and acquire technologies.

A major portion of Indian overseas investment is in acquiring companies abroad. There is tremendous increase in cross-border trade and investment creating a new paradigm. Tax regulators all over the world are introducing new legislations or revising the existing ones in order to capture and maximize taxes on transactions. Companies doing global business and investing abroad have to face new international tax challenges.

Keeping this in mind, the Indo-American Chamber of Commerce in association with Foundation for International Taxation (FIT) organized a Seminar on "International Tax Issues in Investing Abroad" on 28 November 2007 at Mayfair Rooms, Mumbai. Eminent speakers such as Richard Hay, International Tax Partner from Stikeman Elliot and Prof. Roy Chowdhury Chas, Head of Taxation, Association of Chartered Certified Accountants from UK, shared their knowledge and experiences through presentations, “Doing Business in The Offshore World” and “Comparison of Global Tax Systems of Successful Economies”.

The other speakers for the event were T.P. Ostwal, Partner of T.P. Ostwal & Associates from India who made a presentation on “Tax Planning for Investing Aborad” and lastly Prof. Duncan Bentley, Pro Vice Chancellor from Bond University, Australia made a presentation on “Resolving disputes with tax payers in international taxation”. The seminar was very well received and appreciated by participants including IACC members.

Cross-Border Investments & Issues of Global Taxation
Indo-American Chamber of Commerce (IACC) supported the International Taxation Conference -2007 organized by Foundation for International Conference-2007 on 29 and 30 November and 1 December, 2007.

The special theme of the conference for this year was international tax issues in “Cross-border Investments”.

The conference is a truly global event. With increasing globalization, the subject of international taxation is of as much importance to the tax collectors as it is to taxpayers. There were speakers from across the world including delegates from India, United States, Mauritius, Seychelles, Sri Lanka, Gulf countries, Europe and Singapore. Both the speakers and the delegates come to this conference because they gain knowledge of the subject.

The conference was recognized for its world class quality and an opportunity for professional networking and marketing. The objective of the conference was to disseminate knowledge and provide a better understanding of global international tax practices, developments and trends.
The conference offered an excellent opportunity to IACC members for both networking and marketing among the leading professionals in the field of international taxation.

Eves' X-mas Party in Delhi
The North India Council of Indo-American Chamber of Commerce (IACC) organized a Christmas Party on 11 December 2007 at the residence of Kimberly White, wife of Steven White, Deputy Chief of Mission, US Embassy, in New Delhi. Members of the IACC Women's Committee along with American diplomats' wives attended the party. Steven White was also present.