BALAJI BALASUBRAMANIAN
Partner, Financial Services
Gandhinagar
Summary
A senior leader with nearly 20 years of experience, who enjoys solving complex tax & regulatory problems for businesses and engaging in advocacy efforts. A strong believer of human-led tech-enabled future, looking to build relationships and lead towards solving for challenges such as New Growth Opportunities and Operational Efficiencies.
Overview
22
22
years of professional experience
1
1
Language
Work History
Price Waterhouse & Co, GIFT City India
Tax Partner, Financial Services
08.2024 - Current
- Set up India and GIFT City structures for prominent Hedge Funds and Prop traders
- Assist FPIs on their high-pitched tax litigation matters and obtaining Senior Counsel opinion
- Drive the set up of new platforms in GIFT City for Banks, Funds and Re-Insurance entities
PricewaterhouseCoopers, Mumbai India
Tax Partner - Financial Services
10.2018 - 06.2024
- Advisory on US$2bn acquisition of Citibank India Consumer Business by Axis Bank India; merger of Syndicate Bank with Canara Bank including share swap ratio; set up Banking Units in International Financial Services Center (IFSC) Gandhinagar; inclusion of Indian Government Bonds in Global Indices
- Largest FPI practice across Big 4s in India, with 30% of Foreign Portfolio Investors and nearly 75% increase in revenue since 2018. Strength of practice increased 60% since October 2018, with several TLs under direct reporting made Director and on Partner/ED track
- Created RM COE and streamlined tax compliance delivery, giving back ~2.5hr/day for client facing professionals; swift implementation of COVID-19 BCP protocol for the Operations and Processing team
Standard Chartered Bank, Singapore
Senior Group Tax Manager
03.2012 - 08.2018
- Achieved one-off US$10mn tax save in 2012 adopting a unique Indian tax position; Initiated tax change management discussions and assisted XFN teams in implementation of new processes [FATCA, ETR management, etc]
- Advisory on M&A tax consideration for US$5bn transaction of sale/restructure of Private Equity arm; US Tax Reforms and cross-border debt trading in Asia, Africa, Middle East & Americas; Indirect Transfer tax on investments into India; Repo/Reverse Repos, Swaps, Forwards, covering tax risk pricing & tax clauses in legal documentation
- Led industry tax advocacy efforts with OECD on BEPS, Indian government, etc. specifically BEPS Action Plan 6, India GAAR & Singapore GST-Reverse Charge
- Nominated for Asia in-house Tax Director Awards at ITR Asia Tax Forum 2018; shortlisted for Group CFO Academy with a view to become a CFO at SCB Group
Petrofac, Sharjah UAE
International Tax Manager
07.2010 - 01.2012
- Advisory on applicable taxes in project jurisdictions such as Iraq, Algeria, Saudi Arabia, Kuwait, etc and feasibility of using Double Tax treaties
- Structured contracts and priced-in taxes in EPC project proposals valued in excess of US$10bn ; EPC bids in challenging jurisdictions such as Iraq and other politically sensitive regions (Al Khafji neutral zone)
- Accrued for taxes under IFRS and coordinated with external auditors; presented jurisdiction specific tax & regulatory strategies to management
Economic Laws Practice, Mumbai India
Tax Consultant
02.2009 - 06.2010
- Advised on real estate assets reorganisation and infrastructure projects. Structured investments worth US$200mn domestic funds for diversified investments; developed tax efficient cash extraction strategies to ease cash trap situations
- Confidential audit of electronic information (email and other databases) of a FTSE-10 group for violation of “spirit of the law” in making offshore investments and presented results to Group Management in London
Ernst & Young, Chennai India
Senior Consultant
02.2004 - 10.2008
- Advised clients on in-bound investments into India; structured transactions such as cross-border lease of wind turbines and outbound investments into Europe, US, China, etc; conducted comprehensive S-Ox 404 tax audits
- Led and mentored a team of 7 members in the tax practice group & a peer-counsellor. Coordinated business development initiatives across multiple country practices
Education
Chartered Accountant -
Institute of Chartered Accountants of India
Bachelor of Commerce -
University of Madras
Skills
Financial Services Products
Mergers and Acquisitions
C-suite executive relations
Tax & Regulatory expertise
Industry relationships
Industry Liaison
- Strong relationships with various Ministries in India
- Positions held: Ex Co-chair of ASIFMA Product Tax Committee, ex Co-chair CMTC India Sub-committee
- Talks & Publications: Speaker at industry events organised by FIX, ASIFMA, Stock Exchanges, Bloomberg
- Published at ASIFMA Indian Debt Capital Markets & media outlets (Economic Times, The Hindu Business Line, Asia Legal Business, VCCircle.com)
Interests
Badminton, Cricket and Diving
Timeline
Price Waterhouse & Co, GIFT City India
Tax Partner, Financial Services
08.2024 - Current
PricewaterhouseCoopers, Mumbai India
Tax Partner - Financial Services
10.2018 - 06.2024
Standard Chartered Bank, Singapore
Senior Group Tax Manager
03.2012 - 08.2018
Petrofac, Sharjah UAE
International Tax Manager
07.2010 - 01.2012
Economic Laws Practice, Mumbai India
Tax Consultant
02.2009 - 06.2010
Ernst & Young, Chennai India
Senior Consultant
02.2004 - 10.2008
Bachelor of Commerce -
University of Madras
Chartered Accountant -
Institute of Chartered Accountants of India
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