BCAS President CA Zubin Billimoria’s Message for the Month of March 2026

My Dear BCAS Family,

As I reflect on the current global economic scenario, the world, as well as India, is at an inflexion point where the forces of globalisation and rapidly evolving geopolitical dynamics, such as the tariff wars, the Russia – Ukraine war, the Middle East Realignment, etc., are fundamentally reshaping the business landscape. In this context, BCAS’s recent participation as a support partner at a conclave on “Vasudhaiva Kutumbakam Ki Oar 4: The 12 Principles that can Shape a New World”, organised in collaboration with JYOT FOUNDATION, is timely and relevant. The lecture titled “Ancient Roots, Global Routes: Reimagining Global Leadership for the Indian CA” by CA Shaurya Doval, organised by BCAS on the sidelines of the conclave, served as a powerful reminder of the timeless relevance of Indian values in contemporary global leadership. CA Doval’s compelling observation that “there can be no global peace and no global order without India” was not an assertion of dominance, but rather a recognition of responsibility that extends to each of us as professionals. This has prompted me to focus on the theme of globalisation and geopolitical dynamics, and their impact on professionals and institutions like us.

IMPACT ON PROFESSIONALS:

The impact on professionals can be analysed broadly under the following heads:

Changing Trends in Globalisation:

The recent past has witnessed the emergence of an interconnected global economy. For professionals like us, this makes it imperative to extend our expertise beyond domestic regulations to encompass international financial reporting standards, cross-border taxation, transfer pricing complexities and multi-jurisdictional compliance frameworks. Our clients now operate across continents, making it necessary for us to possess the agility to advise on transactions spanning multiple legal and tax regimes simultaneously. This has resulted in tremendous opportunities, such as access to international markets, exposure to diverse business practices, and the ability to serve clients with worldwide operations.

Changing Geopolitical Headwinds:

The past decade, and particularly the post-pandemic era, has brought significant geopolitical complexities that directly impact professionals. Trade tensions between major economies, supply chain realignments, evolving sanction regimes, and the reconfiguration of global alliances demand utmost vigilance. The Russia-Ukraine conflict, US-China trade dynamics, Trump tariffs, and regional economic partnerships are not merely news headlines; they represent fundamental shifts in how business operates globally.

Expanding Opportunities:

The above changes have significantly expanded our role, from mere number crunchers to a much broader lens. Our professional advisory landscape now encompasses several areas, some of which are as follows:

• Reconfiguration of Global Supply Chains – This results in a shift in priorities from “just-in-time” to “just-in-case“, causing businesses to restructure their global operations, leading to advisory opportunities in evaluating geographic concentration risks and identifying diversification strategies, amongst others.
• Cross-Border Digital Trade and E-commerce – They enable businesses of all sizes to operate globally, resulting in advisory opportunities for digital tax compliance, transfer pricing for digital assets, VAT/GST on Digital Sales, OECD Pillar One implications, transfer pricing for digital assets, strategies for handling multiple payment gateways, currency and forex risk, amongst others.
• ESG and Sustainability Reporting – Growing stakeholder demands for environmental, social, and governance accountability in global operations result in various advisory opportunities like carbon accounting (Scope 1, 2 and 3 computations), ESG Assurance Services, Supply Chain Due Diligence, Climate Risk Financial Impact Analysis and Integrated Reporting.
• Cross-Border Mergers and Acquisitions and Restructuring – Companies are increasingly pursuing inorganic growth internationally or are consolidating or divesting non-core assets across borders, resulting in advisory services in areas such as International Due Diligence (Financial, Tax and Regulatory), valuation services, and post-merger integration involving the harmonisation of accounting systems, policies and reporting, amongst others.
• Other Specialised Practice areas like IFRS Reporting and Advisory, Global Internal Audits and Internal Controls Reviews under COSO and SOX frameworks, transfer pricing and international tax advisory and forensic and investigation services under AML and Corruption Laws like FCPA, UK Bribery Act.

Challenges:

Opportunities cannot exist without their share of challenges, which can be broadly categorised as follows:

• Digital Transformation- Whilst technology and digital transformation continue their relentless forward march with artificial intelligence, blockchain, cloud computing, and data analytics, it brings with it several challenges like data and cyber security and privacy risks, which need to be analysed and mitigated.
• Constant Skill Upgradation and Training – For professionals to remain relevant, it is imperative for them to constantly upgrade not only their technical and regulatory skills but also their soft skills. Areas in which such upgradation and training is most required are International Tax Frameworks, Foreign Exchange Management, Data Analytics, Trade and Customs Regulations (WTO rules, FTAs, etc.), Country-Specific Sanctions Regimes, Cross-Cultural Communication, Geopolitical Awareness, Foreign Language Skills, Regional Specific Knowledge (Asia- Pacific, EU, Middle East, Africa, etc.) and Cultural Intelligence, amongst others.

BCAS’s ROLE:

BCAS is committed to equipping its members and other stakeholders in all emerging areas arising from the increasingly complex global environment by facilitating the enhancement of their technical proficiency and helping them remain globally aware. Whilst our International Tax Committee is the specialised committee that deals with international tax-related issues, other committees are also increasingly focusing on areas that are relevant to navigate the global economic and geopolitical framework, by organising programmes under various formats addressing IFRS convergence, ESG reporting, geopolitical risk management, digital transformation, forensic accounting, and international business advisory services. The upcoming 30th International Tax and Finance Conference between 9th to 12th April, 2026 at Indore which will cover a diverse set of topics ranging from Global Mobility-360 degree perspective, cross border business model structuring coupled with the highlight being a special session on “India @ 2047 – Geopolitics, Changing World Order and India’s place in a De-dollarised Globe” is a timely initiative. I would request a high level of participation to enhance your brand value on the international stage!

Indian Philosophy and Global Leadership:

To conclude, I would like to refer to a quote by the Former President of India, Dr S. Radhakrishnan, in his Writings on Indian Philosophy and Global Ethics, on the importance of the timeless Indian value of Vasudhaiva Kutumbakam in a global world, which is more relevant now.

“The world is one family- the ancient Indian wisdom of Vasudhaiva Kutumbakam is not just a philosophical concept but a practical necessity in our interconnected world.”

A big thank you to one and all!