MAM
Corporates welcome reduction in tax rate; positive about impacts
MUMBAI: Finance Minister Nirmala Sitharaman, on Friday, announced the slashing of corporate tax from 30 per cent to 22 per cent, sending tremors of joy and positivity across the industry. The revised tax rates will be applicable to companies that do not avail of any tax incentive. Effective corporate tax rate after surcharge will be 25.17 per cent. She also announced that new manufacturing companies will have to pay only 15 per cent corporate tax.
Welcoming the move Diageo India managing director and CEO Anand Kripalu said, “We welcome the bold changes introduced by the government, which will strengthen India Inc’s role as the nation’s job and wealth creators. The increased tax savings will boost cash flows, spur domestic and foreign investment, provide competitive tax rates and act as an economic driver towards ‘Make in India’.”
Stating that the new move will have a good impact on the travel and tourism sector, SOTC Travel vice president and chief financial officer Farroukh Kolah said, “Travel and Tourism industry is a vital contributor to the country’s growth. The announcement on lowering the corporate tax from 30 per cent to 22 per cent, which is now at par with the South Asian countries, will have a significant and positive impact on the economy. The reforms undertaken by the government will help businesses with higher post-tax profits hence incentivising investments into the country and will boost the current economic growth rate.”
Kalyan Jewellers chairman and managing director T S Kalyanaraman also praised the move as he said, “It is very positive to see the government move pragmatically and provide the much-needed liquidity boost to the economy. Lower tax rate will increase transparency in the gems and jewellery industry which will ultimately lead to a shift from unorganised to organised sector. We welcome this dynamic decision implemented by the government.”
Brands
KPMG names Gary Wingrove as global chairman and CEO from October
Record Gmada bids signal rising demand as Rs 1,000 crore bet reshapes Tricity skyline
MUMBAI: KPMG has chosen continuity with a forward tilt. The firm has announced that Gary Wingrove will take over as global chairman and CEO of KPMG International, beginning a four year term from 1 October 2026. Currently serving as global chief operating officer, Wingrove steps into the top role after being nominated by the global board and elected by the global council.
A KPMG veteran with over 25 years at the firm, Wingrove has been closely involved in shaping its recent trajectory. As global COO, he has helped drive the firm’s Collective Strategy, focusing on operational integration, global investments and the steady expansion of the KPMG Delivery Network. He has also been at the forefront of KPMG’s digital push, including the rollout of AI enabled solutions across its global operations.
Before his global role, Wingrove served as CEO of KPMG Australia for nearly a decade, where he led a period of strong growth, almost doubling revenue, profitability and headcount while steering a cultural reset.
He succeeds Bill Thomas, who has led KPMG since 2017 and will work alongside Wingrove over the next six months to ensure a smooth transition.
Thomas leaves behind a firm that looks markedly different from when he took charge. Under his leadership, KPMG’s global revenues have risen by 55 per cent, and its workforce has expanded to more than 276,000 people. He also unified the network of member firms under the Collective Strategy, aligning priorities and strengthening governance.
His tenure saw heavy investment in technology and partnerships, with alliances spanning Microsoft, Google Cloud, SAP, Oracle and ServiceNow. These collaborations, along with platforms like KPMG Clara, have helped the firm scale its AI-led offerings and sharpen its competitive edge.
Beyond growth, Thomas also pushed improvements in audit quality and sustainability. Initiatives such as a multiyear global sustainability strategy and the Our Impact Plan have aimed to embed long term thinking into the firm’s operations and client services.
For Wingrove, the brief is clear but evolving. He has signalled a focus on agility, deep expertise and technology driven solutions as clients navigate an increasingly complex business landscape. He also emphasised KPMG’s identity as a people first organisation, supported by technology and unified through its global network.
The timing of the leadership change comes as KPMG continues to grow, reporting a 5.1 per cent rise in global revenue in FY25, with gains across tax and legal, audit and advisory services. Growth was recorded across all regions, despite a challenging macro environment.
As Wingrove prepares to take charge, the firm appears set on a familiar path with a sharper digital edge. Same playbook, perhaps, but with a renewed focus on speed, scale and smarter solutions.
