Demand for the professionals in Tax and Audit sector is increasing in India as the country is witnessing a rise in outsource recruitments from the US in this domain.
One of the main reasons is the COVID-relief package by Congress in USA, end-December, providing tax-relief in the form of Employer Retention Credit to small businesses.
The Employee Retention Credit under the CARES Act encourages businesses to keep employees on their payroll. The refundable tax credit is 50 per cent of up to USD 10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.
"We are seeing a rise in hiring for US Tax-related roles in India. And the relief package has certainly boosted this sector which was in some way affected due to COVID times. Recruitments are happening across all levels, leadership, mid-management and junior staff,'' said Ravi Kumar Aleti, CEO, People Prime Worldwide Pvt. Ltd, Hyderabad, (The Boston Group Company), a staffing company specialized in Contract and Full-Time hiring in Information Technology and Investment Banking.
Throwing more light on the topic, he said, "The other reasons for seeking candidates from India are the talent, cost arbitrage and the time-zone advantage."
Biden announced a USD 1.9 trillion COVID-19 stimulus plan to revive the US economy. This package includes USD 440 billion in assistance to businesses. This rescue and recovery step comes in at the right time for the US industries and institutions. And this had a domino effect leading to massive hiring in Tax and Audit (outsourced) jobs in India.
Tax and Audit advising plays a key role in any orgzation's financial growth and it is the essential component while achieving the company's goals. A competent tax advisor who has a thorough and updated knowledge will help to formulate proper tax planning strategies. India is known for its talent pool in almost every profession and Tax and Audit are no different. The competency and expertise available in India make it one of the most sought-after in offshore recruitments.
Most of India's graduates being English speaking gives additional scores to the country. It almost produces more English-speaking graduates than anywhere else in the world.
The comparatively lower cost of living paves way for huge savings for American compes when they hire from India. Being a cosmopolitan culture makes it easier for India's foreign counterparts in dealing with their India based teams. The obvious time-zone advantage translates into faster deliveries before the start of business for the Americans.
For India, these high value recruitments but have been a rewarding factor in terms of generating employment and boosting economic growth.
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( With inputs from ANI )
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