The India-UK FTA is set to boost accountancy services, benefiting thousands of firms and professionals. The ICAI president highlighted the advantages for India, including cost efficiency and skilled workforce. Mutual recognition of qualifications will allow Indian chartered accountants to practice in the UK on a reciprocity basis.

India has opened 108 sub-sectors to UK firms, while the UK will provide access to 137 sub-sectors for Indian companies. The ICAI advocated for provisions like mutual recognition of qualifications and cross-border supply under Mode 1 services. This will create significant outsourcing opportunities in areas like bookkeeping, tax, and consulting.

In other news, the ICAI invited public comments on proposed amendments to Regulation 204, introducing “Forensic Investigation” as a recognised field. The draft regulations are open for feedback until 31 July 2025, with the Council reviewing all comments before finalising the amendments. The updated regulations will take effect upon publication in the Official Gazette.

Read more at Yahoo Finance: India-UK FTA to boost accountancy services: ICAI president