The India-New Zealand Free Trade Agreement will grant duty-free access in New Zealand to all Indian exports, displacing existing peak tariffs on products such as ceramics, carpets, automobiles, and auto components. Scheduled to enter into force on 20 October 2026, the agreement also includes New Zealand's long-term investment commitment in India.

For composite supplies of electronic software development and integrated-circuit design to recipients in non-taxable territory, prototype hardware testing that only validates or improves the core software or design remains ancillary. Place of supply is determined by the service recipient's location under section 13(2) of the IGST Act. The physical-availability rule for services concerning goods does not separately govern that ancillary testing, and the contractual supply must be characterised on its facts.

GST treatment of ITeS supplied to overseas clients depends on whether services are supplied on the provider's own account or merely arrange or facilitate supplies between other persons. Own-account back-end ITeS are not intermediary services, even when supplied to an overseas client's customers. Facilitative support connected with the client's supplies is intermediary activity. Mixed arrangements require a fact-specific assessment of the principal supply. A non-intermediary supplier may obtain export of services treatment only if the supplier, recipient, place of supply, payment and distinct-establishment conditions are satisfied.

The Authority may specify norms, procedures, processes and the manner of compliance by IIOs to implement and facilitate financial-statement requirements applicable to International Financial Service Centre Insurance Offices. The power includes matters incidental to implementation and facilitation, permitting operational compliance requirements within the framework governing preparation and presentation of financial statements.

International Financial Service Centre Insurance Offices must retain books of accounts, documents, statements and contract notes referred to under the financial-statement framework. Retention is governed by prescribed requirements for maintenance of insurance records and submission of requisite information for investigation and inspection.

An IIO must maintain and preserve, in electronic retrieval form, a year-end balance sheet, profit and loss account, revenue account, and cash or fund flow statement prepared using the direct method. The profit and loss account must be maintained on an accrual basis. The duty also covers other books of account, records, and documents relating to business activities where specified from time to time.

Regulation 15 requires all International Financial Service Centre Insurance Offices (IIOs) to maintain separate accounts for shareholders' funds and policyholders' funds, in the manner specified by the Authority. Separation of funds requires each IIO to keep the two fund categories distinct for accounting purposes. Investments allocated to policyholders must not be less than the value of the policyholders' fund, creating a minimum investment-value requirement for those allocations.

Separate reporting and disclosure apply to contracts falling outside the defined scope of an insurance contract. Such non-insurance contracts require distinct presentation and disclosure in financial statement reporting, with classification depending on whether the contract satisfies the prescribed insurance contract definition.

Every International Financial Service Centre Insurance Office (IIO) must disclose all related party transactions in its audited financial statements. The requirement forms part of the framework for preparation and presentation of IIO financial statements under the International Financial Services Centres Authority Regulations, 2022, applying to all related party transactions of the IIO for financial reporting purposes.

An incorporated International Financial Service Centre Insurance Office must submit its Annual Report to the Authority within ninety days after the end of each financial year. Required contents include reports on the board, management discussion and analysis, risk management and corporate governance, together with audited financial statements, Notes to Accounts, and certified external auditor and actuarial reports.

Financial reporting by an International Financial Service Centre Insurance Office to the Authority must be in United States dollars. USD is the default currency for all such reporting, unless the Authority specifies otherwise. A different reporting currency may apply only where the Authority gives a contrary specification.

Under the financial-statement preparation and presentation framework for International Financial Service Centre Insurance Offices, an IIO must disclose every adopted change in an accounting standard or accounting policy. The financial statements must specify the resulting financial impact under each relevant head, separately identifying the head-wise effect of each adopted change.

Financial statements prepared and presented by IIOs must include a detailed statement of accounting policies applied to each aspect of those financial statements. Accounting-policy information is therefore an integral part of financial-statement preparation and presentation, requiring detailed identification of policies applied across every relevant aspect for inclusion in the statements.

International Financial Service Centre Insurance Offices must clearly disclose the Accounting Standards followed in preparing and presenting their financial statements. The obligation concerns identification of the Accounting Standards actually followed and requires disclosure of the accounting basis used for those statements.

Financial statement presentation by IIOs must follow the form and manner specified by the Authority. Financial statements must additionally contain comparative information for the preceding accounting year, governing the prescribed format of presentation and year-on-year comparative disclosure in IIO financial reporting.

Incorporated International Financial Service Centre Insurance Offices must prepare financial statements under business-specific accounting, disclosure and related requirements. Life insurance business is governed by Schedule A, while general insurance and reinsurance business are governed by Schedule B. The applicable financial reporting framework depends on the nature of insurance business undertaken.

Unincorporated International Financial Service Centre Insurance Offices must prepare financial statements under accounting standards applicable to their parent entity. Incorporated offices must follow accounting standards issued by the Institute of Chartered Accountants of India, with cash flow statements prepared only through the Direct Method, segment reporting under Accounting Standard 17 irrespective of listing or turnover conditions, and no application of Accounting Standard 13 on investments. The Authority may require transition to IFRS or another accounting standard.

An accounting year for an unincorporated Insurance Office follows its parent entity's financial year, while an incorporated Insurance Office follows a period ending on 31 March each year. The Policyholders' Fund includes estimated outstanding-claim liabilities, insurance reserves, other liabilities, and other assets on a net basis. Shareholders' Funds comprise share capital, reserves and surplus after specified exclusions and deductions; an unincorporated Insurance Office uses assigned capital instead of share capital.

Regulation 3 sets the objective of the International Financial Services Centres Authority framework for International Financial Service Centre Insurance Offices: establishing a process for the preparation and presentation of their financial statements. The framework concerns the manner in which IIO financial statements are to be prepared and presented, applying specifically to those offices within the International Financial Service Centre.

Applicability of the financial-statement preparation and presentation framework is confined to International Financial Service Centre Insurance Offices registered with the Authority under the International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021. Registration under that insurance-business framework is the specified condition for such offices to fall within the regulatory scope.