The Forum of Free Enterprise is a non-political organization founded in 1956 by A. D. Shroff, and has been established to educate public opinion in India on free enterprise and a democratic way of life. The Forum publishes booklets to further its objects. The following booklet titled “Taxation Trends and Its Impact on Indian Multinational Companies” was published on September 4, 2011 and is the textual reproduction of the inaugural speech delivered by S Mahalingam at the Forum’s Annual three-day residential programme on ‘Current Issues in Direct and Indirect Taxation’ in August 2011. He draws upon his own experience as the Chief Financial Officer of Tata Consultancy Services to explain his views. He mainly talks about the impact of taxation on the IT industry in his address.