THE North Block has expanded the scope of the terms of
reference of GAAR Panel, headed by Dr Parthasarthi, by including all
non-resident taxpayers instead of only FIIs. The Govt has also invited feedback
from public on DRAFT GAAR Report submitted by this panel till September 15,
2012.
Referring to the Standing Committee on Finance's Report, a Press Release
of the Ministry of Finance states that the House Panel has found that
the investment climate
in the country has suffered serious setback and investors confidence has been
hit mainly because of the concerns over the impact of retrospective tax laws and
new General Anti Avoidance Rules(GAAR).
The
Government had earlier on August 6, 2012 also requested the Expert Committee to
examine the applicability of the amendment on taxation of non-resident transfer
of assets where the underlying asset is in India, in the context of Foreign
Institutional Investors (FIIs) operating in India purely for portfolio
investment. It has now been decided to expand the scope of the Terms of
Reference of the Committee to include all non-resident tax payers instead of
only FIIs.
See GAAR Report
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