New Delhi: India aims to finalise guidelines to implement controversial rules that target tax evasion by the end of September, its government said on Friday, as it aims to calm worried investors. The general anti-avoidance rules (GAAR), first introduced in the budget in March this year, target firms and investors routing investments through tax havens. But a lack of clarity on GAAR's implementation has panicked foreign investors, heightening their wariness...
03:34 AM, Jul 14, 2012
New Delhi: Within a fortnight of the Finance Ministry issuing draft guidelines on GAAR, Prime Minister Manmohan Singh on Friday set up a committee to prepare fresh norms on the controversial tax provision to bring "greater clarity" and prepare a roadmap by September 30 for its implementation. The four-member committee, to be headed by ICRIER chief and taxation expert Parthasarathi Shome, will submit its report after consulting and taking feedback...
06:16 PM, Jul 13, 2012
New Delhi: Amid the Prime Minister's Office seeking clarifications from the Finance Ministry on tax matters, including retrospective amendments, Chief Economic Advisor Kaushik Basu on Friday said there has been no dilution in any of the recent policy decisions. "I don't think that any policy step (of recent months) has been diluted," he told reporters at a function here. "The message we were giving actually for last couple of months,...
02:05 PM, Jun 29, 2012
New Delhi: Within 24 hours of Finance Ministry issuing the draft guidelines on controversial General Anti-Avoidance Tax Rules (GAAR), the PMO appears to have distanced itself from the proposal saying that were not seen by Prime Minister Manmohan Singh and would be finalised only after his approval. "These (draft guidelines) have not been seen by the Prime Minister and will be finalised with the approval of the Prime Minister, who...
11:09 AM, Jun 29, 2012
New Delhi: Within days of taking over the Finance Ministry, Prime Minister Manmohan Singh has got down to business. To boost investor confidence, the Finance Ministry has proposed a monetary limit for invoking the controversial General Anti-Tax Avoidance Rules. While the monetary limit has not been specified, the new draft says GAAR provisions will be applicable after a prescribed limit. The guidelines further say that GAAR provisions would be invoked...
08:37 AM, Jun 29, 2012
New Delhi: To address investor concerns over taxation issues, the Finance Ministry on Thursday proposed a monetary limit for invoking the controversial General Anti-Tax Avoidance Rules (GAAR) in its draft guidelines issued late in the night. Although the draft did not specify the monetary limit, it said that those deals which are over a prescribed limit should be covered by GAAR provisions. The guidelines further said that GAAR provisions would...
11:46 PM, Jun 28, 2012
Mumbai: Commerce and Industry Minister Anand Sharma on Saturday expressed confidence that the country would be attracting more direct overseas investments this fiscal. "Despite the gloomy world economy, we received highest FDI of USD 50 billion last fiscal and we are hopeful of attracting more this fiscal," Sharma told reporters here on the sidelines of a powerloom industry function. The Minister's statement comes in the wake of negative investor sentiment...
05:12 AM, Jun 03, 2012
New Delhi: India has deferred by a year the rollout of measures to crack down on tax evasion, which had sparked an outcry among foreign investors, but has yet to provide clear guidelines on the proposals. Here are some quick facts that pertain to markets about the proposed changes and clarifications on GAAR announced by Finance Minister Pranab Mukherjee on Monday. *The General Anti Avoidance Rule, or GAAR, was proposed...
09:45 AM, May 09, 2012
New Delhi: The one year-deferral of GAAR is not on account of any fear or apprehension, asserted finance minister Pranab Mukherjee on Tuesday. He warned that India cannot become tax havens just to attract foreign investors. The 30-minute long speech while presenting the finance bill veered around tax direction, crude prices and urgent fiscal action. The Lok Sabha on Tuesday passed the finance bill 2012 with amendments. In a strong...
08:52 AM, May 09, 2012
New Delhi: India's decision to defer the implementation of the General Anti-Avoidance Rules (GAAR) by one year "is a meek surrender to finance capital ... and the US", the CPI(M) said on Tuesday. The decision on GAAR "and diluting many of its provisions is a meek surrender to finance capital, MNCs and the US administration", the Communist Party of India (Marxist) said. "The US Treasury Secretary had personally lobbied with...
05:57 PM, May 08, 2012
New Delhi: Finance minister Pranab Mukherjee on Monday deferred the implementation of GAAR (General Anti-Avoidance Rules) to 2013-14. Speaking on amendments in the Finance Bill in parliament, Pranab also said the onus of proof will lie with the tax authorities and that the proposed retrospective amendment of income tax laws will not override DTAAs with 82 countries. Dinesh Kanabar, Deputy CEO & Chairman, Tax at KPMG and Ketan Dalal, Joint...
01:45 PM, May 08, 2012
New Delhi: Finance Minister Pranab Mukherjee is expected to reply on Tuesday to various proposals in his 2012-13 budget. The Finance Minister will be seeking Parliament's approval to move the Finance Bill and is likely to relook at some of the controversial proposals, such as changes in the tax laws that would impact Vodafone and the implementation of the General Anti-Avoidance Rules (GAAR). Sources point out that a major rollback...
07:14 AM, May 08, 2012
New Delhi: India will delay by one year until fiscal 2013/14 the introduction of measures to crack down on tax evasion, Finance Minister Pranab Mukherjee said on Monday, responding to concern among foreign investors that has led to an exodus of funds. Pranab Mukherjee also told parliament that the burden of proving tax evasion will lie with the authorities rather than with overseas investors. Experts' views: Radhika Rao, Economist, Forecast...
03:25 PM, May 07, 2012
New Delhi: Bowing to pressure, Finance Minister Pranab Mukherjee on Monday announced a slew of measures to provide relief to the jewellery sector and postponed implementation of the General Anti-Avoidance rules (GAAR) by one year, but offered no concessions to Vodafone involved in tax dispute. Moving the Finance Bill, 2012 for consideration and passage in the Lok Sabha, Mukherjee halved the capital gains tax for private equity investors to 10...
02:33 PM, May 07, 2012
New Delhi: The Finance Bill will be discussed in Parliament on Monday as the investors are hoping to get some clarity on the General Anti-Avoidance Rule, which is expected to pull the market out of its three-month dip. Parliament is likely to vote on the bill over the next two days. After days of what traders said was intervention to defend the rupee, the Reserve Bank of India late on...
06:24 AM, May 07, 2012
New Delhi: Whatever its intentions in cracking down on abuse of tax havens, India has alienated overseas investors with the timing and communication of its measures when it can ill afford to do so. India's move to target tax evaders through a general anti-avoidance rule (GAAR), along with a plan to retroactively tax the indirect transfer of assets, has spooked investors and added to an exodus of funds, battering the...
08:45 PM, May 06, 2012
New Delhi: Men can now easily find out if a woman fancies them - with a dress that goes see-through if the wearer gets aroused. This futuristic creation is made of smart fabrics which become gradually becomes transparent in response to the heartbeat of the wearer. Designed by Studio Roosegaarde and Dutch designer Daan Roosegaarde is in talks to produce a high street version. The project is called Intimacy and...
09:58 AM, Apr 06, 2012
New Delhi: In a strong message to the critics of the retrospective amendment to the tax laws, Finance Minister Pranab Mukherjee on Tuesday asserted India is not a tax haven. "India is not a no-tax country, India has a determined tax rate, but it is not a tax haven ... If you pay tax in your country of origin, you don't have to pay tax, if we have double taxation...
05:21 AM, Mar 28, 2012
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