Indian Government to Defer GAAR to 2016

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Jan. 16 – On Monday January 14, Indian Finance Minister P. Chidambaram stated that India would delay the implementation of its controversial rules on tax avoidance known as the General Anti-Avoidance Rules (GAAR) to 2016. The decision earned positive reactions from the market, and is likely to help attract more capital inflow and improve investor sentiment.

Ever since its inception, the GAAR has generated controversy from investors who have expressed that it would result in unnecessary harassment by tax authorities. India had initially planned to implement the GAAR by April 2014, but the rules are now set to come into effect on April 1, 2016.

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GAAR Execution May Be Postponed to 2016-17

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Sept. 5 – A specialist group on tax laws recommended that the Indian government postpone execution of the General Anti-Avoidance Rules (GAAR) until financial year 2016-17 and eliminate capital gains tax on securities transfers to ensure investment and capital flows.

The group, appointed by the Prime Minister of India, suggested a series of steps which are likely to alleviate investor concerns in a draft report to the Ministry of Finance.

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India Issues Re-Assurances over Tax and Retroactive Legislation

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May 15 – India’s Finance Minister Pranab Mukherjee has scotched media reports concerning the intentions of India’s new tax regulations, and has pulled back on GAAR (general anti-avoidance regulations) until April 2013. Additionally, he has clarified that retrospective tax concerns over deals conducted overseas in which Indian assets are transferred would not be applicable.

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