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Clarity in tax laws, a stable tax regime, a non-adversarial tax administration, a fair mechanism for dispute resolution, and an independent judiciary will provide great assurance to investors. We will take corrective measures wherever necessary. We have recently appointed two Committees, one to examine GAAR legal provisions and guidelines and the other to review taxation of the IT sector and Development Centres. I have also directed a review of tax provisions that have a retrospective effect in order to find fair and reasonable solutions to pending as well as likely disputes between the Tax Departments and the Assessees concerned. With these measures, and some other measures that we hope to take in the short term, it is our intention to raise the level of investment to 38% of the GDP that was achieved in 2007-08.
The Prime Minister had constituted an Expert Committee on GAAR under the Chairmanship of Dr. Partho Shome to engage in a widespread consultation process and finalise the GAAR Guidelines.
The Prime Minister has constituted a Committee to Review Taxation of Development Centres and the IT Sector. The Committee will engage in consultations with stakeholders and related government departments to finalise the Safe Harbour provisions announced in Budget 2010 sector-by-sector. It will also suggest the approach to taxation of Development Centres.
USCIB believes that the proposed guidelines are too vague to provide certainty to business investors. For example, an important part of certainty is respecting the obligations imposed by double taxation agreements between treaty partners. Treaty obligations should generally not be overridden by GAAR provisions. If India chooses to override a treaty obligation pursuant to Indian law, we believe that the scope of the override should be both narrow and clear. Use of the GAAR provisions to deny treaty benefits in a broad, discretionary manner would be fundamentally inconsistent with the specific limitation on benefits and beneficial ownership provisions of Articles 10 (Dividends), 11 (Interest), 12 (Royalties), and 24 (Limitation on Benefits) of India’s Treaty with the United States and other countries. We believe that the application of the GAAR rules in this manner would constitute an impermissible unilateral amendment of the United States-Indian Treaty.
The Prime Minister has approved the constitution of an Expert Committee on GAAR to undertake stakeholder consultations and finalise the guidelines for GAAR. This committee would manage the consultation process and finalise the draft GAAR Guidelines. 2. While postponing GAAR by one year to 2013 was a very welcome move, a widespread consultative process is necessary to generate a discussion on GAAR provisions so that there is an informed debate on how GAAR is going to operate. Some steps have been taken in this direction:
Investigating tax-effective arrangements is a guide to help you recognise some of the common types of tax avoidance schemes so you can reject them and avoid the negative consequences associated with them. You should read this guide if you are considering entering into a tax-effective arrangement that will affect your tax liability.
The Central Board of Direct Taxes (CBDT), Ministry of Finance has invited comments/suggestions on the Draft Guidelines regarding implementation of General Anti Avoidance Rules (GAAR) in terms of Section 101 of The Income Tax Act, 1961.The Draft GARR Guidelines were issued yesterday along with the relevant Annexures. All these details are available on the Departmental websites- www.pib.nic.in, www.finmin.nic.in, www.incometaxindia.gov.in and www.irsofficersonline.gov.in.
Draft guidelines regarding implementation of General Anti Avoidance Rules (GAAR) in terms of section 101 of the Income Tax Act, 1961. – The Chairman, CBDT, Vide OM F.NO. 500/111/2009-FTD-1 Dated 27 February, 2012 constituted a Committee under the Chairmanship of the Director General of the Income Tax (International Taxation) to give recommendations for formulating the guidelines for proper implementation of GAAR Provisions under the Direct Tax Code Bill, 2010 and to suggest safeguards to these provisions to curb the abuse thereof. The Committee comprised of the following officers :-
This Government has made a firm commitment to tackling tax avoidance. As part of our new approach to tax policy-making, we set out proposals to take a more strategic approach to the risk of avoidance by building in sustainable defences against avoidance opportunities. Through collaborative consultation and well-designed legislation, our aim is to prevent avoidance at the outset, reducing the need for counteraction.
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