‘GAAR delay won’t slow drive against tax evasion’

The delay in implementation of general anti-avoidance rules (GAAR) for taxation is not going to impact the government’s crusade against black money and tax evasion.

Written by ENS Economic Bureau | New Delhi | Published:August 9, 2012 1:08 am

The delay in implementation of general anti-avoidance rules (GAAR) for taxation is not going to impact the government’s crusade against black money and tax evasion. The GAAR provisions were to be implemented from April 1 this year but it has been deferred till next year so that the issues raised by foreign and domestic investors can be thrashed out.

“The delay in implantation of GAAR would not have a significant impact on the efficacy of measures being taken against proliferation of black money and checking tax evasion,” finance minister P Chidambaram said in a written reply to the Lok Sabha.

“Subsequent to placement of the GAAR guidelines in the public domain,14 representations have been received from institutions/individuals… The committee would undertake wider consultations on the guidelines and thereafter submit by September 30,2012,the revised guidelines and a roadmap for implementation of GAAR to the government,” the minister said.

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