INDIA: The Primary Minister-appointed Shome Board on Weekend posted its second set up Common Stop Prevention Guidelines (GAAR) suggestions to Fund Reverend P Chidambaram, whereby he recommended postponing the execution of GAAR by three decades.
The Board, advancing by Parthasarathi Shome, recommended abolishing Investment Profits Tax on detailed investments and identifying tax minimization from tax avoidance, among others.
The panel in its review recommended that GAAR should implement from evaluation season 2017-18.
Key factors of the Shome Board report
- Eliminate capital gains tax on detailed securities
- GAAR should implement from evaluation season 2017-18
- GAAR not to implement to transaction of benefits and buybacks
- Tax minimization be recognized from tax avoidance
- GAAR not to be used to establishing up branches/subsidiaries
- GAAR not to implement to financing through debt/equity
- GAAR not to be invoked in intra-group transactions
- GAAR appropriate in situations of bogus, harassing, artificial arrangements
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