GAAR provisions to be applicable from 2013: FM – Nifty recovers
As foreign investors look forward to reassurance from Pranab Mukherjee on the pending General Anti-Avoidance Rules (GAAR), it is deferred by a year. The Finance Minister has said today that GAAR provisions will be applicable only from April 2013, reports CNBC-TV18.
Mukherjee said that the ministry is amending GAAR provision in the Finance Bill. He also informed that the government is going to introduce an independent member to the GAAR panel.
Mukherjee also told parliament that the burden of proving tax evasion will lie with the authorities rather than with overseas investors.
This may spell good news for market investors as most of them were hoping for a one-year delay for more clarity in guidelines and implementation.
Source: Moneycontrol.com
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