Report of the Expert Committee on Retrospective
Amendments made by the Finance Act, 2012 to Income-Tax Act, 1961
Relating to Taxation of Non- Residents on Indirect Transfer; Comments
and Suggestions on the Draft Report to be submitted by 19-10-2012
Press Release, dated 9-10-2012
Vide notification dated July 17, 2012, an Expert
Committee was constituted on General Anti-Avoidance Rules (GAAR) to
undertake stakeholder consultations and finalize the guidelines.
Subsequently vide notification dated September
1,2012 the Government modified the Terms of Reference of the Committee
to include an additional item "to examine the applicability of the
amendment on taxation of non-resident transfer of assets where the
underlying asset is in India, in the context of all non-resident
taxpayers".
The Committee has submitted its
draft report on indirect transfer, which reflects consultations and
written representations from a number of stakeholders including tax
advisory firms comprising accountants and lawyers, chambers of commerce
and industry, foreign investor associations and individual industry
representatives.
The views expressed in Report of the Committee are that of
an independent Committee and it should not be construed in any manner
whatsoever as the views of the Government.
The report of the Committee has been uploaded on the
Finance Ministry website (www.finmin.nic.in) and Income-tax Department
website (www.incometaxindia.gov.in) for comments from stakeholders and
the general public.
The comments and suggestions on the draft report may be
submitted by 19th October, 2012 at the email address (jstpl2@nic.in) or
by post at the following address with "comments on Expert Committee
Report on Retrospective Amendments" written on the envelope.
Joint Secretary (Tax Policy & Legislation-II)
Central Board of Direct Taxes,
Department of Revenue,
Room No.147-C, 1st Floor,
North Block, New Delhi-110 001
The views of the Government on the recommendations of the Expert Committee will be formed after receipt of their final Report.
