India: Expert Committee on GAAR formedJuly 19, 2012
Further to the release of the recommendations on the formulation of guidelines on the application of the general anti-avoidance rule (GAAR) on 28 June 2012, it was announced on 13 July 2012 that the Prime Minister has approved the formation of an Expert Committee to undertake stakeholder consultations and finalize the guidelines.
The terms of reference of the Expert Committee will be to:
- Receive comments from stakeholders and the general public on the draft guidelines
- Vet and rework the guidelines based on the feedback
- Undertake widespread consultation on the second draft of the guidelines
- Finalize the guidelines and the road map for implementation
The Expert Committee is expected to receive comments from stakeholders till the end of July and rework the guidelines by the end of September, with the aim of finalizing the guidelines by the end of September 2012.
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