Doshi says GAAR's defering is 'welcome move' on the part of government. "This is giving a very positive signal to the large stakeholders. We are telling them in advance that this is going to be the position, this is how tax laws will be applied in the country, the tax liabilty and that it will start from 2016," she says.
Q: Where do Participatory Notes (P Notes) fall because that was the big bone of contention or the big area that led to the whole idea being postponed at least to 2014? So are now P Notes to be brought within the tax net at all? How have you understood the rules?
A: In the announcement made by the Finance Minister (FM), he has clarified that the investors who come through Foreign Institutional Investors (FIIs) would not be subject to the General Anti Avoidance Rule (GAAR) provisions. So any participant in that note which has been issued by FII would not be subjected to GAAR provisions.
Q: What about proprietary funds of FIIs?
A: Yes, the funds themselves would be subjected to GAAR provisions. It is a very welcome move on the part of government to have accepted majority of the recommendations of the committee. This is giving a very positive signal to the large stakeholders. We are telling them in advance that this is going to be the position, this is how tax laws will be applied in the country, the tax liabilty and that it will start from 2016. So, three years in advance and in a sense, it is really five years in advance because in 2010 there was clearly an indication that this is how we are going to move.
More to come.
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