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26 July, 2012

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USCIB : GAAR is 'too vague' to provide certainty to business investors

United States Council for International Business (USCIB) recently provided its comments on the  proposed draft guidelines regarding the implementation of General Anti-Avoidance Rules (GAAR).

USCIB promotes open markets, competitiveness and innovation, sustainable development and corporate responsibility, supported by international engagement and regulatory coherence. Its members include U.S.-based global companies and professional services firms from every sector of our economy, with operations in every region of the world. With a unique global network encompassing leading international business organizations, USCIB provides business views to policy makers and regulatory authorities worldwide, and works to facilitate international trade and investment.

As per USCIB, Proposed GAAR provisions are “extraordinarily broad” and “too vague”. It claims that the uncertainty is causing concern to international investors wanting to invest in India. It has also expressed concern that the 3 Member panel may provide “rubber stamp” approval to whatever the income-tax department proposes.

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For Original Letter by USCIB click here 

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