Recommendations of the expert committee on the Indian General Anti-Avoidance Rule: a welcome step
On 1 September 2012, the Shome Committee, which was constituted by Indian Prime Minister Manmohan Singh to review the General Anti-Avoidance Rule, submitted its 108-page Expert Committee Report to the Indian Government. The Committee recognized the GAAR’s adverse impact on foreign investment in India and proposed safeguards to prevent the Indian tax authorities from applying the GAAR indiscriminately. It also proposed a three-year delay to the implementation of the GAAR and the grandfathering of existing investments. The Committee is scheduled to submit finalised guidelines and an implementation roadmap by 30 September 2012.
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For the past 10 months, the US Department of Justice and the Enforcement Division of the Securities and Exchange Commission have advised the public that they are in the process of drafting guidance for companies regarding the requirements of, and prohibitions within, the US Foreign Corrupt Practices Act.