Millennium Post

Final report on GAAR may be submitted today

The Parthasarathi Shome panel, looking into the taxation issues relating to GAAR [General Anti-Avoidance Rules], is likely to submit its final report to Finance Minister P Chidambaram on Monday. ‘The final report of the Parthasarathi Shome committee will be submitted to the Finance Minister on October 1, 2012,’ sources in the finance ministry said.

Prime Minister Manmohan Singh in July had set up a committee under tax expert Parthasarthi Shome to address concerns of foreign and domestic investors on GAAR. The committee had already submitted its draft report to Chidambaram on 1 September.

The government had later expanded the scope of the expert committee on GAAR to include concerns of all non-resident tax payers.

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