One key provision is the taxation of indirect transfers when shares of foreign entities change hands.
This could impact non-resident Indians staying in countries such as UAE which does not impose income tax on individuals under local tax laws.
Players such as Kidaara, True North, and Multiples Alternate Asset Management move outside the confines of just being a family-style financial office and become a true PE heavyweight.
Singapore is slated to bring in Singapore Variable Capital Company, a new legal entity which can be used as a vehicle for investment. SVACC is expected to simplify the process of redemption for open-ended funds.
Singapore is the favoured destination as it has traditionally had a stable fund management regime; also, its tax treaty with India is similar to that of Mauritius
The regulations will only apply to the share purchases that have been done after October 1, 2004
In 50 days, 60% of the work force was let off in retail, agri, textile and other sectors.
India is often viewed as an aggressive tax jurisdiction by domestic and overseas taxpayers, and making the charter as part of the Act may help restore confidence among taxpayers.
The government's plan to mop-up additional revenue from indirect tax may not materialise
Any act by a chartered accountant that brings disrepute to the profession, whether or not in the professional domain, is open to disciplinary scrutiny and action.
Sebi's move will help curb the illicit practice of keeping the parent company's account clean while maintaining debt in its subsidiaries.
Post-elections, the pace is expected to be greater for inbound deals, which have been largely pushed back for many months now for want of better clarity on the policy stance of new government, experts said.
Experts said many firms had unbilled assets on their books.
GAAR will not override the recently revised double taxation avoidance agreements with Mauritius and Singapore.
The rules will affect Indian companies that take most decisions about their foreign subsidiaries.
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