GAAR implementation postponed

It was an eventful year in the world of finance and business, one that actively involved all three actors: the government, people and even the common man. From violent employee agitations to controversial reform proposals and volatile economic indicators, we compile the twelve defining news events of 2012.

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If India’s most-discussed acronyms this year were to be ranked, GAAR could be a serious contender for the top spot.

The General Anti-Avoidance Rules (GAAR) - despite their noble intent to target companies and investors routing money through tax havens - have been controversial since the controversy Vodafone broke out.

India had sought $2.2 billion from London-listed Vodafone in tax after its purchase of Indian assets from Hong Kong-listed Hutchinson Whampoa Ltd. Vodafone said the deal was between two overseas entities, and India had no such right.

Some international industry groups have even blamed GAAR for the drop in foreign investment flows into India.

But Finance Minister P Chidambaram said in October this year that India could soon amend the rules on tax avoidance, following the recommendations of the Shome committee set up by Prime Minister Manmohan Singh.

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