Tax Provisions in the Indian Finance Bill 2012

SIFMA, as part of a Coalition, provides comments to U.S. Treasury Secretary Timothy Geithner strongly opposing amendments proposed within the Indian Finance Bill 2012 that would change India’s Income Tax Act of 1961.  The Coalition believes that the proposals, which include an unprecedented period of retroactive tax collection, a broad and unclear general anti-abuse rule (GAAR) and an onerous tax on indirect stock transfer, are inconsistent with international tax policy and standards and result in significant erosion of the rule of law. The groups encourage Secretary Geithner to raise these concerns with his Indian counterparts during the upcoming International Monetary Fund (IMF) and World Bank meetings.