GAARGeneral Anti-Avoidance Rule
GAARGreater Albuquerque Association of Realtors (Albuquerque, NM)
GAARGates of the Arctic National Park and Preserve (US National Park Service)
GAARGreat Aussie Air Rally (Australia; flight simulation)
GAARGas Access Arrangements Review (Essential Services Commission; Australia)
GAARGreater Augusta Association of Realtors, Inc. (Augusta, GA)
GAARGenerally Accepted Appraisal Rules (mortgage lending)
References in periodicals archive ?
In 1988, the GAAR became part of the Act law and "superimposed a prohibition on abusive tax avoidance, with the effect that the literal application of provisions of the Act may be seen as abusive in light of their context and purpose.
If particular aspects of an arrangement are determined to have commercial substance under SAARs or Special Treaty Limitation Rules, those aspects of the arrangement shall be presumed to have "reasonable commercial purpose" under the GAAR, and the in-charge tax authority shall have the burden of establishing why those aspects of the arrangement should not be respected under the GAAR.
A GAAR will bring in a blanket legislation to differentiate between what is responsible, legitimate tax planning and what is classed as abusive tax avoidance.
Rob Gunn, tax partner at business advisory and accounting firm RSM Tenon's Birmingham office, agreed the GAAR would be central to the speech.
The Parthasarathi Shome panel appointed to look into the GAAR has made some very sensible suggestions: indirect transfer of Indian assets should be taxed only prospectively except in rare cases; interest and penalty should be waived in such cases and, most important, the tax has to be levied on the party, which made money and not the one who paid.
We addressed investor concerns by appointing the Partho Shome committee to look into the implementation of GAAR and the tax treatment of certain investments.
GAAR, as the name suggests, are aimed at discouraging Indian companies and investors from routing their investments through tax havens just to avoid taxes
The panel, chaired by Parthasarathi Shome, also stressed that GAAR should be used for deterrence rather than to generate revenue.
The panel said that an assessment of GAAR for 2016-17 will soon be announced, this being a common practice.
The Prime Minister has approved the constitution of an Expert Committee on GAAR to undertake stakeholder consultations and finalise the guidelines for GAAR " a PMO statement said.
GAARs will be of concern to a lot of people who are simply using existing, legitimate ways to protect their income, but who are being targeted by a Government keen to show it is not too close to the wealthy to make tax fair.