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Finance Minister to Leave tomorrow for Japan on 6-Day Official Visit: To Meet Investors for Investment in India.

Finance Minister to Leave tomorrow for Japan on 6-Day Official Visit: To Meet Investors for Investment in India.
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The Union Finance Minister Shri Arun Jaitley will leave tomorrow evening on 6-day official visit to Japan from 29th May to 4th June, 2016. On arrival in Tokyo on 29th May, 2016, he will have meetings with CEOs of Japanese Companies (Soft Bank/JBIC). 

Next day, on 30th May, 2016, the Finance Minister Shri Jaitley will attend the 22nd International Conference on “The Future of Asia” organized by Nikkei Inc. In the afternoon the Finance Minister will have Bilateral Meetings with the Prime Minister of Japan Mr. Shinzō Abe, METI Minister (Economy, Trade & Industry) and Health Minister.

Next day, on 31st May, 2016, the Union Finance Minister Shri Arun Jaitley will have meeting with Chairman, Suzuki Motor Corporation Mr. Osamu Suzuki in the morning. Thereafter, he will participate in 22nd International Conference on “The Future of Asia” organized by Nikkei Inc. In the afternoon he will deliver Keynote Address at the Roundtable on National Investment & Infrastructure Fund (NIIF). In the evening Shri Jaitley will have meetings with President, GPIF (Government Pension Investment Fund) Mr. Norihiro Takahashi and President and CEO, JOIN (Japan Overseas Infrastructure Investment Cooperation for Transport and Urban Development) Mr. Takuma Hatano.

In the morning on 1st June 2016, the Finance Minister have meeting with CEOs organized by JIBCC (Japan-India Business Cooperation Committee). He will also hold meetings with President, JICA (Japan International Cooperation Agency) Mr. Shinichi Kitaoka and Chairman, Hitachi, Mr. Hiroaki Nakanishi (Chair, Committee on South Asia, Keidanren). In the afternoon, Shri Jaitley will attend IIES Symposium on Indian Economy and deliver Keynote Speech there and afterwards he will leave for Osaka. On arrival at Osaka the Finance Minister will meet Indian organizations at India Club.

On 2nd June, 2016, the Union Finance Minister will deliver a Lecture on “India: Political, Social and Economic Change (TBC) at Osaka University. In the evening the Finance Minister will participate and address the “Make In India- Investment Promotion Seminar. Thereafter he will meet select Japanese CEOs and CII delegation.

On 3rd June, 2016 the Union Finance Minister Shri Jaitley will leave for Kyoto in the morning. He will reach Tokyo in the evening from Kyoto where he will hold various meetings like meetings with President, ICIJ (The Indian Commerce & Industry Association Japan), Sr. MD, SMBC (Sumitomo Mitsui Banking Corporation), CEO, Eastspring Investments etc.

. The Finance Minister will leave for back home on 4th June 2016 and will arrive in national capital in the evening on same day after completing his 6-day official visit to Japan. 

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Clarification on implementation of Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS)

An Inter-Governmental Agreement between India and USA was signed for implementation of Foreign Account Tax Compliance Act (FATCA). The Government of India has also joined the Multilateral Competent Authority Agreement (MCAA) for Automatic Exchange of Information as per Common Reporting Standard (CRS). To provide guidance for implementation of FATCA and CRS, a Guidance Note was released on 31st August 2015 which was subsequently updated on 31.12.2015.Further, a clarification was issued on 19th February, 2016.

Based on comments and feedback received from the financial institutions, a further clarification has been issued on 26thMay, 2016. The same has been placed on the Income-tax website http://www.incometaxindia.gov.in.

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Government Invites Comments and Inputs of the Stakeholders on Implementation of General Anti Avoidance Rule Provisions-Issuance of Guidance Note
The provisions of General Anti Avoidance Rule (GAAR) are contained in Chapter X-A of the Income-tax Act, 1961(the Act). The GAAR provisions shall be effective from assessment year 2018-19 onwards, i.e. financial Year 2017-18. The necessary procedures for application of GAAR and conditions under which it shall not apply, have been enumerated in Rules 10U to 10UC of the Income-tax Rules, 1962.

Several stakeholders and industry associations have represented that guidelines for implementation of GAAR be issued so that there is adequate clarity in this regard.

The general public and stakeholders are therefore requested to provide their inputs on the provisions of GAAR in respect of which further clarity is required, from its implementation perspective. For the exercise to be meaningful, it is essential that reference to hypothetical situation be avoided. If the input relates to interpretation of a specific real world structure or arrangement, the structure should be such as that, which commonly occurs in the sector and involves clarification of generalprinciples of application. Further, in relation to such structure, the particular provision and apprehensions or doubts along withbasis thereof may also be provided with all the relevant facts.

The inputs may be provided on or before 30.06.2015 electronically on e-mail ID gaar-dor@gov.in and/or by post at the following address with “Comments for Guidance Note on GAAR” written on the envelop.

The Director (Tax Policy & Legislation)-I
Room No. 147-D, Central Board of Direct Taxes,
North Block, New Delhi – 110001.

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