This publication provides a very interesting treatise on the development of GAAR in India, including an international perspective in Appendix B for the United States, S. Africa, Germany, China, Canada, United Kingdom and Australia.
Importantly, the publication sets forth the OECD definitions for tax evasion, tax avoidance and tax planning for clarity.
This concept is increasing in importance, and should be followed closely with ideas of forming Best Practices re: tax planning, tax documentation, etc.
Ideas for Best Practice consideration:
- Address the concepts of GAAR, formal or informal, as part of every tax planning exercise.
- Ensure the global tax team is informed about the latest GAAR developments to increase awareness and responsibility.
- Brainstorm ideas about GAAR, forming Best Practices for the organization.
- Proactively ask for input from external advisors to gain different perspectives on this evolving topic.
- Share your ideas with your peers from other organizations for a win-win result.