Delegated rulemaking expands power to prescribe procedures and valuations affecting tax, customs and compliance obligations. The Bill conditions tax exemption under sections 11 and 12 on prescribed registration applications for trusts that change objects; treats fair market value, determined as prescribed, as full consideration for unquoted share transfers for capital gains; and creates a secondary-adjustment rule deeming unrepatriated excess funds with an associated enterprise to be an advance, with prescribed repatriation timings and computation. It also delegates rulemaking authority to prescribe charges, procedures and forms across customs, excise, settlement commission applications, passenger manifest/PNR requirements, and Board governance matters.
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Delegated rulemaking expands power to prescribe procedures and valuations affecting tax, customs and compliance obligations.
The Bill conditions tax exemption under sections 11 and 12 on prescribed registration applications for trusts that change objects; treats fair market value, determined as prescribed, as full consideration for unquoted share transfers for capital gains; and creates a secondary-adjustment rule deeming unrepatriated excess funds with an associated enterprise to be an advance, with prescribed repatriation timings and computation. It also delegates rulemaking authority to prescribe charges, procedures and forms across customs, excise, settlement commission applications, passenger manifest/PNR requirements, and Board governance matters.
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