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        MEMO - MEMORANDUM REGARDING DELEGATED LEGISLATION

        Finance Bill, 2017
        Memo Memo
        MEMORANDUM REGARDING DELEGATED LEGISLATION

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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.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                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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                                ActsIncome Tax
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