Deemed transfer of assets triggers tax; Clause 8 adds guideline timelines and enhanced parliamentary oversight for valuation.
Deemed transfer of capital assets or stock-in-trade on distribution during dissolution or reconstitution constitutes a taxable event with gains measured by fair market value, taxed as business income or capital gains. Clause 8 clarifies terminology, prescribes a limited period for issuing implementation guidelines, introduces parliamentary review and modification procedures, modifies cross-references, and is less explicit about the binding nature of guidelines; specified entities must recognize the deemed transfer and specified persons must maintain valuation documentation.