Monday, May 7, 2012

Vladimir Putin sworn in as Russian President

Vladimir Putin was sworn in as Russian President for a third term. Mr. Putin served two terms as Russian President from 2000 and 2008 and shifted to the post of Prime Minister after ceding power to his close follower, Dmitry Medvedev. With the presidential term extended from four to six years Mr. Putin, who turns 60 later this year, will serve till 2018 and will have the option of running for the fourth term. Shortly after taking office, Mr. Putin sent to Parliament Mr. Medvedev’s nomination as Prime Minister in keeping with his earlier promise.
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GAAR deferred by one year

The Finance Minister said,GAAR(general anti-avoidance rules), which has evoked sharp criticism from foreign investors is deferred by one year, “to provide more time to both tax payers and tax administration to address all issues, I propose to defer the applicability of the GAAR provisions by one year...(it) will now apply to income of financial year 2013-14 and subsequent years.”

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