Minister of State for Finance Jayant Sinha has said that the government is considering clarificatory amendments to the rules relating to Minimum Alternate Tax, MAT for the benefit of foreign investors who have been battling tax demands worth Rs 40,000 crore. Mr Sinha informed this while talking to reporters on the sidelines of a function in New Delhi today.Mr Sinha along with top government officials had held meeting with Foreign Institutional Investors,FIIs yesterday, pressing for government's Rs 40,000 crore tax demand, saying they should approach courts to get relief on these matters. However, the government also made it clear that such demands would not apply to the entities from Double Taxation Avoidance Agreements, DTAA countries such as Singapore and Mauritius.In case of investors from jurisdictions having DTAAs with India, the treaty benefits would over-ride the tax demands. The Revenue Department has already sent notices to FIIs, demanding 20 per cent MAT on capital gains made by them till March 31, 2015.
News On AIR | April 23, 2015 4:05 PM
Govt considering clarificatory amendments to MAT rules: Sinha