US-India Business Council (USIBC) has praised Indian government's ruling on Minimum Alternative Tax, MAT, and said that the tax certainty will promote long-term investments in India. USIBC President Mukesh Aghi said the announcement demonstrates the Government of India's commitment to attracting long term foreign investment into the country by providing greater tax certainty and ensuring ease of doing business for the global investment community. Finance Minister Arun Jaitley announced Tuesday the government's decision to accept the AP Shah Committee's recommendation that the Minimum Alternative Tax (MAT) provisions do not apply retrospectively to Foreign Institutional Investors (FIIs) before April 1, 2015.