Tax authorities advised to go slow on FIIs over MAT
The Dollar Business Bureau As foreign investors eagerly wait for the contents of the ‘Committee’ headed by Justice A. P. Shah that is looking into the issue of mimimum alternate tax (MAT) on foreign institutional investors (FIIs), officers of the Central Board of Direct Taxes (CBDT) dealing with international taxes have been advised not to take any co-ercive action against FIIs for recovery of demand already raised by invoking provisions of MAT. Issue of fresh notices for reopening of cases as also completion of assessment should also be put on hold unless the case is getting barred by limitation, said the government, reported a PIB release. Recently, CBDT has issued a notification saying “It has come to the notice ...
Foreign investors under tax treaty benefits to be exempted from MAT
Sai Nikesh | The Dollar Business In a move to address concerns of Foreign Institutional Investors (FIIs), the government, on Friday, assured that FIIs will be able to avail tax benefits wherever possible in accordance to the Minimum Alternate Tax (MAT) cases. The Central Board of Direct Taxes (CBDT) has released a notification to this effect and asked tax officials to resolve issues pertaining to tax claims involving FIIs. The CBDT has asked tax officers to expedite ruling on whether an investor can qualify for the tax treaty benefit and hence will be exempted from MAT. Welcoming the move, Adish C Aggarwala, Chairman, All India Bar Association, told The Dollar Business, “Exempting FIIs, belonging to the countries having tax ...
