With government accepting his committee’s report on applicability of Minimum Alternate Tax (MAT) on foreign investors, Justice AP Shah on Tuesday said that it will send a positive signal to the investors abroad.
“This will send a positive signal to the investors abroad. It only shows that the government is concerned about the issue of inconsistency and uncertainty in taxation. The object is very clear that the government is concerned in bringing certainty in tax regime,” Shah said.
“I have learnt from the TV channels that the Finance Ministry has accepted the report of the committee on FIIs. The issue which was referred to the committee was period prior to April 1, 2015. After this period, it is covered by the Amendment. This issue which was referred was the prior period which we have answered in favour of FIIs (Foreign Institutional Investors),” he added.
Union Finance Minister Arun Jaitley on Tuesday stated that the Government has accepted Justice AP Shah Committee report on applicability of Minimum Alternate Tax (MAT) on foreign investors.
Addressing a press conference, Jaitley said: “Today I have accepted on the recommendation of CBDT and department of revenue, the report of Justice AP Shah dated August 25. This report will also be made public very soon.”