India changes tax law; makes MAT provisions inapplicable to foreign investors

Visitors ride in a carriage at the entrance of the Jewel of the Nizams

Welcome news for foreign investors in India!

Following is the Press release by Ministry of Finance:

“Through the amendment the Government proposes to clarify that MAT provisions will not be applicable to FIIs/FPIs not having a place of business/ permanent establishment in India, for the period prior to 01.04.2015. Pending such amendment, CBDT will convey to the field formations the decision of the Government to accept the recommendation.

The Report of the Committee is available on the website of the Finance Ministry and the Income-tax Department at www.finmin.nic.in and www.incometaxindia.gov.in

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