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Business EconomyPosted at: May 20 2015 9:38PM


Govt forms HLC to study issue of MAT on FIIs

New Delhi, May 20 (UNI) Government today constituted a high level committee on Minimum Alternate Tax that will look into the various aspect of issues including payments by the foreign institutional investors, examine all the related legal provisions, judicial and quasi judicial pronouncements. The committee will be headed by former Chief Justice of Delhi High Court, Justice AP Shah. Former Delhi University professor Girish Ahuja and former Chief Economic Advisor to Asian Development Bank Ashok Lahiri have been appointed as its members. The Committee will examine the matter relating to levy of MAT on FIIs for the period prior to April 1, 2015. The Committee will also examine all the related legal provisions, judicial, quasi judicial pronouncements and such other relevant aspects as it may consider appropriate, the Finance Ministry said in a statement. The Committee may interact with various stakeholders as it may deem fit. Officers from Department of Revenue including CBDT may also be called for consultations/discussions. The Committee would set its own procedure for regulating its work. The term of the Committee will be for one year or such period as may be notified by the government from time to time, it added. Finance Minister Arun Jaitley had announced the constitution of a committee to look into the issues of MAT, while responding to the discussion on Finance Bill in the Rajya Sabha on May 7. UNI ASH RSA 2138
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