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  3. Govt sets up high level panel to resolve the controversial MAT row

Govt sets up high level panel to resolve the controversial MAT row

21 May 2015 Evaluate

The government has set up the proposed high-level panel to resolve the controversial levy of minimum alternate tax (MAT) on foreign portfolio investors. The need of such committee was felt on account of Income Tax department’s demand of foreign firms paying a Minimum Alternate Tax (MAT) on profits, which weren’t paid by them earlier since it was widely believed that it only applied to domestic investors until a court ruled otherwise in 2012. The government underscored that while the tax would not apply from April 1, 2015 onwards, past incomes will face the levy, a stand challenged by foreign investors.

In the backdrop of such discrepancies, the committee is formed to suggest ways to resolve a dispute with foreign investors over previously untaxed gains that has rattled businesses. The panel will be headed by chairman Law Commission justice AP Shah and would have former chief economic advisor Ashok Lahiri and Girish Ahuja, former associate professor Sri Ram College of Commerce as members.

According to the plan, the committee initially would focus on the issue of MAT on FIIs and give its report expeditiously, while the government will notify other issues, which may be irking investors at a later date. The Committee, which shall set its own procedure for regulating its work would interact with various stakeholders as it may deem fit as also invite officers from Department of Revenue, including CBDT, for consultations or discussions as may be necessary.

The term of the committee will be for one year or such period as may be notified by the government from time to time. Tax authorities will not issue fresh notices or take coercive action in cases where demands have been raised, pending the panel's recommendations.

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