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Text of the Statement made by the Finance Minister in Rajya Sabha yesterday relating to MAT on FIIS

Dated:- 8-5-2015 - A matter which has attracted considerable debate in the public space in recent weeks is the levy of Minimum Alternate Tax (MAT) on Foreign Institutional Investors (FIIs). The difficulties experienced by FIIs in this regard were brought to the notice of the Government when we were preparing the Budget for 2015-16. Considering their difficulty, the Finance Bill 2015-16 has provided exemption from MAT to the FIIs. Naturally, when an exemption is given, it takes prospective effect .....

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ffected party moved the Supreme Court for early hearing. On behalf of the Government, it was conveyed to the Supreme Court that Government has no objection to early hearing as we are also keen on a final settlement of this issue for the prior period by the Supreme Court. It is expected that the Supreme Court would fix an early date for hearing this case. In the meantime, I have received a number of representations on this whole issue. We have, therefore, decided to refer this matter as well as a .....

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