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Govt exempts Foreign firms without permanent establishment from paying MAT
PrintThe government has exempted foreign companies from paying Minimum Alternate Tax (MAT) retrospectively from April 2001, provided they did not have a permanent establishment in India.
A press release issued by Finance Minister said, the provisions of Section 115JB of Income Tax will not apply to foreign companies with effect from 1st of April 2001, if they are resident of a country with which India has Double Taxation Avoidance Agreement DTAA.
It also said, in case the companies belong to countries with which India does not have a DTAA, the MAT exemption will apply if they are exempted from registration under Section 592 of the Companies Act 1956, or Section 380 of the Companies Act 2013.
Earlier this month, the government had exempted foreign institutional and portfolio investors from payment of MAT on the capital gains made by them before April 1, 2015.
A press release issued by Finance Minister said, the provisions of Section 115JB of Income Tax will not apply to foreign companies with effect from 1st of April 2001, if they are resident of a country with which India has Double Taxation Avoidance Agreement DTAA.
It also said, in case the companies belong to countries with which India does not have a DTAA, the MAT exemption will apply if they are exempted from registration under Section 592 of the Companies Act 1956, or Section 380 of the Companies Act 2013.
Earlier this month, the government had exempted foreign institutional and portfolio investors from payment of MAT on the capital gains made by them before April 1, 2015.
Category : International Taxation | Comments : 0 | Hits : 424
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