Government Clarification on Applicability of Indian MAT to Foreign Investors from Treaty Countries

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Government Clarification on Applicability of Indian MAT to Foreign Investors from Treaty Countries

KPMG FLASH NEWS KPMG in India 23 April 2015 Government clarification on applicability of Indian MAT to foreign investors from treaty countries The Minister of State for Finance Jayant Sinha, Indian Revenue Secretary Shaktikanta Das and Central Board of Direct Taxes (CBDT) Chairperson Anita Kapur told investors in a conference call on Wednesday 22 April 2015 that Minimum Alternative Tax (MAT) would not be levied on funds that have invested through countries such as Singapore and Mauritius with which India has a double taxation avoidance agreement (DTAA) which provide that capital gains will not be taxable in India1. _________________ 1 The Economic Times Press Release dated 23 April 2015. © 2015 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. www.kpmg.com/in Ahmedabad Delhi Mumbai Commerce House V, 9th Floor, Building No.10, 8th Floor Lodha Excelus, Apollo Mills 902 & 903, Near Vodafone House, DLF Cyber City, Phase II N. M. Joshi Marg Corporate Road, Gurgaon, Haryana 122 002 Mahalaxmi, Mumbai 400 011 Prahlad Nagar, Tel: +91 124 307 4000 Tel: +91 22 3989 6000 Ahmedabad – 380 051 Fax: +91 124 254 9101 Fax: +91 22 3983 6000 Tel: +91 79 4040 2200 Fax: +91 79 4040 2244 Hyderabad Noida 8-2-618/2 6th Floor, Tower A Bengaluru Reliance Humsafar, 4th Floor Advant Navis Business Park Maruthi Info-Tech Centre Road No.11, Banjara Hills Plot No. 07, Sector 142 11-12/1, Inner Ring Road Hyderabad 500 034 Noida Express Way Koramangala, Bangalore 560 071 Tel: +91 40 3046 5000 Noida 201 305 Tel: +91 80 3980 6000 Fax: +91 40 3046 5299 Tel: +91 0120 386 8000 Fax: +91 80 3980 6999 Fax: +91 0120 386 8999 Kochi Chandigarh Syama Business Center Pune SCO 22-23 (Ist Floor) 3rd Floor, NH By Pass Road, 703, Godrej Castlemaine Sector 8C, Madhya Marg Vytilla, Kochi – 682019 Bund Garden Chandigarh 160 009 Tel: +91 484 302 7000 Pune 411 001 Tel: +91 172 393 5777/781 Fax: +91 484 302 7001 Tel: +91 20 3050 4000 Fax: +91 172 393 5780 Fax: +91 20 3050 4010 Kolkata Chennai Unit No. 603 – 604, No.10, Mahatma Gandhi Road 6th Floor, Tower – 1, Nungambakkam Godrej Waterside, Chennai 600 034 Sector – V, Salt Lake, Tel: +91 44 3914 5000 Kolkata 700 091 Fax: +91 44 3914 5999 Tel: +91 33 44034000 Fax: +91 33 44034199 © 2015 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. .

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