The Justice AP Shah committee looking into the issue of levying minimum alternate tax (MAT) on foreign portfolio investors (FPI) is expected to submit its report by the end of this month, said people with knowledge of its plans. Based on the discussions they had with the panel, several people including tax experts, lawyers and tax officials that ET spoke to said they expect its recommendations to possibly have a pro-FPI stance.
The government appointed the three-member committee in May to study whether MAT could be levied on FPIs, after the investors raised a strong protest against the income tax department’s decision to slap tax demand on them. The panel held the last of a series of meetings at on Tuesday, at its office in Delhi’s Ashoka Hotel
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