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Investors challenge Indian MAT
1. Investors challenge Indian MAT
04 May 2015
Meredith McBride in Hong Kong
Several foreign portfolio investors have banded together to challenge India's minimum alternate tax
(MAT) on capital gains in a case that will have wide-reaching implications for investors who face
hefty tax bills between 2009 and 2015.
2. Aberdeen Asset Management filed its petition on May 2, while
Luxembourg-based BNP Paribas and National Westminster Bank in
London filed their petitions on April 29, with their hearing
set to begin on May 6. At least five investors that have filed
writ petitions in the Bombay High Court are primarily US or
UK-headquartered, and have received MAT demands in the past two
months from Indian tax authorities.
Law firm Khaitan Co has said that creating a
distinction between investors when applying MAT could be
unconstitutional. "It's creating a class in a
class of certain investors which is not permissible under the
constitution itself," said Bijal Ajinkya, a partner at Khaitan
Co.
"It's important to note that the reason MAT was
introduced was as an anti-abuse provision," added Ajinkya. "It
was not really introduced as a mechanism to impose an
alternative tax to an income tax for regular taxpaying
companies."...
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