The apex level Justice A P Shah panel, set up to look into the levy of MAT on FIIs, is likely to submit its report to the Government next week, Finance Minister Arun Jaitley said today. Jaitley told reporters, “Shah panel on MAT may submit report in a week.”
The committee assembled in May, has held a series of dialogues and consultations with the tax department, various industry chambers, besides the institute of chartered accountants of India, to highlight their views on levying Minimum Alternate Tax (MAT) on Foreign Institutional Investors (FIIs). The three-member committee also includes former Chief Economic Advisor Ashok Lahiri and Chartered accountant Girish Ahuja.
The committee held discussions with FICCI, CII, Assocham and American Chamber of Commerce (Amcham) as well as experts from KPMG, EY and Deloitte.
It is scheduled to hold further negotiations with the Institute of Chartered Accountants of India (CAI), Pricewaterhouse Coopers and other expert groups.
Headed by Law Commission Chairman A P Shah, the panel was formally constituted in May with former chief economic advisor Ashok Lahiri and chartered accountant Girish Ahuja, as other two members.
