The Union Ministry of Finance appointed a committee under the chairmanship of Justice Ajit Prakash Shah to look into the issue of Minimum Alternate Tax (MAT) on Foreign Institutional Investors (FIIs).
The decision was announced by the Union Finance Minister Arun Jaitley in the Rajya Sabha on 11 May 2015.
The committee was appointed to resolve the contentious issue of MAT between the tax authorities and the foreign investors.
As per the Finance Act, 2015 the 20 percent MAT on Capital Gains made by FIIs is waived off from the financial year 2015-16. However, the issue of imposing MAT for past years (till 2014-15) has become controversial as the FIIs raised objections to 68 notices (in lieu of 602 crores rupees) issued by the International Taxation Wing of the Income Tax Department in lieu of MAT.
At present, Justice A P Shah is heading the 20th Law Commission of India.
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