India’s ‘taxpayer-friendly regime’ short-lived as investors get MAT bills
A seemingly positive exemption on Indian minimum alternate tax (MAT) for foreign portfolio investors turned sour when Prime Minister Narendra Modi announced back-taxes of more than $6.4 billion on 100 foreign investors into India, with thousands more at risk. The announcement has caused some investors to decry the government’s promises of a taxpayer-friendly regime.
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