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India Pulls Back From $6.4bn Tax Raid on Foreign Investors

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"What applies post April 2015 — that is no MAT on capital gain on FIIs — will also apply [for] pre-April 2015," Mr Jaitley said.

“What applies post April 2015 — that is no MAT on capital gain on FIIs — will also apply [for] pre-April 2015,” Mr Jaitley said.

India is to end attempts to levy up to $6.4bn in retrospective tax on foreign investors in a move likely to end one of several frustrating uncertainties faced by financial and other businesses operating in the country.
Arun Jaitley, finance minister, said the government had accepted the recommendations of a committee it appointed in May and would not apply so-called minimum alternate tax to foreign institutional investors for the period before April 1 this year. They are already exempted from that date onward. Details
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