Commerce Ministry wants tax sops for SEZs restored
14 Aug 2014 11:40 PM GMT
The Commerce Ministry has asked for restoration of the tax benefits for special economic zones to revive them, Parliament was informed on Wednesday.
‘Ministry of Commerce and Industry (Department of Commerce) has recommended the restoration of original exemption from minimum alternate tax (MAT) and dividend distribution tax (DDT) to SEZ developers and units,’ Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha.
The industry has been complaining that MAT and DDT on SEZs have dented the investor sentiment.
As per the original provisions of the Special Economic Zones Act, 2005 and Rules, 2006, SEZ developers and units were exempted from MAT.
‘Ministry of Commerce and Industry (Department of Commerce) has recommended the restoration of original exemption from minimum alternate tax (MAT) and dividend distribution tax (DDT) to SEZ developers and units,’ Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha.
The industry has been complaining that MAT and DDT on SEZs have dented the investor sentiment.
As per the original provisions of the Special Economic Zones Act, 2005 and Rules, 2006, SEZ developers and units were exempted from MAT.
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