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K.R. Srivats

New Delhi, April 24 The meeting of the empowered group of ministers (EGOM) on special economic zones slated for April 29 has been postponed.

Among other issues, the EGOM, headed by the External Affairs Minister, Mr Pranab Mukherjee, was to consider the Finance Ministry’s proposal to levy minimum alternate tax (MAT) on units in SEZs. Stressing the need for a stable fiscal policy regime, the Commerce Ministry is against imposition of any tax on SEZ units as it would send wrong signals to investors.

A revenue department official, however, said that MAT was really not a “tax outgo” for the assessee and was only a contributory tax. For the MAT paid, they can always get tax credit in subsequent years.

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