On 25 September 2015, the Indian Ministry of Finance announced that the Indian Income Tax Act would be amended so all foreign companies would be exempt from Minimum Alternate Tax (MAT) subject to certain conditions. The change follows a recent announcement that India would not retroactively levy MAT on foreign institutional and portfolio investors ({News-2015-09-03/A/3- previous coverage}).
The conditions for MAT exemption for all foreign companies include:
- The foreign company is resident i…