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Hiranandani hails proposal to remove MAT for SEZs
06
Feb '16
Ahead of this year's Union Budget, Niranjan Hiranandani, Managing Director, Hiranandani Communities and real estate major Hiranandani Group, has welcomed a proposed move to remove Minimum Alternate Tax (MAT) for Special Economic Zones (SEZs).

“If this year's budget can do the needful, it will be a positive development, and has the potential to create a positive impact for SEZs and the units that operate from the SEZs, effectively, enhancing India's exports,” he said in a statement.

Hiranandani's comment came after Commerce Minister Nirmala Sitharaman's recent meeting a delegation from SEZs.

Sitharaman told them that an effort is under way to convince the relevant ministries about the need for removal of MAT for SEZs as well as postponing the phase-out of tax exemptions for SEZs in the upcoming budget.

“The Hon'ble Minister said the intent was to make SEZs as vibrant as they can be, for all stakeholders in SEZ spaces, this is a positive move,” Hiranandani said.

The real estate tycoon said that the global economic turbulence on the back of currency devaluation by China, Indonesia and Thailand, has had a major impact on the globally competitive aspect of India's exports. In this scenario, the need to revitalize the SEZs so that India's exports can compete in the global market takes on even more importance.

By an amendment, the SEZ law was changed to levy MAT as well as dividend distribution tax on SEZs. This was done despite the SEZ Act promising a tax holiday for a specified period, said Hiranandani.

With the Commerce and Industry Ministry now pitching for the removal of MAT as well as postponing the phase-out of tax exemptions in the budget, the efforts to 'update and set right' the rules for SEZs have the potential to be a positive move.

“This can be the best way forward to meet the challenge of growing Indian exports,” he said. (SH)

Fibre2Fashion News Desk – India

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