Union budgets disappoint North-East
The Telegraph | Guwahati, March 3:
Though the North East Industrial and Investment Promotion Policy 2007 (NEIIPP) explicitly provides for 100 per cent income tax exemption from April 1, 2007, minimum alternate tax was imposed in the Northeast after declaration of the policy and industries were compelled to pay. Instead of abolishing minimum alternate tax (MAT), the rates were increased in the 2009-10 budget from 10 to 15 per cent and now the increase to 18.5 per cent has sent wrong signals to prospective investors.
“The Northeast logically compares with special economic zone. On this analogy, the region should also be exempted from MAT, which would have been in line with the spirit behind NEIIPP,” Joshi said.
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* This Post is uploaded on March 04, 2013
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