NEW DELHI May 11 India's tax department said in a statement it will hold off from issuing new demands for payments of a controversial minimum alternate tax (MAT), and will take no coercive action to pursue claims that have already been filed.
The statement from the Central Board of Direct Taxation comes after the imposition of retrospective MAT tax claims totalling just 6.02 billion rupees ($93.8 million) had sparked an outcry among foreign companies and investors.
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