SEZ cos seek time from panel to explain DTC stand

NEW DELHI: SEZ developers and units have asked the committee of parliamentarians examining the provisions of the proposed direct taxes code ( DTC) for a personal hearing in a bid to better explain their position for relaxation of some of the proposed tax laws.

The umbrella body of developers and units, which has been asked by the Parliamentary committee for its views, has also sought legal opinion to make its case tight.

“We have sought a personal hearing from the committee. Let us hope we get it,” export promotion council for EoUs and SEZs (EPCES ) founder member RK Sonthalia told ET.

The proposed DTC, which seeks to streamline the existing tax structure, has suggested imposition of a minimum alternate tax (MAT) of 20% on units and linking incometax exemption to investments made rather than profits earned.
The EPCES, that has taken inputs from the commerce department for its memorandum, has argued against imposition of MAT and has asked for more time for a switchover to the new tax regime for SEZ units.

“Our views will be reflected in the report of the export council as we may not be separately asked for it,” a commerce department official told ET.