India to amend tax law retrospectively to give relief to foreign firms

[NEW DELHI] India will amend its tax law with retrospective effect to exempt foreign companies covered under double taxation avoidance agreements from the minimum alternative tax, the finance ministry said in a statement on Thursday.

The amendment, which would be effective from April 1, 2001, would also provide relief to foreign firms that do not have a permanent establishment in the country, the statement added.

REUTERS