Tag Archives: India exempts rupee payments for Iran oil from hefty taxes

NEW DELHI: India’s finance ministry has exempted rupee payments made to the National Iranian Oil Co (NIOC) for crude oil imports from a steep withholding tax, according to a government order reviewed by Reuters. The exemption, put in place on Dec 28 but backdated to Nov 5, will allow Indian refiners to settle about $1.5 billion of outstanding payments to …

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