By Archana Chaudhary
Oct. 21 (Bloomberg) -- India plans to impose a windfall tax on oil exploration companies, the Economic Times reported, citing an oil ministry letter to the Prime Minister's office.
State-run Oil & Natural Gas Corp. and Oil India Ltd. will have to pay the government 100 percent of their earnings as tax after locally produced crude oil touches $75 a barrel, the newspaper said. Private companies Reliance Industries Ltd., Cairn India Ltd. and Essar Oil Ltd. will pay 40 percent as tax, according to the report.
The tax won't be imposed on refiners, the newspaper said.
To contact the reporter on this story: Archana Chaudhary in Mumbai at achaudhary2@bloomberg.net.
Tuesday, October 21, 2008
India Plans to Impose Windfall Tax on Explorers, Times Reports
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