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Our Bureau

New Delhi, April 16 To seek early resolution of taxation uncertainties arising due the certain Budget 2008-09 proposals, the Petroleum Minister, Mr Murli Deora, has met the Finance Minister, Mr P. Chidambaram, on Tuesday.

The Ministry of Petroleum & Natural Gas is hopeful of resolving issues relating to taxation of petroleum products with the Finance Ministry in a manner that would not affect the investor sentiment for the bidding process of the seventh round of New Exploration Licensing Policy (NELP VII).

Tax holidays have been committed in the seventh round, bids for which are due on April 25, and any move to go back on the commitment may affect investor sentiment, the Petroleum Ministry maintained.

Oil and gas exploration companies as well as the refineries were getting income-tax deduction under Section 80-IB (9). But the Budget of 2008-09 proposes to withdraw the seven-year tax holiday on oil and gas production.

It also seeks to withdraw the exemption of 100 per cent of profits for a period of seven consecutive assessment years including initial assessment year available for commercial production of petroleum and natural gas for undertakings where refining of mineral oil begins after April 1, 2009.

More Stories on : Petroleum | Taxation

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