IRAN

 

India’s Finance Ministry Exempts NIOC From Income Tax On Oil Payments

The Central Board of Direct Taxes (CBDT) of India’s Ministry of Finance announced on 19 June a decision to enforce a March 2012 budgetary provision to exempt from income tax rupee-denominated payments made to the National Iranian Oil Company (NIOC) by Indian refineries. A ministry statement noted that the exemption will “come into effect backdated to the first day of...