No tax sop for new refinery projects

Chidambaram, P.
March 2008
Chemical Business;Mar2008, Vol. 22 Issue 3, p31
Trade Publication
The article focuses on a provision in the Union Budget 2008 in India that removes new refinery projects of income tax benefits. A Sunset clause for 100% tax exemption for refining of mineral oil has been introduced in the Budget memorandum. S. V. Narasimhan of Indian Oil says that the elimination of tax benefits is a significant concern for the petroleum refining sector. According to a report on the Union Budget 2008, the elimination of tax holiday on refining will adversely impact new refinery projects.


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