India to Give Tax Breaks for Oil Storage

摘要

India will exempt income generated by a foreign company storing crude oil in the country from tax, subject to certain conditions, Finance Minister Arun Jaitley said Monday. The move is good news for the likes of Kuwait Petroleum and Abu Dhabi National Oil Co., which had expressed interest in filling India's strategic stockpiles for free, provided they could use the stocks for trading. They had proposed New Delhi could take control of the stocks in case there is a threat of supply disruption, but tax laws prevented unfettered filling and drawing of inventories (IOD Feb.11'16).