Indian oil producers bemoan fiscal burden

摘要

Mumbai—India’s state-owned Oil and Natural Gas Corp. and privately owned Cairn India, which together account for over 95% of the country’s oil production of 745,000 b/d, see the current tax or cess of $10/barrel as the biggest hurdle to their growth and have urged the government to move to a value-added tax, senior executives at the two companies said Tuesday. Oil companies have to pay a fixed tax of $10 to the government for every barrel they sell, over and above royalty, petroleum profit and a corporate tax. While cess is a flat rate, valueadded tax is set as a percentage of the purchase price.