The government has ordered Reliance Industries, Royal Dutch Shell, and Oil and Natural Gas Corporation to pay $3 billion in penalty following an arbitration award in the PMT oil field dispute. The arbitration panel upheld that profit from the fields should be calculated after deducting prevailing tax of 33%, and not the 50% rate earlier. This will increase the government's share of profit petroleum.
By Vikraman Maniraj | Jul 18, 2017 5:07 PM #OilFieldRow
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