Setting the agenda for the Government for the first 100-days, the Petroleum Federation of India has asked the Government to decontrol petrol and diesel prices and to also restore tax breaks on natural gas output and tax holiday for private oil refiners. For full story, click here
The government of India delayed roadshows to promote India’s leading ever auction of oil and gas blocks to June due to investor concerns on lack of clarity on tax breaks for natural gas production. For full story, click here
In an effort to help counties, municipalities and school districts operating in Pennsylvania, with their budgets, state Rep. Bill DeWeese, D-Waynesburg, announced that he is introducing legislation to allow counties to assess value to natural gas and other resources. DeWeese said: I believe the burgeoning natural gas drilling industry that is rampant across the state [...]
Oil and gas exploration companies, which may have been disappointed with the interim budget, need not lose heart. The government is expected to clear the air over the seven-year tax exemptions for producing natural gas soon. For full story, click here
The uncertainty over tax holidays for natural gas producers began after the Finance Bill 2008-09 proposed to redefine mineral oil in the section 80-IB(9). For full story, click here
The Interim Budget of the outgoing UPA administration is likely to remove a confusion regarding tax exemption to fuel exploration companies. For full story, click here
Energy firms may have to wait a little longer to avail a seven-year tax holiday on natural gas production For full story, click here
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