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India exempts rupee payments for Iran oil from hefty taxes

Tuesday, January 1, 2019, 7:07 AM

The finance ministry has exempted rupee payments made to the National Iranian Oil Co. for crude oil imports from a steep withholding tax, according to a government order reviewed by Reuters. The exemption, put in place December 28 but backdated to November 5, will allow Indian refiners to settle about $1.5 billion of outstanding payments to NIOC.