The Oil Ministry wants Finance Ministry to waive withholding tax on rupee payments Indian oil refiners plan to make for crude oil they buy from Iran, as the high tax rate makes the newly agreed payment mechanism unviable. Iran had last month agreed to receive 45 percent of the payments for about 370,000 barrels per day of oil it sells to India, in rupee. But the mechanism that was devised on fears of its existing payment conduit through Turkey being blocked by the US and European sanctions, hasn't started because of taxation issues.
Source: Zee news
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