Indian Oil Corp pays Odisha government $52 million after state withdraws tax incentives for refinery
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State-owned Indian Oil Corp (IOC) said it has paid $52 million to the Odisha government under a settlement reached after the state withdrew tax incentives for the Paradip refinery project. Last month, the state government agreed to give IOC a $107.8 million interest-free loan each year for 15 years to make up for the state’s cancellation of an 11-year deferment on payment of sales tax refinery products sold in the state.
Source:
Economic Times 