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Government’s orders for added tax premature, Reliance Industries says

siliconreview Government’s orders for added tax premature, Reliance Industries says

Reliance Industries recently in a statement said that, the government's command for additional share in the profits and royalty from the contractors of Panna Mukta and Tapti oil and gas fields is "premature". Reliance and Royal Dutch Shell own 30 percent interest each in the fields on west coast, while Oil and Natural Gas Corp holds the remaining 40 percent.

Government required $3 billion from the companies after an international tribunal sustain the government's vision that profit from the fields be taxed at the current rate of 33 percent and not the earlier 50 percent, the Economic Times newspaper reported recently.

Also, the shares of Reliance fell 2.05 percent recently to Rs. 1,519, used up the BSE Sensex lower. The government has required the additional payments in line with the negotiation tribunal's final partial award dated Oct. 12, Reliance said.

"The quantification of liabilities (if any) of the parties arising out of the Partial Award have to be determined by the Arbitration Tribunal after the Parties have made their respective submissions on quantification," the company added.

However, the arbitration tribunal is yet to plan the timeline for the quantification phase, Reliance said, adding that the company had by now has replied to the government's command notice.

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