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(Plastemart) -- State-owned
Indian Oil Corporation’s (IOC) Paradip Refinery in Orissa is expected to be
completed one year after the pre-decided schedule in Q1-2013. This delay could
pose some tax problems for IOC. The seven year income tax holiday for the
refining sector ends next year. Refineries commissioning after March 31, 2012
will not be eligible for exclusion from payment of income tax on revenues earned
for first seven years of operations. IOC had previously stated that the refinery
will start producing fuel by March 2012 when it will commission the primary
units like Crude Distillation Unit. Secondary units will be commissioned by
July, 2012, and operations stabilised by November 2012.
mrcplast.com
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