Withholding tax on Iran oil trade soon

The Finance Ministry will shortly issue the much-awaited notification granting oil companies
exemption from withholding tax on payments to Iran for oil imports in rupees.
Mrs Pratibha Patil, has also given her assent to the move. The Government has also received the
required undertaking from the National Iranian Oil Company (NIOC) to go ahead with the
operationalisation of the rupee payment mechanism.