Date:29/05/2008 URL: http://www.thehindu.com/2008/05/29/stories/2008052961501200.htm

National

‘Reports on new tax baseless’

Special Correspondent

NEW DELHI: The Finance Ministry on Wednesday described media reports on certain new tax proposals to offset the under-recoveries of oil marketing companies (OMCs) on account of the surging global crude prices as “totally baseless” and “largely speculative.”

In an official statement, the Ministry said: “Attention of the Ministry of Finance has been drawn to the reports in a section of media following a routine meeting between the Minister of Petroleum and Natural Gas and the Finance Minister. The reports are largely speculative and in particular, reports about certain new tax proposals are totally baseless.”