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Taxation Of NR Oilfield Service Providers

Published on Thu, Jul 09,2015 | 19:08, Updated at Thu, Jul 09 at 19:08Source : Moneycontrol.com 

In a clear and concise decision of Oil and Natural Gas Corporation Limited vs Commissioner of Income Tax, the Supreme Court has held that the income of non-resident oilfield service providers from rendering of services, which are inextricably connected with prospecting for, or extraction or production of, mineral oils would be taxed as per the provisions of section 44BB of the Income-tax Act, 1961 on deemed profit basis.  The decision has been delivered in the case of ONGC as the representative assessee in a batch of appeals with leading matter being of M/s Foramer France.

BMR says the decision is welcome, as it reinforces taxation on deemed profit basis for non-resident oilfield service providers in India.  Here is  BMR's analysis…

Attachments : BMR-Edge-Tax-Regulatory-Vol-11-Issue-11_71436433404.pdf
 
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