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Taxes are about to get a lot more expensive for British oil and gas producers. On 11 July 2022, the House of Commons voted to impose a 25% additional levy on their profits when it enacted the Energy (Oil and Gas) Profits Levy Bill [Bill 135 of 2022-23], under the fast-track procedure. 

India’s Department of Revenue – Central Board of Direct Taxes (CBDT) has issued Guidelines under section 194S i.e.

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