India’s government this week slashed the windfall tax on domestically-produced crude oil to zero, effective May 16, according to a government notification cited by Reuters. In July last year, India slapped a windfall tax on the country’s oil producers and oil refiners who were exporting more due to the high international price of crude oil and refined products. The new taxes were aimed to serve as an incentive to keep more product at home and export less. “As exports are becoming highly remunerative, it has been seen…
