Madhya Pradesh agrees on tax deferment to Bina refinery
In a move aimed at generating more economic activities in the state, the Madhya Pradesh government has decided to offer tax deferment to Bina refinery. The refinery, after facing several hurdles since inception in 1992, came up in Bina town of Sagar district in 2011. The actual work had begun after the ruling Bharatiya Janata Party government had in 2004-2005 agreed to offer the refinery commercial tax exemption for 15 years. Jointly promoted by Bharat Petroleum Corporation Ltd and Oman Oil Company (of Oman), the six-million-tonne refinery is owned by Bharat Oman Refinery Limited (BORL). It has been given tax exemption (value-added tax) since 2004 at the rate of Rs.250 crore per year for 15 years on a reimbursement basis. BORL has now decided to go for creeping investment to attain a capacity of 15 million tonnes. For this, the company had demanded tax exemptions in a similar fashion.