No windfall tax on oil cos after new law: Hardeep Singh Puri

The Bill provides policy stability to investors, decriminalises provisions and promotes ease of doing business

- OUR CORRESPONDENT

NEW DELHI: Oil and gas companies will not face any new taxes like the windfall profits tax after the coming into effect of a new law that promises stability of fiscal regime, Petroleum & Natural Gas Minister Hardeep Singh Puri said.

Parliament has passed the Oilfields (Regulation and Development) Bill, 2024 that provides policy stability to investors, decriminalises provisions and promotes ease of doing business.

"After this bill, it will be difficult to levy (new taxes like) windfall tax because somebody will sue us (for failing to keep the promise of fiscal stability)," he said at a reception he hosted to celebrate the passage of the bill. New taxes that seek to take away gains made when prices are high, without compensating for low or no margins when rates are low, are often a deterrent.