Home / Business / Energy Tools: Save | Print | E-mail | Most Read | Comment
Fuel taxes set to be refunded
Adjust font size:  ZoomIn ZoomOut

The government will refund value-added taxes on gasoline and diesel imported by the country's two largest oil companies in the second quarter, the Ministry of Finance has said.

Value-added taxes on 500,000 tons of gasoline and 1 million tons of diesel imported by China National Petroleum Corporation (CNPC) between April 1 and June 30 this year will be refunded, the ministry said on its website yesterday.

It will also return collected taxes to China Petrochemical Corporation (Sinopec) on imports of 500,000 tons of gasoline and 1.5 million tons of diesel in the same period, the statement said.

Analysts said the 17 percent tax refund is aimed at reducing the refining losses of the oil companies and increasing refined oil products supply in the domestic market to prevent a shortage.

"The tax rebate will reduce the refining losses of CNPC and Sinopec to some extent," said Zheng Zhiguo, an energy analyst with Shenyin Wanguo Securities in Shanghai. "But the amount is small and cannot fully cover the losses."

High crude prices in the international markets have caused big losses for domestic oil producers in their refining businesses as prices of refined oil products are controlled by the government.

Industry experts said government-controlled oil prices in the domestic market have led to supply shortfalls as refineries cut back production to avoid losses while producers and dealers hoard oil in anticipation of more price rises.

Both CNPC and Sinopec will see big losses in their refining businesses in the first quarter. "We estimate that the country's largest refiner Sinopec will lose 16 billion yuan in refining during the period," said Liu Gu, an analyst with the Guotai Jun'an Securities in Shenzhen.

Previous media reports had said the country is working to grant a hefty tax rebate on crude imports to help oil firms limit their refining losses. The buzz is that the government may cut the 17 percent value-added tax on crude imports to 4.25 percent.

Both CNPC and Sinopec declined to comment on the report yesterday.

In the first two months of this year, China imported 5.95 million tons of refined oil products, an increase of 17.7 percent. The total value of the imports stood at $3.97 billion, according to Customs.

(China Daily April 16, 2008)

Tools: Save | Print | E-mail | Most Read
Comment
Pet Name
Anonymous
China Archives
Related >>
- 63% more oil to be consumed in 2020: report
- CNPC inks oil deal with Syria
- Gov't plan to find oil, mineral reserves
- China replaces petrol, diesel oil with bio-ethanol fuel
- China processes more crude oil to ease shortage
- Oil giants deny price rise rumors
- Oil giants grease wheels to boost supply
Most Viewed >>
- Largest yet 'Canton Fair' opens
- China's economy grows 10.6% in 1st quarter
- 25% overseas investments bound for Latin America
- High-level fiscal forum held in Beijing
- Car makers set for their own Beijing Games

April 11-13 Boao Forum for Asia

May 15-17 Shanghai Women's Forum Asia

Dec. 12-13 Beijing
China-US Strategic Economic Dialogue

- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?
主站蜘蛛池模板: 亚洲熟妇无码av在线播放| 国产一级做a爰片久久毛片| 99热这里只有精品国产动漫| 老师在办公室疯狂的肉我| 国产欧美精品午夜在线播放| 999精品视频在线观看热6| 嫩草影院免费观看| 中文无码乱人伦中文视频在线V| 日韩精品亚洲一级在线观看| 亚洲免费黄色网址| 老司机免费福利午夜入口ae58| 国产成人精品综合在线观看| 一本大道无香蕉综合在线| 日日噜狠狠噜天天噜AV| 久久精品一区二区| 最近中文字幕免费高清mv| 亚洲国产情侣一区二区三区| 欧美特黄三级电影aaa免费| 亚洲精品国产情侣av在线| 特级毛片免费观看视频| 国产亚洲人成无码网在线观看| 黄色片网站在线免费观看| 大桥未久恸哭の女教师| 一个人免费观看日本www视频| 成人免费ā片在线观看| 中文字幕在线观看国产| 无码一区二区三区在线观看| 久久99精品九九九久久婷婷| 日本福利视频一区| 久久天天躁狠狠躁夜夜2020一 | 亚洲天堂成人网| 波多野结衣与老人公569| 国产v在线在线观看羞羞答答| 韩国免费一级片| 国产四虎免费精品视频| 鲁啊鲁视频在线精品| 国产精品美女自在线观看免费| 99久久久精品免费观看国产| 在线一区二区三区| 87福利电影网| 国产精品成人久久久久久久|