China Offers VAT Refund on Oil Product Exports

摘要

China has decided to offer refiners a refund of the value-added tax (VAT) levied on oil product exports in order to encourage more shipments overseas as it grapples with an oversupplied domestic market. With effect from Nov. 1, refiners are entitled to a full refund on the 17% VAT levied on exports of gasoline, jet fuel and diesel, according to a notice issued by China's Ministry of Finance and the State Administration of Taxation on Friday.