Beijing is to tighten the rules around oil products consumption tax for smaller, independent refiners, also known as teapots, in a move that will prevent them exploiting tax avoidance loopholes, which have riled their state-owned peers. State-run oil refiners are likely to benefit from the central government's new policy, which will add to teapot refiners' production costs, meaning they are unable to offer cheaper oil products, said industry insiders (IOD Nov.21'16).
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