Shandong province urges teapots to pay into government risk reserve fund

摘要

As the Chinese government implemented a windfall tax in 2016 requiring refiners to pay into the central government fund when crude prices fall below $40/bbl(the price floor for retail diesel and gasoline),the Shandong province's tax office is now asking privately-owned refiners,or teapots,to pay the windfall tax due to crude prices being below the threshold for three months.The provincial government said,"All companies that are registered in Shandong,but not including Qingdao city,and produce or process gasoline and diesel are obliged to make payment to the risk reserve fund."