According to the South China Morning Post (August 26) quoted an unnamed source as saying, China Petroleum & Chemical Corp. (SNP) and PetroChina PetroChina Co., PTR (China Petroleum) will receive a VAT rebate on crude oil imports in the third quarter that is only about half that of the previous quarter.
The report quoted a person familiar with the matter as saying that the two largest oil production and refining companies in China would receive a VAT rebate of about 40% of crude oil imports in the third quarter, and the value-added tax for refined oil imports would be returned in full.
China imposes a 17% VAT on crude oil imports.
The report quoted another source as saying that the VAT refund policy for the fourth quarter is still unclear.
The report quoted a person familiar with the matter as saying that the two largest oil production and refining companies in China would receive a VAT rebate of about 40% of crude oil imports in the third quarter, and the value-added tax for refined oil imports would be returned in full.
China imposes a 17% VAT on crude oil imports.
The report quoted another source as saying that the VAT refund policy for the fourth quarter is still unclear.
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