China’s State Council on Friday (10 January) approved a long anticipated tax rebate on Very Low Sulphur Fuel Oil (VLSFO), according to Reuters.
“(Our) company was informed yesterday about the tax waiver approval, so we’re getting ready for production plans,” said an unnamed official of a state-owned refiner, as quoted by the news agency.
However, Beijing may initially restrict exports of bunker fuel to focus on developing the domestic bunker fuel market in China’s coastal cities.
“This has been one of the feedback views during the long discussions of the policy formulation, and this will be implemented in the initial stage,” added a second source.
China has a levy of 1,218 yuan (USD 175.73) per tonne consumption tax and 13% of value-added tax on bunker fuel production.
Published: 13 January, 2020
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