The State Administration of Taxation of China Specified No Consumption Tax on Product Oils for Natural Gasolines
[2010-05-25 08:48:02]
It is learned on May 20, 2010 that, the State Administration of Taxation of China recently issued the Reply of the State Administration of Taxation of China on the Consumption Taxation on Natural Gasoline Products, the Reply specifies that natural gasoline produced by oil and gas field enterprises are exempt from consumption tax on product oils.
The State Administration of Taxation of China, when replying to the Request for Instructions on Consumption Taxation on the Natural Gasoline Products of Shengli Oilfield Branch of China Petroleum & Chemical Corporation ("SINOPEC"), indicated that during the oil and gas field enterprises' production process of petroleum and natural gas, the natural gasoline, which are recycled through heating, pressurization, cooling, refrigeration, and other methods as well as that composed of pentane and heavy hydrocarbon or above, belong to crude oils, and shall not be included into the taxation scope of consumption tax on product oils.
Source: ETCN
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