China Cracks Down On Tax Loopholes In Blending Fuels Imports ...Middle East

OILPRICE - Economy
China Cracks Down On Tax Loopholes In Blending Fuels Imports
source : OILPRICE ( Middle East ) () 13
Chinese authorities are looking to ease the domestic fuel glut and reducing pollution by heavily taxing as of June the imports of several kinds of blending fuels which are being used by refiners to produce lower-quality fuels. As of June 12, China will impose a consumption tax on imported light cycle oil (LCO), mixed aromatics, and diluted bitumen, seeking to close a tax loophole that refiners have so far used to import cheap blending fuels for making gasoline and other fuels.   “A small number of companies have imported record amounts…

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