Chinese Refiner Reportedly Dodged $2 Billion In Fuel Taxes ...Middle East

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Chinese Refiner Reportedly Dodged $2 Billion In Fuel Taxes
source : OILPRICE ( Middle East ) () 15
An independent Chinese refiner may have avoided paying some $2 billion in taxes by falsifying the kind of fuels it sells, Bloomberg has reported, citing a report in a Chinese outlet owned by state news agency the People’s Daily. The company, Hengli Petrochemical Co., according to the report, sold gasoline and diesel under false names, as fuels that carry a lower tax burden, which resulted in it saving some 13 billion yuan, or about $2 billion. If the report proves accurate, this could prompt a further government clampdown on independent refiners…

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