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Xinhua News Agency stated in the China Petroleum and Petrochemical Newsletter issued every other week that the import VAT refund policy is aimed at guaranteeing the supply of gasoline and diesel during the Olympic Games in August.
The Chinese government had promised to return China National Petroleum Corporation (China National Petroleum Corporation) and China Petrochemical Corporation (China Petrochemical Corporation) to the two companies for the second year of this year. The value-added tax is levied on 3.5 million tons of refined oil imported in the quarter.
However, the Chinese government has not officially stated whether it will continue to implement this tax refund policy after June. Refining companies will receive tax rebates of several billion yuan.
After the Chinese government announced the price increase for gasoline, diesel and jet fuel on June 20, the uncertainty about whether such tax rebates will continue to be implemented has increased.
Raising the price ceiling for refined oil products has eased the pressure on profitability of state-owned oil refining companies and encouraged them to increase refined oil production.
However, the extension of the VAT refund policy to the third quarter may lead to an increase in the import demand for diesel and gasoline. China’s diesel imports reached a record high of 960,000 tons in June.
Mao Zefeng, a spokesperson for PetroChina Co., Ltd. (PTR), said that CNPC has not received any notification on the adjustment of the tax rebate policy, which means that this policy will continue to be effective.
PetroChina is a subsidiary of CNPC and is listed in both Hong Kong and Shanghai.
Xinhua News Agency quoted the Ministry of Finance as saying on July 4th that the Sinopec Group received RMB 2.51 billion in refined oil product import rebates in the second quarter.
Sinopec Group is the parent company of China Petroleum & Chemical Corp. (SNP).
Huang Wensheng, a spokesperson for Sinopec, said that the view that Sinopec will receive a tax refund is purely speculative. Sinopec management has never said that the company will receive tax rebate subsidies.
He said that if Sinopec receives any relevant notification from the government, it will be disclosed externally.
China will continue to implement the VAT rebate policy for refined oil imports in the third quarter
According to Xinhua News Agency (Xinhua News Agency) on Tuesday (July 15) quoted an unnamed source as saying, from July to September, China will continue to implement state-owned oil refining enterprises VAT refund policy for refined oil imports.