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China to rebate value-added tax on imported natural gas

(Xinhua)

14:31, August 23, 2011

Edited and Translated by Han Shasha, People's Daily Online

The value-added tax on imported natural gas, including liquefied natural gas (LNG) will be refunded by the Ministry of Finance based on a proportion, according to a statement jointly released on Monday by the Ministry of Finance, General Administration of Customs and State Administration of Taxation.

The statement says that during the period between 2011 and 2020, if the prices of import gas are higher than prices on the domestic gas market, the ministry will refund the value-added tax of the import gas, including LNG, based on a proportion of the price gap.

Pipeline gas transferred on the Central Asia-China gas pipeline project before the end of 2010 can also enjoy the same tax rebate.

According to the regulation released by the ministry, the rebates apply to state-mandated import projects and LNG import terminals, including the Central Asia-China gas pipeline project and LNG projects in Guangdong Fujian and Shanghai. Other projects approved by the state in the future will also be given the rebates.

When calculating the average value of the import price, the importer should put total gas imports within three months into the calculation.

The regulation has also specified that the proportion of the rebate will be calculated by dividing the price difference between the imported and domestic gas by import prices. And the rebates are calculated on a quarterly basis.

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