Qingdao Customs Received 1st Batch Marine Fuel with Tax Rebates

SCI99

2020-02-25

Qingdao Customs Received Shandong 1st Batch Marine Fuel Oil Enjoying Tax Rebates

Recently, a batch of 950mt marine fuel oil passed Longkou Customs, which was under the supervision of Qingdao Customs, and was fueled to an international ship named “Yuzhen”. That was the first batch of marine fuel oil enjoying export tax rebates in Shandong.

Source said that after passing the examination at Qingdao Customs, a total of 7,526mt marine fuel oil produced by Sinopec Qingdao Petrochemical was transported to Longkou Port by train. Later, the first batch of 950mt marine fuel oil was fueled to the international ship. It is estimated that Sinopec Qingdao Petrochemical will receive around 0.45 million RMB on the 950mt marine fuel oil through the tax rebates.

On January 22, 2020, the Ministry of Finance, the State Administration of Taxation and the General Administration of Customs of China jointly issued the Announcement on the Implementation of Export Tax Rebate Policy for Refueling Fuel Oil on International Ships. According to the policy, from February 1, 2020, all fuel oil for refueling the international ships at China’s ports would enjoy tax rebate policy, and the VAT rebate rate would be 13%.

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