;
Home / Knowledge / News / Textiles / Govt annuls naphtha consumption tax for use in ethylene production
Govt annuls naphtha consumption tax for use in ethylene production
27
May '08
The statutory tax rates of naphtha, solvent oil, lubricating oil and fuel oil will work again and there will be an exemption of excise duties for the imported naphtha, domestically made naphtha and domestically processed naphtha used as the chemical raw materials.

Recently, the reporter learned that since January 1 this year, the State made adjustments to the policy on excise duties of some processed oil including naphtha.

The Circular jointly issued by the Ministry of Finance (MOF) and the State Administration of Taxation (SAT) regulates that from January 1 this year the unit tax rates of naphtha, solvent oil and lubricating oil will be RMB 0.20/ liter, and the unit tax rate of fuel oil will be RMB 0.10/ liter.

The Circular also regulates that, from Jan. 1, 2008 to Dec. 31, 2010, there will be exemption of excise duties for imported naphtha and the domestically made naphtha that is to be used as the raw materials of ethylene and aromatics products. The excise duty on the naphtha directly sold out by production enterprises shall be levied according to legal provisions. The specific measures for levy or exemption of excise duties on naphtha shall be separately determined by MOF and SAT.

The taxable consumption goods using the taxed naphtha, lubricating oil and fuel oil that are taken back by way of purchase or consigned processing as the raw materials, it is permitted that the tax money paid for the excise duties of the raw materials can be deducted from the payable tax amount of the excise duties.

For details click here

State Administration of Taxation


Must ReadView All

Japanese capital pouring into textile, garments in Vietnam

Apparel/Garments | On 12th Dec 2018

Japanese capital pouring into textile, garments in Vietnam

Several Japanese companies, including Itochu and Sakai Amiori, are...

Chanel bans fur, exotic animal skins in its products

Fashion | On 12th Dec 2018

Chanel bans fur, exotic animal skins in its products

French fashion retailer Chanel recently announced it will stop using...

Apparel, footwear brands failing to tackle exploitation

Apparel/Garments | On 12th Dec 2018

Apparel, footwear brands failing to tackle exploitation

Apparel and footwear firms are failing to tackle exploitation of...

Interviews View All

Hannah Lane, Redress

Hannah Lane
Redress

Encouragement from brands will motivate supply chains to become more...

Smith Vaghasia, Sanado India

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Pratik Bachkaniwala, Palod Himson Machines

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Manoj Sorathiya,

Manoj Sorathiya

Surat-based Sunrise Imports & Exports Co is a manufacturer and...

Tom,

Tom

<div>Inkbank is a leading supplier of inkjet inks and inkjet printing...

Gagan Gulati,

Gagan Gulati

PG Silk Mills Private Limited had a humble start with a hand-dyeing unit....

S Ziya Gumuser, Teknomelt

S Ziya Gumuser
Teknomelt

Turkish nonwoven manufacturer Teknomelt has been around for only seven...

Johan Berlin, InvestKonsult Sweden AB

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, the Association of the Nonwoven Fabrics Industry, serves hundreds of ...

Silvia Venturini Fendi, Fendi s.r.l

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Igor Chapurin, Chapurin

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Aditi Somani, Aditi Somani

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


December 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search