The latest adjustment is a continuation of the country's recent efforts to curb resource-intensive sectors and promote energy efficiency, analysts said.
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China Begun Charging Fuel Consumption Tax
April 2006, but has allowed a 70 percent cut for both products since then
The Chinese government has begun charging the full rate of consumption tax for fuel oil and naphtha.
Rates under the new tax scheme are 0.10 yuan a liter for diesel and 0.20 yuan for naphtha, which is used as a petrochemical feedstock and blending component for gasoline.
The government began levying consumption tax on fuel oil and naphtha at those levels in April 2006, but has allowed a 70 percent cut for both products since then, saying it would charge the full rates at the "appropriate time".
The latest adjustment is a continuation of the country's recent efforts to curb resource-intensive sectors and promote energy efficiency, analysts said.
The latest adjustment is a continuation of the country's recent efforts to curb resource-intensive sectors and promote energy efficiency, analysts said.
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