REUTERS – China's fuel blenders, independent refiners to feel the squeeze from new tax rules
China’s fuel blenders, independent refiners to feel the squeeze from new tax rules
Contributed by NAMPA / Reuters.
By Chen Aizhu and Florence Tan
BEIJING/SINGAPORE, Jan 17 (Reuters) – China’s fuel blending
companies and independent refineries will bear the brunt of new
tax rules that will close loopholes that allegedly allowed them
to sell fuel without paying consumption taxes.
The rules address a long-held complaint by China’s
state-owned oil companies that the privately owned refiners and
blenders have grabbed market share from them by undercutting
their prices through t …