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China: Tax exemption for biodiesel
Source : biodieselmagazine.com
The People's Republic of China has taken action to make biodiesel production within the country more economical. In late December China's Ministry of Finance and State Administration of Taxation announced that pure biodiesel made from waste animal fats or vegetable oils is now exempt from consumption taxes. The new policy has been enacted retroactively, effective Jan. 1, 2009. According to information released by the People's Republic of China, consumption taxes paid on biodiesel since that time will be refunded. The action aims to boost the renewable resources sector, easing demand for petroleum and protecting the ecological environment, said the government in a statement. Biodiesel producers are expected to save approximately 900 yuan ($135) per metric ton due to the action. According to the statement, this should help make biodiesel producers more competitive in the fuel sector while guarding against waste edible oils from being reused for human consumption, which will help ensure food safety.
read more ...
10 January 2011 |
Legislation ::
Biodiesel ::
Asia
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Articles regarding Asia (75 articles)
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