- Thursday 2010-09-02 17:29
September 2 -- National Development and Reform Commission (NDRC) is currently in talks with several enterprises, including Sinopec (600028, 0386.HK) to change the consumption tax on refined oil to tax-exclusive price from tax-inclusive price, reports China Business News, citing a Sinopec insider.
If the NDRC adopts a tax-exclusive price rate for refined oil, consumers and oil suppliers will benefit financially.
30 percent of the refined oil's retail price is comprised of taxes, including the value-added tax, consumption tax, city maintenance and construction tax, as well as the education surtax.
During the tax reform on refined oil in 2008, the unit taxes for gasoline and diesel consumption were raised to 1 yuan and 0.8 yuan from 0.2 yuan and 0.1 yuan respectively.
