Asia Oil & Gas, Refining_ China Slashing Export VAT Rebate of Oil Products _ UCO

15 Nov 2024 12:24:00 ET │ 15 pages Asia Oil & Gas, Refining China Slashing Export VAT Rebate of Oil Products / UCO CITI'S TAKE Chinese government announced a reduction in export VAT rebate for gasoline, diesel, and jet fuel from 13% to 9%, effective 1 Dec 2024 (link). Recall China re-instated full tax rebate since Nov-2016 (0% for 10 years before) to ease surplus refining capacity. Given soft PRC demand, we find the shift somewhat surprising, but it may reflect growing focus on the nation's carbon-peaking p ...