China exempts consumption taxes on biodiesel retroactive to 1 Jan 2009
25 December 2010
Xinhua. China has exempted consumption taxes on pure biodiesel made from waste animal fats or vegetable oils. The new policy is effective from 1 Jan. 2009 and taxes already paid will be refunded, according to the Ministry of Finance (MOF) and the State Administration of Taxation.
The move is aimed at boosting the renewable resources sector, easing demand for petroleum and protecting the ecological environment, the announcement said. The move is expected to save biodiesel producers about 900 yuan (135.14 U.S. dollars) per tonne.
It is expected to make the biodiesel producers more competitive in the fuel sector and guard against waste edible oils being reused for human consumption so to ensure food safety, the announcement said.
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