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China says to quicken approval for VAT rebates on natural gas imports

China’s finance ministry said it will speed up approvals for value-added tax rebates on natural gas imports, to help importers cut costs and boost winter energy supplies.

The rebates cover both piped gas and liquefied natural gas imports.

For imports under long-term contracts signed before 2014, companies will receive 70% of the VAT rebates, the ministry said.

For other imports, a rebate will apply when import prices exceed domestic wholesale benchmark rates and will be calculated based on the difference between the two prices, the ministry said.
Source: Reuters (Reporting by Chen Aizhu; editing by Giles Elgood and Jason Neely)

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