Ministry of Finance and State Administration of Taxation jointly issued a notice recently, claiming that excises will be exempted for product oil producers that produce oil for themselves.
This notice formulated that firstly, since January 1, 2009, in the process of producing product oil, the self-productive product oil which is consumed as fuels, power and raw materials will not be levied on excises any more. For other purpose or for foreign sales, the excise should be levied by following rules. Secondly, From January 1, 2009 to the issuance of this notice, excises that were handed in by product oil producers will be returned to taxpayers.
