According to news from the Ministry of Finance, in the second quarter of this year (April to June), Sinopec received a total of 2.51 billion yuan worth of VAT rebates for refined oil imports. However, it is still unclear whether the two major oil companies can still continue to receive VAT refunds for crude oil and refined oil in the third quarter.
In April of this year, the State Ministry of Finance announced that the import of one million tons of gasoline and 2.5 million tons of diesel oil imported by Sinopec and Sinopec was effected before the import value-added tax was collected in the second quarter. In addition, from April 1 onwards, the government has also given appropriate subsidies for the losses arising from the processing of imported crude oil. The grant funds are pre-determined and cleared on a monthly basis. It has been reported that the subsidy will be 75% after the first quarter of imported crude oil VAT. The above measures are considered as a policy compensation for the loss of imported oil and crude oil for the two large groups.
According to sources quoted by the Xinhua News Agency from the Ministry of Finance, Sinopec received a total of RMB 2.51 billion in VAT rebates for refined oil imports in the second quarter of this year (April-June).
However, since the domestic retail price of petrol and diesel oil was raised by RMB 1,000 per ton on June 20th, the statement that the third quarter crude oil import VAT rebate subsidy policy may have been canceled began to spread. A senior officer of the petrochemical system once confirmed to the newspaper that as of last week, no new policy documents on the return of VAT have been received.