On Saturday, China's Ministry of Finance (MOF) and the State Administration of Taxation decided to eliminate consumption taxes on vegetable oil- and animal fat-based biodiesel. The move is aimed at promoting the use of renewable energy sources and lessening the nation's need for petroleum-based fuels. Additionally, Chinese officials believe that increased use of biodiesel will protect the country's environment by reducing harmful auto-related emissions.
According to the MOF, China's biodiesel consumption tax exemption applies to any purchases made after January 1, 2009. The nation's government will issue refunds for taxes already paid by consumers.

The elimination of taxes on biodiesel is expected to save producers of the renewable fuel approximately 900 yuan ($135 U.S. at the current exchange rate) per ton and should make biodiesel more competitive with other fuels. Government officials further suggest that increased use of biodiesel will protect its citizens from the safety risks associated with consuming waste oils.

[Source: Xinhua]


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