30.07.10 00:12 Age: 8 yrs
Customs Further Adjusts Tax Policies for Import of Refined Oils
The latest Notice of The General Administration of Customs  No. 46 has been released on 19 July, 2010 and shall take effect as of 26 July this year.
It is authoritatively learned that it is the second round adjusting of consumption tax on refined oils in recent two years. China has adjusted the consumption tax on refined oils in the link of import since 1 January 2009. The latest Notice of General Administration of Customs has made further adjustments to the relevant issues. For the convenience of enterprises’ passing the Customs and ensuring fair and uniform policies, issues have been provided as follows:
(i) the import of refined oils under the items of “other diesel and other fuel (tax identification number: 27101929)”, “grease (tax identification number: 27101992)”, “lubricant base oil (tax identification number: 27101993)” and “other heavy oils and heavy oil products (tax identification number: 27101999)” shall be declared to Customs for calculation and collection of consumption taxes in the link of import upon the uniform conversion of the first statutory unit of measurement (kg) into the second statutory unit of measurement (liter) under the formula given in the annex;
(ii) if the conversion between weight and size of refined oils imported by a taxpayer is different from the given formula, the refined oil shall be declared to Customs for consumption tax in the link of import after its weight is converted into the size under the given formula;
(iii) refined oils usually contain a certain amount of water in accordance with commercial practice, but the part of water content shall not be deducted from the weight of refined oils for the declaration.