According to the spirit of the executive meeting of the State Council on March 28, the Ministry of Finance issued the Notice on Adjustment of Value Added Tax Rates (Finance [2018] No. 32) on April 4, reducing the VAT rates of certain industries and cargos since May 1. Among them, the value-added tax rate for refined oil products have been reduced from 17% to 16%. Accordingly, the maximum retail prices of domestic gasoline and diesel will be reduced by 75 yuan and 65 yuan per ton respectively, which will be implemented from 24:00 on April 30, 2018.
(It’s arranged and compiled according to the website of National Development and Reform Commission.)
Editor:Amber
