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As China will reduce its VAT rate from April 1 this year, the National Development and Reform Commission (NDRC) issued a circular on Friday to reduce the price of natural gas base stations, domestic refined oil prices and electricity prices.
According to the circular published by the NDRC, the VAT rate of some industries has been lowered since April 1. According to the announcement, the value-added tax rate of refined oil has been reduced from 16% to 13%. Accordingly, the highest retail prices of domestic gasoline and diesel oil have been reduced by 225 yuan and 200 yuan per ton, respectively, since 24:00 on March 31, 2019.
According to the adjustment of VAT tax rate, it is decided that from April 1, 2019, the prices of natural gas base stations in various provinces (regions and municipalities) should be adjusted. When deciding the specific prices through consultation with users, natural gas production and supply enterprises should fully consider the factors of reducing VAT rate and make the benefits of reducing VAT rate beneficial to users.


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