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Page added on January 6, 2017

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China Extends Tax Waivers For Oil, Gas Drilling

Public Policy

China is extending tax waivers for importing key drilling and production equipment for both onshore and offshore oil and gas development, the Ministry of Finance said on Friday.

The ministry said Chinese manufacturers are unable to make the equipment, such as semisubmersible drilling platforms used for waters deeper than 1,000 feet and robots in waters deeper than 500 metres.

The waivers for both import tariffs and value-added tax apply for the period between Jan. 1, 2016, and the end of 2020, the ministry said on its official website.

Beijing has been rolling out a string of policy documents for the 13th five-year plan (2016-2020) in recent weeks, meaning some of these polices are backdated to the start of 2016.

The ministry also announced in an earlier statement a tax waiver for drilling equipment used in 20 onshore oil and gas fields in western China in order to boost oil production.

The tax waiver applies to oil blocks and natural gas reserves in four regions including Xinjiang, Inner Mongolia, Tibet and Qinghai province, the ministry said.

For jointly developed onshore oilfields, China also removed the value-added tax for over 100 types of equipment, it said.

RIGZONE



2 Comments on "China Extends Tax Waivers For Oil, Gas Drilling"

  1. Davy on Fri, 6th Jan 2017 9:27 am 

    “Chinese Volatility Explodes: Yuan Tumbles Most In One Year After Biggest 2-Day Rally Ever”
    http://tinyurl.com/jydlnxq

    “We’re starting to see more and more of a negative cycle being created,” Fuchs said. China’s attempts to curb outflows are “just making people want to take money out quicker, and make companies change their behavior.” The biggest problem, however, is that this volatility is starting to spillover into other currency, and asset markets, and as a result of the Chinese interventions even the dollar is starting to backoff from its recent 13 yearhighs. Finally, in what may be a mockery of what traders observe every day, moments ago the PBOC said that China will keep the Yuan exchange rate “Basically Stable.” It added that it “will continue to improve yuan exchange rate formation mechanism this year” according to a statement after PBOC annual meeting on 2017 work. Among other PBOC focuses: To improve policy framework, infrastructure for global yuan: PBOC To maintain prudent, neutral monetary policy: PBOC To keep liquidity basically stable: PBOC Considering that China has failed abysmally at all three so far, markets are increasingly concerned that the worst possible outcome may be inevitable: China losing control over the currency. The global consequences would be severe.”

  2. makati1 on Fri, 6th Jan 2017 5:13 pm 

    RIGPORN. But the U$ is going to do this also, (as if they are not already doing it by subsidies,) which will increase the futile attempt to keep the oily business from dying. (Throw in the gassy business also.) More money printing. Soon it will not even have the value of toilet paper. LOL

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