China declares tax exemption for oil and gas industry

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On 29 December 2016, the Ministry of Finance together with the General Administration of Customs and the State Administration of Taxation published two notices concerning imports of goods and equipment. According to this notice, imports of goods and equipment that directly used for the exploitation of oil and gas, marine and land exploration are exempt from import duties and value added tax (VAT) in the period from 1 January 2016 to 31 December 2020, on condition that such goods or equipment cannot be manufactured in China or do not meet the specifications of business.

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