What are the implications of incorporating industrial white oil into refined oil consumption tax? -Shanghai Beite Chemical Co.

A few days ago, CNPC’s subsidiaries stated in the “Product Price Adjustment Instructions” that CNPC issued a notice that the State Administration of Taxation requires the industrial whitening products produced by various refineries affiliated to CNPC. Oil and food-grade white oil products are included in the scope of payment of consumption tax on refined oil, and taxes will be paid accordingly as required. As oil prices…