A lower VAT rate on China’s gas imports will stimulate consumption of the fuel and increase the revenues of China National Offshore Oil Corp. and China National Petroleum Corp., the country’s largest gas importers, Moody’s said on Monday.
China’s Ministry of Finance confirmed last week that from 1 July it will cut VAT on gas imports to 11% from 13%.
Moody’s said importers pass VAT on to end-users such as power generators, chemical plants and the transport sector, and these consumers will likely use more gas if...
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