China to suspend tariffs on coalbed methane equipment.
China will eliminate tariffs and value-added taxes on equipment and components used in the development of coalbed methane in order to accelerate exploration in the country's mines, according to a statement on the Web site of the Ministry of Finance.
China CBM, a Chinese company that is engaged in prospecting and developing the country's coalbed methane resources, and its domestic and foreign partners will be exempted from tariffs and value-added taxes on imports of machines, instruments, and components that are used in coal bed methane exploration operations from 2011 to 2015.
Other domestic companies engaged in coalbed methane exploration will be able to enjoy similar treatment after their applications are approved by the Ministry of Finance, the General Administration of Customs, and the State Administration of Taxation. Applications must be filed with the Ministry of Finance before imports arrive at Chinese ports.
China had planned to extract 10 billion cubic meters of methane from its coal mines during the 11th Five-Year Plan period (2005-2010), but only extracted 2 billion cubic meters during the period.
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|Title Annotation:||GLOBAL WINDOW|
|Article Type:||Brief article|
|Date:||Nov 1, 2011|
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