Printer Friendly

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.

COPYRIGHT 2011 American Society of Mechanical Engineers
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2011 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:GLOBAL WINDOW
Publication:Mechanical Engineering-CIME
Article Type:Brief article
Date:Nov 1, 2011
Words:174
Previous Article:Duties shrink on automobile imports.
Next Article:"India has a good reservoir of engineers".
Topics:

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters