SUBSCRIBER NOTE: Platts updates Chinese VAT from 17% to 16% across all Petrochemicals Chinese domestic assessments

S&P Global Platts will update Chinese value-added-tax from 17% to 16% across all Asia petrochemical products with domestic RMB assessments or CFR China USD parity assessments that take into consideration the calculations of VAT with effect from August 16.

The update follows China's Ministry of Finance (MOF) and the State Administration of Taxation (SAT) decision to reduce VAT rates that came into effect on May 1, 2018.

Please direct any questions or comments to petchems@spglobal.com and pricemethodology@spglobal.com.