China amends resource tax regulation on oil, gas

22 September 2011 08:17  [Source: ICIS news]

GUANGZHOU (ICIS)--China’s State Council has decided to revise its regulation on the country’s resource tax, in particular that on oil and gas, according to a statement on the central government’s website late on Wednesday.

A price-based resource tax on oil and gas would be applied nationwide, the statement said.

Currently, only 12 provinces in the western and northern parts of the country, including Xinjiang, Inner Mongolia and Shaanxi, are imposing a 5% resource tax on oil and gas based on the value of the resource.

Other provinces are levying the tax based on quantity.

The statement did not specify the tax rate or say when the new regulation will be implemented.

The implementation period of the regulation will depend on the country’s inflation situation, but tax rates are likely to be at 5%-10%, market sources said.

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By: Fanny Zhang
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