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Levy on resources
Source: Bloomberg News |
September 22, 2011, Thursday
|
Print Edition
Print Edition
CHINA will levy a tax on resources based on their value and volume, according to a statement on the government's website, citing a decision of a meeting of the State Council chaired by Premier Wen Jiabao.
The country will adjust tax ratios on crude oil and natural gas exploration, the statement said yesterday, without giving details. It currently imposes resource taxes on producers of oil and gas as well as coal mining companies based on volume. The State Council is China's Cabinet.
The government has proposed increasing resource taxes nationwide to fund the nation's poorer western regions, which are rich in oil, gas and coal reserves. It introduced a trial tax of 5 percent in the Xinjiang Uygur Autonomous Region in June last year, and then widened that to other western provinces.
The country will adjust tax ratios on crude oil and natural gas exploration, the statement said yesterday, without giving details. It currently imposes resource taxes on producers of oil and gas as well as coal mining companies based on volume. The State Council is China's Cabinet.
The government has proposed increasing resource taxes nationwide to fund the nation's poorer western regions, which are rich in oil, gas and coal reserves. It introduced a trial tax of 5 percent in the Xinjiang Uygur Autonomous Region in June last year, and then widened that to other western provinces.
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