Bloomberg News

China Sets Temporary Oil, Gas Resource Tax at 5% of Sales

October 24, 2011

(Updates with current levy in third paragraph.)

Oct. 24 (Bloomberg) -- China will “temporarily” set the resource tax on oil and gas producers at 5 percent of sales, the finance ministry said in a statement today.

The government said Oct. 11 that it will extend a value- based tax of 5 to 10 percent on sales of oil and natural gas nationwide starting next month to help save energy and boost local government revenue.

The country currently levies tax based on sales volume as opposed to value. It rolled out a 5 percent tax on oil and gas sales in Xinjiang province on a trial basis in June last year.

--Editors: Alexander Kwiatkowski, Christian Schmollinger

To contact the reporter on this story: Winnie Zhu in Shanghai at wzhu4@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net


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