China extends resource tax nationwide from November

摘要

Singapore-China will implement a new nationwide resource tax of 5-10% on the sales value of crude oil and natural gas produced from November 1, extending a pilot tax rate applied in the country's west to all regions, the State Council, or cabinet, said in a statement October 10. The pilot resource tax scheme of a fixed 5% of sales was introduced on oil and natural gas on June 1, 2010, in the Xinjiang Uygur autonomous region. The scheme was extended to all 12 of China's western provinces and autonomous regions in December last year.