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Taxes raised on oil, gas
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August 10, 2005
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China has increased its resource taxes for crude
oil and natural gas for the first time since 1993 to standardize the taxation
system and keep up with rising oil prices.
China raised the tax rate for oil at least 75 percent and for gas by at least
three times, the State Administration of Taxation said Tuesday.
The rates apply to oil and gas explored and produced locally from July 1. The
new rate for domestic firms is between 14 and 30 yuan (HK$13.40 and HK$28.75)
for a tonne of oil, and between seven and 15 yuan for a thousand cubic meters
of gas.
China's economic growth has helped push global oil prices to records, prompting
mainland companies to boost exploration and production.
Previous taxes ranged between eight and 30 yuan for a tonne of oil, and between
two and 15 yuan for a thousand cubic meters of gas.
BLOOMBERG
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