Energy

China to levy 5% resource tax on crude, gas

(Agencies)
Updated: 2010-05-26 15:48

BEIJING - China will levy a 5 percent resource tax on crude oil and natural gas sales in the northwestern Xinjiang region from June 1, Caijing magazine reported on its website, citing sources with the Ministry of Finance and State Taxation Administration.

Related readings:  Resource tax revamp soon  China to introduce resource tax at 'proper' time

Resource taxes on coal will range from 2-5 percent, the report said.

The measures will boost Xinjiang's fiscal revenue by over 2 billion yuan ($292.93 million) before the end of this year, it said.

China has said it would start the resource tax reform in Xinjiang, which will levy the tax based on prices instead of volume.