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Energy: Oil tax in spotlight
(China Daily)
Updated: 2006-04-10 14:56
China's windfall tax on oil production will apply to crude pumped within the
country's land and sea borders, the Ministry of Finance said last week.
All companies engaged in exploring and selling oil in Chinese territory and
within its sea borders would be subject to taxes ranging from 20 to 40 per cent
on any oil sold for more than US$40 a barrel.
Oil companies had to pay the new tax to the finance ministry on a quarterly
basis, it said.
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