(MENAFN) Taxation authorities shows that China plans to implement a tax on crude oil and natural gas from 5 to 6 percent starting on December 1, trying to expand energy conversation, QNA reported.
The change shows the nation's latest effort in pushing forward resource tax reforms, after authorities announced a new tax on coal that will be based on sales rather than production as of December 1.
Coal's tax will be ranging between 2 to 10 percent and the tax rate will be decided by provincial governments within the range.
The country has introduced a resource tax based on sales of crude oil and natural gas in 2010. The Ministry of Finance and the State Administration of Taxation confirmed that they will keep working on rolling our tax reforms on other resources, through referring to similar reforms to the coal tax.
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