State Council Adjusts Crude Oil Tax

(Beijing) – China's cabinet, the State Council, plans to extend a pilot program for a revenue-based resource tax on crude oil and gas nationwide.

The amendment was announced in a State Council meeting presided over by Premier Wen Jiabao on September 21.

It stipulates that resource taxes on crude oil and gas will be levied according to revenues rather than the tonnage sold. Meanwhile, the volume-based taxation still holds for other resource products.