The National Development and Reform Commission (NDRC), China's top economic planning agency on Thursday announced that the Chinese government is on course to collect a colossal 60 billion yuan in oil windfall tax by the end of 2007.
This is a major increase on last years' collection of 45 billion yuan.
The tax was put in place in March 2006, and imposes a tax of between 20% and 40% on oil sold for more than US$40 per barrel.
A portion of the tax has been put aside by the Chinese government to subsidize
industries affected by the recent soaring fuel prices, such as farmers, transport
companies, and refiners.
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