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Chinese Oil Windfall Tax Figures Announced

by Mary Swire, for LawAndTax-News.com, Hong Kong

07 December 2007


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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