China to impose resource tax nationwide
From: China Daily
China will impose nationwide a tax on oil and gas drilling and other resource industries to raise money for development in poor western regions, an official said Thursday.
Beijing is carrying out a test of such a tax in its oil-rich western region of Xinjiang and plans to expand it gradually to the whole country, said Du Ying, a vice chairman of the country s planning agency, the National Development and Reform Commission.
The reform will clearly increase the local fiscal income of the resource-rich western regions, Du said at a news conference. He gave no timetable for expanding the tax.
The 5 percent tax in Xinjiang, imposed last month, is part of efforts to develop the region.
Du said the level of the tax, once imposed nationwide, might vary from product to product.
The resource tax reform is part of a new support measures for western China.
The NDRC announced this week that Beijing will invest 682 billion yuan ($101 billion) in 23 projects in 2010 in its western regions.
The resource tax will increase costs for resource producers, said Jing Ulrich, JP Morgan s chairwoman for China equities, in a report to clients.
Xinjiang produced about 13 percent of China s crude in 2009, according to the Xinhua News Agency. It said June that the tax in Xinjiang could raise 4 to 5 billion yuan ($580 million to $730 million) a year.
Related News
Photos
More>>
trade
- The Schaeffler Group and Henan University of Science and Technology (HUST) begin
- Hailin Bearing Company Donations For The Disaster Zhouqu
- President Hu stresses economic restructuring, agricultural production while
- CBIA Director-general Liu Enshi Visited Xiangyang Automobile Bearing Co.,Ltd
- NTN Signs an Alliance Memorandum in the Bearing Business with Luoyang LYC
market
- Wafangdian JinFeng Took Part In Shanghai Bearing and Equipment Exhibition
- Director of Bangladesh Ministry of Transport Visited Xiangyang Bearing Company
- Shanghai Rabbit Participated in the 12th China International Bearing & Equipment
- Chairman of China Machinery Industry Federation visited the Longxi Corporation
- Germany Customers Visited Xiangyang Automobile Bearing Co., Ltd
finance
- Three Products of CSC Received Authentication
- LDB Participated the 12th China International Bearing and Equipment Exhibition
- New Look of ZWZ in 2010 China International Bearing & Equipment Exhibition
- NTN Participated in the 12th China International Bearing & Equipment Exhibition
- New Look of Xinxiang Sunrise in 2010 China International Bearing & Equipment