China’s Resource Tax to be Extended

8 July 2010 (Last Updated July 8th, 2010 18:30)

China plans to extend a tax on oil, gas and coal output across the country in a move that could reduce profits for resource companies. National Development and Reform Commission vice-chairman Du Ying said the government will set a benchmark rate of 5% that will vary across commodities, re

China plans to extend a tax on oil, gas and coal output across the country in a move that could reduce profits for resource companies.

National Development and Reform Commission vice-chairman Du Ying said the government will set a benchmark rate of 5% that will vary across commodities, reports Bloomberg.

The tax, introduced in Xinjiang province last month, will be extended through western areas and will be used to raise funds to develop poorer inland provinces.