Resource tax to be levied in Xinjiang

20:12, May 28, 2010      

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The Central Government will start applying a new resource tax in Xinjiang from Tuesday, reducing the profitability of producers while feeding more revenue to local governments.

Under the new tax regime, which is expected to be adopted nationwide later, the government will levy producers with a 5 percent tax on the sales price of crude oil and natural gas and a 2 to 5 percent tax on the sale price of coal in Xinjiang. The measures will raise more than 2 billion yuan (US$292.8 million) for the region this year, Caijing magazine reported on its Web site.

Source: Shenzhen Daily

(Editor:王寒露)

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