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People's Daily Online>>China Business

China raises windfall tax exemption threshold for oil producers

(Xinhua)

09:29, January 06, 2012

BEIJING, Jan. 5 (Xinhua) -- China's two largest oil producers, PetroChina and the Sinopec Group, said Thursday night that the Ministry of Finance (MOF) has raised the exemption threshold on the so-called "windfall tax" on upstream oil producers to 55 U.S. dollars per barrel of crude oil since November 2011.

The levy, described by the MOF as a "special oil sales charge," will be set at a progressive rate between 20 and 40 percent on the excess of the average realized oil price from a base of 55 U.S. dollars per barrel, compared with 40 dollars previously, the oil companies said.

The charge is 20 percent when the price is between 55 and 60 U.S. dollars and will rise progressively by 5 percentage points for every 5-U.S.-dollar increase to a limit of 40 percent when the price sits above 75 U.S. dollars per barrel.

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