Wednesday, August 10, 2005

Oil: China increases tax on oil and gas

China’s Ministry of Finance and the State Administration of Taxation announced Tuesday on their websites that the government has raised taxes on oil and natural gas resources starting from July 1, 2005. The “2005-115” notice sets out the different taxes for different oilfields.

Analysts believe this will increase oil and gas prices for Chinese consumers which is currently well below international levels