Detailed Reduction Rules Nailed Down in Resource Tax Reform
[2010-06-10 13:29:13]
Detailed reduction rules emerged in resource tax reform.Only one oil-gas recovery enterprise shall pay the tax of 5% in full among five such enterprises in Xinjiang Uygur Autonomous Region of China. As per a principal with the State Administration of Taxation of China (SAT), the resource tax on crude oil and natural gas shall apply to ad valorem taxation as of June 2010. All the oil-gas recovery enterprises in Xinjiang Region can enjoy certain tax relief, with the actual tax rate not more than 5%.
According to the detailed rules of reduction issued by SAT, the five oil-gas recovery enterprises in Xinjiang Region shall all pay taxes at respective tax rate during each process of the exploitation. To be specific, as for the oil-gas recovery enterprises of China Petroleum & Chemical Corporation (SINOPEC) and China National Petroleum Corporation (CNPC) in Xinjiang Region, the actual resource tax rate shall be ranging from 3.27% to 4.96%, while the corresponding reduction rate shall be ranging from 0.04% to 1.73%.
In the Provisions on Several Issues Concerning Reform of Resource Tax on Crude Oil and Natural Gas in Xinjiang Region, the reduction policy for the resource tax on crude oil and natural gas is specified. The resource tax on crude oil and natural gas shall be based on the sales volume and implement ad valorem taxation, with the tax rate of 5%. Besides, taxpayers recovering thickened oil, high pour-point oil and high-sulfur natural gas will enjoy a tax reduction of 40%, and the resource tax on tertiary oil recovery will be reduced by 30%.
Source: ETCN
Related Articles:
- GACC Announcement No.24, 2015 (on Tax E-Pay in Paperless Customs Clearance)
(2015-06-05) - China Tax Admin Announcement No.13, 2014 on Foreign-Trade Serving Firms' Export Refund (Exemption)
(2014-03-18) - China Sets Tax on Low-grade Coal Imports; Impact on Indonesia Supplies Unclear
(2013-09-03) - LCCI Seeks Cut in Tax on Hybrid Cars' Import
(2013-05-23) - GACC Announcement No.18, 2013 on Tax Relief for Encouraged Investment Projects
(2013-04-11) - India Up Duty & Tax on High-end Consumer Goods
(2013-03-11) - EU to Tax More Imports of Chinese Steel Pipes
(2013-02-21) - Chinese Lighter Makers Evade EU Tax Via Vietnam
(2012-07-23) - India Considers Expanding Tax on Imported Power Gear
(2012-07-13) - China's Tax Policies Boost Software Industry Growth
(2012-07-05)
Most Read
- GACC Announcement No.10, 2017 on China-South Korea Goods Origin Info Exchange System
(2017-02-09) - Explanations on Compilation & Release of the "China Export Leading Indicator"
(2014-07-10) - GACC Announcement No.26, 2016 on (Cross-Border E-Commerce Retail Import/Export Control)
(2016-05-10) - GACC Announcement No.46, 2015 (on Uniform Social Credit Code Implementation)
(2015-10-10) - GACC Announcement No. 32, 2016 on (Uniform Social Credit Code for Legal Persons & Organizations)
(2016-05-13) - AQSIQ-CNCA Announcement No. 117, 2012 on Compulsory Certification-Free Products
(2012-08-16) - China Tariffs Implementation Plan for 2013
(2012-12-27) - China Bans Export of Protected Fossils
(2010-11-25) - Announcement of the General Administration of Customs of P. R. China, No. 43, 2010
(2010-07-06) - MOFCOM Decree No.3, 2014 on Overseas Investment Managing Measures
(2014-10-11)
