China will extend a value-based tax ranging from 5 per cent to 10 per cent on sales of oil and natural gas nationwide from next month, says its Ministry of Finance.
China imposed a 5 per cent tax on oil and gas sales in Xinjiang on a trial basis in June last year.
Taxes on coal are expected to continue to be based on volume rather than value. China will levy a tax of 8–20 yuan ($1.25–3.14) /tonne for coking coal sold and 0.3–5 yuan ($0.05–0.78) /tonne for other coal from next month, said the ministry.
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