China's Tax Reform to Hurt Profitability of Oil Companies

China announced that the resource tax reform will extend to the entire country, effective November 1. In order to encourage energy conservancy and limit environmental damage, the government will impose tax on a range of natural resources including crude oil, natural gas, coal, rare earth, salt and metal. Sales of crude oil and natural gas nationwide will be taxed at a rate between 5-10% of their sales value.

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China's Tax Reform to Hurt Profitability of Oil Companies