Beijing imposes 10% crude oil tax
19 December 2007
China will impose a 10% tax on crude oil production, which will initially be phased in at a 5% rate, the Financial Times reported. The move, which was largely expected and is thought to be aimed at curbing wasteful energy use, will be implemented "as soon as possible," said Vice Minister of Finance Zhu Zhigang, who made the announcement on the ministry's website. Zhu's statement also said "the time was ripe" for the introduction of a tax on gas and diesel for cars at filling stations. Beijing had planned a similar road fuel tax four years ago, but was thought to have been delayed over fears of causing social instability.
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