china\s resource tax reform will not affect oil price
Last Updated : GMT 00:49:26
Arab Today, arab today
Arab Today, arab today

China\'s resource tax reform will not affect oil price

Arab Today, arab today

Arab Today, arab today China\'s resource tax reform will not affect oil price

Beijing - Xinhua

The reformation of China\'s resource tax will not impact China\'s domestic prices for oil and natural gas, the Ministry of Finance (MOF) and the State Administration of Taxation said Monday. China\'s pricing mechanism for oil products is mainly based on the international oil price trend, which would not be influenced by the adjustment of the sales-based tax rates, the two departments said in a joint statement issued on the MOF website. The domestic oil price is more likely to be influenced by global factors, including international speculation, the exchange rate of the U.S.dollar, and supply and demand in the global market, the statement said. The State Council, or China\'s cabinet, announced earlier this month that resource taxes on domestic sales of crude oil and natural gas will be extended from a few of the country\'s regions to the entire nation starting from Nov. 1. After the adjustments, sales-based tax rates for oil and natural gas will also be raised between 5 and 10 percent, up from the previous 5 percent implemented in northwest China\'s Xinjiang Uygur Autonomous Region on June 1, 2010. The sales-based resource tax for oil and gas was extended to 11 other provinces in December last year. The adjustment in resource taxes might bring down the profits of oil producers, but it will not affect the market price of oil products or further burden oil refiners and consumers, said the statement. Earlier this month, the Chinese government reduced retail prices for gasoline and diesel by 300 yuan (about 47 U.S. dollars) per tonne for the first time in 16 months amid stubbornly high inflation. The statement said the government will also keep the market price of domestic natural gas products stable at 1,115 yuan per cubic kilometers.  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

china\s resource tax reform will not affect oil price china\s resource tax reform will not affect oil price

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

china\s resource tax reform will not affect oil price china\s resource tax reform will not affect oil price

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Air China suspends flights to North Korea

GMT 10:39 2017 Thursday ,23 November

Air China suspends flights to North Korea
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria opposition meets in Riyadh

GMT 06:23 2017 Thursday ,23 November

Syria opposition meets in Riyadh
Arab Today, arab today Jordanian journalist happy of her career

GMT 17:37 2017 Thursday ,23 November

Jordanian journalist happy of her career
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today Srebrenica women cry tears of joy

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Honda recalls 800,000 minivans

GMT 11:43 2017 Wednesday ,22 November

Honda recalls 800,000 minivans
Arab Today, arab today Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 10:43 2017 Wednesday ,22 November

Cigar-shaped asteroid came

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday