China introduced a new tax on sales of crude oil and natural gas in western Xinjiang Uygur Autonomous Region, the Ministry of Finance said on June 2.
The 5-percent tax is aimed to increase revenue for the local government of the resource-rich region, and is part of a support package unveiled at a central work conference held in Beijing last month.
The new measure, a shift from current taxes based on output, is a crucial step to save natural resources by raising the cost of consumption. |