Source: CCTV.com

07-11-2007 13:32

China says export tariffs will be collected from foreign oil companies operating offshore in China when offshore oil exploitation contracts are signed between Chinese and foreign oil companies after August 1st this year.

Meanwhile, China has announced that it will grant such foreign oil companies a five-year tax holiday from the 5 percent export tariff that Beijing levied late last year. The Ministry of Finance and the General Administration of Customs say companies will not be required to pay the tax on crude shipped out of China from next month until August 1, 2012. Beijing also says taxes collected before August will be refunded to firms. China levied the temporary export tariff last November as part of a raft of measures meant to prevent overinvestment in resource-intensive industries.

After August 1, the existing regulation, issued in 1982, that exempts foreign companies operating in China's offshore from tariffs on crude oil sold outside China will no longer be effective.

 

Editor:Li Yang