TAX NEWS - JUNE 2010

China Tax: Resources Tax Rate For Xinjiang Fixed At 5%

02 June 2010 -- The Ministry of Finance of China and the State Administration of Taxation said on June 2 that it will start the introduction of the resources tax in Xinjiang province, reports secutimes.com.

According to the new law, a resource tax rate of five percent will be imposed on the sales value of crude oil and natural gas in Xinjiang province.

The share price of PetroChina fell 0.83 percent to close at 10.77 yuan today.