China has recently revised its tax policies to encourage energy
conservation and the efficient exploration of natural resources.
This China Practice Update briefly describes and analyzes the three
major tax policy changes that will affect companies and investors
engaged in the exploration, production and sale of oil and gas in
China.
China Implements New Resource Tax Regulations
In September 2011, China's State Council announced new
amendments to the Resource Tax Interim Regulations that
would take effect from November 1, 2011. Following shortly this
announcement, the Ministry of Finance (MOF) issued the revised
Implementing Rules for the Resource Tax Interim
Regulations on October 28, 2011 (together with the State
Council's decision, the "New Resource Tax
Regulations"). The State Council also promulgated at the end
of September 2011 the new Regulations on Sino-Foreign
Cooperative Exploitation of Offshore Petroleum Resources and
the new Regulations on Sino-Foreign
