12 Oct '11, 8am

The world's largest green tax regime has quietly been launched this week in China:

The Chinese government is to introduce one of the world's largest green tax regimes, announcing earlier this week that a new national resource tax will come into effect from November 1. The State Council said on Monday that new levies on oil and natural gas previously trialled in Xinjiang and 11 other provinces will be rolled out nationwide from next month, alongside additional new taxes on rare earth ores and coking coal. FURTHER READING South Korea details 2012 emission reduction plan UN issues call for green public-private partnerships The volume-based tax will impose a five to 10 per cent tax on crude oil and natural gas sales, alongside a further 0.40-60 yuan per tonne levy on rare earth ores and an 8-20 yuan a tonne coking coal tax. Reforms were also announced to the tax regime governing the country's onshore and offshore oil and gas fields, replacing a royalties-bas...

Full article: http://www.businessgreen.com/bg/news/2116510/china-introd...

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