Saturday, December 6, 2008

China to Begin Retail Fuel Tax

Small Burb in Chinese Media:

China is likely to start levying a retail fuel tax from January, said a high-level official with the National Development and Reform Commission (NDRC).

The official also said the scheme prepared by the Commission has already been approved by the State Council.

"I personally think January is a good time to introduce the fuel tax," said Zhang Xiaoqiang, deputy director, NDRC, at a Sino-US Strategic Economic Dialogue meeting in Beijing.

Expectations are that the fuel tax and retail oil pricing reforms would form part of the same package. "If domestic oil prices are linked to global prices, then the government may stop the subsidies to big oil companies," he said.

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