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China will further reform its taxation system in 2010, including plan to draft and release new guidelines on resource tax reform and a gradual implementation of property tax reform, according to a statement posted on the government's website.
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China has been considering a revamp of the resource tax structure for several years and recently introduced a 5 percent resource tax on crude oil and natural gas sales in the Xinjiang Uygur autonomous region that becomes effective on June 1.