5% tax on oil, gas in Xinjiang

URUMQI - Producers of crude oil and natural gas will be levied a new sales tax in the Xinjiang Uygur autonomous region, the Ministry of Finance said on Wednesday.

The 5 percent tax, on price instead of volume, as was the case previously, is aimed at increasing revenue for the government of the resource-rich region, and is part of a support package unveiled at a central work conference held in Beijing last month.

Xinjiang will be a pilot project in resource tax reform to be introduced nationwide.