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China may delay nationwide resource tax rollout

By Ben Yue (chinadaily.com.cn)
Updated: 2011-05-05 17:01
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China may delay the implementation of resource tax across the whole country due to increasing coal and oil prices this year, Shanghai Securities News reported on Thursday citing industry insiders.

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China made Xinjiang Uygur autonomous region a pilot district for the resource tax reform in June 2010 by setting the tax rate at five percent.

The government is now reportedly revising the tax rate up to 10 percent, adding further pressure to the oil refining and coal industries, which have suffered from the rising price of raw materials.

The newspaper cites anonymous industry insider saying the revised tax rate is not likely to be rolled out across the whole country this year because inflation is more severe than when the original rate was implemented, and the country is suffering an energy shortage at present.

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