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China’s Ministry of Finance today announced that it will be raising the threshold for windfall taxes on oil and gas output starting January 1. The new threshold will be set at $65 a barrel, up $10 from $55 a barrel, the price set back in November 2011, according to Reuters.

A 20% tax is charged to oil being sold at $65 a barrel, rising to 25% between $70 and $75 and increasing 5% with every $5 increase in oil prices, with the highest tax burden of 40% being applied when crude prices are at or above $85 a barrel.

“It’s an encouraging polic...


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