Current SNP Stock Info

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...

Legal Notice