China lifts taxes on oil, gas

China has lifted its taxes on crude oil and natural gas for the first time since 1993 to standardize the taxation system and keep pace with rising global oil prices, Bloomberg News reported. China raised the tax rate for oil at least 75% and for gas by at least three times, the State Administration of Taxation reportedly said Tuesday. The new rate for domestic firms is between 14 and 30 yuan for a tonne of oil, and between seven and 15 yuan for a thousand cubic meters of gas. Previous taxes ranged between eight and 30 yuan for a tonne of oil, and between two and 15 yuan for a thousand cubic meters of gas.