Finance ministry denies crude oil tax report

The Ministry of Finance denied that an announcement had appeared on its official website detailing the rate and time frame of a tax on crude oil, Xinhua Net reported (in Chinese). The Financial Times reported Wednesday that a vice minister of finance had announced on the ministry's website that a 10% tax on crude oil would be phased in "as soon as possible." A ministry spokesperson said that there was no official timetable for such a tax. However, industry watchers commented that it is reasonable to expect a tax on crude oil in the future, as reforms to the natural resource taxation system have been discussed by authorities for some time.