China Resource Tax Reforms to Roll out Nationwide

On September 30, 2011, the State Council released revisions to the Tentative Regulations of the People's Republic of China on Resource Tax, Regulations of the People's Republic of China on Sino-foreign Cooperative Exploitation of Ocean Oil Resources and the Regulations of the People's Republic of China on the Exploitation of Continental Oil Resources (together the "Revisions"), which will take effect on November 1, 2011.  The move comes as a major step in rolling out nationwide reforms in the levying of resource tax.  These reforms were initially introduced as a pilot scheme in Xinjiang on June 1, 2010 and later extended to cover an additional 11 provinces/autonomous regions in western China.


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