OREANDA-NEWS. October 26, 2011. China will “temporarily” set the resource tax on oil and gas producers at 5 percent of sales, the finance ministry said in a statement.

The government said that it will extend a value- based tax of 5 to 10 percent on sales of oil and natural gas nationwide starting next month to help save energy and boost local government revenue.

The country currently levies tax based on sales volume as opposed to value. It rolled out a 5 percent tax on oil and gas sales in Xinjiang province on a trial basis in June last year.