China

Details

  • Service: Tax
  • Industry: Industrial Markets, Energy & Natural Resources
  • Type: Business and industry issue, Publication series, Regulatory update
  • Date: 5/8/2012

China extends royalty surcharge to onshore/offshore Sino-foreign oil and gas projects 

China alert: Energy & Natural Resources Focus - Issue 3, May 2012

 

The Ministry of Land and Resources (MLR) issued Guotuzi Tingfa [2012] No.14 (Circular 14) on 31 March 2012. The regulation provides for royalty surcharges on Chinese and foreign enterprises engaged in both on- and offshore oil and gas exploitation in the People’s Republic of China (PRC). Circular 14 takes effect from 31 March 2012, and shall remain in force for a period of eight years.