Oil Windfall Tax Threshold Raised to $55-Shanghai Metals Market

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Oil Windfall Tax Threshold Raised to $55

Data Analysis 10:03:26AM Jan 09, 2012 Source:SMM

BEIJING, Jan. 9 -- China's two largest oil producers, PetroChina and Sinopec Group, said Thursday night that the Ministry of Finance (MOF) has raised the exemption threshold on the so-called "windfall tax" on upstream oil producers to $55 per barrel of crude oil since November 2011.

The levy, described by the MOF as a "special oil sales charge", will be set at a progressive rate between 20 and 40 percent on the excess of the average realized oil price from a base of $55 per barrel, compared with $40 previously, the oil companies said.

The charge is 20 percent when the price is between $55 and $60 and will rise progressively by 5 percentage points for every $5 increase to a limit of 40 percent when the price sits above $75 per barrel.
 

Price

more
1# Zinc
May.21
21070.0
-130.0
(-0.61%)
0# Zinc
May.21
21140.0
-130.0
(-0.61%)
T/C for domestic zinc concentrate
May.01
6350.0
0.0
(0.00%)
T/C for imported zinc concentrate
May.01
240.0
0.0
(0.00%)
Zinc Alloy (Zamak3/ZX01)
May.21
22040.0
-130.0
(-0.59%)

Oil Windfall Tax Threshold Raised to $55

Data Analysis 10:03:26AM Jan 09, 2012 Source:SMM

BEIJING, Jan. 9 -- China's two largest oil producers, PetroChina and Sinopec Group, said Thursday night that the Ministry of Finance (MOF) has raised the exemption threshold on the so-called "windfall tax" on upstream oil producers to $55 per barrel of crude oil since November 2011.

The levy, described by the MOF as a "special oil sales charge", will be set at a progressive rate between 20 and 40 percent on the excess of the average realized oil price from a base of $55 per barrel, compared with $40 previously, the oil companies said.

The charge is 20 percent when the price is between $55 and $60 and will rise progressively by 5 percentage points for every $5 increase to a limit of 40 percent when the price sits above $75 per barrel.