China To Levy Export Taxes

China will levy crude oil taxes from August 1 on crude oil exports by foreign partners in offshore exploration joint ventures, the government said yesterday.

But it will grant companies a five-year holiday from the 5 percent export tariff if they are executing contracts they have already inked with Chinese partners, the Ministry of Finance and the General Administration of Customs said.

China started to levy export tariffs from November on exports of resource-intensive products, such as oil and metals.