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	NOTICE OF THE MINISTRY OF FINANCE AND THE STATE ADMINISTRATION OF TAXATION ON TAXATION POLICIES RELATING TO THE WEST-EAST GAS PIPELINE PROJECT

	(No.111 [2002] of the Ministry of Finance and the State Administration of Taxation promulgated on July 31, 2002)


SUBJECT : WEST-EAST GAS PIPELINE PROJECT
ISSUING DEPARTMENT : STATE ADMINISTRATION OF TAXATION, MINISTRY OF FINANCE OF THE PEOPLE'S REPUBLIC OF CHINA
ISSUE DATE : 07/31/2002
IMPLEMENT DATE : 07/31/2002
LENGTH : 194 words
TEXT :

Upon the approval by the State Council, the taxation policies relating to the west-east gas pipeline project are notified as follows:

1. A uniform tax rate of 13% for value-added tax shall be implemented with respect to the Chinese-foreign contractual joint exploitation of natural gas in the upriver areas in the west-east gas pipeline project, and the input tax amounts deducted shall be calculated according to the provisions of the Notice on Printing and Distributing the Interim Measures for the Administration of Value-added Tax of Oil-gas Field Enterprises issued by the Ministry of Finance and the State Administration of Taxation (No.32 [2000] of the Ministry of Finance).

2. A tax rate of 15% for enterprise income tax shall be implemented with respect to the west-east gas pipeline operating enterprises. Starting from the year when the enterprise begins to make profit, the enterprise income tax shall be exempted for the first and second years, and be half exempted from the third year to the fifth year.

3. With respect to the Chinese-foreign contractual joint exploitation of natural gas in the upriver areas in the west-east gas pipeline project, the resource tax may be temporarily exempted.