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DECISION OF THE STATE COUNCIL ON THE COLLECTION OF SPECIAL PETROLEUM PROCEEDS |
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(No. 13 [2006] of the State Council, March 15, 2006) |
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SUBJECT : COLLECTION OF SPECIAL PROCEEDS; PETROLEUM |
ISSUING DEPARTMENT : THE STATE COUNCIL OF THE PEOPLE'S REPUBLIC OF CHINA |
ISSUE DATE : 03/15/2006 |
IMPLEMENT DATE : 03/15/2006 |
LENGTH : 189 words |
TEXT : |
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Petroleum is an important strategic resource concerning the overall situation of national economic and social development. Since 2004, the profits of the crude oil exploitation industry in China have increased a lot due to the continuous and significant rise of the oil price in the international market, which has increased the costs of other industries and the society for using the oil, caused the uneven distribution of benefits among various industries, and affected the smooth functioning of the economy. In order to properly balance the interests of different sides, promote the reform of oil price forming mechanism, reinforce the state regulation and promote the continuous, sound and coordinative development of the national economy, the State Council has decided to collect special petroleum proceeds on the excessive incomes obtained by petroleum exploitation enterprises from the selling of domestically produced crude oil due to the rise of oil price.
The special petroleum proceeds are non-tax incomes of the central treasury and shall be incorporated into the budgetary management of the central treasury. The specific measures for the collection administration shall be formulated and promulgated for implementation by the Ministry of Finance.
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