China to impose taxes on receivers of oil shipment

China’s Finance Ministry will impose additional taxes on receivers of oil shipments to China. A tax of CNY0.30 (US$0.04) per metric ton on imports of crude oil, fuel oil, diesel fuel and lubricants will be imposed starting July 1. The collected taxes will go to a fund designed for emergency response, pollution clean-up, environmental restoration, as well as for the compensation of victims in the fishing and tourism industries. (May 29, 2012)