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China intends to raise the consumption tax on oil products

With 29 November in China will raise a tax on the consumption of petroleum products. This is the first increase since 2009 year, which was jointly announced today by the Ministry of Finance and the main state tax administration.

The gasoline consumption tax will increase from 1 RMB / 0,16 US dollars / to 1,12 RMB per liter, and diesel - from 0,8 RMB to 0,94 RMB per liter. The tax adjustment compensates for the impact of falling crude oil prices on the international market, analysts predict that fuel prices for ordinary drivers will probably remain the same.

In China, the consumer tax was introduced in 1994 for high-energy and high-pollution consumer products to make the production and sale of these products environmentally friendly and to encourage a model for sustainable economic growth.

Over 10 countries, including Russia, Australia, New Zealand and France, since the year 2012 have raised the consumption tax to encourage sustainable development.

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