Oil taxation in China : implications for foreign companies

Research output: Journal PublicationsJournal Article (refereed)Researchpeer-review

Abstract

China's "Open Door" policy, launched in 1979, has attracted substantial foreign direct investment (FDI). Foreign investment in the Chinese offshore oil industry represents about 4 per cent of total FDI over the period of 1979 to 1995 (Statistical Yearbook of China, 1983-96). To enhance the tax administration of the industry, in 1982 China established the Offshore Oil Tax Bureau (OOTB) to take charge of tax collection, administration, and audit of enterprises engaged in the co-operative exploitation of Chinese offshore oil resources and the provision of services for the offshore oil projects in China. This paper addresses some concerns about Chinese tax by potential foreign oil companies interested in the co-operative exploitation of China's natural resources. These concerns include the types of tax to which a foreign oil company is liable, expenses which are deductible in calculating taxable income, areas which are subject to greater scrutiny by the tax authority and possible tax planning considerations by foreign companies.
Original languageEnglish
Pages (from-to)37-46
Number of pages10
JournalAsia-Pacific Journal of Taxation
Volume2
Issue number4
Publication statusPublished - 1 Jan 1998
Externally publishedYes

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Oil
Taxation
China
Tax
Exploitation
Foreign direct investment
Resources
Foreign investment
Tax planning
Expenses
Oil industry
Industry
Deductibles
Taxable income
Natural resources
Charge
Tax collection
Authority
Tax administration
Audit

Cite this

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title = "Oil taxation in China : implications for foreign companies",
abstract = "China's {"}Open Door{"} policy, launched in 1979, has attracted substantial foreign direct investment (FDI). Foreign investment in the Chinese offshore oil industry represents about 4 per cent of total FDI over the period of 1979 to 1995 (Statistical Yearbook of China, 1983-96). To enhance the tax administration of the industry, in 1982 China established the Offshore Oil Tax Bureau (OOTB) to take charge of tax collection, administration, and audit of enterprises engaged in the co-operative exploitation of Chinese offshore oil resources and the provision of services for the offshore oil projects in China. This paper addresses some concerns about Chinese tax by potential foreign oil companies interested in the co-operative exploitation of China's natural resources. These concerns include the types of tax to which a foreign oil company is liable, expenses which are deductible in calculating taxable income, areas which are subject to greater scrutiny by the tax authority and possible tax planning considerations by foreign companies.",
author = "LIN, {Zhenpin, Kenny}",
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Oil taxation in China : implications for foreign companies. / LIN, Zhenpin, Kenny.

In: Asia-Pacific Journal of Taxation, Vol. 2, No. 4, 01.01.1998, p. 37-46.

Research output: Journal PublicationsJournal Article (refereed)Researchpeer-review

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AB - China's "Open Door" policy, launched in 1979, has attracted substantial foreign direct investment (FDI). Foreign investment in the Chinese offshore oil industry represents about 4 per cent of total FDI over the period of 1979 to 1995 (Statistical Yearbook of China, 1983-96). To enhance the tax administration of the industry, in 1982 China established the Offshore Oil Tax Bureau (OOTB) to take charge of tax collection, administration, and audit of enterprises engaged in the co-operative exploitation of Chinese offshore oil resources and the provision of services for the offshore oil projects in China. This paper addresses some concerns about Chinese tax by potential foreign oil companies interested in the co-operative exploitation of China's natural resources. These concerns include the types of tax to which a foreign oil company is liable, expenses which are deductible in calculating taxable income, areas which are subject to greater scrutiny by the tax authority and possible tax planning considerations by foreign companies.

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