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Supplementary Circular of the Ministry of Finance of the People¡¯s Republic of China, on Relevant Issues on Levy of Special Profit Charge on Domestic Crude Oil


source: author: time:2007-08-22  

Finance Departments (Bureaus) of all provinces, autonomous regions, municipalities directly under the Central government, cities specifically designated in the state plan, relevant ministries and commissions under the State Council, relevant departments directly under the State Council, China National Petroleum Corporation, China Petrochemical Corporation, China National Offshore Oil Corporation.
After the delivery of Circular of Ministry of Finance on Distribution of Measures for Administration of Levy of Special Profit Charge on Domestic Crude Oil (No. 72,2006, hereinafter referred to as “Measures”), some oil exploitation enterprises have made some suggestions on overall and accurate implementation of the Measures. Supplementary Circular on Relevant Issues on Levy of Special Profit Charge on Domestic Crude Oil is as follows:

1. About the range of levy of special profit charge on domestic crude oil
Special profit charge on domestic crude oil shall be paid in accordance with rules for all crude oil exploited within the land areas of the People’s Republic of China or the sea areas under its jurisdiction, no matter whether it is sold within the territory of China or not. Chinese-foreign cooperative oilfield shall, according to rules, pay value added tax for crude oil, charge for using the mining area, special profit charge on crude oil shall not be levied for the conservation oil of the state.

2. About main body paying special profit charge on crude oil of joint venture cooperative enterprise
A joint venture cooperative enterprise shall pay special profit charge on crude oil. The special profit charge shall be paid to the financial authority uniformly by the party having the permit for oil exploration and exploitation among the two parties of the joint venture cooperative enterprises. The financial authority shall, after verification of the submitted report form of special profit charge on crude oil, confirm in writing the sum of special profit charge on crude oil that shall be paid by each party of the enterprise. The enterprise shall, according to the sum confirmed in the written notice, fill in “Common Payment Book” and pay it directly.

3. About relevant issues on the calculation of special profit charge on crude oil of Chinese-foreign cooperative oil field
All parties of Chinese-foreign cooperative oil field shall, on the basis of price of shares set on schedule by all cooperative parties, calculate special profit charge on crude oil. Special profit charge on crude oil shall not be recovered as corresponding costs in the joint account book of the parties of the cooperative enterprise.

4. Other relevant issues
(1) Special profit charge on crude oil shall be paid in RMB;
(2) The special profit charge on crude oil that shall be paid by each party of the cooperative oil field shall be listed separately when the report for payment is made. The fine for delaying payment and fine that shall be collected additionally due to the delay of report or payment shall be born by relevant responsible parties separately.
(3) All enterprises of cooperative oil field shall, while reporting special profit charge on crude oil shat shall be paid, provide the price implementation document of each enterprise for selling crude oil in each month. The Chinese-foreign oil field shall provide definite document for the price of share determined by all cooperative parties.
Ministry of Finance of the People’s Republic of China


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