CHINA'S TAX SYSTEM RELATIVELY BENIGN, BUT PROBLEMS REMAIN

11/28/1994
Michael Cannon Price Waterhouse L.L.P. Hong Kong Recent developments in China's oil market have reignited the the interest of multinational oil and gas companies in China. New onshore and offshore blocks are being granted, and the Tarim basin has been opened to foreign participation for the first time. Foreign participation is also being sought in refining and other downstream areas. Though Chinese officials have long been viewed as difficult negotiators, the tax provisions applicable to oil and gas exploration and production in China are some of the more generous in the area. This article describes some of the relevant features of the ...
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