Posts Tagged ‘oil and gas industry’

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China’s independent oil refiners are once again using fuel oil to feed their plants as stricter tax enforcement and rising crude oil prices have squeezed their margins.

An alliance of more than 20 of China’s independent oil refineries has urged its members to strictly adhere to government rules on oil quotas and taxes, according to a group statement seen by Reuters on Tuesday.

Tax reform, especially lowering personal income tax rates, will be high in the Senate’s priority when sessions resume today, but Senate President Aquilino Pimentel III said they would continue to oppose moves to slap new taxes.

The Department of Finance (DOF) plans to increase the excise tax on oil products by more than double to raise additional revenue for the government, as part of its comprehensive tax reform program.

New research from the International Workers Federation (IWF) is claiming that big oil players in the North Sea, including Chevron and China’s Nexen have avoided paying significant sums in taxes through a scheme involving a secretive corporate structure.

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