6月初，财政部印发《新疆原油天然气资源税改革若干问题的规定》的通知，宣布对原油、天然气资源税实行从价计征，税率为5%。

对于资源税改革， 华税合伙人刘天永表示“资源税改革有很长的历史，但是一直都因为经济上的原因而中断。2008年国际金融危机导致国内不少企业举步维艰，担心给企业增加负担让改革再次中断。但是，现在各种压力促使资源税改革加快进程。全球经济整体来看已经走出了低谷，我国经济也已经稳步复苏，同时尚未出现明显通胀压力。因此对资源税改革来说是很好的时机。

Quick facts: new resource tax regime
• 5% price-based resources tax on oil and gas produced in Xinjiang
• Becomes effective June 1
• Will be broadened to include all western areas
• Based on prices instead of volume

The new 5% tax on coal, oil and natural gas introduced last month in Xinjiang, where China’s major strategic oil and gas reserves are located, will be extended to include the entire western province. But the legal industry is confident of a positive outcome.

“Plans to reform the resource tax regime have been ongoing for quite some time, but it has always been halted due the uncertainties of the Chinese economy,” said Liu Tianyong, managing partner at Hwuason, a boutique tax law firm. “Before, there was always a worry that imposing the tax would burden the growth of resource companies. But the country’s rise to prominence during the recent financial crisis has made 2010 perfect timing for the implementation.”

The new tax regime is said to be part of China’s move to raise funds to develop its most restive regions, by taking a slice of the profits of dominant conglomerates like PetroChina. “The tax regime will cause capital for resource companies to rise and their profits to decrease,” said Liu.

While most lawyers agree that the appetite for M&A in the resources sector will not be diminished, some suggest that there might be a change in its focus. “Potential investors are now going to try and tap into new regions by acquiring smaller resource-related companies outside of Western China. Therefore, we might also have to extend our legal services, including M&A and PE advice, into new areas of interest,” said Liu.

He also acknowledged new technical challenges for tax practitioners, especially as the timeframe whereby the tax will be implemented is unspecified. “Tax lawyers now have to plan strategies for their clients and make considerations for when the new tax regime will be imposed nationally,” he said. ALB

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