Top 10 economic events in 2014

Updated: 2014-12-23 08:32

(chinadaily.com.cn)

10. Oil taxes rise

The consumption tax on oil products started to rise from Dec 13, 2014, as the retail fuel prices continued to fall.

Based on the statement from the Ministry of Finance and the State Administration of Taxation, the tax on gasoline rose from 1.12 yuan per liter to 1.4 yuan and diesel went up from 0.94 yuan to 1.1 yuan. The taxes were previously increased on Nov 29.

The reason to increase the oil taxes is aimed at cutting emissions and improve energy efficiency, the statement said.

Consumption tax on oil products started to rise from Dec 13, 2014, as the retail fuel prices continued to fall. [Photo/IC]