China's plan for gasoline and diesel tax increases

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China's cabinet on Friday released details of a fuel tax reform that would raise taxes for gasoline and diesel while eliminating other fees for drivers.

The plan, scheduled to take effect Jan. 1, would raise the tax on gasoline to one yuan (14 cents US) per litre from the current 0.2 yuan (three cents US). The tax on diesel would rise from 0.1 yuan (two cents US) per litre to 0.8 yuan (11 cents US).The announcement said the higher tax revenues would be used in part to maintain and manage roads and waterways and to help compensate local governments for lost income from eliminated tolls and fees.

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