China sets resource tax rate on coal

Source: Shanghai Daily | October 12, 2014, Sunday |

Online Edition

CHINA will levy a resource tax on coal based on sales rather than production from December 1 and the rate will be between 2 to 10 percent, taxation authorities announced on Saturday.

The Ministry of Finance and the State Administration of Taxation said in a joint statement that the tax rate will be decided by provincial governments within the range.

In addition, "resource compensation fees" will be ceded starting Dec. 1 to reduce financial burdens on coal miners, which are hit by falling prices, according to the statement.

The tax is part of ongoing tax reform in the coal sector initiated in a State Council executive meeting late September.

China reformed resource tax on crude oil and natural gas in 2011. The statement said similar reforms will be gradually expanded to other sectors.

Economy

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China sets resource tax rate on coal

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