Tax change offers lift to resources shares
Print Edition
SHANGHAI stocks closed slightly higher yesterday, helped by gains made by nonferrous companies that are likely to gain from a cut in tax and fees.
The Shanghai Composite Index edged up 0.01 percent to 4,476.62 points.
China will adjust the resource tax of several natural resources while abolishing unnecessary fees starting next month, according to a statement released after a State Council executive meeting presided over by Premier Li Keqiang on Tuesday.
The central government will levy a resource tax on rare earths, tungsten and molybdenum based on the price of the resources instead of production size.
Producers will be exempted from having to pay compensation to the government for mining the minerals. The government will also ban unnecessary charges imposed by authorities below provincial level on rare earths, tungsten and molybdenum.
The three resources will also be exempt from export tariffs from tomorrow, the finance ministry has said.
Jinduicheng Molybdenum Co surged 9.98 percent to 14.88 yuan (US$2.40), and Sino-Platinum Metals Co rose 8.61 percent to 27.50 yuan.
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