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May 12, 2016

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Tax reform to expand

CHINA will expand reform of resource taxes across the board from July 1.

Resource tax will be levied on most mineral products based on price instead of quantity, said a statement jointly issued by the Ministry of Finance and the State Administration of Taxation.

Since 2010, China has experimented with taxes based on price instead of quantity in six mineral products — coal, gas, molybdenum, oil, rare earth and tungsten.

A pilot on water resource tax in Hebei Province is expected to expand to wood, pasture and tidal flat in the future.


 

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