Off the wire
Xiaomi, Huawei go head-to-head in China's smartphone market  • Kenya calls for modernization of agriculture  • Slovakia to continue with army modernisation: defence minister  • Hillary Clinton leads Donald Trump by 4 points nationwide: poll  • 2nd LD Writethru: 11 killed, 23 injured in eastern Afghan car bombing  • Kiprop to lead galaxy of Kenyan stars to Eugene Diamond League meet  • Korir surprise name in Kenya marathon team for Rio Olympics  • Israeli measures dragging region towards hatred, fanaticism: PNA  • Belgium proposes hosting Palestinian-Israeli economic conference  • Thai gov't ready to explain draft charter to public  
You are here:   Home

China to boost resource tax reform

Xinhua, May 11, 2016 Adjust font size:

China will expand reform of resource taxes across the board from July 1, authorities said on Tuesday.

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 taxation in north China's Hebei Province is expected to expand to wood, pasture and tidal flat in the future.

Authorities will cut certain fees on minerals to reduce tax burdens.

China introduced resource taxes in 1984, mainly targeting businesses in oil, natural gas and coal. Endi