China to base resource tax on mineral prices
By Shruti Salwan
Published: Tuesday, 12 July 2016
The Chinese government has introduced a new resource tax policy on 21 different minerals which will be based on the price of the mineral and will be applicable on the total value of the sales instead of volumes earlier, as the country aims to relieve producers suffering in the current downturn but positions itself to gain longer-term when prices recover.
China’s Ministry of Finance and State
Administration of Taxation has reformed its resource tax policy
for different metallic and non-metallic mineral resources,
under which the total sales value of the minerals will be taxed
depending on the current price prevailing in the market.
According to the authorities,...