China Nonferrous Metals News
26th August: China’s first resources tax law is published and will be formally implemented on September 1, 2020. At this time the ‘Provisional Regulations on Resource Tax’ implemented since 1994 will be abolished.
The full text of the resource tax law has not yet, been disclosed by the government. However, the ‘Resource Tax Rates’ appended to the second review draft of the Resources Tax reveals that national fixed tax rates will apply to crude oil, natural gas, uranium, tungsten, medium-heavy rare earth; while taxes rates for coal, geothermal, iron ore and bauxite will be set within a taxable range of 2~12%. The rate for bauxite (raw ore and dressed bauxite) is set between 2~9%; tungsten ore 6.5%, molybdenum ore 8%, light rare earth tax rate between 7%~12%, and the medium-heavy rare earth tax rate at 20%.
