China to impose rare earth resource tax from April 1
(Xinhua)
2011-03-24 17:51
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Rare earth is loaded for export on Oct 31, 2010 at the Lian Yungang port in eastern Jiangsu province. [Photo/CFP] |
HOHHOT - China will impose a tax on rare earth minerals starting April 1, according to a statement issued jointly by the Ministry of Finance and the State Administration of Taxation to rare earth producers.
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According to the statement, the tax rate of mined light rare earths is 60 yuan ($9.1) per ton, while that of medium and heavy rare earths is set at 30 yuan per ton.
Zhang said the tax would increase the company's production costs by about 720 million yuan this year.
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