Business / Economy

China to boost resource tax reform

(Xinhua) Updated: 2016-05-11 07:52

BEIJING -- 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.

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