Resources tax incentivizes 'long-term benefits'

A new round of resources tax reform, starting from July, may lead to a heavier tax burden, but it will have long-lasting benefits to society and help ensure resource sustainability, experts said Tuesday.

The Ministry of Finance said that manufacturers of minerals such as iron and copper will be charged a resource tax on the basis of prices rather than volumes, after similar reforms were implemented in taxing coal, natural gas, crude oil and rare earths.

Natural resources, including water and forests, will be items to be taxed in the future. Hebei province will be the first pilot region to implement a taxation on water resources, the ministry said.