Draft tax law for natural resources would codify a range of regulations

A draft law to place taxes on the extraction of natural resources was submitted to the National People's Congress Standing Committee for its first review on Sunday.

The draft had been OK'd by the State Council, the Cabinet, Finance Minister Liu Kun said when he introduced it to the committee.

If enacted, the law would codify fees on certain natural resources. A series of regulations - but not a law - have generated revenue since December 1993. The proposed law clarifies the scope of resource taxes to be collected.