China May Extend Resources Tax Nationwide from September-Shanghai Metals Market

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China May Extend Resources Tax Nationwide from September

Industry News 02:33:39PM Jul 12, 2010 Source:SMM

12 Jul (Dow Jones) - According to unnamed officials with the Ministry of Finance and State Administration of Taxation, China may extend a resources tax reform nationwide from September 1st after launching it in Xinjiang.

From June 1st the central government began levying a 5% resources tax on crude and natural gas output based on selling prices in northwestern Xinjiang region, replacing earlier levies based on output aiming to boost fiscal revenue at local governments.

Premier Mr Wen Jiabao said earlier this week that the government was on the verge of expanding the resources tax trial throughout western China and that it would also cover coal production.
 

Key Words:  resources tax 

Price

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1# Zinc
Sep.23
18900.0
-110.0
(-0.58%)
0# Zinc
Sep.23
18970.0
-110.0
(-0.58%)
T/C for domestic zinc concentrate
Sep.01
6325.0
0.0
(0.00%)
T/C for imported zinc concentrate
Sep.01
280.0
40.0
(16.67%)
Zinc Alloy (Zamak3/ZX01)
Sep.23
19870.0
-110.0
(-0.55%)

China May Extend Resources Tax Nationwide from September

Industry News 02:33:39PM Jul 12, 2010 Source:SMM

12 Jul (Dow Jones) - According to unnamed officials with the Ministry of Finance and State Administration of Taxation, China may extend a resources tax reform nationwide from September 1st after launching it in Xinjiang.

From June 1st the central government began levying a 5% resources tax on crude and natural gas output based on selling prices in northwestern Xinjiang region, replacing earlier levies based on output aiming to boost fiscal revenue at local governments.

Premier Mr Wen Jiabao said earlier this week that the government was on the verge of expanding the resources tax trial throughout western China and that it would also cover coal production.
 

Key Words:  resources tax