SHANGHAI, Apr. 29 (SMM) – Chinese government decided to levy ad valorem resource tax on rare earth, tungsten, and molybdenum starting from May 1, to replace the old volume-based tax, Xinhua reported.
To simplify the tax structure, some other related charges, including compensation fees for mineral resource, imposed on these products will also be removed.
The move, just followed the removal of export tariff on rare earths, is taken to bring down costs of downstream companies and enable them to invest more in R& D. Analysts believe the tax reform may help China’s rare earth and downstream sectors move upmarket, Xinhua also said.
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