Cost Efficiency of Domestic Iron Ore Enterprises is Weak due to Heavy Tax Burden

Published: Mar 10, 2023 14:17

Source: SMM

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In recent years, domestic iron ore enterprises have improved their comprehensive strength by vigorously promoting technological innovation and paying close attention to refined management. However, due to heavy tax burdens, their cost efficiency was weak.

SHANGHAI, Mar 10 (SMM) - In recent years, domestic iron ore enterprises have improved their comprehensive strength by vigorously promoting technological innovation and paying close attention to refined management. However, due to heavy tax burdens, their cost efficiency was weak.

Zhao Minge, deputy to the National People's Congress, party secretary and chairman of Shougang Group Co., Ltd., took Shougang Mining Company as an example, saying that the taxes and fees involved in the company mainly include value-added tax, urban construction tax, education surcharge, local education surcharge, mineral resource tax, water resource tax, environmental protection tax, real estate tax, urban land use tax, stamp duty, vehicle and vessel tax, corporate income tax, deed tax, employment guarantee deposit for the disabled, compensation for water and soil conservation, etc. "In recent years, the proportion of taxes and fees (excluding value-added tax) borne by iron ore concentrate is about 22.12%, which is higher than that of foreign taxes.

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