China resource tax reform plan awaiting approval

China resource tax reform plan awaiting approval - finance ministry

(XFN-ASIA)
Updated: 2007-12-20 10:32
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China's plans to reform its resource tax regime are still awaiting regulatory approvals, said the Ministry of Finance.

Citing finance minister Xie Xuren, the ministry said in a statement that the revised plan is aimed at protecting the country's natural resources.

Earlier media reports have said China may raise its resource tax this year as part of efforts to encourage energy efficiency. Under the new system the tax would be calculated on the basis of the price of the commodity rather than on the volume consumed.

Tax authorities have submitted proposals to the State Council, China's cabinet, for further review.

Xie said separately that China's fiscal revenue is expected to rise 31 pct to 5.1 trln yuan this year.

(1 usd = 7.4 yuan)

Relating

·China resource tax and charge policy to favor less developed areas, ministry
·China likely to adjust up coal resource tax rate to 3 pct: expert
·New resource tax guidelines expected
·New resource tax regulations may come out soon
·Fuel tax and resource tax to neutrally affect oil companies, official
·China to raise resource tax on lead, zinc, copper and tungsten in Aug
·China to increase resource tax on ores
·Analysis: China likely to raise resource tax in short time
·Recently increased resource tax only applies to prime coking coal
·China to adjust oil resource tax collection method

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