China ramps up taxes to conserve depleting resources
As anticipated by industry watchers, China has announced increased taxes on several scarce minerals to protect the country's long term sustainability.
The resources affected include tin ore, molybdenum ore, magnesite and talc according to a notice jointly issued by the Ministry of Finance and State Administration of Taxation.
The tax on tin ore has been raised the highest, 20 times the previous figure, said the report. The tax on iron ore will also increase from 60 percent to 80 percent.
"All the minerals concerned are scarce resources, which are of important strategic values. The tax raises signal the government is strengthening efforts in resources conservation," said a staff member from China Nonferrous Metals Industry Association.
The tax hikes follow the last year of a new national resource tax on a number of fossil fuels and rare metals, including coking coal and natural gas.