China raises resource tax rates

China has raised from February 1 its resource tax on iron, tin, molybdenum, magnesium, talc, and boron in a move aimed at conserving resources and curbing pollution.  The tax rate for iron ore has been raised to 80% from 60%, while taxes for tin ore has been lifted to 12-20 yuan per ton from 0.6-1 yuan per ton, with the specific rate depending on grade, the Shanghai Securities News reports.

In November 2011, China expanded a regional resource tax reform plan to the entire country. That reform included new taxes on rare earths, coking coal, and natural gas as well as a change in the tax on crude oil from a volume-based to sales-based levy. Revenues from China’s resource tax totalled $9.52 billion in 2011, up 43% over 2010, the paper reported.