China Raises Resources Tax on Iron Ore, Tin, Molybdenum
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China raised the resources tax on six minerals, including iron ore, tin and molybdenum, to help conserve reserves in the world’s second-biggest economy.
The tax on iron ore production was raised to 80 percent of a base rate, from 60 percent, effective from Feb. 1, the official China Taxation News said in a report today, citing a joint circular from the Ministry of Finance and State Administration of Taxation. The base rate is between 2 and 30 yuan ($4.76) a metric ton, depending on the ore grade, according to a government notice in October.