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Ad Valorem Resource Tax Likely to Increase Burden of Coal Enterprises

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2014-10-15 11:23:57 来源:大连商品交易所网站 

  With the coal resource tax to see the change to ad valorem collection, the coal enterprises are likely to suffer the increased tax burden, but in the context of oversupply, it is expected that the coal prices are unlikely to be raised.

  According to the notice issued on the website of the Ministry of Finance on the 11th, with the approval of the State Council, as of December 1, 2014, the coal resource tax rates will range from 2% to 10%, and the rates of the crude oil and natural gas resource taxes will be increased from 5% to 6%.

  In addition, the coal, crude oil and natural gas resources compensation rates will be reduced to zero nationwide, the collection of the price regulation funds for coal, crude oil and natural gas will be suspended, and the coal sustainable development fund (Shanxi Province), crude minerals ecology compensation (Qinghai Province) and the local economic development fee of coal resources (Xinjiang Uygur Autonomous Region) will be cancelled.

  It is learnt that China's resource taxes have been collected since 1984, and over the years the coal resource tax has been levied based on quantity, with the tax basis lacking income elasticity and the regulating mechanism inflexible. Meanwhile, coal enterprises have to pay some fees and funds, which are basically the same as the resource taxes in nature, collection process, tax payers, methods and other aspects, with the problems such as heavy fees and light taxes, irrational tax structure and repeated levy.

  The executive meeting of the State Council held on September 29 decided that from December 1 this year, the coal resource tax will be changed from quantity-based collection to ad valorem collection. Then, the ad valorem collection will be implemented on China's crude oil, natural gas and coal resource taxes.

  

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