China issues details on new resource tax structure for rare earth, metals

[April 30, 2015] BEIJING (Reuters) - China issued details on a new resource tax structure for rare earth and metals that will be based on prices instead of volumes, effective from May 1, the Ministry of Finance said on Thursday.

The country will levy price-based resource tax for light rare earth at between 7.5 percent to 11.5 percent depending on the areas of productions.

For medium and heavy rare earth, the tax will be 27 percent.

The government also set tungsten resource tax at 6.5 percent and for molybdenum at 11.0 percent, the ministry said on its website. (www.mof.gov.cn)

(Reporting by Judy Hua and Chen Aizhu)

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