China reports 44 pct growth in resources tax revenue

China collected 11.45 billion yuan (1.41 billion U.S. dollars) of resources tax in the first 10 months of this year, up 44.9 percent year-on-year, the State Administration of Taxation said Monday.

China raised resources tax rates earlier this year for a number of resources products in some parts of the country, a move to increase the effective utilization of unrenewable natural resources.

The administration readjusted the resources tax rates this year for coal in 12 provincial areas, and the tax rates on crude oil, natural gas and some other non-metal mineral resources. Actually the administration readjusted the resources tax rates for coal in the country's five coal production areas last year.

The tax authority said that increased tax rates resulted in growing awareness of the better use of natural resources and increased fiscal revenue of the government.

Shanxi Province, one of the country's major coal producers, registered 112 percent increase in resources tax revenue in the 10-month period, while Inner Mongolia Autonomous Region posted 91.2 percent growth in resources tax revenue.

Source: Xinhua