China will raise resources taxes on lead, zinc, copper and tungsten ores from August 1 this year as pressure to meet its energy efficiency targets mounts.
According to a joint circular issued by the Ministry of Finance and the General Administration of Taxation, there are five tax brackets for lead and zinc ores from August 1 this year, ranging from 10 yuan to 20 yuan per ton, depending on various ore grades.
The five tax brackets for copper ores per ton vary from five to seven yuan and those for tungsten ores from seven to nine yuan.
The new tax rates for lead and zinc ores are five times that of the current rates, while the new tax rates for copper ores is four times that of the current rate and the new tax rates for tungsten is 14 times that of the current rates.
"Since resources taxes were applied in 1993, there haven't been any big adjustments of rates for lead and zinc, copper and tungsten ores before. It will influence some listed nonferrous metal companies," said Heng Kun, an analyst at Essence Securities in Beijing. (1 US dollar=7.5661 Yuan)
Source: Xinhua
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