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China resource tax reforms will bring limited relief to metal mines


China resource tax reforms will bring limited relief to metal mines

Report summary

On 9 May 2016, the China Ministry of Finance announced it was extending its resource tax reforms to cover several metals, including iron ore, copper, zinc-lead and gold. There are two key parts to the reform: firstly, the resource tax will shift from being based on volume to being based on price. Secondly, the mineral resources compensation fee will be reduced to zero, and all other resource-related fees collected by local governments will be abolished. We expect the new measures will help cut costs for mines, but only slightly. A resource tax based on price rather volume will benefit miners when metal prices are low. The cancelling of all other resource-related grey costs will help build a more transparent and healthier tax environment. 

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This Iron Ore Inform report highlights the key issues surrounding this topic, and draws out the implications for those involved.

For industry participants and advisors who want to look at the trends, risks and issues surrounding this topic, this report gives you an expert point of view to help inform your decision making.

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