Resource tax reform progam on the way
15 November 2007
Beijing plans to reform the national system for taxation on natural resources such as forests, land and oil, said Wang Min, vice minister of the Ministry of Land and Resources. Wang, speaking at the 2007 China International Mining Industry Conference in Beijing on Tuesday, said the government will begin to appraise resources for taxation according to value rather than quantity, Economic Observer reported (in Chinese). The new policy is hoped to be more effective in adjusting the use of natural resources, as the tax will rise as prices go up. The timetable for the implementation of the new system remains unclear, due to concern over inflation, Wang said.
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