China Releases Interpretation On Resource Tax Rules

China released the interpretation for resource tax implementation rules, clarifying the scope of the new rules on resources such as rare earth, according to a statement from the Ministry of Finance.

• Rules detail out taxation on coal, rare earth (including light and medium-to-heavy rare earth), and salt products by processing stage
• The announcement stipulates circumstances under which resource tax is exempted, applicable tax items, tax calculation bases, and methods for calculating tax reductions and exemptions
• Announcement will take effect on Dec. 1

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