China's coal resource tax reform was formally implemented

In order to promote resource conservation, intensive use, and environmental protection, promote the transformation of economic development methods, and standardize the resource taxation system, China will implement a nationwide coal resource tax ad valorem reform since December 1. Compared with the previous quantitative assessment policy, the word difference has brought about many changes.

According to the policy, the assessment of the coal resource tax will be based on the sales revenue multiplied by the specified percentage of the tax rate. The tax rate range is 2% to 10%. The specific applicable tax rate is determined by the provincial government according to the specific conditions of the region.

Resource tax is a kind of tax that is collected to properly protect and promote the rational development and use of state-owned natural resources. China's resource tax was established in 1984, when resources products were taxed according to the “quantitative quota” method.

In addition to the implementation of the ad valoremment of coal resource taxes, from December 1st onwards, China will uniformly reduce the compensation rates for coal, crude oil, and natural gas mineral resources to zero, and stop the price adjustments for coal, crude oil, and natural gas*. *Wait.

One side is the tax rate change, while the Other is the cancellation of charges. What changes will the policy bring to the company? Take the 200 yuan-ton high-quality raw coal as an example. If the average tax rate is 6%, the coal resource tax to be paid is 12 yuan. However, because it is no longer necessary to pay mineral resources compensation fees and price adjustments, it can save about 10 yuan to 15 yuan per ton. In the end, the taxes paid by companies did not change significantly.

The Ministry of Finance and the State Administration of Taxation will, in the future, work with other relevant departments to accelerate the reform of ad valorem pricing of other headline resource taxes, and will also incorporate natural resources such as water currents into the scope of resource tax collection, taking into consideration the characteristics of relevant resources and the nature of resource taxes.