China lowers iron ore resource tax to 40 percent

China lowers iron ore resource tax to 40 percent

Source: www.chinamining.org   Citation: Xinhua   Date: April 9, 2015

China will reduce resource taxes on iron ore to aid industrial upgrades and ensure sufficient supply, the State Council said Wednesday.

Resource tax on iron ore will be reduced from 80 percent of the taxation payment base to 40 percent, effective on May 1 this year, said a statement released after an executive meeting of the State Council presided over by Premier Li Keqiang.

China`s iron ore faces a low tenor and a high smelting cost and insufficient production. About 78 percent of iron ore was imported last year.

Iron ore firms have been suffering sluggish prices and production since 2014. Now only about 60 percent of iron ore firms are in production.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2015 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20th-23rd, 2015. We invite you to join the event and to celebrate the 17th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2015, please visit: www.chinaminingtj.org.