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Reuters reported this week that China is planning to switch up its tax regime for coal. As of December 1st, the country will remove existing charges and replace those rules with a new resource tax.
Reuters reported this week that China is planning to switch up its tax regime for coal. As of December 1st, the country will remove existing charges and replace those rules with a new resource tax.
As quoted in the publication:
China’s State Council said it would cancel the charges, including an environmental compensation levy, in a bid to simplify the way coal production is taxed, according to a statement on the government’s official website (www.gov.cn).
“The implementation of coal resource tax reform … will not only be of benefit to resource-rich regions but will also promote coordinated regional development and the rational exploitation of resources,” the notice said.