China May Raise Tax on Domestic Moly Ore

Metal Bulletin reported that according to some industry participants, China may increase its tax on domestic molybdenum ore sales beginning next year.

As quoted in the market news:

At present, the Chinese government levies a tax of around 8% on manganese ore miners based on their sales volumes, market participants said. The new tax would be calculated based on the sales prices and it would come into effect latest by next year, the report said. Market participants have said they have been expecting an increase in taxes but a claim by the local media report that it could be raised to 19%.

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