1. Text: | Print|

      Tax reform to extend to coal sector

      2014-10-13 08:00 Global Times Web Editor: Qin Dexing
      1

      Plan seen as effort to support troubled industry

      China plans to levy a resources tax on coal based on sales value instead of production volume, as well as scrapping arbitrary levies on coal miners starting from December 1, taxation and fiscal authorities said over the weekend.

      The tax rates will be decided by provincial governments within a range of 2 and 10 percent, and will be submitted to central authorities for approval, the Ministry of Finance and the State Administration of Taxation said in a joint statement released on Saturday.

      The two authorities also ordered local governments - especially North China's Shanxi Province, the country's second-largest coal production base after North China's Inner Mongolia - to cancel a series of administrative charges on coal miners.

      Currently, coal firms need to pay both taxes and various charges, the statement said, adding that the reform aims to cut charges and reduce the overall burden for coal enterprises.

      The coal resources tax is set at between 2 yuan ($0.33) and 8 yuan per ton at present, but under the new calculation method coal firms are likely to face heavier taxes, analysts said. Therefore, whether their burden will be relieved will depend on the cancellation of arbitrary levies.

      "There are more than 100 kinds of taxes and charges on coal producers in Shanxi, and I believe the reform will help local coal miners reduce operational costs," Dai Bin, an industry analyst with commodity information provider JYD Online Co, told the Global Times on Sunday.

      The Shanxi provincial government started to impose a coal sustainable development fund in 2007. The revenue of the fund was 12.9 billion yuan in 2013. In comparison, the province's total resources tax revenue was merely 1.55 billion yuan, according to data from the provincial fiscal authority.

      The tax reform comes amid a downturn in the coal market, which has been faced with massive oversupply and falling coal prices in the last two years.

      China's total coal inventory has been above 300 million tons for 34 consecutive months. And coal miners' storage has hit a record high of 110 million tons, according to information released at a media briefing held by the National Development and Reform Commission on Saturday.

      "It's the right moment for Chinese authorities to expand the resources tax reform to the coal industry," Lin Boqiang, director of the China Center for Energy Economics Research at Xiamen University, told the Global Times on Sunday.

      China implemented tax reforms for crude oil and natural gas in 2011. The statement said similar reforms will gradually be expanded to other resources such as water.

      Lin said the delay of the tax reform in the coal industry was due to concerns that it would boost coal prices and add inflationary pressure to the economy.

      "A large number of China's power plants are still coal-fueled, so coal miners are likely to transfer the added costs to downstream industries," he said. "(But) there is oversupply in the coal market, so the reform will have a limited impact on the nation's economy."

      The reform, together with the State Council's decision to resume coal import tariffs from October 15, is seen as a stimulus package to boost the struggling coal industry, according to Dai.

      More than 70 percent of coal enterprises in China have incurred losses this year, and nearly half have cut or delayed payment of workers' wages, Wang Xianzheng, head of the China National Coal Association, said in July.

      The key to supporting the industry is curbing illegal, excessive and unsafe production, which amounts to several hundred million tons per year, officials said at the briefing held on Saturday.

      China plans to shut down 800 to 1,000 small mines this year after closing 711 in 2013, data from the State Administration of Coal Mine Safety showed in July.

      Comments (0)
      Most popular in 24h
        Archived Content
      Media partners:

      Copyright ©1999-2018 Chinanews.com. All rights reserved.
      Reproduction in whole or in part without permission is prohibited.

      主站蜘蛛池模板: 永久在线观看免费视频 | 久久亚洲国产成人亚| 91福利视频免费观看| 在线观看日本亚洲一区 | 亚洲最大无码中文字幕| 亚洲国产精品尤物yw在线| 久久青草91免费观看| AV激情亚洲男人的天堂国语| 亚洲日韩欧洲无码av夜夜摸| 成人免费AA片在线观看| 亚洲一区二区三区免费| 亚洲一区动漫卡通在线播放| 亚洲欧洲日产国码高潮αv| 亚州免费一级毛片| 九九全国免费视频| 激情综合亚洲色婷婷五月APP| 亚洲日本韩国在线| 成年男女免费视频网站| 美女视频黄a视频全免费网站色窝| 亚洲AV无码一区二区三区久久精品| 亚洲AV永久纯肉无码精品动漫| 日产乱码一卡二卡三免费| 美女内射无套日韩免费播放| 免费国产a理论片| 亚洲综合色区中文字幕| 亚洲国产精品无码中文字| 国产一区二区三区免费看| 免费在线视频你懂的| a级毛片100部免费观看| 美女裸体无遮挡免费视频网站| 亚洲欧洲日韩在线电影| 国产成人A人亚洲精品无码| 国产免费一区二区三区VR| 18勿入网站免费永久| 亚洲高清偷拍一区二区三区| 无码乱肉视频免费大全合集| 国产无遮挡色视频免费观看性色| 亚洲精品国产综合久久久久紧| 亚洲欧洲自拍拍偷综合| 亚洲AV无码一区二区二三区软件| 亚洲国产电影av在线网址|