Chinese legislators approved a new law on Monday that will give local government...
SHANGHAI/SINGAPORE - Chinese legislators approved a new law on Monday that will give local governments authority to tax as many as 164 different resources, including fossil fuels, minerals and eventually water, the Ministry of Finance said on Monday.
The National People’s Congress, China’s parliament, approved the new resource tax law on Monday and it will go into effect in September next year, the ministry said in a briefing.Major resources such as crude oil or rare earths will still be subject to a fixed tax rate set by the central government, but local authorities will be able to adjust the rates levied on other products, said Xu Guoqiao, a senior inspector with the taxation department at the Ministry of Finance.
It will also lay the groundwork for a nationwide water resource tax designed to encourage efficiency and conservation. China began levying a pilot water resource tax in heavily polluted Hebei province in 2016. “It will mainly strengthen the water conservation awareness of taxpayers, prevent the overexploitation of groundwater and force high water-consuming enterprises to save water and improve efficiency,” he said.
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