On May 10, China’s Ministry of Finance announced that it is expanding its resource tax reform measures effective as of July 1 this year, by altering the way it taxes resources such as iron ore, copper, gold and bauxite.
The ministry stated that, according to the new measures, producers will be charged taxes on the basis of price rather than volume. China has already implemented similar reforms in regard to the way it taxes coal, natural gas, crude oil and rare earths.