Li says nation to impose sales tax on coal
Updated: 2014-09-30 07:42
By Lyu Chang(China Daily)
|
|||||||||
China is planning to impose a tax on coal that will take effect on Dec 1, Premier Li Keqiang said on Wednesday during an executive meeting of the State Council.
The new levy will be a sales tax on coal and will replace the current tax based on output volume.
"China's resource tax reform plan for the coal industry is a major step in the reform of the fiscal and taxation systems," the premier said. "Currently, the resource tax on oil and gas has been conducted thoroughly. Along with the new resource tax on coal, a dual pricing system on resources will be established."
Jia Kang, head of the Research Institute for Fiscal Science of the Ministry of Finance, said reform of the coal tax will likely hike the price of coal and will result in greater energy efficiency, emissions reductions and a balancing of China's energy mix.
He predicted that if the new coal tax is about 3 to 5 percent of the coal sales value, this will increase the tax on each metric ton of coal to up to 10 yuan ($1.60) per ton.
China's coal sector has in recent years been hit hard by stagnant inventories and falling prices.
From January to August, China produced 2.52 billion tons of coal, down 1.4 percent from the same period in 2013, according to the China Coal Industry Association.
The coal sold over that period fell by 1.6 percent year-on-year to 2.4 billion tons.
- Five rescued from flooded Yunnan coal mine
- Suggestions on Using Biomass Energy as a Substitute for Coal-Fired Small Thermal Power
- New problems and solutions for large coal enterprises in cross-regional development
- Four dead in concealed coal mine blast in northeast China
- China aims to lower share of coal energy to below 62% by 2020
- Accelerating the development of coal methane in scientific and orderly manner and overall planning of energy safety and environmental protection
Most Viewed
Editor's Picks
Alibaba - Journey of the tech giant |
Top 10 cheapest new energy cars promoted in China |
11th China-ASEAN Expo |
Go Wuxi: Canal city in transition |
Budding businesses of the digital age |
Top 10 most used desktop instant messaging tools |
Today's Top News
US firms remain optimistic about China
China thanks foreign talent for contributions
Stephen Chow retrospective set for NYC
Price is Xbox One's 'drawback' in China: Analyst
Top venture capitalists meet in Silicon Valley
China, US should cooperate in energy: experts
15 people, mostly teens, shot at Miami nightclub
Currency swap potential boon to Argentia
US Weekly
Geared to go |
The place to be |