International Law

China to introduce resource tax system in 2008

By Andy Scott

Details of a new resource taxation system will be announced this year, an official with the State Administration of Taxation said on Thursday.

While the system is still being finalized, it may include a shift to taxation by price instead of volume and an expansion of the category of taxable resources Xinhua reports. The goal is to end a situation where resources are lightly taxed to support economic development, which has in turn led to waste and pollution.

Yang Suizhou, vice director of the SAT’s local tax department, told reporters that the agency was refining the plan to meet the requirements of the State Council, China’s cabinet.

China is attempting to cut energy intensity by 20 percent and emissions by 10 percent between 2006 and 2010. The government sees taxation on resources as an important lever to achieve their goals. (more…)

Full post as published by China Briefing Blog on January 11, 2008 (boomark / email).