Hubei phosphate rock resource tax implements ad valorem pricing
China Drying Online News recently learned from the Hubei Province Local Taxation Bureau that since January, the province's phosphate ore resource tax has been imposed at a fixed rate of 10%. At the same time, the price adjustment fund and other governmental fund projects levied on the phosphate rock will be cancelled. This is the second pilot of the reform of resource tax in the country following the reform of the ad valorem taxation of Xinjiang's oil and natural gas resources.
The proven reserves of phosphate rock in Hubei Province were 3.04 billion tons, and the average annual production exceeded 20 million tons, ranking first in the country. According to the past resource tax policy, phosphate ore will be charged at a fixed amount of 15 yuan per ton. In 2011, the province's phosphate ore resource tax was 330 million yuan, accounting for 32.57% of the provincial resource tax. In recent years, the quantity and price of phosphate deposits in the province have risen and continued to rise. Due to the low tax rate and lack of flexibility in the quantitative measurement model, the profits of phosphate mining enterprises and individuals have expanded and even become rich.
The relevant person in charge of the Hubei Provincial Local Taxation Bureau believes that after the ad valorem evaluation, the link between taxation and resource price adjustment can achieve simultaneous growth of resource tax, ore price, and corporate profitability. At the same time, by squeezing the profit margins of high-grade resource managers, it is possible for phosphate rock mining and processing companies to pay more attention to the mining and utilization of medium-low grade ore, and to reduce wasteful resources such as “producing wealth and povertyâ€.
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