China is considering following in Australia’s footsteps and increasing its resource tax.
In a report in the China Daily, China’s Government said it sees the resource tax as a way to slow resource depletion and the damage to the environment, while rebalancing the nation’s economy.
The country recently implemented a 5% resource tax on petroleum in Xinjiang.
The tax is being considered as a litmus test for an overall tax on the mining industry.
China does not have any history of enforcing tax on the resource industry.