China passes law allowing regions to set resource taxes

SHANGHAI/SINGAPORE - Chinese legislators approved a new law on Monday that will give local governments authority to tax as many as 164 different resources, including fossil fuels, minerals and eventually water, the Ministry of Finance said on Monday. The National People’s Congress, China’s parliament, approved the new resource tax law on Monday and it will go into effect in September next year, the ministry said in a briefing.
Officials insisted it will not raise the overall tax burden on local firms.

 Source: Reuters

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