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25.06.2012 09:28

Tax Hike On Talc In 2012

Beijing: This year, the largest producer of metals and minerals is facing strict limitations in production as well as exports. China, in 2012, is witnessing a tax hike in six minerals as well as on various raw metals that are widely used in the manufacture of metal products. The Chinese government has raised the mining tax on minerals including talc, manganese, boron, borates, and two others.

The largest supplier of manganese and talc and a leading producer of borate minerals has hiked tax rates this year, a step that may lead to a fall in the ranking of China as a global metal and mineral provider. The Shanghai Securities News reports that the increases in tax also apply to metals such as tin, iron and molybdenum. This announcement was made by the Ministry of Finance and the State Administration of Taxation.

The resource tax has been increased to renminbi (Rmb) 20/tonne for talc and boron, which is $3.18 per tonne, while that for manganese was hiked to Rmb 15/tonne that calculates to $2.38 per tonne. The rise in taxes will have an adverse effect on its demand and a direct negative impact on manufacture of consumer goods that are produced using such minerals and metals.

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