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Resource tax reform expands

(Global Times)

09:52, November 22, 2012

Water will be subject to resource tax and coal will be taxed on price rather than quantity amid China's tax reform efforts, Finance Minister Xie Xuren said Wednesday.

In line with the 18th National Congress of the Communist Party of China report, the major target of tax reform is to build a multi-layer tax structure with circulation and income tax as its major components, supplemented with other taxes including property, environmental and resource taxes. The reform is intended to optimize the structure and promote social fairness, Xie said.

The move to impose water tax is part of the effort to push forward a reform on resources that will promote resource conservation and environmental protection, Xie said.

Coal tax will be levied on trading price rather than on quantity, Xie said. The changes are additions to the tax reform China launched nationwide last year, which taxed crude oil and natural gas on price-based calculations to curb over-consumption of energy and increase tax revenues.

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