February 17, 2012 / 2:20 AM / 7 years ago

UPDATE 1-China raises mining taxes on iron, tin, other minerals -paper

(Adds clarification on iron ore levy change)

SHANGHAI, Feb 17 (Reuters) - China has raised resource tax on iron, tin, molybdenum, magnesium, talc, and boron in a move aimed at conserving resources and curbing pollution, an official newspaper said.

The tax rate for iron ore has been raised to 80 percent of the standard levy from 60 percent, while the tax on tin ore has been lifted to 12-20 yuan per tonne from 0.6-1 yuan per tonne, with the specific rate depending on grade, the Shanghai Securities News reported.

The changes are effective as of Feb. 1 this year.

In November 2011, China expanded a regional resource tax reform plan to the entire country. That reform included new taxes on rare earths, coking coal, and natural gas as well as a change in the tax on crude oil from a volume-based to sales-based levy.

Revenues from China’s resource tax totalled 60 billion yuan ($9.52 billion) in 2011, up 43 percent over 2010, the paper reported.

A document that appeared to be an official government announcement of the tax changes was widely available on the Internet on Friday morning, but had not been published on the websites of State Administration of Taxation or the Ministry of Finance, the two agencies that reportedly issued it.

$1 = 6.3016 Chinese yuan Reporting by Gabriel Wildau and Ruby Lian; Editing by Jacqueline Wong

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