March 24, 2011 / 9:20 AM / 9 years ago

China to raise resource tax on rare earths from April: report

Workers wearing face masks load discarded piles of sacks onto a truck at a rare earth smelting plant located on the outskirts of the city of Baotou in China's Inner Mongolia Autonomous Region October 31, 2010. REUTERS/David Gray

HONG KONG (Reuters) - China will increase a tax on rare earths from April 1, according to a local media report on Thursday.

The report, carried on the website of State Administration of Taxation, said the resource tax would be raised to 30-60 yuan per tonne, depending on type, a substantial increase from the current level of 0.5-3 yuan per tonne.

China, the world’s dominant producer of rare earths, used in a wide range of products from precision-guided weapons to hybrid car batteries and tablet computers, has restricted exports, forcing international prices up dramatically since July last year.

Reporting by Polly Yam; Editing by Chris Lewis

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below