State Administration of Taxation raises coking coal and salt resource tax

On February 7, the State Administration of Taxation adjusted the resource tax on coking coal and salt, and the new policy was implemented on February 1, 2007.
According to the State Administration of Taxation, the resource tax applicable for coking coal, which is mainly used for coking coal, is set at 8 yuan per ton, which is lower than the market expectation of 10 yuan. At the same time, the adjustment of the salt resource tax is as follows: 1. The resource tax for sea salt in the North shall be temporarily reduced by 15 yuan per ton; Second, the salt tax for southern sea salt, lake salt, and wells shall be temporarily reduced, and shall be levied at 10 yuan per ton; The liquid salt resource tax is temporarily reduced by RMB 2 per tonne. IV. With the extraction of sea salt produced from underground natural brines and the production of well mineral salt, the applicable tax standard for resource tax remains unchanged and still stands at RMB 20 per tonne respectively. And 12 yuan to collect.
The new policy does not seem to have much effect on the Xishan coal-fired power (13.35, 0.36, 2.77%) (000983) that holds the vast majority of coking coal resources in Shanxi. Yesterday the company’s shares rose 2.77%.
The Ministry of Finance and the State Administration of Taxation had raised the coal resource tax to 3.2 yuan/ton in December 2004. However, with the increase in coal prices, people in the industry believe that the tax of 3.2 yuan/ton is still low, and the role of coal resource tax revenue and adjustment of differential income is minimal, which is detrimental to the rational development and effective use of state-owned resources. It is proposed to increase coal resources again. tax. In addition, coking coal and coking coal are rare coal species in the world. In recent years, they have been exploited on a large-scale, ultra-strength basis. In particular, the disorderly development of the coking industry has led to a sharp drop in quality resources. In order to protect state-owned resources, it is necessary to regulate and control coal in terms of policies and systems.
In recent years, there have been many adjustments to the coal taxation and fee policy. For example, coal export tax rebates have gradually been cancelled and added, reflecting the idea that national tax and fee policies should promote the effective use of resources.
Although the tax cost has been raised, the coking coal industry has remained strong. On this year's long-term coking coal contract, the coking coal price of Shanxi Coking Coal Group rose by more than the average increase of coal by RMB 40-50 per ton. Moreover, the Coking Coal Group and the downstream have also signed additional clauses: once new costs are added due to policy reasons, they will be downstream. Corporate commitments have successfully passed on policy risks.
From the perspective of coking coal --- coke --- iron and steel industry chain, coke has been raised twice in price in the past two months, which speculates that the recent rise in steel prices also has certain rationality.

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