CHINA will change the way it levies resource taxes on minerals such as iron ore, copper, gold and bauxite, charging producers on the basis of prices rather than volumes, said a statement jointly issued by the Ministry of Finance and the State Administration of Taxation on Tuesday.

    The authorities said the long-awaited changes would take effect July 1.

    Since 2010, China has experimented with taxes based on price instead of quantity in six mineral products: coal, gas, molybdenum, oil, rare earth and tungsten.

    A pilot on water resource taxation in northern China’s Hebei Province is expected to expand to wood, pasture and tidal flat in the future.

    China introduced resource taxes in 1984, mainly targeting businesses in oil, natural gas and coal.(SD-Agencies)