Resource tax reform has been fully promoted in 12 provinces and municipalities in the western regions

According to media reports in Inner Mongolia, according to a document jointly issued by the Ministry of Finance and the State Administration of Taxation, starting from December 1st, the resource tax for crude oil and natural gas in Inner Mongolia was changed from “quantity-based assessment” to “ad valorem-based assessment”. 5%. At this point, the new reform of the resource tax reform began in 12 provinces, autonomous regions and municipalities including Inner Mongolia.
Earlier, resource tax reforms have taken the lead in Xinjiang. On June 1 of this year, Xinjiang's crude oil and natural gas resource taxes were imposed on ad valorem, with a tax rate of 5%. In July, Premier Wen Jiabao of the State Council stated at the Western Development Conference that taxes on resources such as coal, petroleum, and natural gas were changed from specific collections to ad valorem collection, and that following the Xinjiang pilot, they will be implemented in 12 western provinces, autonomous regions and municipalities.
Yan Xinna, an analyst at Guosen Securities, said that the resource tax reform will significantly increase local fiscal revenue. The retention of resource tax has created conditions for accelerating industrial upgrading and improving the local investment environment. Due to the short industrial chain of the primary mining industry, it is unable to promote the employment and economic development of the location of the resources. Therefore, the upgrading of the deep processing industry in the western regions has not only reduced the imbalance between regions, but also reduced the pressure on long-distance transportation routes. From a global perspective, this will be beneficial to encourage the local government to carry out resource development and transformation, which will help China's energy self-sufficiency rate increase.

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