The industry has different views on the upward adjustment of iron ore tax rate
June 01 19:06:32, 2024
Recently, the Ministry of Finance and the State Administration of Taxation issued the Notice of the Ministry of Finance and the State Administration of Taxation on Adjusting the Applicable Tax Rate Standards for Resource Taxes, such as Tin Ore, to comprehensively increase the iron ore, tin, molybdenum, magnesite, talc and boron mines. tax rate. Iron ore was originally levied at 60% of the prescribed rate. After this adjustment, it will be levied at 80% of the prescribed rate. In this regard, companies and analysts interviewed by reporters expressed different views. The increase in the applicable tax rate for iron ore resource tax will affect steel companies that use their own mines and domestic iron ore resources. Bengang Steel (000761) Dong secret office told reporters that about 50% of the company's iron ore raw materials come from its own mines. Since the base of the previous tax rate is not high, the increase in the tax rate will not put pressure on the company's production in terms of cost. Moreover, from the perspective of the entire process of steel production, this is only one of the components. The person said: "The company has not done any research on the above policies, so it is difficult to understand the proportion of cost increase." China's iron ore (ferrous metal ore) began to collect resource taxes in 1984, after 1994. Adjusted to a fixed amount of levy, the scope of collection is 2 yuan ~ 30 yuan / ton. The method of expropriation is to give different taxation standards according to different types and grades of mines. The types mainly include two classification methods of open pit mines and underground mines, into ore dressing and furnaces, and are divided into 8 categories according to key and non-key minerals. 4 to 6 grades per class. The iron ore resource tax has long been implemented with a reduction policy and has undergone several adjustments. After the implementation of the new resource tax system in 1994, due to the large increase in iron ore turnover tax and resource tax burden, independent mines were unbearable, so the mine resource tax was reduced by 40%. Since then, in 1995 and 1997, the reduction of 20% has continued. Until 2002 and 2006, the amount was too small and the effect was not obvious, and it was adjusted upwards to 60%. Wang Guoping, an analyst in the steel industry of Galaxy Securities, believes that from the adjustment history of the iron ore tax rate for nearly 20 years, it can be seen that the government is still more cautious about the taxation of iron ore. On the one hand, considering the heavy burden of mining enterprises, The aspect is also due to the increasing emphasis on environmental protection and resource issues. In general, China's ore resource tax is still at a relatively low level. Wang Guoping believes that due to the high tax burden on domestic mines, the current tax burden rate of domestic metallurgical mining enterprises is above 20%, compared with only 4%-5% corporate tax rate for mines in Australia and Brazil. The future competition of iron ore enterprises will be more severely tested.
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