China Revises Method Of Collecting Proceeds From Transfer Of Mining Rights

The Ministry of Finance, the Ministry of Natural Resources and the State Administration of Taxation recently issued the revised measures for the collection of proceeds from the transfer of mining rights. For the 144 mineral species (accounting for 83% of the statutory 173 mineral species) in the Catalogue of Mineral Species, the proceeds from the transfer of mining rights are collected in two parts, “amount-based collection” and “year-by-year collection at rate”. The revised measures will come into force on May 1, 2023.

The Ministry of Natural Resources explained that the new method allows companies to flexibly pay the proceeds from the transfer of mining rights, which will alleviate the financial pressure on enterprises, and also ensures that the rights and interests of national resource assets are not lost, which is conducive to the rational adjustment of mineral resource income and the promotion of sustainable development of mining industry.

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