Recently published research from Timetric, "China's Mining Fiscal Regime: H1 2014", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 05/09/2014 -- China has rich metallic mineral deposits and non-metallic deposits such as coal. It has deposits of nearly all types of known mineral resource. Mineral distribution varies from region to region, as differences in geotectonic zones and mineralization conditions create vast differences in mineral type, reserve amount and quality. The mining industry in China is governed by the Ministry of land and Resources, and the Department of Resources Conservation and Environmental Protection. The Mineral Resources law is the apex regulating law for the development of the mining industry, the promotion of exploration, the development of mines, and the utilization and protection of mineral resources.
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- The State Council is the highest state administrative body which carries out laws enacted and decisions adopted by the National People's Congress (NPC) and its Standing Committee.
- The Ministry of Land and Resources is the main governing body for mining activities in China. It is responsible for the planning, administration, protection and optimum utilization of land, minerals and marine resources.
- The NDRC, under the State Council, studies and formulates policies for economic and social development. It balances economic factors and guides overall economic restructuring.
- The NEA is a department under the NDRC that is responsible for the administration of the energy sector, including coal, oil, natural gas, power, nuclear power and renewable energy. NEA provides guidelines related to energy conservation, the comprehensive utilization of resources in the energy sector, and scientific and technological advancement.
The report outlines China's governing bodies, governing laws, mining licenses and ownership, mining rights and obligations, key fiscal terms which includes mining fee, royalty, resource tax, urban and township tax, land appreciation tax, enterprise resource tax, vehicle and vessel usage tax, depreciation, deductions, loss carry forward, capital gains tax, withholding tax, VAT, business tax, tax incentives and stamp tax.
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