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Shanxi continues to suspend levy of two coal funds

Published: Jan 26,2015 08:44:38

 

Coal mining companies in northern China’s Shanxi province would be exempted from the levy of two coal funds this year, partly easing a potential cost increase under the new price-based resource tax, sources said.

 

 

The two funds -- the environment recovery fund of 10 yuan/t and mine transformation fund of 5 yuan/t – were first collected in October 2007 and have been lifted since August 1, 2013, part of the measures the provincial government adopted to help struggling miners out of the market slackness.

 

Over the past two years, the Shanxi government has rolled out a series of measures to support local miners. Besides the suspended levy of the two funds, it also eliminated quite a number of illegal local government charges that have existed for years.

 

On July 1 2014, Shanxi eliminated the coal inspection management fee and lowered the quality inspection fee.

 

The province lopped 3 yuan/t off the coal sustainable development fund, reducing the levy on coking coal to 20 yuan/t at the most and thermal coal to 15 yuan/t.

 

Shanxi removed road restrictions and relevant fees on coal outbound shipment on December1, 2014.

 

On January 1, 2015, it scrapped the service charges levied on the five major coal groups.

 

China’s domestic coal market has been declining since 2012. The Fenwei/Platts CCI1 Index for domestic 5,500 Kcal/kg NAR coal traded at Qinhuangdao port was assessed at 496 yuan/t on January 22, inclusive of VAT, FOB basis, a slump of 74 yuan/t from a year ago.
 

 

Source:en.sxcoal.com

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