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China To Raise Tax On Rare Earths By Over 10 Times

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China will raise its tax on rare earth minerals to between 30 yuan (about $4.5) and 60 yuan per ton, effective April 1, from the current rate of up to 3 yuan a ton, the official Xinhua News Agency reported Thursday.

The sharp increase apparently reflects the government’s drive to curb the exploration, production and export of rare earths, which it believes is necessary to protect the environment and promote sustainable development of nonrenewable resources.

The jump in the tax rate may affect Japanese manufacturers through higher costs as Japan relies on China for about 90% of its supply of rare earth minerals, which are vital in the production of hybrid vehicles, mobile phones and other high-tech products.

China suddenly discovered the rare earth tax escalator?

More to do with the Chinese govt seeking revenue rather than protecting the environment?

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  • 312 Brexit, House prices and Summer 2020

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      • down 5% +
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