en.Wedoany.com Reported - China's Ministry of Finance, Ministry of Natural Resources, and State Taxation Administration jointly issued the "Notice on Further Improving Policies Related to the Collection of Mining Rights Transfer Revenue," making significant adjustments to the management of mining rights transfer revenue collection, involving the determination of starting prices, cancellation of late fees, and strengthening of collection coordination mechanisms, effective from August 1 this year.
The core changes of this adjustment are reflected in three aspects. First, adjustment of the starting price determination mechanism: For mineral types not included in the "Catalogue of Mineral Types Subject to Mining Rights Transfer Revenue Collection in the Form of Mining Rights Transfer Revenue Rate (Trial)" (hereinafter referred to as the "Mineral Catalogue"), covering most sand and gravel minerals such as limestone and granite used for construction stone, the starting price will no longer solely reference the base price but will be determined by the higher of the assessed value and the calculated value based on the market benchmark price of mining rights transfer revenue; the starting price for mineral types listed in the "Mineral Catalogue" will still follow current regulations.
Second, the cancellation of late fees for mining rights transfer revenue, replaced by the addition of penalty charges. From August 1, if mining rights holders fail to pay the mining rights transfer revenue in full and on time, a daily penalty of 0.2% of the overdue amount will be charged from the date of default, with the total penalty not exceeding the principal amount of the overdue payment. The penalty will be paid into the mining rights transfer revenue account and distributed according to the central and local sharing ratios. If a transaction cannot be completed due to the bidder's default, the non-refundable transaction deposit will also be paid into the same account according to the same sharing ratio. Late fees already incurred before this date will continue to be paid according to original regulations, without additional penalty charges.
Third, strengthening the collection coordination mechanism. Local financial, natural resources, and taxation departments at all levels will establish a tripartite linkage, with natural resources authorities pushing fee source information to financial and taxation departments, and taxation departments providing feedback on collection details to ensure timely and full deposit of mining rights transfer revenue into the treasury.
For the sand and gravel industry, construction stone minerals mostly fall outside the "Mineral Catalogue," and the higher starting price determination may increase the initial acquisition cost of sand and gravel mining rights. The daily penalty of 0.2% and strict collection supervision impose higher requirements on enterprises' capital raising capabilities and cash flow management.
The notice also clarifies that when transferring mining rights for mineral types listed in the "Mineral Catalogue" through agreement, if the state-funded exploration has completed general survey work for non-oil and gas minerals or trap pre-exploration work for oil and gas minerals, the transaction price will be determined based on the mining rights assessment value, which excludes the mining rights transfer revenue collected in the form of mining rights transfer revenue rate; other agreement-based transfers will follow current regulations for transaction price determination.
