Nghe An plans to increase resource tax calculation price

According to the opinion of Nghe An Tax Department, the current actual transaction price on the market for tin has increased sharply (2 - 2.1 times) compared to the price for calculating natural resource tax currently prescribed in Decision No. 22/2020/QD-UBND of Nghe An Provincial People's Committee and is greater than the maximum price prescribed in 2020.

Therefore, the Department of Finance has coordinated with the Nghe An Tax Department and the Department of Natural Resources and Environment to report to the Provincial People's Committee to submit to the Ministry of Finance for consideration of adjusting the price bracket for tin minerals.

The Department of Finance has submitted Document No. 3522/2021 to the Provincial People's Committee a draft Decision to amend and supplement Appendix I (issued with Decision No. 22/2020/QD-UBND dated August 24, 2020 of the Provincial People's Committee) on promulgating the price list for calculatingresource taxin Nghe An province to avoid loss of State budget due to fluctuations in tin prices. The issuance of the Decision amending the Price List for calculating natural resource tax in Nghe An province is extremely necessary.

Stone mining in Nghe An. Photo archive

After the Ministry of Finance has issued a document agreeing to adjust the frameworkresource tax priceFor tin minerals, the Department of Finance will preside over and coordinate with relevant units to submit to the Provincial People's Committee for consideration and readjustment of prices to ensure consistency with actual transaction prices on the market.

A representative of the Department of Finance said: With the adjustment of the price for calculating resource tax on tin minerals, according to the Department of Finance's calculations, the revenue from resource tax is expected to increase by about 1.14 billion (an increase of about 25%) compared to the total revenue from current tin resource tax.