Core Viewpoint - The announcement by the Ministry of Finance and the State Taxation Administration clarifies the execution standards for resource tax policies, effective from December 1, 2025, addressing various issues in tax management and compliance [2][3][4]. Group 1: Tax Exemption and Taxable Products - The announcement specifies situations where resource tax is not applicable, such as products confiscated by administrative bodies and certain construction materials used for backfilling [5][6]. - It details the taxable categories for products like condensate oil and mixed light hydrocarbons extracted from crude oil and natural gas, aligning them with existing tax categories [3][5]. Group 2: Taxable Objects and Definitions - The announcement further clarifies the definitions of taxable objects, including coal, rare earth minerals, and salt products, to reduce disputes between taxpayers and tax authorities [3][6][7]. - It emphasizes the importance of precise definitions for strategic resources to ensure consistent tax application across regions [4][6]. Group 3: Transfer Pricing and Compliance - The announcement outlines acceptable justifications for significantly low transfer prices in related transactions, providing four specific scenarios [3][8]. - Tax authorities are empowered to adjust taxable sales amounts if no valid justification is provided for low pricing in related transactions [8][9]. Group 4: Tax Calculation and Management - The announcement introduces detailed methods for calculating tax exemptions and reductions, including formulas based on production ratios and average sales prices [9][10]. - It mandates that taxpayers maintain proper documentation to support claims for tax exemptions or reductions [10][11]. Group 5: Tax Obligation Timing - The announcement specifies the timing for tax obligations based on various sales methods, ensuring clarity on when tax liabilities arise [12][12]. - It outlines the conditions under which tax obligations are triggered, such as direct payments or credit sales [12][12]. Group 6: Implementation Timeline - The new policies will be implemented starting December 1, 2025, with prior unresolved matters to be handled according to the new guidelines [12].

Core Viewpoint - The announcement from the Ministry of Finance and the State Taxation Administration clarifies the execution standards for resource tax policies, effective from December 1, 2025, addressing various issues in tax management and compliance [1][2][3] Group 1: Policy Clarifications - The announcement specifies nine aspects of resource tax policy execution, including circumstances for non-payment, applicable tax categories for certain taxable products, and tax calculation bases under special conditions [1] - It details the tax categories for condensate oil, mixed light hydrocarbons from oil and gas fields, and specific mineral recovery processes [2] - The definitions of key strategic resources such as coal, salt, and rare earths have been further clarified to reduce disputes in tax administration [2] Group 2: Compliance and Management - The announcement outlines four legitimate reasons for significantly low prices in related transactions, allowing tax authorities to adjust taxable sales amounts if these reasons are not met [2] - It provides a clear calculation method for tax exemptions and specifies the timing of tax obligations under different settlement methods [2] - Experts believe that these clarifications will enhance the fairness and operability of tax law implementation, reduce regional discrepancies, and improve tax collection efficiency [3]

Core Viewpoint - The announcement by the Ministry of Finance and the State Taxation Administration clarifies the implementation guidelines for resource tax policies, effective from December 1, 2025, addressing various issues related to tax collection and management [1][3]. Group 1: Resource Tax Policy Clarifications - The announcement outlines nine key aspects regarding resource tax policies, including circumstances under which resource tax is not payable, applicable tax categories for certain taxable products, and tax calculation bases in special situations [1][3]. - It specifies that certain mining products used directly for construction projects, such as sand and clay, are exempt from resource tax [3]. - The announcement details the tax categories for condensate oil, crude oil, and mixed hydrocarbons separated from natural gas, as well as the recycling of tailings for specific mineral components [3][4]. Group 2: Management of Related Transactions - The announcement identifies four legitimate reasons for significantly low prices in related transactions, allowing tax authorities to adjust taxable sales amounts if these reasons are not met [4]. - It also clarifies the calculation methods and management regulations for resource tax exemptions, as well as the timing of tax obligations under different settlement methods [4]. Group 3: Implications for Tax Administration - Experts believe that the clarification of resource tax policies will help eliminate discrepancies in tax law implementation across regions, reducing disputes arising from policy interpretation [5]. - The measures are seen as essential for enhancing the precision, stability, and authority of resource tax policy implementation, promoting efficient resource utilization and supporting green development [5].

Core Viewpoint - The announcement by the Ministry of Finance and the State Taxation Administration aims to clarify the execution standards of resource tax policies, addressing disputes and ambiguities in the definition of taxable products and pricing of related transactions, effective from December 1, 2025 [1][2][3] Summary by Relevant Sections Taxable Products and Tax Rates - The announcement specifies that condensate oil extracted by taxpayers will be taxed under the crude oil category, while mixed light hydrocarbons separated from crude oil and natural gas will be taxed under their respective categories [2] Taxpayer Obligations and Pricing - Taxpayers are required to pay resource tax on light rare earth ore after initial processing, and various forms of rare earth products will be taxed according to their specific classifications [2] - The announcement clarifies that the sales price of taxable products sold to related parties must not be significantly lower than the price charged to unrelated parties without valid justification, allowing tax authorities to adjust the taxable sales amount accordingly [3] Implementation and Compliance - The announcement outlines specific scenarios where resource tax may not be applicable, definitions for self-use of taxable products, and detailed regulations for tax exemptions and calculations [3] - The announcement is expected to unify policy execution standards, streamline tax administration processes, and enhance the fairness and operability of tax law implementation, thereby reducing regional discrepancies in resource tax enforcement [3] Financial Impact - In 2024, national resource tax revenue was reported at 296.4 billion, a decrease of 3.5% from the previous year, with a further decline of 0.4% noted in the first ten months of 2025, totaling 250.1 billion [3]

Group 1 - The article discusses the resource tax system, including the tax categories and rates as per the "Tax Category and Rate Table" [4] - It explains that the specific applicable tax rates for resources are determined by local governments based on various factors such as resource quality and environmental impact [4] - The resource tax can be levied based on either value or quantity, with local governments having the authority to choose the method of assessment [5] Group 2 - The tax amount under the value-based assessment is calculated by multiplying the sales revenue of taxable resources by the applicable tax rate [7] - For quantity-based assessment, the tax amount is determined by multiplying the sales quantity of taxable products by the applicable tax rate [8] - The article outlines exemptions and reductions for certain situations, such as the extraction of crude oil and natural gas under specific conditions [9][10]

Core Viewpoint - The article discusses the regulations and guidelines regarding resource tax, specifically focusing on the determination of taxable product sales quantities and the treatment of mixed sales of purchased and self-extracted products [3][5][8]. Group 1: Taxable Product Sales Quantity - The sales quantity of taxable products includes the actual sales quantity of products extracted or produced by the taxpayer and the quantity of taxable products used for self-consumption [3][4]. - Taxpayers must accurately calculate the purchase amounts or quantities of externally purchased taxable products, and any inaccuracies will result in the total amount being subject to resource tax [5][6]. Group 2: Mixed Sales and Processing - When taxpayers mix purchased taxable products with self-extracted products for sales or processing, they are allowed to deduct the purchase amounts or quantities of the externally purchased products from the taxable sales amount or quantity [5][6]. - The deduction calculation for mixed sales of externally purchased raw ore and self-extracted raw ore is based on the applicable tax rates for the respective products in the region [6][7]. Group 3: Exemptions from Resource Tax - According to the Resource Tax Law, certain conditions exempt taxpayers from resource tax, such as the extraction of crude oil used for heating during transportation within the oil field [8].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The recent rebound in coal and coking prices was mainly driven by news such as a 20% resource - tax increase on Mongolian coal exports, sudden production cuts in Shanxi, and capacity clearance due to the new Mineral Resources Law. However, the authenticity of these news has been gradually disproven. After the emotional release, the market will return to being fundamentally driven. Since the spot prices have not significantly increased, the off - season pressure will lead to the intervention of industrial hedging funds, which will resist the continuous rise of prices. The current futures price rebound is regarded as a basis - narrowing market. Its sustainability depends on the cooperation of spot prices and changes in market expectations of the supply - side production capacity [2][22] 3. Summary by Relevant Catalogs 3.1 Market Review - **Futures Market**: Last week, the opening price of the main coking coal contract JM2509 was 726.0 yuan/ton, with a high of 796.0 yuan/ton, a low of 709.0 yuan/ton, and a closing price of 778.5 yuan/ton, a fluctuation of 37.5 yuan/ton compared to the previous week's settlement price. The trading volume was 4,897,442.0 lots, and the open interest was 556,894.0 lots. The opening price of the main coke contract J2509 was 1,311.0 yuan/ton, with a high of 1,379.0 yuan/ton, a low of 1,280.5 yuan/ton, and a closing price of 1,350.5 yuan/ton, a fluctuation of 42.0 yuan/ton compared to the previous week's settlement price. The trading volume was 139,922.0 lots, and the open interest was 53,370.0 lots [4] - **Basis Analysis**: The basis of S1.3 G75 main coking coal (Mongolian 5) in Shaheyi was 110 yuan/ton, and the basis of the main coke contract was - 22 yuan/ton [4] - **Spread Analysis**: The spread between the 2509 coke contract and the 2509 coking coal contract was 572.0 yuan/ton [4] 3.2 Domestic Spot Market - S1.3 G75 main coking coal (Shanxi coal) in Jiexiu was priced at 970 yuan/ton (unchanged); S1.3 G75 main coking coal (Mongolian 5) in Shaheyi was 889 yuan/ton (up 5 yuan/ton); S1.3 G75 main coking coal (Mongolian 3) in Shaheyi was 901 yuan/ton (down 5 yuan/ton) [5] 3.3 Port Information - **Inventory**: As of June 7, 2025, the total coal inventory at Qinhuangdao Port was 645.00 million tons, at Caofeidian Port was 565.00 million tons, at Jingtang Port was 826.80 million tons, and at Xingang of Guangzhou Port was 47.40 million tons [11] - **Quotations**: The ex - warehouse price of Shanxi main coking coal at Jingtang Port was 1290 yuan/ton, the ex - warehouse price of foreign - trade Australian main coking coal at Qingdao Port was 1205 yuan/ton, at Lianyungang Port was 1205 yuan/ton, at Rizhao Port was 1110 yuan/ton, and at Tianjin Port was 1195 yuan/ton [11] 3.4 Freight Information - As of June 6, 2025, the China Coastal Coal Freight Index (CBCFI) was 693.19, the Panamax Freight Index (BPI) was 1,246.00, the Capesize Freight Index (BCI) was 2,842.00, the Supramax Freight Index (BSI) was 933.00, and the Handysize Freight Index (BHSI) was 472.00 [13] 3.5 Coking Industry - **Coke Price Index**: The price of quasi - first - grade coke in Lvliang was 1040 yuan/ton (down 70 yuan/ton); in Tangshan, it was 1240 yuan/ton (down 70 yuan/ton); at Rizhao Port, it was 1200 yuan/ton (unchanged) [16] - **Coke Inventory**: This week, the coke inventory of 247 steel mills was 685.5 million tons, and the coke inventory of 230 independent coking plants was 67.06 million tons [18] 3.6 Technical Analysis - The coking coal JM2509 contract closed down last week, with a support level of 700 yuan/ton and a resistance level of 900 yuan/ton. The coke J2509 contract also closed down last week, with a support level of 1250 yuan/ton and a resistance level of 1400 yuan/ton [20] 3.7 Views and Operation Suggestions - **View**: The current futures price rebound is regarded as a basis - narrowing market, and its sustainability depends on the cooperation of spot prices and changes in market expectations of the supply - side production capacity [22] - **Operation Suggestion**: Adopt range - bound trading [23]

Core Viewpoint - The article discusses the tax-related provisions in the "Civil Code of the People's Republic of China," particularly focusing on resource tax and water resource tax, highlighting their implications for taxpayers and the environment [3]. Resource Tax - Resource tax applies to units and individuals developing taxable resources within the territory and jurisdiction of the People's Republic of China [5]. - Exemptions from resource tax include: - Crude oil extracted and transported for heating within the oil field [5]. - Coalbed gas extracted for safety production needs [5]. - Reductions in resource tax include: - 20% reduction for crude oil and natural gas extracted from low-yield oil and gas fields [5]. - 30% reduction for high-sulfur natural gas, tertiary oil recovery, and crude oil and natural gas from deep-water oil and gas fields [5]. - 40% reduction for heavy oil and high-viscosity oil [5]. - 30% reduction for minerals extracted from depleted mines [5]. - The State Council can exempt or reduce resource tax to promote resource conservation and environmental protection, subject to the approval of the Standing Committee of the National People's Congress [5]. Water Resource Tax - The water resource tax targets surface water and groundwater, excluding unconventional water sources such as recycled water, rainwater, seawater, and brackish water [6]. - Surface water encompasses dynamic and static water on land, including rivers, lakes, and water resource allocation projects [6].

Group 1 - The core viewpoint emphasizes the importance of green taxation as a policy tool to encourage and guide people towards sustainable production and living practices [1] - The green tax system in China has been continuously improved, forming a comprehensive framework that includes various taxes such as environmental protection tax, resource tax, and cultivated land occupation tax, covering five major aspects: resource extraction, production, circulation, consumption, and emissions [1] - The Environmental Protection Tax Law is the first dedicated tax law in China aimed at promoting ecological civilization, with a tax system designed to encourage pollution reduction through a "more discharge, more pay; less discharge, less pay; no discharge, no pay" approach [1] Group 2 - Resource tax serves as a protective measure for natural resources, covering 164 tax items that include all discovered mineral types and salt, such as crude oil, natural gas, coal, and iron [2] - Other taxes like value-added tax, consumption tax, and corporate income tax also play significant roles in promoting green development, with measures such as VAT exemptions for green products and higher consumption taxes on polluting or high-energy-consuming products [2]