China's First Resource Tax Law and Tax Statutory Process Accelerated
On June 26, the 12th Session of the 13th Standing Committee of the National People's Congress voted to pass China's first resource tax law. The law came into force on September 1, 2020, releasing an important signal of accelerating the legal process of Taxation in China. On December 23, 2018, the draft resource tax law was first submitted to the Standing Committee of the National People's Congress for consideration, which initiated the process of upgrading the provisional tax regulations into laws. According to the introduction, of the 18 tax categories being implemented in China, there are 8 tax categories such as enterprise income tax and individual income tax that have been enacted laws.
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