China to raise resource tax on rare earths from April: report
HONG KONG (Reuters) - China will increase a tax on rare earths from April 1, according to a local media report on Thursday.
The report, carried on the website of State Administration of Taxation, said the resource tax would be raised to 30-60 yuan per tonne, depending on type, a substantial increase from the current level of 0.5-3 yuan per tonne.
China, the world's dominant producer of rare earths, used in a wide range of products from precision-guided weapons to hybrid car batteries and tablet computers, has restricted exports, forcing international prices up dramatically since July last year.
(Reporting by Polly Yam; Editing by Chris Lewis)
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