Tax Valuation Framework for Groups and Categories of Natural Resources with Similar Physical and Chemical Properties

17:18, 11/07/2024

On May 12, 2017, the Minister of Finance promulgated Circular 44/2017/TT-BTC, stipulating the price framework for calculating natural resource tax for groups and types of resources with similar physical and chemical properties.

Circular promulgating the framework for calculating resource tax on metallic minerals, non-metallic minerals, natural forest products, natural seafood, natural water, and natural bird’s nest.

The environmental resource tax calculation price must comply with the resource tax calculation price framework and be greater than or equal to the minimum price of the corresponding resource type.

For resources that are produced and processed before being sold on the market, the resource extraction tax calculation price is the price after deducting processing costs.

The Circular stipulates the adjustment of the resource tax calculation price framework in the following cases:

- Adding a framework for calculating resource tax if there arises a new resource type not yet regulated.- Adjusting the resource tax calculation price framework when the resource price fluctuates greatly in the market (specifically the natural resource price increases by over 20% compared to the maximum price and decreases by over 20% compared to the minimum price).

Circular 44/2017/TT-BTC is effective from July 1, 2017.

Source: Finance Magazine

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