Iron ore export tax needed to foster investmentBecause the price of refined iron ore is 200 times more expensive than raw iron ore created for export, reducing the export tax on raw iron ore is unreasonable and will discourage investments in ore sorting technology, the Ministry of Finance (MoF) has concluded. Due to the decreasing domestic demand for iron ore, domestic iron mines have a surplus inventory. Therefore, the Ministry of Industry and Trade (MoIT) proposed the Prime Minister to allow the export of iron ore inventory, limonite iron and magnetite iron ore to remove difficulties for enterprises. The high export tax rates on raw or simple mineral resources is to limit the export of mineral resources. Due to the decreasing domestic demand for iron ore, domestic iron mines have a surplus inventory.

Source: VietNamNet News July 14, 2017 00:33 UTC