Because 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. — Photo baocongthuong.com.vnHÀ NỘI — Because 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. MoF said that the export tax on iron ore and refined iron ore is 40 per cent - equal to the ceiling rate set by the National Assembly. The high export tax rates on raw or simple mineral resources is to limit the export of mineral resources.

Source: Viet Nam News July 13, 2017 03:00 UTC