China to release resources tax reform scheme 

China will adopt ad valorem tax rather than unit tax to safeguard resources and improve efficiency, according to Shi Yaobin, head of Tax Policy  Department under the Ministry of Finance.

Shi said, "This reform scheme is basically mature and will probably come out this year."

Meanwhile, comprehensive calculation of individual income tax will be introduced from previous item-specific calculation, and a sound property tax system will be established with the introduction of the property tax.

Substantial tax incentives such as value-added tax and income tax will be employed to prompt the development of nuclear power, renewable energy, wind power and other clean energy.

The government considers introducing environmental protection tax and adjusting the coverage and scope of consumption tax to encourage the research and utilization of green technologies, according to Shi.

The government is expected to release ten tax collection regulation documents and five guiding catalogue on industrial development in the near future in addition to other regulation on costs and expenditures.