China's top finance ministry official said the country will establish a "modern financial system" by 2020 that would lock in taxes for environmental protection and natural resources, and include a value-added tax, consumption tax, property tax and individual income tax, according to the text of an interview conducted by the state-run Xinhua news agency. Among the changes, China will tax coal producers based on sales volume instead of production output, similar to taxes put on crude oil and natural gas in 2011, Lou Jiwei, minister of Finance, said in the interview. The interview appeared on the Ministry of Finance website July 6. Other resource taxes would be adopted to better protect rivers, lakes, forests, grasslands and coastal areas, and environmental protection taxes would be introduced to replace administrative pollution discharge fees, Lou said.
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