China plans iron ore tax cut

China, the largest producer, consumer and importer of iron ore, is considering cutting corporate taxes for domestic iron ore miners. In a bid to reduce input costs for the nation's steel industry, promote domestic iron ore supply and help compete with international iron ore miners, the Ministry of Industry and Information Technology of China (MIIT), in association with the Ministry of Finance of China (MOF), has outlined a proposal to reduce the corporate tax rate by 10-15% from the current 25% for iron ore mining firms.