On 26 August 2019, China's National People's Congress approved a new Resource Tax Law. The new Law standardizes the taxable items and includes ad valorem rates that range from 1% to 15% for oil, metals, minerals, etc., as well as per unit rates based on volume for certain items. The law also allows local authorities to exempt or reduce the resource tax rate levied in certain cases, including where taxpayers suffer heavy losses due to accidents or natural disasters while in the process of min…