Last updated on April 17, 2014 at 15:32 EDT

American Elements Announces New Chinese Value Added Tax On Rare Earths To Begin Tomorrow

April 30, 2012

LOS ANGELES, April 30, 2012 /PRNewswire/ — Los Angeles-based American Elements announced today that China will begin tomorrow (May 1) issuing a new special tax permit to all authorized rare earth producers in the Inner Mongolian and Sichuan rare earth development regions. The new tax permit will be required in order to legally produce “light” rare earths, such as cerium and lanthanum, and the concentrates from which all rare earths are derived.

American Elements CEO Michael Silver said, “The permitting process will allow the Chinese government to gain ever tighter control over rare earth output. Facilities that do not receive the tax permit from the Chinese State Administration of Taxation will be required to close.” Silver added that, “Assuming the process works to the government’s satisfaction in Sichuan and Baotou [Inner Mongolia], I fully expect it will be extended to the rest of China relatively quickly.”

For further information on the new Chinese Value Added Tax on rare earths or to schedule an interview with Mr. Silver on the subject, please contact Alisha Ahern, Group Manager, American Elements Academics & Periodicals Department at alisha.ahern@americanelements.com. American Elements is the world’s manufacturer of engineered and advanced material products with manufacturing and distribution offices in the U.S., Europe, Asia and South America.

SOURCE American Elements

Source: PR Newswire