The responsible officials of the Ministry of Finance and the State Administration of Taxation have successively stated that one of the key areas of the taxation reform is to reform the resource tax system and increase the protection of resources. It has been revealed that the current resource tax reform plan is basically mature and is likely to be launched in the second half of this year. Industry insiders pointed out that the implementation of the resource tax reform plan will bring greater impact on the resource-dependent chemical industry, and chemical companies will face new challenges.
One of the priorities of this resource tax reform is to increase the tax burden to reflect the scarcity of resources. It is estimated that the resource tax for mineral resources will increase from around RMB 10 per ton to RMB 20 to 30 per ton. The increase in the tax cost of resource tax will prompt enterprises to increase the comprehensive utilization of resources and promote energy conservation and emission reduction. At the same time, under the influence of price transmission, the cost pressure of processing companies will also increase. Affected by the time lag factor, this pressure will appear in the second year.
Regarding the impact that the reform of resource tax may have on the chemical industry, Zhou Yuqing, president of the Fujian Petroleum and Chemical Industry Association, said in an interview with reporters that the resource tax reform will bring chemical industry companies two impacts. First of all, energy-saving emission reduction and comprehensive utilization of resources have increasingly become the focus of the industry's development. The implementation of the resource tax reform plan will undoubtedly increase the attention of chemical and other high-energy-consuming enterprises and do a good job of energy-saving emission reduction and comprehensive utilization of resources. Secondly, resource tax reform will lead to an increase in the tax burden on coal and other resources, increase in costs, and increase in prices. The increase in coal prices will inevitably shift the cost increase to coal-using companies. For industries such as chemical fertilizers, where raw materials and fuel are mostly coal, The further increase in production costs will make the production and operation of enterprises more difficult.
When talking about the impact of the resource tax reform on the petrochemical industry, Zhou Yuqing analyzed that compared to the coal industry, the adjustment of the petroleum resource tax may be slightly different, and the impact on the petrochemical industry will be smaller than that of coal and other industries. First, the petrochemical industry is more vulnerable to the impact of international crude oil prices, compared to the impact of resource taxes is very small; Second, the collection of special oil proceeds will affect the adjustment of resource taxes. Since March 26, 2006, China began to collect special oil proceeds from the sale of domestically-made crude oil by oil-extracting enterprises on the basis of the excess income obtained when the price exceeds a certain level (40 US dollars/barrel). When the crude oil price exceeds 40 U.S. dollars, a 20% special income tax will be levied on the excess part. As for the price of crude oil, which rose by 5 US dollars, the levy rate rose by 5%. When it exceeds 60 US dollars, the proportion of the collection is 40%. This means that 40% of the gains from rising oil prices will go to the state. Zhou Yuqing said that if the oil resource tax is further increased, it will have a major impact on the performance of the industry and related companies, and may even cause some companies to fall into losses. Therefore, if the petroleum resource tax is further raised, it will inevitably be accompanied by a corresponding adjustment to the special income fund. In this way, the overall cost will not be greatly improved.
Fujian Sanming Group Sanming Chemical Co., Ltd. is the largest fertilizer manufacturer in Fujian Province. After learning that the country will launch a resource tax reform plan in the second half of the year, a person in charge of the company expressed concern. He said that Sanming Chemical Co., Ltd. is a large coal producer. In recent years, the prices of coal and other raw materials have continued to rise, and companies have been under tremendous pressure. Take this year in April, as the raw material prices and other company production costs increased by more than 600 million. “If there are no other supporting measures, the resource tax reform will inevitably lead to further price hikes for coal and other resources, and the production costs of fertilizers will increase again, and companies will be unable to sustain them.†The responsible person calculated an account: the company uses coal annually. For more than 1 million tons, if the price per ton of coal is increased by 10 yuan, this alone will have to increase the cost by more than 10 million yuan, and enterprises will be unable to bear it.
An old CEO of Fujian Southeast Electrochemical Co., Ltd. also expressed the same concern. He said that Southeast Electrification is a caustic soda production enterprise and salt is the most important raw material. If the resources including salt are all increased, the production and operation of Southeast Electrochemical Company will be in trouble. However, he said that companies should support national reforms. Although the resource tax reform will increase the company's production costs, it will also promote the enterprises to further improve energy conservation and consumption reduction and comprehensive utilization of resources.
It is reported that in this resource tax reform plan, in addition to the increase in the tax burden on resource taxes, the scope of the collection of resource tax will also be adjusted and expanded. The resource tax reform plan considers that some natural resources that have not been included in the scope of resource tax collection will also be included in the resource tax collection scope, such as groundwater exploitation, to promote the comprehensive utilization of resources and eliminate wasteful use. In addition, the resource tax reform plan considers the change from quantity collection to ad valorem, ie the collection of a proportional tax at a fixed rate. However, since it is difficult to distinguish between the hardships of poor mining and rich mining because of the way in which prices are levied according to the sales price, the levy of resource tax may not be based on the lean or rich ore, but will be uniformly based on the sales price. Fixed rate taxation.
However, some experts also stated that in the resource tax reform, the collection methods of ad valorem collection and co-existence are more appropriate. Because when the price volatility is obvious, it is more ideal to levy taxes on the basis of ad valorem collection. However, when prices are relatively stable, it is better to continue to collect levies. Another example is the high-sulfur coal that is polluted and its price is relatively low. If the resource tax is levied according to the ad valorem, the high-sulfur coal will be cheaper than the relatively low-sulfur coal.
One of the priorities of this resource tax reform is to increase the tax burden to reflect the scarcity of resources. It is estimated that the resource tax for mineral resources will increase from around RMB 10 per ton to RMB 20 to 30 per ton. The increase in the tax cost of resource tax will prompt enterprises to increase the comprehensive utilization of resources and promote energy conservation and emission reduction. At the same time, under the influence of price transmission, the cost pressure of processing companies will also increase. Affected by the time lag factor, this pressure will appear in the second year.
Regarding the impact that the reform of resource tax may have on the chemical industry, Zhou Yuqing, president of the Fujian Petroleum and Chemical Industry Association, said in an interview with reporters that the resource tax reform will bring chemical industry companies two impacts. First of all, energy-saving emission reduction and comprehensive utilization of resources have increasingly become the focus of the industry's development. The implementation of the resource tax reform plan will undoubtedly increase the attention of chemical and other high-energy-consuming enterprises and do a good job of energy-saving emission reduction and comprehensive utilization of resources. Secondly, resource tax reform will lead to an increase in the tax burden on coal and other resources, increase in costs, and increase in prices. The increase in coal prices will inevitably shift the cost increase to coal-using companies. For industries such as chemical fertilizers, where raw materials and fuel are mostly coal, The further increase in production costs will make the production and operation of enterprises more difficult.
When talking about the impact of the resource tax reform on the petrochemical industry, Zhou Yuqing analyzed that compared to the coal industry, the adjustment of the petroleum resource tax may be slightly different, and the impact on the petrochemical industry will be smaller than that of coal and other industries. First, the petrochemical industry is more vulnerable to the impact of international crude oil prices, compared to the impact of resource taxes is very small; Second, the collection of special oil proceeds will affect the adjustment of resource taxes. Since March 26, 2006, China began to collect special oil proceeds from the sale of domestically-made crude oil by oil-extracting enterprises on the basis of the excess income obtained when the price exceeds a certain level (40 US dollars/barrel). When the crude oil price exceeds 40 U.S. dollars, a 20% special income tax will be levied on the excess part. As for the price of crude oil, which rose by 5 US dollars, the levy rate rose by 5%. When it exceeds 60 US dollars, the proportion of the collection is 40%. This means that 40% of the gains from rising oil prices will go to the state. Zhou Yuqing said that if the oil resource tax is further increased, it will have a major impact on the performance of the industry and related companies, and may even cause some companies to fall into losses. Therefore, if the petroleum resource tax is further raised, it will inevitably be accompanied by a corresponding adjustment to the special income fund. In this way, the overall cost will not be greatly improved.
Fujian Sanming Group Sanming Chemical Co., Ltd. is the largest fertilizer manufacturer in Fujian Province. After learning that the country will launch a resource tax reform plan in the second half of the year, a person in charge of the company expressed concern. He said that Sanming Chemical Co., Ltd. is a large coal producer. In recent years, the prices of coal and other raw materials have continued to rise, and companies have been under tremendous pressure. Take this year in April, as the raw material prices and other company production costs increased by more than 600 million. “If there are no other supporting measures, the resource tax reform will inevitably lead to further price hikes for coal and other resources, and the production costs of fertilizers will increase again, and companies will be unable to sustain them.†The responsible person calculated an account: the company uses coal annually. For more than 1 million tons, if the price per ton of coal is increased by 10 yuan, this alone will have to increase the cost by more than 10 million yuan, and enterprises will be unable to bear it.
An old CEO of Fujian Southeast Electrochemical Co., Ltd. also expressed the same concern. He said that Southeast Electrification is a caustic soda production enterprise and salt is the most important raw material. If the resources including salt are all increased, the production and operation of Southeast Electrochemical Company will be in trouble. However, he said that companies should support national reforms. Although the resource tax reform will increase the company's production costs, it will also promote the enterprises to further improve energy conservation and consumption reduction and comprehensive utilization of resources.
It is reported that in this resource tax reform plan, in addition to the increase in the tax burden on resource taxes, the scope of the collection of resource tax will also be adjusted and expanded. The resource tax reform plan considers that some natural resources that have not been included in the scope of resource tax collection will also be included in the resource tax collection scope, such as groundwater exploitation, to promote the comprehensive utilization of resources and eliminate wasteful use. In addition, the resource tax reform plan considers the change from quantity collection to ad valorem, ie the collection of a proportional tax at a fixed rate. However, since it is difficult to distinguish between the hardships of poor mining and rich mining because of the way in which prices are levied according to the sales price, the levy of resource tax may not be based on the lean or rich ore, but will be uniformly based on the sales price. Fixed rate taxation.
However, some experts also stated that in the resource tax reform, the collection methods of ad valorem collection and co-existence are more appropriate. Because when the price volatility is obvious, it is more ideal to levy taxes on the basis of ad valorem collection. However, when prices are relatively stable, it is better to continue to collect levies. Another example is the high-sulfur coal that is polluted and its price is relatively low. If the resource tax is levied according to the ad valorem, the high-sulfur coal will be cheaper than the relatively low-sulfur coal.