The executive meeting of the State Council held on the 21st decided to amend the "Provisional Regulations on the Resource Tax of the People's Republic of China", increase the method for assessing the rate of ad valorem on the basis of the quota calculation of the existing resource tax, and adjust the resources tax on crude oil, natural gas and other items. tax rate. Analysts pointed out that the revision of the provisional regulations means that the process of promoting resource tax reform across the country is expected to speed up, and it is active in improving the tax system, adjusting the economic structure, transforming the mode of economic growth, promoting energy-saving emission reduction, expanding fiscal revenue, and promoting local economic development. significance.
Analysts said that the implementation of ad valorem assessment will significantly increase the resource tax cost of the oil and natural gas industry. The valuation of the relevant sector will be affected. This impact will be relatively long-term; coal has not been explicitly included in the list of levying resource taxes and is temporarily exempt. As a result, the new energy sector may benefit; in the future, if rare earths, water resources, iron ore and other resource products are also included in the valuation, the influence will be further expanded.
The time window for the reform of resource taxes opens the comprehensive work plan for energy conservation and emission reduction in the “Twelfth Five-Year Plan†issued by the State Council on September 7. It is clearly stated that the reform of resource taxes and fees will be actively promoted, and measures for the collection of crude oil, natural gas, and coal resource taxes shall be collected from specific sources. Instead, it is levied on ad valorem prices and increases taxation levels appropriately. Although the temporary regulations for the revision of the resource tax did not extend the resource tax reform to more regions or countries as previously expected in the market, the varieties levied at ad valorem prices also used expressions such as “crude oil, natural gas, etc.,†and did not clearly include coal. However, it is undoubtedly a major step forward in the price reform of resource products. “In the future, there will be regulatory and policy basis for levying ad valorem prices, not just pilots in several regions.†Analysts said that the further promotion of ad valorem collection from regions and varieties is undoubtedly on the agenda.
In 2010, in order to speed up economic and social development in Xinjiang, the central government decided to take the lead in reforming the oil and natural gas resource tax in Xinjiang. From December 1, 2010, the oil and natural gas resource tax reforms implemented in Xinjiang will be extended to 12 provinces, regions and cities in the western region.
Relevant persons in Western provinces and cities disclosed that the newly added taxes in the western provinces' implementation of the resource tax reform will be mainly used for local economic and social development in resource-producing areas, which will effectively promote the rational exploitation of local resources and energy sources. With sustainable use.
In Xinjiang, where the oil and gas resource tax reform has been put in place, in the first four months of this year, Xinjiang's resource tax on resources was 1.937 billion yuan, an increase of 1.47 billion yuan over the same period last year, an increase of 314.6%. Local governments outside the 12 provinces, districts, and cities have a high voice for promoting resource taxes.
Xie Xuren, Minister of Finance, said this year that he will further promote resource tax reform this year. The resource tax reform is conducive to further rationalizing the prices of resource products, facilitating the economical use of resources and protecting the environment. It can also increase the fiscal revenue of the central and western regions and resource-rich regions accordingly, and improve the ability to guarantee and improve people’s livelihood. .
Analysts believe that, at present, the global market turmoil caused by the decline in the prices of international resources, input-type inflation slowed down, these all provide an opportunity for reform of resource tax prices. At the same time, the fall in domestic price increases in August also opened the time window for the reform of the resource tax. Jia Kang, director of the Finance Department of the Ministry of Finance, said earlier that if prices can stabilize in the second half of the year, precious time windows for resource tax reforms are approaching, and resource tax coverage should be expanded, including regional coverage and variety coverage.
The oil and gas sector is subject to impact ad valorem pricing and is calculated according to the sales amount of the taxable object. With the continuous soaring of resource prices, the implementation of ad valorem assessment will significantly increase the resource tax cost of related industries. Analysts said that once the resource tax reform is promoted nationwide, the oil and gas sector will be negatively impacted. When the resource tax reform was promoted to 12 provinces in the western region, China International Capital Corporation had predicted that this might have caused PetroChina’s (9.77, 0.14, 1.45%) profit to decrease by 2.5% in 2011.
However, in the revision of the provisional regulations, the resource tax reforms of coal and rare earth industries that were previously concerned by the market have not been mentioned. Analysts said that the revision of this regulation has a negative impact on oil stocks and has limited impact on coal stocks. At the same time, due to the increase in the cost of traditional energy, it may have a beneficial effect on new energy sources such as solar energy, wind energy, and nuclear energy.
In the long run, with the reform of resource tax in place in the future, the prices of resource products will be streamlined. At the same time, the profits from the upstream exploration and mining industry are also expected to ease.
Analysts said that the implementation of ad valorem assessment will significantly increase the resource tax cost of the oil and natural gas industry. The valuation of the relevant sector will be affected. This impact will be relatively long-term; coal has not been explicitly included in the list of levying resource taxes and is temporarily exempt. As a result, the new energy sector may benefit; in the future, if rare earths, water resources, iron ore and other resource products are also included in the valuation, the influence will be further expanded.
The time window for the reform of resource taxes opens the comprehensive work plan for energy conservation and emission reduction in the “Twelfth Five-Year Plan†issued by the State Council on September 7. It is clearly stated that the reform of resource taxes and fees will be actively promoted, and measures for the collection of crude oil, natural gas, and coal resource taxes shall be collected from specific sources. Instead, it is levied on ad valorem prices and increases taxation levels appropriately. Although the temporary regulations for the revision of the resource tax did not extend the resource tax reform to more regions or countries as previously expected in the market, the varieties levied at ad valorem prices also used expressions such as “crude oil, natural gas, etc.,†and did not clearly include coal. However, it is undoubtedly a major step forward in the price reform of resource products. “In the future, there will be regulatory and policy basis for levying ad valorem prices, not just pilots in several regions.†Analysts said that the further promotion of ad valorem collection from regions and varieties is undoubtedly on the agenda.
In 2010, in order to speed up economic and social development in Xinjiang, the central government decided to take the lead in reforming the oil and natural gas resource tax in Xinjiang. From December 1, 2010, the oil and natural gas resource tax reforms implemented in Xinjiang will be extended to 12 provinces, regions and cities in the western region.
Relevant persons in Western provinces and cities disclosed that the newly added taxes in the western provinces' implementation of the resource tax reform will be mainly used for local economic and social development in resource-producing areas, which will effectively promote the rational exploitation of local resources and energy sources. With sustainable use.
In Xinjiang, where the oil and gas resource tax reform has been put in place, in the first four months of this year, Xinjiang's resource tax on resources was 1.937 billion yuan, an increase of 1.47 billion yuan over the same period last year, an increase of 314.6%. Local governments outside the 12 provinces, districts, and cities have a high voice for promoting resource taxes.
Xie Xuren, Minister of Finance, said this year that he will further promote resource tax reform this year. The resource tax reform is conducive to further rationalizing the prices of resource products, facilitating the economical use of resources and protecting the environment. It can also increase the fiscal revenue of the central and western regions and resource-rich regions accordingly, and improve the ability to guarantee and improve people’s livelihood. .
Analysts believe that, at present, the global market turmoil caused by the decline in the prices of international resources, input-type inflation slowed down, these all provide an opportunity for reform of resource tax prices. At the same time, the fall in domestic price increases in August also opened the time window for the reform of the resource tax. Jia Kang, director of the Finance Department of the Ministry of Finance, said earlier that if prices can stabilize in the second half of the year, precious time windows for resource tax reforms are approaching, and resource tax coverage should be expanded, including regional coverage and variety coverage.
The oil and gas sector is subject to impact ad valorem pricing and is calculated according to the sales amount of the taxable object. With the continuous soaring of resource prices, the implementation of ad valorem assessment will significantly increase the resource tax cost of related industries. Analysts said that once the resource tax reform is promoted nationwide, the oil and gas sector will be negatively impacted. When the resource tax reform was promoted to 12 provinces in the western region, China International Capital Corporation had predicted that this might have caused PetroChina’s (9.77, 0.14, 1.45%) profit to decrease by 2.5% in 2011.
However, in the revision of the provisional regulations, the resource tax reforms of coal and rare earth industries that were previously concerned by the market have not been mentioned. Analysts said that the revision of this regulation has a negative impact on oil stocks and has limited impact on coal stocks. At the same time, due to the increase in the cost of traditional energy, it may have a beneficial effect on new energy sources such as solar energy, wind energy, and nuclear energy.
In the long run, with the reform of resource tax in place in the future, the prices of resource products will be streamlined. At the same time, the profits from the upstream exploration and mining industry are also expected to ease.
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