Again raised the consumption tax to 25%, the oil industry to accelerate structural adjustment
On December 12, 2014, the Ministry of Finance and the State Administration of Taxation issued a circular to raise the consumption tax on refined products once more after the last tax increase in the price adjustment window. The circular said that the tax on gasoline, naphtha, solvent oil and lubricating oil consumption tax unit from 1.12 yuan / liter to 1.4 yuan / liter. Not long ago, the Ministry of Finance and the State Administration of Taxation jointly issued the "Notice on Raising the Consumption Tax on Refined Products" (Cai Shui (2014) No. 94) and the consumption tax has been raised once. According to the circular, since November 29, 2014, the tax on consumption tax on gasoline, naphtha, solvent oil and lubricating oil will be increased by 0.12 yuan / liter based on the current unit tax. The consumption tax has been raised twice in January, up 40% over the previous one yuan / liter.
Mr. Jiang Jian, Chairman of CONIBO Lubricants, said: "The current consumption tax unit tax has been raised to 1.4 yuan / liter and the consumption tax per tonne of lubricating base oil will eventually rise to 1609.2 yuan / ton. In addition, consumption tax belongs to the in-price tax, Therefore, the actual consumption tax per ton of lubricating oil will be increased to 1882.8 yuan / ton "a barrel of more than 300 yuan consumption tax, how consumers accept? Due to the international and domestic economic recession and hit the oil industry, they will face what plight? Will there be a sudden increase like this in the future?
"Lube base oil is a relatively biased industry with base oil prices slightly declining with a slight decrease in international fuel oil and product oil, but the rate of decrease is modest, and we were prepared to meet to rebate this part of the rebate to customers , Did not expect the tax department to notify the GST news, or two consecutive price adjustment. What should be explained to customers? "As a larger brand in the lubricants industry, Lubrizol lubricants economic and environmental adaptability than Strong, optimistic about spending harsh winter economy, but some small and medium lubricants may not be so good, the oil industry reshuffle is the trend.
Take a look from all walks of life to raise the argument:
The tax department of the Ministry of Finance, through its official website, said that it has raised the tax amount for consumption tax on refined oil products twice in a row in order to further intensify efforts to curb air pollution, promote environmental conservation and promote green development. This policy adjustment is the simultaneous implementation of tax increases and price cuts (the international oil price drops so much that it will not be devalued), taking into account the affordability of residents and downstream enterprises (obviously we can not afford it) and increasing the new revenue from the consumption tax on refined products This is the point), co-ordination for the control of environmental pollution, promote energy conservation, encourage the development of new energy vehicles (money do not know where to go).
Shanghai University of Finance and Professor Hu Yi Jian said the drop in international oil prices actually have a great impact on fiscal revenue, such as PetroChina and Sinopec, such as VAT and special oil revenues fell sharply.
According to the disclosure of China's national consumption of gasoline, diesel and fuel oil (about 81.41 million tons, 169.66 million tons and 36.83 million tons respectively in 2012), the amount of this tax increase is calculated by China National Bureau of Statistics reporter from "First Financial Daily" After the consumption tax on the three oil products is raised, over one hundred billion yuan will be added to tax revenue a year.
Faced with the economic downturn, how many digests of consumption tax will be added to billions of dollars each year in the future? Is it still plausible for those middle and low-end oil operators who are already making a marginal profit? Are there any room for price increases in channels and terminals? Experts believe that in the face of the new normal of economic development, it requires enterprises to upgrade their technology and brands through high-end through upgrading and upgrading. 2015, are you ready?