The impact of the hottest resource tax reform on t

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The impact of resource tax reform on the oil industry

the impact of resource tax reform on the oil industry

October 13, 2011

[the identification of the degree of new plasticization of Chinese coatings needs to rely on experience and information] on October 10, the State Council revised the Interim Regulations of the people's Republic of China on resource tax. The resource tax reform took the lead in the oil and gas industry, changing the Levy method of "specific quota" to "ad valorem rate", and the revised crude oil Natural gas tax rates are 5% - 10% of sales

the revision of resource tax is not sudden. As early as June 1, 2010, China has carried out pilot reforms on crude oil and natural gas resources in Xinjiang. The crude oil and natural gas resource tax is levied ad valorem, with a tax rate of 5%. From December 1st, 2010, the resource tax reform of crude oil and natural gas will be extended to the whole western region

the revision of the crude oil and natural gas levy method, first of all, is the increase of taxes and fees, and its significance is very clear, As stated in the questions and answers of the three ministries and commissions "Its significance is mainly reflected in the following aspects: first, it is conducive to promoting energy conservation and emission reduction. Implementing the reform of oil and gas resource tax, increasing the cost of resource exploitation and use, and enabling enterprises to bear the corresponding ecological restoration and convenient and fast environmental compensation costs, which plays a positive role in promoting resource conservation, exploitation and utilization, protecting the environment, and achieving sustainable economic and social development. Second, it is conducive to establishing a long-term mechanism for the stable growth of local fiscal revenue and increasing resources Local fiscal revenue, enhance the ability of these places to ensure people's livelihood and other basic public services, improve the regional development environment, and promote the coordinated development of regional economy. Third, it is conducive to the fairness of the tax burden of various enterprise resources. The unification of resource tax policies for oil and gas enterprises is in line with the tax reform goal of "unifying the tax system of all kinds of enterprises". Fourth, it is conducive to safeguarding national interests. Changing the current low level of resource tax burden and increasing the proportion of resource tax in resource prices will help to avoid the loss of the interests of scarce resources owned by the state. "

what will happen to the domestic oil majors

first of all, it is certain that the increase in resource taxes and fees will help promote the exploration and production potential of oil and gas resource extraction enterprises. However, the following contradictions appeared, "taxpayers who mine or produce taxable products and use them for continuous production of taxable products will not pay resource tax; those who use them for other purposes will be regarded as sales and pay resource tax in accordance with these regulations." In this way, will the adjustment of resource tax have a great negative impact on the oil majors

at present, China's crude oil exploitation rights are still highly concentrated in the hands of several monopoly oil enterprises (PetroChina, Sinopec, CNOOC and Yanchang group). Most of the crude oil exploited domestically is used for reprocessing by these major oil enterprises, a small part is used for strategic reserves, and a small part is used for export (the annual export volume is 35 million tons). The exploitation, processing and sales of crude oil vary among enterprises

the annual reports of major oil companies in 2010 show that:

in 2010, PetroChina produced 116.078 million tons of crude oil, processed about 122.33 million tons, and exported 61.629 million tons

in 2010, Sinopec exploited 42.561 million tons of domestic crude oil, and its crude oil processing capacity was 21.13 million tons. The crude oil source composition of the company was 35.13 million tons of self-produced crude oil, 5.1 million tons of PetroChina supply, 6.91 million tons of CNOOC supply, and 165 million tons of imports. The above data can be calculated that Sinopec exported 7.431 million tons of crude oil, which is far less than PetroChina's export sales

in 2010, the crude oil output of CNOOC was about 35.21 million tons, and the cumulative crude oil processing volume was 27.85 million tons

in 2010, Yanchang group produced 11.9 million tons of crude oil. The crude oil processed by the refining and chemical company was mainly the self-produced crude oil of Yanchang group, and 650000 tons were supplied by Changqing every year

according to the data, PetroChina is a well deserved crude oil exploration giant, Of course, it is also resources. Jeff replied, "we are concerned about the use of many giants that pay the most taxes.

summary: after the resource tax is revised, the resource tax of PetroChina increases by 1.25 (compared with the two bottom lines) ~6.4 (compared with the two high lines)

it is clear from the above table that after the resource tax is revised, the profits of several major energy giants have been compressed to a certain extent. And for oil refining enterprises like Sinopec that need crude oil supplied by PetroChina and CNOOC, their refining costs have also increased correspondingly. Of course, the "wool comes from the sheep". This part of the resource tax increased by several giants will inevitably be passed on layer by layer, and the end consumers will eventually bear this pressure

as for the impact on the layout of the oil industry, we can also see that the state has a slight failure for several cast iron test pieces at the end. The big energy giant has a certain "calf protection" while increasing taxes. After all, for such large enterprises with crude oil exploitation and import rights, the reprocessing of self-produced raw oil does not need to pay resource tax, while for private refining enterprises that do not have crude oil exploitation and import, The purchase of domestic asset crude oil undoubtedly requires the transfer of resource tax, which is a significant increase in costs and a major test for the survival of private refining enterprises

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