New regulations on naphtha consumption tax On February 2, the Ministry of Finance and the State Administration of Taxation issued a notice on adjusting some of the refined oil consumption tax policies. Industry insiders noticed that the regulation of naphtha in this adjustment has changed significantly compared to the policy in April 2006.
On April 1, 2006, China used naphtha together with solvent oil, lubricating oil, and fuel oil to incorporate the scope of the excise tax, and stipulated that the tax for consumption of naphtha, lubricating oil, and solvent oil was 0.2 per liter. Yuan, the consumption tax of fuel oil is 0.1 yuan per liter. The 2006 version of the policy also stipulates that in order to adequately buffer the impact on product prices caused by the increase in production غير مجاز مي باشدts of large-scale ethylene production enterprises, the above-mentioned oil products should first be collected at 30% of the tax payable.
The new "Notice" stipulates that from January 1 this year to December 31, 2010, naphtha produced directly by the manufacturer shall be levied with consumption tax in full according to regulations. However, imported naphtha and domestic naphtha used as raw materials for ethylene and aromatics products are exempted from consumption tax.
In response to the adjustment of some refined oil excise duties, Zhou Dayi, a researcher at the National Development and Reform Commission’s Energy Research Institute, pointed out in an interview with reporters that the use of administrative measures to maintain energy prices at a relatively low level may alleviate inflationary pressures in a short period of time. It will affect market supply, and it will still be difficult to truly reflect the degree of resource scarcity, which will further lead to wasteful consumption of resources.
As the leading petrochemical industry, ethylene is the basic raw material for synthetic plastics, synthetic fibers, synthetic rubber, pharmaceuticals, dyes, pesticides, new chemical materials, and daily chemical products. It is the most widely used basic organic chemical raw material. Due to the constraints of production scale, raw material supply and other conditions, China's ethylene production is still unable to meet domestic demand. Dong Xiucheng, deputy dean of the School of Business Administration of the University of Petroleum, said in an interview with reporters that the adjustment was a continuation and improvement of the consumption tax policy promulgated in April 2006. In that adjustment, there were more than seven oil and chemical products involved, including naphtha, solvent oil, lubricant oil, fuel oil, and aviation kerosene. The main reason for this adjustment is to consider that oil is an important strategic material necessary for national economic and social development and national defense. With the rapid economic growth in China, oil consumption has increased significantly. Naphtha, solvent oil, and gasoline, as well as diesel, are all petroleum products. From the perspective of helping to guide the consumption of petroleum products and conserving oil resources, these products should be uniformly incorporated into the scope of control of consumption taxes.
Three are conducive to ● conducive to the domestic production of aromatic hydrocarbons The reporter learned from the interview, this adjustment of some of the favorable aspects of the refined oil consumption tax policy, mainly lies in correctly guiding the consumption of petroleum products and saving oil resources. For the oil and chemical industries, the main reason is to suppress the naphtha export and meet the domestic demand for ethylene and aromatics production. In addition, aromatic hydrocarbons have also become one of the most important basic chemical raw materials in addition to ethylene.
At present, about 55% of ethylene and downstream products in China and about 65% of chemical fiber raw materials are imported. At present, multinational corporations such as Europe, America, and the Middle East all regard China as one of their most important target markets. With their scale advantages, technological advantages, and resource advantages, they are actively expanding their markets to China. Since China's accession to the World Trade Organization, the import tariff on ethylene was only 2%, and the current provisional tariff was 0. There was no import quota control, and the price of ethylene and downstream petrochemical products had basically been liberalized. Therefore, the price of imports to a certain extent determines the price of domestic ethylene and downstream products. Under this circumstance, the consumption tax on imported naphtha and domestic naphtha used as a chemical raw material will continue to impose a margin of profit on domestic ethylene and downstream products to reduce the competitiveness of the domestic ethylene industry.
It can be seen that this adjustment has a very clear intention to promote fair competition between domestic ethylene and aromatics products and imported products using naphtha as raw materials. Since some of the above oils have certain alternatives to gasoline and diesel, some good quality products can also be used directly as gasoline and diesel. In the actual collection and management, there is a problem that individual companies evade taxation by confusing product names. Therefore, relevant authorities have stated that in order to block the tax loopholes caused by the sale of gasoline through naphtha after the company has simply processed the gasoline, the state’s direct sales of naphtha to manufacturers are not exempt from taxation.
For companies that use their own naphtha for downstream ethylene and aromatics production, they will be tax-free within three years. An unnamed petrochemical industry insider said: "Ethylene and aromatics products are important basic chemical raw materials, but China is currently heavily dependent on imports. This time on the import of naphtha and domestic ethylene, aromatic hydrocarbons, raw materials, naphtha The temporary exemption of consumption tax will help promote the competitiveness of similar domestic products."
● Helps to expand naphtha imports The new consumption tax policy provides that naphtha imports from January 1, 2008 to December 31, 2010 will be exempted from consumption tax. This to a certain extent is conducive to the increase of naphtha imports.
According to customs statistics, naphtha imports in 2006 were 1.068 million tons, up 67.11% year-on-year, mainly due to the 630,000 tons PX plant in Lidong, Qingdao, Shandong Province, which led to a significant increase in naphtha imports. With the commissioning of ethylene projects such as Dushanzi Petrochemical and Tianjin Petrochemical in 2008, the total ethylene production capacity has reached nearly 4 million tons, which will add about 12 million tons of naphtha demand. Among them, CNPC and Sinopec demand naphtha is basically self-sufficient (except for joint ventures), while the CNOOC and Shell joint-venture project with an annual capacity of 800,000 tons of ethylene will import about 2.4 million tons of naphtha or condensate each year. At the same time, naphtha was exported at 1.739 million tons in 2007, up 10.54% year-on-year, of which 1.19 million tons were exported from Dalian's western Pacific, accounting for 68.5% of the country's exports.
In this regard, industry experts pointed out that due to the constraints of the domestic refined oil pricing mechanism, domestic refineries are not willing to use naphtha to increase production of gasoline and diesel, and tend to direct exports. Considering that naphtha prices closely follow international markets, naphtha is sold directly instead of using naphtha to produce those gasolines or diesels whose prices are controlled or low-margin ethylene. This is an effective measure to ensure that refineries can reduce losses. After the restoration of this policy, the practice of the refinery was blocked to some extent. Calculated according to the 2007 export data, the consumption tax New Deal will increase the industry's غير مجاز مي باشدt by 3.2 billion yuan, of which, PetroChina and Sinopec will be less than one-half of the total, which will have little impact on the two companies.
● Facilitate advancement of refined oil price reform Optimists believe that the introduction of the fuel consumption tax is a prelude to a new round of oil price reform.
At the beginning of the new year, international oil prices broke through the 100-dollar mark. Whether the price of oil remains strong in 2008 and how the reform of China's oil prices and energy management system will not only affect the prospects of the oil and chemical industries, but also the development of the national economy.
Dong Xiucheng, deputy dean of the School of Business Administration of China University of Petroleum, pointed out that the reform of refined oil prices in 2008 will still be a prudent, phased adjustment of prices rather than price liberalization. In 2008, the discovery of China's oil reserves will continue to increase, and the scale of oil imports will continue to expand. Although the oil supply situation is grim, and people in all walks of life generally believe that price inversion is the main cause of the oil shortage, it is expected that the country will not rush to link domestic refined oil prices with international standards in 2008, but will properly handle the relationship between different interest groups and fully consider the society. Under conditions of enduring capacity, we have actively and steadily pushed ahead with the reform of the oil price and gradually pushed forward the establishment of a price formation mechanism that can reflect the degree of oil scarcity, market supply and demand, and environmental غير مجاز مي باشدts. As for the taxation of crude oil products, the method of changing the resource tax from current “quantity measurement” to “ad valorem” has been discussed for some time and has already been reflected in the special income fund policy. It is expected that in 2008 the country will continue to study and explore the issue of resource tax reforms. The main direction may be the combination of taxation and taxation and the change of taxation method from specific tax to ad valorem tax.
One is not conducive to: ● The غير مجاز مي باشدt of companies outside the two major groups has increased greatly. From the perspective of the current domestic chemical industry structure, companies that benefit from naphtha production are mainly companies that can enjoy tax exemption, mainly PetroChina and Sinopec. The major naphtha products used by many chemical companies other than the two major companies rely on imports and purchases from two major companies. If they are purchased from domestic sources, they are not subject to tax exemptions. This excise tax will be levied in full, which is undoubtedly increased. The company's raw material غير مجاز مي باشدts. At present, when the international oil price breaks a new high of US0 per barrel, domestic naphtha will also rise. The increase in naphtha consumption tax this time will be tantamount to worse for these companies.
Analysts in the industry said that general adjustment of consumption tax may increase the company’s production غير مجاز مي باشدts. The consumption tax on refined oil has started to be levied in full, and the production غير مجاز مي باشدt of the company may increase. The main purpose of raising the consumption tax is to curb consumer demand, in order to promote the enterprises to save energy use, and improve the efficiency of the use of enterprises.
Professor Zhu Qing, director of the Department of Finance at Renmin University of Finance and Economics, Renmin University of China, said that because it had previously levied a consumption tax on related products, as a raw material, as an input, this time, the total amount of refined oil such as fuel oil and naphtha was in full. Tax rates levied on consumption tax will not affect the related production companies, but may affect the use of related products in the industry and increase their غير مجاز مي باشدts. However, these companies can "pass on" the corresponding غير مجاز مي باشدts. As for whether it can be successfully passed, it depends on the "elasticity" of the product.
Han Wenke, director of the Energy Research Institute of the National Development and Reform Commission, said in an exclusive interview with reporters that China's taxation policy on petroleum products involves reforms in fees and taxation as well as a reflection of the country's basic national policy. At the same time, the principle of social fairness is further reflected in the improvement of people’s living standards.
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