Consumption tax to offset the recent increase in oil prices for the third reduction from

Posted on 1/13/2015 5:55:57 PM

January 12, oil price adjustment window open again, and suffered a third degree consumption tax increase, prices have dropped to shrink. Gasoline return after an absence of 92 years and a half of five yuan era fizzled.
Three raising the consumption tax margin exceeded 50%
Because international oil prices continued downward, a new round of domestic oil price adjustment window open downwards to achieve the first New Year's fall, at the same time, the third time the consumption tax increase, partially offset by lower margin.
Ministry of Finance issued a notice that the afternoon of the 12th, since January 13, 2015, the consumption tax unit tax gasoline, naphtha, solvent oil and lubricants by 1.4 yuan / liter increase to 1.52 yuan / liter. Diesel, aviation kerosene and fuel oil consumption tax unit tax from 1.1 yuan / liter increase to 1.2 yuan / liter. Aviation kerosene continue to suspend temporarily.
NDRC price adjustment notice subsequently released, said the decision to gasoline and diesel prices were reduced by 180 yuan per ton and 230 yuan, estimates the retail price of 90 # gasoline and 0 # diesel (the national average) were reduced by 0.13 yuan per liter and 0.20 yuan, price execution time is 12 January 24. Beijing Municipal Development and Reform Commission also issued a notice to show that the highest number of 92 retail gasoline prices from 6.21 yuan, down 0.14 to 6.07 yuan / liter, had been looking forward to the "back five yuan era" issue therefore fell through.
National Development and Reform Commission said that since the end of December 2014, by the international oil market supply ample, fatigue and other factors affecting demand, the international oil market volatility down, January 12 10 days average price continued to fall. According to the current oil price formation mechanism estimates, gasoline and diesel prices 395 yuan per ton and 380 yuan lower respectively.
January 12 according to the Ministry of Finance, State Administration of Taxation issued "on the continued increase oil consumption tax notice" requirement, since at 0:00 on January 13 from gasoline and diesel consumption tax unit tax increased by 0.12 yuan per liter and 0.10 yuan, equivalent to impact of steam per ton, down 215 yuan less diesel prices and 150 yuan respectively. Two factors balance, domestic gasoline and diesel prices were reduced by 180 yuan per ton and 230 yuan.
Since the second half of last year, international oil prices continued to fall, domestic oil prices to achieve 12 times losing streak. After the end of November last year, three times the price of the consumption tax hike window, partially offset by the adjustment.
According to Reporters statistics, the recent three cumulative consumption tax rate increases exceeded 50%. Among them, the gasoline consumption tax from 1 yuan / liter increase to 1.52 yuan / liter, diesel from 0.8 yuan / liter increase to 1.2 yuan / liter.
Tax for environmental pollution, climate change
For the three-degree increase the consumption tax, the Ministry of Finance Tax Policy Department said that in 2014 the fourth quarter twice increase oil consumption tax, the continued increase oil consumption tax unit tax, aims to further develop the consumption tax in the promotion of air pollution, promote development patterns role of other aspects. This increase oil consumption tax to continue to take "simultaneous implementation of tax increases and price" adjustment method, taking into account the residents and downstream enterprises can afford. Refined oil consumption tax increase in new revenue, will continue to co-ordinate for controlling environmental pollution, climate change and promote energy conservation, encourage the development of new energy and so on. Raise additional income tax form oil consumption continues into general public budget overall arrangement.
According to the information analyst Yu Wang Jintao introduced after the adjustment, the finished oil revenue accounted for about 44% -45% upgrade, worldwide belong to the middle class. Major economies, the United States the lowest proportion of its tax burden of around 15%, mainly composed of the federal fuel excise tax and state fuel consumption tax (Each state is different). Britain, Germany, respectively, at 59%, about 56%, mainly VAT, excise tax, or energy tax. South Korea has a high tax burden, mainly transportation tax, education tax, travel tax, value added tax, the ratio is about 52% -53%. Japan is about 41% lower. Wang Jintao said that in addition to the United States, the world basically take the high tax policies, mainly to guide rational energy consumption concept, raising the consumption tax with China in order to increase environmental protection efforts are consistent.
■ influence
Cost pressures upstream refinery
Again raised the consumption tax impact both upstream and downstream consumers.
2014, sharply lower oil prices, a serious shortage of downstream demand, slower growth of diesel, resulting in sharply lower refinery operating rates, the majority of enterprises operating rate less than 20% during the year. Sinopec net-long public told reporters that China's consumption tax is still upstream, which is levied from producers, consumption tax increase on businesses is undoubtedly worse.
Long congregation said that the consumption tax is a tax on turnover in China engaged in the production and import tax law taxable consumer goods units and individuals levied an indirect tax on specific consumer goods and consumer behavior in specific levied, although will eventually be passed on to consumers who, but in the upstream industry chain, production costs will further increase the refinery, while the non-private enterprise and competitiveness will be further reduced.
Zhongyu information analyst Zhang Yonghao believe the continuation of the energy consumption tax adjustment tone reform aimed at clarifying the relationship between the upstream and downstream product prices by way of tax legislation clearing fees, gasoline and diesel fuel by increasing energy consumption and high pollution, high energy product tax levels to restrict their consumption growth, promote structural adjustment of energy through price leverage, so to clean type of energy consumption, alternative energy tilt. However, the recent consumption tax adjustment is mainly to raise taxes, but the core of the social concerns are not touched, collection methods, such as the collection of objects does not change radically, taxes levied repeat the phenomenon still exists. So late consumption tax adjustment will continue, is expected to post major reorientation will not improve the tax burden, but the consumption tax reform and improve the way of content.
■ outlook
Under the probability is too large a price cut
The next round of oil price adjustment window will open on January 26.
On the afternoon, all the petrochemical network analyst Li Yan Lung said Saudi Arabia and OPEC organization does not cut very firm stance, coupled with excess supply and weak demand, the dollar and the strong performance of the global economic slowdown, the international crude oil still bear a greater downward pressure on trading Suppliers bearish sentiment continues. Recent international crude oil prices have yet to bottom, still some Zoudie space. The next round of refined oil is expected to lower the probability is too large.
Zhuo record information also believes that the recent international oil prices will continue to show a concussion, the lower the likelihood of a substantial rebound. Spring only combined distance of more than one month, the domestic demand for diesel has entered the off-season. In case of lack of positive market guidelines, expected the recent domestic oil market is difficult to have a substantial improvement in turnover.

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