Resource-based chemical portals vary in influence
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One of the priorities of this resource tax reform is to increase the tax burden to reflect the scarcity of resources. It is estimated that the resource tax for mineral resources will increase from around RMB 10 per ton to RMB 20 to 30 per ton. The increase in the tax cost of resource tax will prompt enterprises to increase the comprehensive utilization of resources and promote energy conservation and emission reduction. At the same time, under the influence of price transmission, the cost pressure of processing companies will also increase. Affected by the time lag factor, this pressure will appear in the second year.
Regarding the impact that the reform of the resource tax may have on the chemical industry, Zhou Yuqing, president of the Fujian Petroleum and Chemical Industry Association, said in an interview with reporters that the resource tax reform will bring chemical industry companies two impacts. First of all, energy-saving emission reduction and comprehensive utilization of resources have increasingly become the focus of industry development. The implementation of the resource tax reform plan will undoubtedly increase the attention of chemical and other high-energy-consuming enterprises and do a good job of energy-saving emission reduction and comprehensive utilization of resources. Secondly, resource tax reform will lead to an increase in the tax burden on coal and other resources, increase in costs, and increase in prices. The rise in coal prices will inevitably shift the cost increase to coal-using companies. For industries such as chemical fertilizers, where raw materials and fuel are mostly coal, The further increase in production costs will make the production and operation of enterprises more difficult.
When it comes to the impact of the resource tax reform on the petrochemical industry, Zhou Yuqing analyzed that compared to the coal industry, the adjustment of the petroleum resource tax may be slightly different, and the impact on the petrochemical industry will be smaller than that of coal and other industries. First, the petrochemical industry is more vulnerable to the impact of international crude oil prices, compared to the impact of resource taxes is very small; Second, the collection of special oil proceeds will affect the adjustment of resource taxes. Since March 26, 2006, China began to collect special oil proceeds from the sale of domestically-made crude oil by oil-extracting enterprises due to the excess income obtained when the price exceeds a certain level (40 US dollars/barrel). When the crude oil price exceeds 40 U.S. dollars, a 20% special income tax will be levied on the excess part. As for the price of crude oil, which rose by 5 US dollars, the percentage of levy increases by 5%. When it exceeds 60 US dollars, the proportion of the collection is 40%. This means that 40% of the gains from rising oil prices will go to the state. Zhou Yuqing said that if the oil resource tax is further increased, it will have a major impact on the performance of the industry and related companies, and may even cause some companies to fall into losses. Therefore, if the petroleum resource tax is further raised, it will inevitably be accompanied by a corresponding adjustment to the special income fund. In this way, the overall cost will not be greatly improved.
Fujian Sanming Group Sanming Chemical Co., Ltd. is the largest fertilizer manufacturer in Fujian Province. After learning that the country will launch a resource tax reform plan in the second half of the year, a person in charge of the company expressed concern. He said that Sanming Chemical Company is a big coal producer and the price of raw materials such as coal has been rising in recent years, and companies have already been under great pressure. Take this year in April, as the raw material prices and other company production costs increased by more than 600 million. “If there are no other supporting measures, resource tax reform will inevitably lead to further price hikes for coal and other resources, and the production costs of fertilizers will rise again. Enterprises will be difficult to sustain.†The responsible person calculated an account: The company uses coal annually. For more than 1 million tons, if the price per ton of coal is increased by 10 yuan, this alone will have to increase the cost by more than 10 million yuan, and companies will not be able to afford it.
An executive from Fujian Southeast Electrochemical Co., Ltd. also expressed the same concern. He said that Southeast Electrification is a caustic soda production enterprise and salt is the most important raw material. If the resources including salt are all increased, the production and operation of Southeast Electrochemical Company will be in trouble. However, he said that companies should support national reforms. Although the resource tax reform will increase the company's production costs, it will also promote the enterprises to do a better job of energy conservation, consumption reduction, and comprehensive utilization of resources.
It is reported that in this resource tax reform program, in addition to the increase in the tax burden on resource taxes, the scope of the collection of resource tax will also be adjusted and expanded. The resource tax reform plan considers that some natural resources that have not been included in the scope of resource tax collection are also included in the scope of resource tax collection, such as the exploitation of groundwater, in order to promote the comprehensive utilization of resources and eliminate wasteful use. In addition, the resource tax reform plan considers the change from quantity collection to ad valorem, ie the collection of a proportional tax at a fixed rate. However, since it is difficult to distinguish between the hardships of poor mining and rich mining because of the way in which prices are levied according to the sales price, the levy of resource taxes may not be taxed in accordance with poor ore or rich mines, but may be uniformly based on the sales price. Fixed rate taxation.
However, some experts also stated that in the resource tax reform, the collection method of ad valorem collection and co-existence is more appropriate. Because when the price volatility is obvious, it is more ideal to levy taxes on the basis of ad valorem; but when prices are relatively stable, it is better to continue to collect them. Another example is the high-sulfur coal that is polluted and its price is relatively low. If the resource tax is levied according to the ad valorem, the high-sulfur coal will be cheaper than the relatively low-sulfur coal.