Xinjiang'S Resource Tax Reform Is Expected To Take Effect In June 1St.

Oil and natural gas resource tax "ad valorem" is already in the firing line.

According to media reports, 26 days from the Ministry of Finance and the relevant department of the tax administration learned that the crude oil and natural gas resources tax from the volume assessment to ad valorem levy, the tax rate is 5%.

At the same time, the coal resources tax will also be assessed at ad valorem in Xinjiang, with a tax rate of 2%~5%.

In addition, the resource tax reform in Xinjiang will take effect from June 1st.

Last night, "First Financial Daily" reporters respectively to CNPC, Sinopec two major oil companies to verify.

Many people in PetroChina said that it was not clear.

Zhou Mingchun, chief financial officer of CNPC, who is in charge of the operation, is abroad. "Xinjiang Petroleum Branch is unlikely to get the notice before the group," a PetroChina Company disclosed.

However, a management member of Sinopec is clear that it is not known whether the new resource tax policy will be implemented in June 1st.

The foregoing Sinopec people said that the implementation of the tax rate of 5% "more likely."

He believes that a few years ago, the government was discussing the issue of resource tax rates, which were considered at 5% tax rates, and had not heard of 3% or other tax rates.

He also said that although the ad valorem levy, but the tax rate of crude oil and natural gas should be different from the coal tax rate.

After the 5% tax rate is collected, the resources tax of 169 yuan per ton is paid by enterprises, which is 5.64 times the original tax rate (30 yuan / ton).

If we calculate the natural gas price of 0.9 yuan per cubic meter, if we collect the 5% resource tax rate, it is also more than 5 times of the current resource tax rate (0.009 yuan / cubic meter).

The output of crude oil and natural gas in Xinjiang accounts for a large proportion of PetroChina and Sinopec.

Goldman Sachs Gao Hua reported that in 2009, PetroChina's oil and natural gas production in Xinjiang was about 144 million barrels and 727 billion cubic feet, accounting for 17% and 34% of PetroChina's crude oil and natural gas production.

And Sinopec's management says Xinjiang's oil production accounts for about 15% of Sinopec's oil production.

According to Goldman Sachs Gao Hua, Sinopec's natural gas production in Xinjiang accounts for 16% of the company.

A number of analysts told reporters last night that the Levy of the new resource tax rate will have a greater impact on PetroChina, while Sinopec has less natural gas production and oil production than PetroChina, and its production of oil and gas fields in Xinjiang is not as good as Sinopec.

However, the former Sinopec also said that if the crude oil price is higher, then the resource tax rate will be 5%. The impact on the enterprise is not too great. Once the crude oil price falls more severely, the new resource tax plan will produce a negative effect.