Xinjiang'S Resource Tax Reform Starts &Nbsp, Or It Can Be Popularized Nationwide.

In June 1st, the Ministry of Finance and the State Administration of Taxation issued a notice on the issue of the regulations on the reform of the natural gas resources tax in Xinjiang. This has led to the fact that Xinjiang's resource tax reform, which has recently been expected by all sectors of society, has come true.

This means that China has launched a series of resource tax reforms, which formally opened the curtain of reform in the way of Xinjiang.

The Ministry of Finance announced 2 days that the Xinjiang crude oil and natural gas resource tax reform was officially launched in June 1st, and the crude oil and natural gas resources tax was assessed at ad valorem, with a tax rate of 5%.

An Tifu, Professor of Finance College of Renmin University of China, suggested that after the pilot work of Xinjiang's resource tax reform, it should be pushed to the national level as soon as possible.

"Although inflation pressure is not high, inflation expectations remain, so opportunities for resource tax reform are fleeting."

The national development and Reform Commission's Department of system reform said at a press conference held yesterday afternoon that the resource tax reform will be pushed to the national level on the basis of the pilot, and the NDRC has not yet grasped the timetable.

The Xinhua News Agency stressed that the resource tax reform in Xinjiang will increase the cost of resource exploitation in the region, or will lead more speculators into other unreformed areas to seek the last opportunity to profit and exacerbate the waste of resources.

From this point of view, the time difference between resource tax reform from pilot to overall promotion is also short and not long enough.

　　陸上資源稅屬于地方收入

China's resource tax is divided into marine resources tax and land resource tax. The former is owned by the central government and the latter is owned by the territorial Government.

The central government's pilot reform of resource tax in Xinjiang shows that the central government is determined to accelerate Xinjiang's development.

The way of resource tax levy is changed from the amount levy to the price, which will have a profound influence on the local government's financial income in Xinjiang.

Take Xinjiang as an example, in 1993, the oil price in Xinjiang was 480 yuan per ton, and the price of natural gas was 200 yuan per thousand cubic meters. According to the principle of quantity collection, the resource tax standard at that time was 12 yuan per ton of oil and 4 yuan per thousand cubic meters of natural gas. The rate of resource tax was 2.5% and 2% of sales tax respectively.

However, by 2008, the price of oil in Xinjiang has reached 4800 yuan per ton, while the standard of resource tax has increased, but it is still 30 yuan per ton, and the conversion rate is less than 1%.

According to the open data of Xinjiang petrochemical industry management office, Xinjiang produced 25 million 180 thousand tons of crude oil and 24 billion 500 million cubic meters of natural gas in 2009.

The current resource tax is calculated from the quantity. The crude oil resource tax in Xinjiang is 30 yuan / ton, and the natural gas resource tax is 9 yuan per thousand cubic meters.

The national development and Reform Commission raised the benchmark price of natural gas production in May 31st.

According to the data released by the national development and Reform Commission, after the price increase, the factory base price of direct industrial and city industrial gas in Xinjiang area is 1215 yuan and 1190 yuan per thousand cubic meters respectively, and the benchmark price for supplying chemical fertilizer production and non industrial cities is 790 yuan per thousand cubic meters.

After the reform, the corresponding amount of Xinjiang natural gas resources tax will be raised to 60 yuan or 39.5 yuan per thousand cubic meters.

According to the way of reform, the resource tax will reach 240 yuan / ton. Theoretically, Xinjiang will increase its revenue by 5 billion 288 million yuan this year.

In this way, the tax on natural gas resources is expected to increase by at least 720 million yuan.

　　其他產品改革或鋪開

Many experts believe that 5% of the tax rate is in line with market expectations, this tax rate is higher than the conversion tax rate from the amount charged, but compared with many countries in the world, more than 10% or even 50% tax rate is still relatively low, and the adjustment of resource prices will not be too large.

Guoxin Securities Research Report believes that the crude oil and natural gas resource tax pilot in Xinjiang has a direct impact on the performance of the two major oil companies.

For PetroChina, crude oil and natural gas production in Xinjiang account for 10% of the company's total output, while Sinopec's assets in Xinjiang are relatively small.

However, for the two major oil companies, resource tax reform will eventually increase its cost.

The reporter learned from CNPC that in 2009, the resource tax of CNPC turned over to local finance was 3 billion 200 million yuan, and the resource tax was changed from the volume assessment to the ad valorem levy. According to the oil price of 80 US dollars / barrel, the annual resource tax payable was about 7 times that of the current one.

Some people in the industry suggested that taking into account the various taxes that had been introduced before and occupied the tax space, in order to ease the upward pressure on the cost of enterprises, the state should speed up the study and introduce the supporting measures for the comprehensive reform of taxes and fees by phasing forward the resource tax reform opportunity, and gradually abolish the various fees originally collected before the resource tax, so as to achieve the goal of "setting taxes and clearing fees".

Many market organizations believe that the resource tax reform started in Xinjiang formally, which means that the price reform of other resource-based products is expected to be fully rolled out.

An important part of the "opinions on deepening the reform of the economic system in 2010" announced recently is to deepen the price reform of resource products.

In terms of natural gas, the responsible person of the reform and Development Commission's system reform department said yesterday afternoon that the reform of natural gas prices is not a simple price increase. At present, the NDRC and the relevant departments conduct research on the reform of the natural gas price formation mechanism.

It is noteworthy that the Xinjiang reform plan did not touch on this important resource of coal.

Market participants analyzed that coal will not be included in the pilot area of Xinjiang. On the one hand, coal is not the main resource of Xinjiang. On the other hand, China's coal demand is strong, and coal prices are in an upward cycle. The coal resource tax reform or the risk of further pushing up coal prices will be implemented before the peak of summer coal demand.