The Ministry Of Finance Will Adjust The Slip Tax Formula For Cotton Imports.

< p > today, the Ministry of finance has released the latest news. It will continue to implement the sliding tax on the 2014 quota cotton imported from abroad, and adjust the tax rate method.

The news release time was one day earlier than last year. Last Thursday (12), the Ministry of finance just announced that it was clear that in 2014, it would continue to implement a sliding tax on a certain quantity of cotton imported from the tariff quota, and appropriately < a href= "http://www.91se91.com/news/index_s.asp" > adjusted tax rate < /a >, so as to ensure the stable supply and demand of domestic cotton market.

This web analysis shows that the news released today will have the following meanings: < /p >

< p > first, before the news was officially released, the market was shrouded in two totally opposite rumors. One thought that the state would reduce the maximum tax rate of 40% to 20% of the sliding tax rate, which would help reduce the import cost of the cotton enterprises. However, the main application is the low grade low-grade cotton, which is of little significance to make up for the lack of high-grade cotton in China. Another rumor is that the state will appropriately raise the overall tax rate by adjusting the sliding tax formula, mainly based on the fact that the state will complete a certain amount of cotton reserve in the year of 2013/14, so as to facilitate the smooth storage of reserve cotton.

According to the tariff adjustment message released by the Ministry of finance last Thursday, China will appropriately cut tariffs on more than 760 commodities in 2014, with an average discount rate of 60%. However, when the formulation of cotton is parallel to that of wheat, the former will continue to implement tariff quota management.

Today, official news is officially released, ending the "chaos" of market rumors.

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< p > secondly, the import tariff table of tariff quota commodities released by the Ministry of finance today shows that in 2014, the 40% rate of cotton imports to most favored nation countries will continue to be set at a constant rate. < /p >

< p > again, according to the new formula of sliding tax calculation, there are two main adjustments on the surface. First, the import price of cotton will be increased from 14 yuan / kg to 15 yuan per kilogram, and when the duty paid price is higher than or equal to 15 yuan / kg, the implementation of the duty of 570 yuan / ton will be calculated according to the formula.

The second point is to adjust the ad valorem tax rate formula from Ri=8.87/Pi+2.908% * Pi-1 (Ri<=40%) to Ri=9.337/Pi+2.77% * Pi-1 (Ri<=40%), and adjust two specific figures.

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The adjustment of the two contents of the < p > brings about this result (the exchange rate is calculated according to the December exchange rate 1:6.1305):1, the applicable price is 570 yuan / tonne < a href= "http://www.91se91.com/news/index_q.asp" > the external cotton price of the quantity tax < /a > has increased significantly (from 103.58 cents to more than 110.98 cents / pound), the price of the outer cotton with the highest 40% tax rate has also increased (from 55.56 cents to 58.52 cents / pound), that is, the minimum price of the outer cotton is increased by about 3 cents, the sliding range is extended to the higher price range (from 58.82 cents / pound to 110.98 cents / pound of imported cotton), and the application scope is extended by 4.44 cents.

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< p > 2, the formula adjusted, from the original 40% tax rate applied to the external cotton (55.56 cents / pound), to the latest applicable from the amount of tax outside cotton (110.98 cents / pound), the tax rate generally increased, the price of cotton after tax increased by nearly 500 yuan / ton.

The price applicable to the highest tax rate under the new formula is the dividing point (58.52 cents / pound, the new formula falls by 4.9 percentage points), the difference between the tax rate and the tax rate is narrowed to the opposite end, one side applies to the price from the volume tax (110.98 cents / pound), the tax amount under the old and new formula is leveled off, the price of one period to the 40% highest tariff (55.56 cents / pound), and the two tax amount are leveled out.

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< p > overall, the implementation of the new < a href= "http://www.91se91.com/news/index_q.asp" > sliding tax calculation formula < /a > the price of cotton slip quasi tax will generally increase, but the extent of increase decreases gradually with the increase of cotton price, which conforms to the original intention of sliding tax, and is also more conducive to the import of high grade and high price cotton.

It can be understood that by adjusting the slip tax formula, the state will increase the import cost of medium and low grade cotton, and encourage the import of high-grade cotton.

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