The highly-advanced tax adjustment program for oil and gas resources was finally launched at a time when international crude oil prices rose to a high of US$65. Although the resource tax rate of crude oil of 14 to 30 yuan/ton and natural gas of 7 to 15 yuan/1,000 cubic meters has not reached the market's original estimate, it is actually only the People's Republic of China issued by the State Council on December 25, 1993. The lower limit of the tax rates stipulated in the Provisional Regulations on Resource Taxes has been fine-tuned. However, such adjustments reflect the state’s high concern over the inefficient use of oil and natural gas resources and the serious status of waste. At the same time, it also shows that the country will regulate the exploitation and use of oil and gas resources through taxation leverage. This change clearly reminds companies in the oil and chemical industry chain, whose main business is the exploitation of oil and gas resources and deep processing, that there will be no longer a day when low-cost and almost “white†oil and gas resources will be used.
In the era of the planned economy and the development of the market economy, the low resource tax policy adopted by the country has provided petroleum and chemical companies with lower raw material and fuel costs, which has greatly promoted the rapid development of the oil and chemical industry chain. However, as China's economy has become more integrated into the international economic system, the degree of integration of the two markets at home and abroad has become higher and higher, and the drawbacks of low resource taxes have become increasingly prominent. From the perspective of the development of the entire national economy, the oil and gas resources with extremely low resource taxes have become a variety of finished products entering the international market through a series of processes such as mining and processing, so that the resource wealth that should have been enjoyed by all citizens is low in value and even unrequited. Transfer to foreign markets. In the international market, China's oil and chemical products prices are lower than others. One of the important reasons is that the cost of using our national resources is lower than in developed countries. Moreover, with the main businesses of PetroChina, Sinopec, and CNOOC, which are responsible for the exploitation and preliminary processing of China's oil and gas resources, listed on overseas companies, foreign capital directly shares the benefits of China's low-resource tax on oil and gas resources.
From the perspective of the development of the entire industry, the low resource tax promotes the development of the industry, but also makes the industry rely on the low-cost use of such resources, so that the low level of comprehensive utilization of resources and low recycling of renewable resources become the industry-wide Important obstacles to lowering production costs, increasing economic efficiency and competitiveness. As a result, the oil and chemical industry lost a lot of opportunities for technology, refinement, environmental protection, and conservation-oriented development.
Based on this judgment, it is an inevitable choice for the state to increase the tax on oil and gas resources. Some experts said that this fine-tuning is just a beginning and that there is a possibility of further adjustments in the future. Because of data, after the current resource tax adjustment, China's crude oil resource ad valorem tax rate is only 1.5%, still far below the global average of 10%. In Germany and France, which are low-tax countries in developed countries, the crude oil resources tax is also 34 times that of China's current level.
There is no time for "white" use of national oil and gas resources. Naturally, it is not just oil and gas exploration companies that need to make adjustments. Some analysts said that after this resource tax adjustment, oil and gas exploration companies will use their monopoly position to transfer part or all of the increased costs of resource tax adjustments to the downstream. Therefore, from now on, downstream chemical companies must change their expectation and dependence on low-resource products. They must take into account possible increases in resource taxes after adjustments in future product structure adjustments and market strategies. Meet new market challenges after the end of low-cost era.
In the era of the planned economy and the development of the market economy, the low resource tax policy adopted by the country has provided petroleum and chemical companies with lower raw material and fuel costs, which has greatly promoted the rapid development of the oil and chemical industry chain. However, as China's economy has become more integrated into the international economic system, the degree of integration of the two markets at home and abroad has become higher and higher, and the drawbacks of low resource taxes have become increasingly prominent. From the perspective of the development of the entire national economy, the oil and gas resources with extremely low resource taxes have become a variety of finished products entering the international market through a series of processes such as mining and processing, so that the resource wealth that should have been enjoyed by all citizens is low in value and even unrequited. Transfer to foreign markets. In the international market, China's oil and chemical products prices are lower than others. One of the important reasons is that the cost of using our national resources is lower than in developed countries. Moreover, with the main businesses of PetroChina, Sinopec, and CNOOC, which are responsible for the exploitation and preliminary processing of China's oil and gas resources, listed on overseas companies, foreign capital directly shares the benefits of China's low-resource tax on oil and gas resources.
From the perspective of the development of the entire industry, the low resource tax promotes the development of the industry, but also makes the industry rely on the low-cost use of such resources, so that the low level of comprehensive utilization of resources and low recycling of renewable resources become the industry-wide Important obstacles to lowering production costs, increasing economic efficiency and competitiveness. As a result, the oil and chemical industry lost a lot of opportunities for technology, refinement, environmental protection, and conservation-oriented development.
Based on this judgment, it is an inevitable choice for the state to increase the tax on oil and gas resources. Some experts said that this fine-tuning is just a beginning and that there is a possibility of further adjustments in the future. Because of data, after the current resource tax adjustment, China's crude oil resource ad valorem tax rate is only 1.5%, still far below the global average of 10%. In Germany and France, which are low-tax countries in developed countries, the crude oil resources tax is also 34 times that of China's current level.
There is no time for "white" use of national oil and gas resources. Naturally, it is not just oil and gas exploration companies that need to make adjustments. Some analysts said that after this resource tax adjustment, oil and gas exploration companies will use their monopoly position to transfer part or all of the increased costs of resource tax adjustments to the downstream. Therefore, from now on, downstream chemical companies must change their expectation and dependence on low-resource products. They must take into account possible increases in resource taxes after adjustments in future product structure adjustments and market strategies. Meet new market challenges after the end of low-cost era.
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