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The reporter recently learned that since January 1 this year, the state has adjusted the consumption tax policy for some refined oil such as naphtha.
According to the documents issued by the Ministry of Finance and the State Administration of Taxation, from January 1 this year, consumption tax is levied at 0.2 yuan per litre for naphtha, solvent oil and lubricants, and consumption tax is levied at 0.1 yuan per litre for fuel oil.
The document stipulates that from January 1 this year to December 31, 2010, imported naphtha and domestic naphtha used as raw materials for ethylene and aromatics products will be exempted from consumption tax. Naphtha sold directly by production companies should be subject to excise duties. The specific levy and tax exemption management measures for naphtha consumption tax will be separately formulated by the Ministry of Finance and the State Administration of Taxation.
For taxable consumer goods produced from taxable naphtha, lubricating oil, and fuel oil that have been recovered from outsourced or commissioned processing as raw materials, the consumption tax already included in the raw material tax shall be deducted from the taxable amount of consumption tax.
The relevant authorities explained to the reporter the background and reasons for adjusting some of the refined oil consumption tax policies. He said that China's consumption tax policy was adjusted and improved on April 1, 2006. The adjustment highlighted the principle of promoting environmental protection, saving resources, guiding consumption, and indirectly adjusting income distribution. In line with this principle, the nation has included naphtha, solvent oil, lubricant oil and fuel oil in the scope of the excise tax, and together with gasoline and diesel, it has formed a "finished oil" taxation line. Among them, the tax for consumption of naphtha, lubricating oil and solvent oil is 0.2 yuan per litre, the tax for diesel and fuel oil is 0.1 yuan per litre, and the consumption tax for leaded petrol and unleaded petrol is 0.28 yuan per litre respectively. 0.2 yuan. Prior to this policy adjustment, in order to properly buffer policy adjustments on the impact of refinery production enterprises, the nation’s excise duty on naphtha and other newly refined products subject to taxation is temporarily charged at 30% of the tax payable. Since the implementation of this policy for more than one year, all sectors of society have responded well and tax revenue has grown steadily, basically achieving the intended purpose.
Authoritative sources also pointed out that at present, ethylene, as the “leader†of petrochemicals, is the basic raw material for synthetic plastics, synthetic fibers, synthetic rubber, pharmaceuticals, dyes, pesticides, chemical new materials, and daily-use chemical products, and is the most widely used basic Organic chemical raw materials. In addition, aromatic hydrocarbons have also become one of the most important basic chemical raw materials in addition to ethylene. Due to the constraints of production scale, raw material resources and other conditions, China's ethylene production is still unable to meet domestic demand. At present, about 55% of ethylene and downstream products in China and about 65% of chemical fiber raw materials are imported. At present, multinational corporations such as Europe, the United States, and the Middle East all regard China as one of their most important target markets. They are actively expanding their markets to China by virtue of their scale advantages, technological advantages, and resource advantages. Since China's accession to the World Trade Organization, the import tariff on ethylene is only 2%, and the current provisional tariff is 0. There is no import quota control, and the prices of ethylene and downstream petrochemical products have basically been liberalized. The raw materials for ethylene production in Europe, America, and the Middle East countries Basically, no consumption tax is levied, and the price of imports determines the price of domestic ethylene and downstream products to a certain extent. Under this circumstance, the continued consumption tax on imported naphtha and domestic naphtha used as chemical raw materials will squeeze the profit margin of domestic ethylene and downstream products to a certain extent and reduce the competitiveness of the domestic ethylene industry.
Authoritative sources said that from the perspective of unified taxation and fairness, consumption tax on the recovery of naphtha, solvent oil, lubricant oil and fuel oil should be levied at a statutory rate. In view of the relatively weak competitiveness of domestic petrochemical companies, domestic ethylene and aromatic hydrocarbon products are still facing fierce competitive pressures. In order to make domestic ethylene and aromatic hydrocarbon products compete fairly with imported products, the country adjusts the refined oil consumption tax policy. For the naphtha imported and naphtha used domestically as raw materials for ethylene and aromatics products, temporary exemption of consumption tax shall be imposed on naphtha. However, in order to obstruct the tax loopholes caused by the sale of gasoline through naphtha after the company has simply processed the gasoline, the naphtha sold directly by the manufacturer to the outside world will not be tax exempt.
"The adjustment of the refined oil consumption tax policy will have little effect on prices." Authorities told reporters that from the theoretical calculations, if the recovery is based on a statutory tax rate, each liter of oil will only increase the consumption tax burden by 7 points to 1 point 4 points. In terms of money, taking the lowest ex-factory price as an example, its increased tax burden is less than 1% of its ex-factory price. Therefore, if the naphtha consumption tax as a chemical raw material is solved, the policy of restoring tax at the statutory rate shall be restored. The impact of price will be small.
Naphtha and other refined oil consumption tax policies adjusted from January 1
The recovery of naphtha, solvent oil, lubricant oil and fuel oil is levied at the statutory rate. Naphtha imported, naphtha imported from China, and naphtha produced domestically as chemical raw materials are exempted from consumption tax.