The media said that the increase of the threshold of windfall profits tax for oil enterprises "has been approved"
the new version of resource tax has not squeezed the profits of the three major oil enterprises, and the news of the increase of the threshold of oil and gas special income has been spread
in an interview with Reuters yesterday, Wang Tianpu, President of China Petroleum and Chemical Corporation (hereinafter referred to as Sinopec, 600028), said that the government had plans to increase the threshold of special income
on the same day, Wall Street quoted fuchengyu, chairman of Sinopec, as saying that in order to make up for the increase in the resource tax rate faced by enterprises, the Chinese government has approved to increase the tax threshold for enterprises paying special income, "the government will decide when to adjust the threshold and the proportion of adjustment."
special income tax is called oil windfall tax by the outside world, which refers to "the income tax levied by the state on the excess income obtained by oil extraction enterprises from the sale of domestic crude oil because the price exceeds a certain level"
affected by the rise in crude oil prices, the sum of special income of the three major oil companies reached a record 87billion yuan in the first half of this year. Raising the threshold will reduce the tax pressure of the three major oil enterprises and the negative impact of the resource tax reform on them
according to the analysis of investment banks, the resource tax reform will reduce the profits of PetroChina and Sinopec by 2% to 11% from 2011 to 2012, but it will have little impact on CNOOC
the Levy of windfall profits tax has been normalized.
Wang Tianpu said yesterday that there is no timetable to raise the threshold of oil and gas special income
with regard to the increase of the threshold, fuchengyu said that the increase of the threshold was decided by the government. However, fuchengyu stressed that the resource tax of 5% to 10% would not have a great impact on the company's profits
according to the research of Haitong Securities, if the threshold of oil special income is raised from $40/barrel to $50/barrel, the adverse impact of resource tax reform on oil and gas production enterprises will be basically offset
according to the measures for the administration of the collection of oil special income, enterprises need to pay special income for the part of income above $40 per barrel; The measures came into force on March 26th, 2006
a relevant person from a Sinopec branch said in an interview with the morning post, "40 don't shake the components in the circuit casually. The starting point of the dollar is early. The dollar is depreciating, and the dollar at that time is different from the current dollar. Moreover, the international oil price level is different."
according to the available data, the US dollar index (USDX) was 90.07 on March 27, 2006 and 77.62 as of this Tuesday, a decrease of 13.82%
in terms of oil price, WTI crude oil was $64.94 and Brent crude oil was $63.61 on March 27, 2006
under the current situation, the oil price has been much higher than the standard at that time, and the collection of oil special income has been normalized. In fact, since the pilot reform of resource tax in Xinjiang on June 1 last year, PetroChina has repeatedly said in public that after the collection of resource tax, the government should adjust the threshold of oil and gas special income
at the PetroChina performance press conference in Shanghai on March 21 this year, PetroChina finance director zhouchunming said, "the resource tax biogeochemistry (Jena) fees need to be reorganized and consolidated. Now the taxes of the company's upstream business include special oil income, resource tax, mineral resource compensation fees, etc., which overlap with each other."
Zhou Chunming also said at that time that both PPI (producer price index) and CPI (consumer price index) were rising, and there should be special policies on special income for old oil fields with higher production costs
"windfall profits tax should not be reduced"
China's current taxes on mineral resources mainly include resource tax, mineral resources compensation fee, mining area use fee and special oil income
before the reform of resource tax, China Xinda led a national project to study the country's resource tax system, which implemented specific levy, that is, crude oil yuan/ton, natural gas yuan/thousand cubic meters. In June last year, it began to pilot the implementation of ad valorem levy of resource tax in Xinjiang. The new version of the resource tax regulations passed at the executive meeting of the State Council on September 21 will raise the tax rate of oil and gas resource tax from 5% to 5% to 10%, and will be promoted nationwide from November 1 this year
the annual report data shows that the annual oil output of PetroChina in 2010 is close to three times that of Sinopec and four times that of CNOOC. Therefore, after the resource tax reform, PetroChina has been the most affected
according to the latest report of the investment bank ICBC international, after the reform, PetroChina will pay 4.2 billion yuan and 21.1 billion yuan of resource tax in 2011 and 2012, respectively, and the annual profit will be reduced by 2% to 8%
PetroChina gives a much larger figure. In an interview with Xinhua news agency in October, PetroChina said that based on the calculation of $100 per barrel of crude oil, PetroChina paid 29.6 billion yuan of resource tax every year, an increase of 26.2 billion yuan or 771% over the previous reform
ICBC International said that the revision of resource tax had the least impact on CNOOC, as the increase in resource tax was offset by the cancellation of mining royalties. In addition, 31% of its domestic offshore oil and gas production comes from the profit sharing contract project in 2010, which is not affected by the resource tax reform during the contract period
an analyst who declined to be named said that it was unreasonable for oil companies to ask for a reduction in special income because of overcharging resource tax. Windfall profits tax is to prevent windfall profits when the upstream profits are quite rich. The resource tax is to make up for the environmental losses of the resource export place, and the nature of the two is completely different. "When the upstream profits of domestic oil and gas enterprises are still good, the state should not reduce the collection of windfall profits tax because of the resource tax reform."
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