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The State Council executive meeting held on the 21st decided to amend the "Provisional Regulations on the Resource Tax of the People's Republic of China", increase the valuation method of the ad valorem rate on the basis of the existing resource tax quota, and adjust the resource tax of crude oil, natural gas and other items. tax rate. Analysts pointed out that the revision of the Interim Regulations means that the process of resource tax reform promotion to the whole country is expected to accelerate, and there are positive aspects in improving the tax system, adjusting the economic structure, transforming the economic growth mode, promoting energy conservation and emission reduction, expanding fiscal revenue, and promoting local economic development. significance. Analysts said that the implementation of ad valorem will greatly increase the resource tax cost of the oil and natural gas industry, and the valuation of relevant sectors will be affected. The impact will be longer-term; coal is not explicitly included in the list of resource tax collection, temporarily exempted In the adverse impact; the new energy sector may benefit; in the future, if rare earth resources, water resources, iron ore and other resources are also included in the valuation, the impact will be further expanded. The resource tax reform time window opened the comprehensive work plan for energy conservation and emission reduction issued by the State Council on September 7th, clearly proposing, actively promoting the reform of resource tax and fee, and levying the taxation method for crude oil, natural gas and coal resources. Change to ad valorem and increase the tax burden appropriately. Although the revision of the resource tax provisional regulations did not extend the resource tax reform to more regions or the country as previously expected in the market, the levied varieties also used the expressions “crude oil, natural gas and other itemsâ€, and did not explicitly include coal. However, it is undoubtedly still a major step in the reform of resource prices. "In the future, there will be a regulatory policy basis for ad valorem collection, and not only pilot projects in several regions." Analysts said that further promotion of ad valorem collection from regions and varieties has undoubtedly been put on the agenda. In 2010, in order to accelerate the economic and social development of Xinjiang, the central government decided to take the lead in piloting the reform of oil and natural gas resource tax in Xinjiang. From December 1, 2010, the reform of the oil and natural gas resource tax implemented in Xinjiang will be extended to 12 provinces, autonomous regions and municipalities in the western region. According to the person in charge of the relevant provinces and cities in the west, the new taxes added by the western provinces in the first resource tax reform will be mainly used for local economic and social development of resource producing areas, which will effectively promote the rational exploitation of local resources and energy. And sustainable use. In Xinjiang, where oil and gas resource tax reform has been implemented, in the first four months of this year, Xinjiang’s warehousing resource tax was 1.937 billion yuan, a year-on-year increase of 1.47 billion yuan, an increase of 314.6%. Local governments outside the 12 provinces, districts, and cities have a high voice for the promotion of resource taxes. Minister of Finance Xie Xuren said at this year's "two sessions" that this year will further promote the resource tax reform. The resource tax reform is conducive to further rationalizing the prices of resource products, promoting the use of resources and protecting the environment, and at the same time increasing the fiscal revenue of the central and western regions and resource-rich regions, and improving the ability to improve people's livelihood. . Analysts believe that at present, the global market price turmoil caused by the decline in international resource prices and the slowing of imported inflation, all of which provide an opportunity for resource tax price reform. At the same time, the fall in the price increase in August in China also opened the time window for resource tax reform. Jia Kang, director of the Finance Department of the Ministry of Finance, said earlier that if prices can stabilize in the second half of the year, the precious time window for resource tax reform is approaching, and the coverage of resource taxes should be expanded, including regional coverage and variety coverage. The oil and gas sector is subject to the impact of the ad valorem, which is calculated according to the sales amount of the taxable object. As resource prices continue to soar, the implementation of ad valorem levies will significantly increase the resource tax costs of related industries. Analysts said that once the resource tax reform is promoted nationwide, the oil and gas sector will be negatively impacted. When the resource tax reform was promoted to the 12 provinces in the west, CICC had predicted that this would reduce PetroChina’s profit for the full year of 2011 by 2.5%. However, in the revision of the provisional regulations, the resource tax reforms of the coal and rare earth industries that were previously concerned by the market were not mentioned. Analysts said that the revision of the regulations has a negative impact on oil stocks and has limited impact on coal stocks. At the same time, due to the increase in traditional energy costs, there may be favorable impacts on new energy sources such as solar energy, wind energy and nuclear energy. In the long run, with the reform of the resource tax in place in the future, the price of resources will be straightened out. At the same time, the profiteering phenomenon in the upstream exploration and mining industry is also expected to be alleviated.