Part of refined oil recovered full consumption tax
Jiangyin Yuanfang Machinery Manufacture Co., Ltd , https://www.yuanfangmachine.com
It is reported that this time the adjustment of some refined oil consumption tax policies is actually a continuation of the consumption tax policy promulgated in April 2006.
According to the “Notice of the State Administration of Taxation of the Ministry of Finance on Adjusting and Perfecting the Consumption Tax Policy†issued by the Ministry of Finance in 2006, China made a major adjustment to the consumption tax policy in April of that year. In this adjustment, naphtha, solvent oil, lubricant oil and fuel were used. Together with the oil, the oil has been included in the scope of the excise tax, and stipulates that the consumption tax for naphtha, mineral spirits and lubricants is 0.2 yuan per liter, and the consumption tax for fuel oil is 0.1 yuan per liter.
Considering that the prices of crude oil and refined oil in the international market rose rapidly, after the above four types of refined oil were included in the scope of excise tax collection, if the taxation intensity is too great, it will not be conducive to price stability. Therefore, after the approval of the State Council, the State then provided that Naphtha, solvent oil, lubricating oil, and fuel oil can enjoy tax breaks and pay consumption tax at 30% of the tax payable.
Analysts pointed out that the essence of this notice is to adjust the consumption tax for the four categories of refined oil products from the policy of enjoying tax reductions to levying consumption tax in full according to the regulations, which will not have a great impact on the market.