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China's largest oil and gas producing area takes the lead in resource tax reform

2019/01/19 11:27
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China's largest oil and gas producing area took the lead in resource tax reform [Shihua Finance News, May 24]. The central government decided to take the lead in resource tax and fee reform in Xinjiang, changing the tax on crude oil and natural gas resources from ad valorem to ad valorem.
 
According to the report of China Chemical Daily on May 24, from May 17 to 19, the Central Committee of the Communist Party of China and the State Council held a symposium on Xinjiang's work in Beijing. The Central Committee decided to take the lead in the reform of resources tax and fee in Xinjiang, and to change the tax on crude oil and natural gas resources from a quantitative one to an ad valorem one. Central investment will continue to tilt towards Xinjiang Autonomous Region and Corps. During the 12th Five-Year Plan period, the scale of fixed assets investment in Xinjiang will double compared with the 11th Five-Year Plan period.
 
Xinjiang is an important petrochemical base and energy production base in China. It is also the largest oil and gas producing area in China at present. It has abundant resources and reserves. Jiang Jiemin, General Manager and Secretary of the Party Group of China Petroleum Corporation, made a speech at the Central Xinjiang Work Symposium, pointing out that in the past 30 years, PetroChina has invested more than 300 billion yuan in Xinjiang, resulting in 18 million tons of crude oil per year, 23 billion cubic meters of natural gas per year, 20 million tons of crude oil processing per year and 1.2 million tons of ethylene per year. By the end of 2009, 3 billion tons of petroleum and 1.3 trillion cubic meters of natural gas had been proved.
 
Since 2010, PetroChina has formulated development plans and construction plans in accordance with a series of central decision-making and deployment. It has put forward that by 2015 the oil and gas equivalent will reach 50 million tons, by 2020 it will reach 60 million tons or more, and strive to maintain stable production for 20 years. Its refining capacity will reach 26 million tons and 30 million tons, respectively. It will improve the distribution network of refined oil products and strive to ensure market supply.
 
Jiang Jiemin said that the Central Xinjiang Work Symposium further clarified the important strategic position of Xinjiang's work in the overall development of the Party and state undertakings. PetroChina will give full play to the backbone role of the central enterprises and accelerate the development of oil and gas in Xinjiang. In the next 10 years, by increasing investment, Xinjiang will be built into the largest oil and gas production base, refining and chemical base, oil reserve base, and so on. Engineering technology service guarantee base and Western oil and gas strategic channel.
 
It is reported that China has been levying oil and gas resources tax and fee on the basis of production. The standard of oil tax levy has been raised slowly from 12 yuan to 24 yuan per ton, which is far behind the pace of international oil price rise. With China's refined oil pricing mechanism increasingly in line with international standards, the gap is more obvious. It is generally believed that the reform of resources tax and fee should be first piloted in Xinjiang, and the tax compensation mechanism of oil and gas resources is conducive to the development of the western region.
 
AnTifu, a professor at the School of Finance and Finance, Renmin University of China, believes that resource tax is a local tax. After the conversion to ad valorem taxation, the reform of resource tax can increase local financial revenue to support the development of public utilities. In addition, because the region of resource consumption is mainly in the eastern coastal areas, the first pilot project of resource tax in Xinjiang is also conducive to balancing the income gap between the eastern and Western regions.