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"Halving consumption tax on refined oil" is a rumor
Published:2015-07-17 14:45:44    Text Size:【BIG】【MEDIUM】【SMALL

Recently, it is rumored that the government will cut the consumption tax on gasoline and diesel by 50% (currently the consumption tax on gasoline and diesel is RMB2,110/ton and RMB1,411/ton respectively). According to the confirmation of relevant ministries, there is no such plan. Moreover, the reduction of the consumption tax on refined oil is contrary to the logic of the national energy policy. It is also understood that the NDRC will focus on cleaning up the refined oil market this year, to eliminate gray income and unfair competition, environmental protection and tax inspection will be the main means.
To talk about halving the consumption tax, first of all, the government has not included it in the discussion. Secondly, the tax cut is contrary to the direction of the government to guide the whole consumption. At present, the direction of the government to guide the consumption of the automobile industry is new energy vehicles. If the consumption tax is halved, the economic advantage of new energy vehicles relying on subsidies will be weakened.
In view of the direct reduction of retail price, the current direction of national discussion is price reform, which is market-oriented, and it is also the direction of oil and gas reform guidance, being an irreversible trend. If the government intervenes to lower prices, this is to strengthen market intervention and go against the direction of marketization. The government is seeking to liberalize the retail prices of refined oil products and further promote the marketization of refined oil products. As the focus of this year's two sessions, the market price liberalization is imminent, and the government does not need to intervene in the price at this time.
In the last two years, the price war at the retail end of refined oil products caused by oversupply in the market has not formed an effective mechanism to stimulate consumption, and the effect of direct government intervention to lower the price limit is expected to be very limited. Therefore, this round of rumors is more likely to be a kidnapping of public opinion. Some groups hope to brew and spread the words of tax reduction and price reduction through the influence of the media to create pressure on relevant departments.
China's energy policy takes environmental protection and emission reduction as the priority, including policy encouragement and support for new energy and industrial restructuring. If the consumption tax on refined oil is reduced, it is a disguised way to encourage refiners to increase load and emissions, which is not in line with the underlying logic of the policy. In addition, since domestic demand for refined oil is already saturated or even excessive, the policy cannot drive terminal consumption, so the consumption tax on refined oil is not logically reasonable. Such a reduction, similar to the nature of value-added tax, is a preferential policy rather than a special tax policy for refined oil products.
Since the submission of the national voluntary contribution document to the United Nations on climate change in June 2015, China has been committed to the achievement of emission reduction targets, and has issued a number of documents to clarify the overall emission reduction target of the 13th five-year plan, the targets of provinces, industries and responsible departments, etc. China's energy policies are also in line with the direction of environmental protection and emission reduction.
In addition, the national development and reform commission (NDRC) will clean up the refined oil market through environmental protection and tax inspections, and eliminate gray income and "ticket exchange".
In the context of unfair competition behaviors such as "smuggling oil", restoring reasonable profits of the industrial chain and promoting market compliance, it is even more impossible to reduce consumption tax on refined oil.

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