In accordance with the export tax rebate adjustment policy just announced by the five ministries and commissions of the country, starting from September 15, there are altogether more than 400 tariffs for tax-related petroleum and chemical products that are affected by exports. Among them, there are 50 kinds of export tax rebates will be canceled, up to 385 kinds of export tax rebates reduced to 11%, only 7 kinds of products to raise the tax rate to 17%. People in the industry believe that the country's adjustment of this policy will greatly affect the domestic oil and chemical products export pattern.
Among the 50 products for which the export tax rebate was cancelled, apart from 19 kinds of pesticide intermediates, they are all resource-based products, including ethanol that is being vigorously developed at home and used for fuels with a concentration of more than 80%, natural barium sulfate, natural crude boric acid, Natural gas, liquid paraffin and heavy liquid paraffin, petroleum asphalt, asphalt shale, oil shale and tar sand, etc. The petroleum and chemical products that reduce the export tax rebate rate include 145 kinds of plastics and their products, 225 kinds of synthetic fibers and their products, which are all resource-based products, and many of them are downstream products of petroleum. The increase in tax rebate rate is mainly due to major technical equipment, biomedical products, and high-tech products that are encouraged by some national industrial policies, such as plastic film capacitors, permanent magnets, and some vitamins and their derivatives.
It is understood that China implemented the export tax rebate policy from April 1, 1985, and its purpose was mainly to encourage the export of products. Since then, the state has repeatedly adjusted the product structure adjustment by changing the proportion of export tax rebates. According to the interpretation of the five ministries and commissions, the adjustment of the export tax rebate policy is a structural adjustment aimed at promoting the transformation of foreign trade growth mode and promoting the balanced development of import and export trade. From this change, it can be seen that the state obviously restricts the export of high-energy and resource-based products.
It is understood that the total export value of China's petroleum and chemical products reached US$56.39 billion last year, of which the export of chemical products was US$46.51 billion. Compared with the end of the “Ninth Five-Year Plan†period, the export volume increased by 154.5% with an average annual increase of 20.5%. However, export products rely mainly on resource and price advantages. Although the industry has long been aware of this, it is difficult to change this situation by relying solely on the strength of the market. The adjustment of the country’s export tax rebate policy is expected to promote the optimization of the industrial structure of the oil and chemical industries through tax leverage, and guide the export products of enterprises to transfer to high added value with high technology content.
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