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The scale of tax reduction is over one trillion! China helps plastic chemical industry development

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The scale of tax reduction is over one trillion! China helps plastic chemical industry development

[Abstract]:
The list has an important place. After the first round of taxation in the United States, high-end manufacturing became the main target of the second round of taxation, including chemical...

The list has an important place. After the first round of taxation in the United States, high-end manufacturing became the main target of the second round of taxation, including chemical

The State Council executive meeting held on October 8 confirmed that measures to improve the export tax rebate policy to speed up the tax rebate will reduce the burden on enterprises and maintain stable growth of foreign trade.

 

At the regular press conference of the Ministry of Foreign Affairs on October 10, if the United States would levy taxes on all Chinese goods, China would substantially reduce taxes: VAT minus 3% and corporate income tax reduced by 2%.

 

Sino-US trade wars lead the chemical products

 

Looking back at several rounds of the Sino-US trade war, chemical products have always played an important role in the sanctions list. After the first round of taxation in the United States, high-end manufacturing became the main target of the second round of taxation, including chemicals, plastics and metal products.

 

From November 1st, the tax rebate rate will be raised to 16%, simplifying the tax system.

 

From November 1st, according to the principle of structural adjustment, with reference to international common practice, the current export tax rebate rate for goods is 15% and part of 13% is raised to 16%; 9% is raised to 10%, and part of it is raised to 13%. %; 5% to 6% and part to 10%. The tax rebate rate for products such as “two high and one capital” and facing de-capacity tasks remains unchanged. Further simplifying the tax system, the tax rebate rate is reduced from seven to five.

 

 

Phenol tax rebate rate increased to 9%

 

At the beginning of August, 5,207 tax items originating in the United States were worth about 60 billion US dollars of goods, and tariffs ranging from 25%, 20%, 10%, and 5% were imposed. Among the goods subject to tariffs, phenol will be subject to a 25% tariff, which will put pressure on the industry.

 

In the recent Notice on Improving the Export Tax Rebate Rate for Products Such as Electromechanical Culture, the phenolic resin industry, which involves the primary form, adjusted the tax rebate rate to 5% and adjusted the tax rebate rate to 9%, an increase of 4%. Conducive to the export of phenolic resin, will also directly increase the purchase of phenol in phenolic resin products, which invisibly supports the formation of phenol.

 

 

The price of pure benzene has risen by about 10%. As another important raw material for phenol, propylene prices have reached a new high for the year. At present, the price of polypropylene in the downstream products of propylene is rising. Under the profit-driven, the operating rate of the manufacturers has been greatly increased, which has increased the demand for propylene, which has driven the price to rise. The propylene market price has risen from 8,000 yuan / ton to 9400 yuan / ton. Pure benzene and propylene have risen sharply, which has supported the high price of phenol.

 

Other chemical raw material benefits table:

 

9% to 10%, and some to 13%:

 

5% to 6%, and some to 10%:

 

Larger tax cuts will be introduced to help companies develop

 

Liu Kun, Minister of Finance, said recently that under the active fiscal policy, the tax cuts and fee reductions will be further increased this year. In addition to the policy of reducing tax reductions and 1.1 trillion yuan for the whole year as determined at the beginning of the year, a series of measures to promote the development of the real economy and support scientific and technological innovations have been introduced. It is estimated that the scale of tax reductions and reductions will exceed 1.3 trillion yuan. This means that a larger tax cut may come, which indirectly indicates that China's cost reduction measures will continue to increase.