The Ministry of Finance website issued a notice saying that, with the approval of the State Council executive meeting, China has adjusted the consumption tax on some products such as refined oil products since November 29. Among them, the tax on gasoline consumption tax has increased by 0.12 yuan/liter; the diesel consumption tax has increased by 0.14 yuan/liter. This is the first adjustment of refined oil consumption tax since the reform of refined oil tax in 2009.
The notice stipulates that since November 29, 2014, the tax on the consumption tax of gasoline, naphtha, solvent oil and lubricants will be increased by 0.12 yuan/liter on the basis of the current unit tax. The consumption tax of diesel, aviation kerosene and fuel oil will be increased by 0.14 yuan/liter on the basis of the current unit tax. Aviation kerosene continues to be suspended. At the same time, since December 1, 2014, the consumption tax on small-displacement motorcycles, automobile tires and alcohol with cylinder capacity below 250 ml (excluding) will be cancelled; the consumption tax on leaded gasoline for vehicles will be abolished, and the gasoline tax is no longer divided into two. In order to collect the consumption tax in accordance with the unleaded gasoline tax rate. Stop the collection of refined oil price adjustment funds.
At present, China has become the world's largest oil importer, and its dependence on foreign oil is close to 60%, and the consumption of refined oil products is steadily rising. In some areas, complex pollution characterized by ozone and ash pollution has become increasingly prominent, and vehicle exhaust emissions are one of the important causes of air pollution. Appropriately raising the consumption tax on refined oil products can not only promote air pollution control, reduce pollutant emissions, reasonably guide consumer demand, promote the conservation and utilization of petroleum resources, but also promote the development of new energy industries, accelerate the transformation of energy production and consumption patterns, and promote China's economic growth towards a healthy and sustainable growth model will play a positive role.
Increasing the consumption tax on refined oil products is a major decision made by the state to grasp the current favorable supply and demand environment for energy and the favorable opportunity for oil prices to continue to fall. While raising the amount of refined oil tax, the domestic refined oil price formation mechanism remains unchanged; the timing of raising the tax amount is introduced when the oil price goes down, ensuring that oil prices are not raised due to tax increases. The new income from raising the refined oil consumption tax will be included in the general public budget overall arrangement, which is mainly used to control environmental pollution, combat climate change, promote energy conservation, and encourage the development of new energy vehicles. In addition, after raising the refined oil consumption tax, the state will continue to implement and improve subsidy policies for difficult groups and public welfare industries.
While raising the consumption tax on refined oil products, it has also appropriately adjusted the scope of the current consumption tax collection. The elimination of the consumption tax on some items such as small-displacement motorcycles that are not suitable for continuing to impose consumption tax is an important part of reforming and improving the consumption tax system. By implementing the “addition and reduction” consumption tax policy adjustment measures, the role of consumption tax to guide production and consumption, promote energy conservation and emission reduction, and regulate income distribution will be further enhanced.

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