Crack the coal power top cattle: can levy profits tax on coal enterprises

At the end of the year, although the contract coal orders between the two major industries of coal and electricity seem to be satisfactory, they even exceeded the plan. However, in the context of rising coal prices, it is not yet known whether coal companies are willing to perform, and industry professionals do not expect too much from the implementation of orders. The "coal power top cattle" renewed the old words year after year, and the management department is more focused on the mode of controlling coal prices and terminal electricity prices.

Speaking of "coal power top cattle", can not help but mention "coal and electricity linkage." The coal-electricity linkage policy began at the end of 2004. The original intention of the policy is to use a six-month cycle. If the average coal price in the cycle changes by more than 5% from the previous cycle, the electricity price will be adjusted accordingly. After the introduction of the policy, only two linkages were made between 2005 and 2006 in May and June, and the on-grid tariff and terminal sales price were raised, and then it will be lost.

Power generation companies and China Electricity Council have called for a resumption of "coal-electricity linkage" on many occasions, and believe that this is the most fundamental and effective way to crack the "coal-powered top cattle", but the author believes that the mechanism that has stopped for four years is hopeless in the short term. start up. Because once the restart, the long-term coal price pressure can be transferred to industrial enterprises and users through electricity prices, resulting in a sharp decline in corporate profitability, CPI, etc., which is a situation that all parties are unwilling to see.

In the context of rising resource prices, and the price of electricity is strictly controlled, coal companies are fattening, and power generation companies are so thin that they lose more than half of their losses and become innocent losers. This is not healthy. The industry ecology is not a fair move under the conditions of a market economy. In the long run, it will cause harm to both coal and power generation companies.

Is there a more reasonable way to balance the interests of the two industries? The author believes that the answer is yes, that is, imitate the oil industry, and levy special income to coal enterprises. If the coal price exceeds a certain standard, the enterprise will pay special income according to the method of counting.

Special income, commonly known as "profit tax." According to the "Administrative Measures on the Collection of Special Oil Revenues" issued in March 2006, "(Special Revenue from Petroleum) refers to the proportion of the excess income earned by the state for the sale of domestically produced crude oil by oil-mining enterprises because the price exceeds a certain level. The income, in particular, when the domestic crude oil sales price exceeds 40 US dollars / barrel, the excess income obtained will be proportional to the oil special income, the ratio is from 20% to 40%. By collecting special oil revenues, it is possible to regulate the high profits of petrochemical enterprises, support weak industries and vulnerable groups, and achieve the purpose of using them.

The special income tax levied on coal enterprises has two effects. First, the central government's non-tax revenue can be used exclusively to subsidize power plants, slowing down the pressure caused by high coal prices to survive; second, the special income of the arbitrarily graded, the willingness of coal companies to raise prices will be greatly diluted. This is not conducive to the suppression of high coal prices.

The levy of coal “windfall tax” may not be the optimal institutional arrangement, but this is a very reasonable choice when “coal-electricity linkage” cannot be substantially promoted. It is the state’s use of fiscal means to carry out macro-control and subsidize the interests of the damaged group. , to suppress coal prices.
 


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