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Attorney General: Six Major Resource Tax Law Changes Boost Green Development

□ Information from reporter Sun Shaohua in Beijing

China’s resource tax law was formally implemented on September 1, 2020. So far, the top five resource and environmental taxes have been enacted, including vehicle tax, environmental protection tax, tobacco leaf tax, farmland occupation tax and resource tax.

On September 1, Liu Yi, Deputy Director of the Department of Property and Behavioral Taxes of the State Tax Administration, stated at the “Tax Conference” of the State Tax Administration that, compared to the original system of Resource taxes, major changes in the resource tax law can be summarized as “an expansion.” “Two rules, three clear”: First, the scope of taxation has been expanded. The Resource Tax Law changed the expression of the tax scope from “mining products and salt production” to “development of taxable resources”, and authorized the State Council to attend to the units and individuals that use surface or underground waters of in accordance with the needs of national economic and social development. The pilot collection of the water resources tax has provided a legal basis for the reform of the pilot water resources tax and has reserved space for reform.

Second, tax items are standardized and refined. In this resource tax legislation, the 164 taxable resource elements are listed one by one in the “Table of Tax Elements and Tax Rates” attached to the Resource Tax Law, which covers all minerals that have been discovered. until now.

The third is to standardize the management of tax reduction and exemption. The Resource Tax Law has established clear provisions for long-term, proven and effective tax exemption and reduction policies. Such as the resource tax exemption for coal mining companies due to the need for safe (stratified) coal gas production and the resource tax reduction for low abundance oil and gas fields.

The fourth is to clarify the division of powers to determine the tax rates by classification and classification. Fixed tax rates for strategic resources such as crude oil, natural gas, medium and heavy rare earths, tungsten, and molybdenum are directly determined by tax law. The other taxable resources are subject to a tax rate of rank, which is determined by the tax law, and the provincial popular government is authorized to propose the specific tax rate applicable in the region and inform the permanent commission of the popular assembly of the same level for your decision.

The fifth is to clarify the method of taxation based on ad valorem. The resource tax legislation has consolidated the results of the ad valorem resource tax reform and has legally established a resource tax collection method that is based on an ad valorem tax and is complemented by an ad valorem tax. valuem. Among the 164 tax items listed in the tax law, 158 tax items are taxed ad valorem and the other 6 tax items can be taxed ad valorem or taxed according to the convenience of collection and management, mainly geothermal, mineral water, limestone, sandstone . , Other clays, natural brine.

Sixth, it is clarified that the tax rate is set separately for raw mineral and profit, which not only ensures the fairness of the tax burden, but also facilitates tax filing, which is an optimization of the system. resource tax.

Banking wealth management income continues to decline

The number of emissions during the year is close to the “cut-off half”

□ Reporter Zhong Yuan from Beijing

Affected by factors such as market liquidity and the transformation of net worth, Chinese banks face a dilemma. Wind data shows that based on the sales start date, as of press time, the cumulative number of bank wealth management products issued this year is 40,488, compared to 76,887 in the same period last year, a year-on-year decrease of 47.3%. Among them, the number of bank wealth management products issued in August was 1845, a record low in a single month in the last 10 years.

“The wealth management market this year has been bleak. Especially in August, revenues from bank wealth management products continued to decline,” said a source from the state banking market.

Liu Yinping, an analyst at the Rong360 Big Data Research Institute, believes that recent liquidity has declined slightly and the central bank has increased its investment. The MLF and LPR interest rates are the same as in the previous period, and the market interest rates have not changed much. In the context of generally weak liquidity and the ongoing transformation of wealth management products, the returns from banks’ wealth management are expected to continue to decline slightly.

Oriental Jincheng’s report believes that from the asset side, with the continued progress of the bank’s equity transformation, new wealth management products will be mainly allocated to fixed income products, and it is difficult to allocate non-standard assets of high performance. At the same time, considering that banks have some pressure to acquire reserves, the rate of decline in financial returns may decelerate in the short term, with a high probability of maintaining the current level or showing a slight decline. In the long term, with the commoditization of interest rates and the transformation of net worth moving forward, returns from bank wealth management will continue to fall further.

Industry insiders said that with the deepening of the transformation of the bank’s net worth management, after the transition period of new asset management regulations, bank net worth management is likely to be completely net. Moving forward, the net worth of wealth management products will fluctuate as the market environment changes.

“New Infrastructure” Accelerates Data Center Construction

□ Reporter Guo Qian from Beijing

Driven by “new infrastructure,” data centers are opening up new development opportunities. According to incomplete statistics from Economic Information Daily reporters, since the second half of this year, Fujian, Zhejiang, Yunnan and other provinces have successively issued “New Infrastructure” action plans, clarifying the blueprint for the construction of quantitative digital centers, and leading companies like Ali and Tencent are also intensive. Announce the new data center plan to accelerate the design of data center clusters.

The data center is the cornerstone of the development of the big data industry and an important area of ​​new infrastructure The central government is accelerating support for policies. The Ministry of Industry and Information Technology stated that it will accelerate the construction of new infrastructure, such as 5G networks and data centers, and build a large national Internet industrial data center in December 2020. Recently, the ” Shanghai Industrial Green Loan in Support of the Development of New Green Infrastructure (Data Center) Guidance Views “, which clearly provides accurate financial services for high-quality data center projects and provides certain loans to data center projects that they use different advanced energy saving technologies. Interest rates are falling.

Many places are actively planning a plan for building a digital economy. Fujian’s “Three-Year Action Plan for New Kind Infrastructure Construction (2020-2022)” recently proposed relying on Digital Fujian’s industrial parks (Changle and Anxi) to prioritize the design of large data centers and super-large to create a coordinated development zone in northeast and southwest Fujian Data Aggregation Node. By 2022, the total scale of data centers in use in the province will reach 100,000. Zhejiang also proposed optimizing the design of cloud data centers. By 2022, about 25 large and super-large cloud data centers will be built in the province, with a total of approximately 3 million servers. Deploy edge computing facilities in concentrated areas of application scenarios with high volumes of data and high latency requirements. Yunnan also proposed to build 10 industrial-level data centers by 2022.

Companies are also racing to expand their design. On August 31, China National Nuclear Corporation’s first major data center project officially began construction. In addition, Alibaba Cloud recently announced that three super data centers will be officially completed in Nantong, Hangzhou and Ulan Chabu. More than a million servers will be added to the three main economic belts of Beijing, Tianjin, Hebei, the Yangtze River Delta and Guangdong, Hong Kong and Macao. More than 10 super data centers will also be established across the country. Tencent also announced a few days ago that it will add a number of large data center clusters in the future, and that long-term planning and deployment of servers will exceed one million.

According to statistics from CCID Consulting, China has 2,213 IDC data centers in use in 2019, with an investment scale of 369.8 billion yuan. With the growing demand for data centers and cloud computing infrastructure, the big data industry is expected to maintain rapid growth. The overall scale is expected to reach 667.02 billion yuan in 2020 and exceed 1 trillion yuan by 2022.