Research On Tax Planning Of D Petrochemical Company

Petrochemical industry is a processing industry that produces petroleum products and petrochemical products using petroleum and natural gas as raw material.Generally petrochemical enterprises have large scale and big business volume.Owing to them,the annual tax expenditure also accounts for a heavy part of enterprise costs.As the leading industry in Daqing,D Petrochemical Company plays an important role in promoting regional economic development,increasing employment and stimulating domestic demand.The average annual tax revenue of D Petrochemical Company is over 8 billion.Tax accounts for a large part of the cost in the company’s development.This paper makes the D Petrochemical Company as the research subject,combining the theory with practice as the method of the research.First of all,through consulting relevant literature and materials to understand the research status of the petrochemical industry at home and abroad.The meaning,characteristics,principles and importance of tax planning are expounded from the perspective of theory.Secondly,taking D Petrochemical Company as an example,the paper introduces the basic situation,business process and the necessity of tax planning of the company.Then,the present situation of tax planning of D Petrochemical Company is elaborated.According to the data obtained by the gold tax phase iii system,Combining with the specific business of D Petrochemical Company,the paper studies and analyses the payment of various taxes.This paper puts forward corresponding tax planning schemes for VAT,Consumption Tax and Enterprise Income Tax in the aspects of utilizing the national tax policy,the choice of suppliers of purchasing materials,the choice of depreciation methods of fixed assets,the use of time value of money and the modification of settlement methods.And these tax planning proposals are applied to some representative specific businesses of D Petrochemical Company,and the corresponding tax planning effect is estimated.Finally,the feasibility proposals are put forward.