Countries intend to increase revenue: solvent-based paint consumption tax

On March 19th, the “2014 China Coatings and Pigments Industry Annual Meeting” was held in Putian, Fujian Province. The meeting stated that due to serious environmental pollution, the State Ministry of Environmental Protection, the State Administration of Taxation, and the Ministry of Finance are currently working together to strengthen environmental governance. "We must increase consumption tax on solvent-based paints in the restricted category of industrial structure adjustment guidance catalogue."

Sun Lianying, president of the China Coatings Industry Association, said that the policy is expected to give coating companies 2-3 years of adjustment before the introduction of the policy. At the same time, Sun Lianying said that if “to increase the consumption tax on solvent-based paints in the restricted category of industrial structure adjustment guidelines,” the average profit of the entire industry is difficult to guarantee 5%-10%, and the sustainable development of the industry will encounter great Obstacles. It can also be seen that the environmental protection of the paint industry and the ability to enhance the industry's independent innovation is a strong guarantee for the sustainable development of the industry.