Consumption Tax

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X @Bloomberg
Bloomberg· 2025-09-24 07:28
Russia plans to raise its consumption tax and broaden the base of companies required to pay it to help plug a widening fiscal gap as the war on Ukraine rumbles on https://t.co/GKOIMbzPDk ...
X @Bloomberg
Bloomberg· 2025-09-10 09:08
India’s move to revise the consumption tax structure comes at a perfect time for state miner Coal India, which is battling plateauing demand and bloated inventories https://t.co/LvWZlS4Qua ...
X @Bloomberg
Bloomberg· 2025-09-03 17:17
An India panel on Wednesday agreed to a two-slab consumption tax for most of the goods and services in the country and a higher levy on luxury and ‘sin goods’ https://t.co/dVLngFDrqO ...
中国白酒 -25 年总结 - 超高端产品保持韧性;通过控制运营费用实现利润率稳定-China Spirits_ 2Q25 Wrap_ Super premium maintained resilience; Margin stability on opex control
2025-09-01 03:21
Summary of China Spirits Industry Conference Call Industry Overview - The conference call focused on the China spirits industry, particularly the performance of various spirits companies in the second quarter of 2025 (2Q25) [1][2]. Key Points and Arguments 1. Performance of Super-Premium Brands - Super-premium brands like Kweichow Moutai and Wuliangye showed resilience, with Moutai achieving a 9% year-over-year (yoy) sales growth in 2Q25 [8][16]. - Laojiao's sales declined by 8% yoy, which was better than the expected decline of 17% [16]. 2. Upper-Mid-End Brands Struggled - Upper-mid-end brands faced significant sales declines, with companies like Yanghe and King's Luck reporting sales drops of 44% and 30% yoy, respectively [16]. - Fen Wine managed to maintain flattish sales, aided by its low-end segment [1]. 3. Margin Resilience - Despite a decline in average selling prices (ASP), many companies maintained stable gross profit margins (GPM), with most experiencing a contraction of about 1 percentage point yoy [9][10]. - The GPM for Moutai and Wuliangye's high-end segments outperformed their lower-end products [8]. 4. Operating Cash Flow Concerns - There was a notable deterioration in operating cash flow for upper-mid-end brands, while super-premium brands continued to maintain positive cash inflows [11]. 5. Customer Advances and Shipment Suspensions - Customer advances showed mixed results, with significant declines for Gujing and Jiugui, down 36% and 47% yoy, respectively [12][14]. - Shipment suspensions were noted across various brands, impacting customer advance balances and overall sales performance [12]. 6. Expense Control - Companies demonstrated disciplined expense management, with selling expense ratios rising by no more than 2 percentage points [10]. - Laojiao and Gujing reported declines in their expense ratios, indicating effective cost control measures [10]. 7. Market Sentiment and Future Outlook - There are signs of normalizing policy impacts on private consumption, with market sentiment shifting towards lagging stocks as investors adopt a "worst is over" perspective [2]. - The upcoming Mid-Autumn Festival and National Day are critical periods to monitor for consumption recovery and wholesale price trends [2]. Additional Important Insights - The spirits industry is facing challenges from anti-extravagance policies, which have affected consumer spending patterns [1]. - The overall retail spirits market is expected to see a decline of approximately 30% in August and a 15-20% decline during the peak season [7]. - The diversified product portfolios of certain brands have been crucial in supporting resilience amid market challenges [8]. Conclusion - The China spirits industry is currently navigating a complex landscape characterized by varying performance across different market segments. Super-premium brands are faring better than their upper-mid-end counterparts, and careful expense management is helping to mitigate some of the financial pressures. Future performance will heavily depend on consumer sentiment and the effectiveness of policy measures in stimulating demand.
X @外汇交易员
外汇交易员· 2025-07-17 09:59
Tax Policy Change - China's Ministry of Finance lowered the "ultra-luxury small car consumption tax" threshold from 1300000 RMB to 900000 RMB [1] - The new policy includes pure electric vehicles and fuel cell vehicles [1] - Consumption tax is levied only at the retail stage for ultra-luxury small cars without cylinder capacity (displacement), such as pure electric and fuel cell vehicles [1] - No consumption tax is levied on the sale of used ultra-luxury small cars by taxpayers [1]
支出前置,聚焦民生——1-2月财政数据解读【财通宏观•陈兴团队】
陈兴宏观研究· 2025-03-24 14:41
Core Viewpoint - The article highlights the trend of proactive fiscal spending in the early months of the year, with a significant focus on social welfare and public services, despite a decline in overall fiscal revenue growth. Group 1: Fiscal Revenue and Expenditure - In the first two months, general public budget revenue reached 4.4 trillion yuan, showing a year-on-year decline of 1.6%, which is below the previous year's growth of 1.3% and the budget target of 0.1% [3] - The general public budget expenditure was 4.5 trillion yuan, with a year-on-year growth of 3.4%, slightly lower than the previous year's growth and the target of 4.4% [5] - The broad fiscal deficit reached 621.7 billion yuan, marking a historical high for the same period, indicating significant expenditure pressure amid declining revenue [2] Group 2: Focus on Social Welfare - There was a notable increase in the proportion of expenditure directed towards social welfare, education, and employment, while infrastructure spending saw a decrease [6] - The central government's expenditure growth rose to 8.6%, while local government expenditure growth fell to 2.7% [5] - Personal income tax revenue showed a rebound with a growth rate of 26.7%, reflecting marginal improvements in residents' income [4] Group 3: Government Fund Performance - Government fund revenue growth recorded a decline of 10.7%, falling short of the initial budget target of 0.7% [7] - Government fund expenditure growth decreased to 1.2%, which is below the initial target of 23.1% but higher than the previous year's growth of 0.2% [7]