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After the tax issue attracted attention, Bohui Holdings (300839) disclosed important progress on the evening of August 11: "The company has declared consumption tax of 428 million yuan and additional taxes and fees of 51.3784 million yuan on August 9, 2024, totaling 480 million yuan, and will arrange payment as soon as possible in the near future."

Previously, on the evening of March 29, Bohui Co., Ltd. announced that it had received a "Tax Matters Notice" delivered by the Xiapu Taxation Office of the Ningbo Zhenhai District Taxation Bureau of the State Administration of Taxation, requiring the company's "heavy aromatics derivatives" to pay consumption tax according to "heavy aromatics".

Looking back to June 30, 2023, the Ministry of Finance and the State Administration of Taxation issued the "Announcement on the Implementation of the Consumption Tax Policy for Some Finished Oil Products", which stipulates that "consumption tax shall be levied on petroleum ether, crude white oil, light white oil, and some industrial white oils in accordance with solvent oil", and "consumption tax shall be levied on mixed aromatics, heavy aromatics, mixed C8, stabilized light hydrocarbons, light oil, and light coal tar in accordance with naphtha". The policy will be implemented from the date of issuance.

Bohui Co., Ltd. focuses on the deep processing segment of fuel oil, and has an annual production capacity of 400,000 tons of environmentally friendly aromatic oil and 400,000 tons of heavy aromatics.

On July 3, 2023, Bohui Co., Ltd. issued a risk warning announcement, stating that the implementation of the refined oil consumption tax policy may have a certain adverse impact on the operating conditions. However, the company has adjusted the selling price and passed the price to the downstream. At the same time, it will actively consult and communicate with relevant departments to formulate corresponding response plans.

According to the announcement on the evening of March 29 this year, Bohui Co., Ltd. sold a total of 140,400 tons of heavy aromatic derivatives from July to December 2023, and a total of 85,000 tons from January to March 2024 (estimated). If the tax is paid according to the notice, the impact on the annual profit in 2023 and the profit in the first quarter of 2024 will be approximately 300 million yuan and 200 million yuan respectively. Bohui Co., Ltd.'s performance in 2023 will turn from profit to a large loss.

At that time, Bohui Co., Ltd. stated that the company had established a response team and hired professional tax firms and law firms to sort out and verify relevant laws and regulations. It also had major objections to the requirements of the "Tax Matters Notice".

The reasons given by Bohui include: First, according to the provisions of the "Implementation Rules of the Provisional Regulations of the People's Republic of China on Consumption Tax", consumption tax is levied according to the tax list, that is, products listed in the tax list are subject to tax, and those not listed are not subject to tax; second, the regulations announced by the State Administration of Taxation all mention that heavy aromatics and heavy aromatics derivatives are two different products, and heavy aromatics derivatives are not classified as heavy aromatics. Therefore, the company will continue to maintain active communication with the tax authorities.

On the evening of April 15, Bohui Co., Ltd. responded to the exchange's letter of concern and responded to the question of the earliest time to know about the payment of consumption tax. On November 2, 2023, the company received a risk warning from the competent tax authority, reminding the company that it had issued invoices for heavy aromatic derivatives, and heavy aromatics were subject to taxation according to regulations. The company was at risk of not paying the consumption tax in full.

At that time, Bohui Co., Ltd. stated that the risk warning sheet is a routine way for tax authorities to communicate with enterprises in the course of performing their duties. The company submitted product identification reports and test reports to the competent tax authorities based on the risk warning sheet. The heavy aromatic derivatives produced by the company are not within the scope of the "Announcement of the Ministry of Finance and the State Administration of Taxation on the Implementation of Consumption Tax Policies for Some Finished Oil Products" and are not subject to consumption tax.

On November 14, 2023, staff from the competent tax authority went to the company's production site to take samples of heavy aromatic derivative products, sealed them and sent them to a third party for testing. "The competent tax authority did not raise any objections thereafter. The risk warning sheet is not a tax payment notice, so the company did not make any risk warning disclosures."

Bohui Co., Ltd. emphasized that before March 27, 2024, the company had not received any written notice from the tax bureau explicitly requiring the company's heavy aromatics derivatives to pay consumption tax.

On March 27, 2024, Bohui Co., Ltd. received the "Tax Matters Notice" delivered by the tax department, requiring the company's "heavy aromatics derivatives" to pay consumption tax according to "heavy aromatics". After receiving the "Tax Matters Notice", the company held a relevant meeting and calculated the impact on the company's annual profit in 2023 and the profit in the first quarter of 2024 if the consumption tax is paid according to the requirements of the tax notice.

The latest disclosed announcement shows that in accordance with the current tax policy, Bohui Co., Ltd. declared consumption tax of 428 million yuan and additional taxes and fees of 51.3784 million yuan on August 9, totaling 480 million yuan, and will arrange payment as soon as possible in the near future.

In addition, Bohui Co., Ltd. disclosed the "Announcement on the Company's Production Suspension" on June 13, announcing that it will suspend production of the 400,000 tons/year aromatics extraction unit, the 400,000 tons/year environmentally friendly aromatic oil production unit and related supporting units from June 12, 2024.

The latest disclosed announcement shows that the company will strive to resume work and production before the end of August based on the progress of subsequent work. The specific plan will follow the review procedures and disclose information in a timely manner in accordance with the relevant rules.

Source: e Company

Statement: All information content of Databao does not constitute investment advice. The stock market is risky and investment should be cautious.

Editor: He Yu

Proofreading: Wang Jincheng

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