Finance Ministry proposes no excise tax reduction on fuel
The Finance Ministry has just issued a formal dispatch in response to the proposal of National Assembly delegates regarding excise tax reduction or exemption on fuel.
Petrol prices increase slightly under latest adjustment
The retail prices of petrol were increased in the latest adjustment on January 3 by the Ministry of Industry and Trade and the Ministry of Finance.
Gasoline prices increase right at the beginning of 2023
The new gasoline prices are adjusted by the Ministry of Industry and Trade from the beginning of January 1, 2023.
MFN tariffs on gasoline products lowered by 10 percent
The Government has recently issued Decree No.51/2022/ND-CP amending the most-favored-nation (MFN) tariffs for gasoline products in group 27.10 in the MFN tariff according to the list of taxable products.
Further reduction of gasoline taxes should be considered: Deputy PM
Deputy Prime Minister Le Minh Khai said that if possible, further reduction of value-added tax and excise tax should be considered by responsible ministries and agencies.
Petrol prices expected to drop from July 11
The prices of gasoline, oil, and grease products on the market will have a basis to decline sharply compared to the current price level from July 11.
MoF proposes reductions for four types of taxes on petroleum products
The Ministry of Finance (MoF) has recently proposed a plan to reduce special consumption tax (SCT) for gasoline, value-added tax (VAT) for gasoline and oil products, and most-favored-nation tariff (MFN) for gasoline from 20 percent to 12 percent.
Taxes, fees on petrol products need reconsideration
The price of E5 RON92 gasoline rose to VND31,117 per liter, an increase of VND882 per liter, and the new retail price of RON95-III gasoline was VND32,375 per liter, an increase of VND797 per liter on the afternoon of June 13.
Ministry will propose further tax cut if global petrol price continues rising
"If the world gasoline price continues to rise, the Ministry of Industry and Trade will propose to reduce other taxes and fees further. When all the tax tools are used, but the petrol prices remain high, the ministry will propose competent authorities to use the welfare funds to support the poor and businesses that use a large volume of petrol products," Minister of Industry and Trade Nguyen Hong Dien said.
MoF proposes environmental protection tax rate cut on petrol products
The Ministry of Finance (MoF) has been collecting opinions on the draft resolution of the National Assembly Standing Committee on adjusting the environmental protection tax rate for petrol, oil, and lubricant grease, except for jet fuel.
Experts suggest reducing taxes to stabilize gasoline prices
Domestic retail prices of petrol and oil products were allowed to adjust to the new selling price, with an increase of more than VND1,400 per liter for gasoline and more than VND1,000 per liter for oil as of 4 p.m. on October 26. As the global oil prices have risen to the highest level in the past seven years, while the Fuel Price Stabilization Fund has almost been exhausted, the most feasible solution is to reduce taxes to share difficulties with consumers and businesses.
Ministry proposes environmental protection tax cut for biofuel
The Ministry of Industry and Trade said that it has proposed the Prime Minister to consider adjusting the environmental protection tax rate for biofuel in general and E5 RON92 ethanol gasoline blend in particular so as to create a basic and large enough difference in price between biofuel and fossil fuel that is able to convince consumers to use biofuel.
Environmental tax hike rejected
The National Assembly Standing Committee has not approved the Ministry of Finance’s proposal to almost triple the environmental protection tax on oil and gas consumption, citing potential harm to consumers.