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Accordingly, the Ministry of Finance affirmed that only petrol but not oil is under the excise tax in compliance with the Excise Tax Law.
The excise tax rates for regular petrol, E5 petrol, and E10 petrol are 10 percent, 8 percent, and 7 percent, respectively.
The Excise Tax Law does not stipulate any tax exemption or reduction for any goods subject to this tax. The power to adjust the rate of this tax belongs to the National Assembly after its careful consideration.
Based on the opinions of competent authorities, the Finance Ministry has already submitted to the Prime Minister a request to stop developing a draft resolution on decreases in excise tax for petrol as well as value added tax for fuel.
Instead, a resolution on a drop in environmental protection tax for fuel should be introduced. Particularly, the environmental protection tax rate applied for petrol (excluding ethanol) in 2023 is suggested to be VND2,000 a liter (US$0.084). Those for jet fuel and diesel oil are the same, at VND1,000 ($0.042) a liter.
