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Saturday, June 15, 2024

Extension of environment protection tax cut proposed for fuel

The Saigon Times

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HCMC – The Ministry of Finance has proposed extending the environment protection tax cut for fuels until the end of 2024 to provide support for households and businesses.

The proposal is part of the draft resolution on environment tax rates for gasoline, diesel oil, and lubricants.

The Ministry of Finance explained that the economy has not met the growth projection due to global economic uncertainties. Reverting the environment protection tax on fuel to the upper limit of VND4,000 per liter of gasoline and VND2,000 per liter of diesel oil from January 1, 2024, could adversely affect households and businesses.

The ministry wants to keep the environment protection tax for next year at the current VND2,000 per liter of gasoline, VND1,000 for jet fuel, diesel oil, heavy fuel oil, lubricating oil, and lubricant grease, and VND600 for kerosene.

Starting from January 1, 2025, the tax rates would increase to VND4,000 per liter of gasoline, VND3,000 for jet fuel, VND2,000 for diesel oil, heavy fuel oil, lubricating oil, lubricant grease, and VND1,000 for kerosene.

Due to this tax cut, tax revenue from fuel is expected to contract by VND38,929 billion per year. When the reduction in value-added tax on fuel is taken into account, the total tax revenue reduction will be VND42,820 billion, according to the ministry.

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