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Saturday, October 1, 2022

Finance Ministry okays large reduction of environmental protection tax on fuel

The Saigon Times

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HCMC – After garnering feedback on adjusting the environmental protection tax on fuel, the Ministry of Finance on March 10 approved cutting the tax by VND2,000 on each liter of gasoline, twice the reduction previously proposed by the ministry.

The ministry has completed a draft resolution on adjusting the environmental protection tax on fuel, and besides the maximum cut of VND2,000 on each liter of gasoline, the ministry agreed to cut the tax by VND1,000 on each liter or kilogram of diesel oil, heavy fuel and lubricating oil, the local media reported.

Under the draft resolution, the environmental protection tax is cut by VND700 per liter for kerosene and VND1,000 for each kilogram of lubricant grease.

The ministry also proposed the draft resolution be applied from April 1 until the end of the year. Due to this downward adjustment, the State budget would lose VND23.9 trillion this year, including value-added tax.

The Ministry of Finance had earlier proposed reducing the environmental protection tax by VND1,000 on each liter of gasoline and VND500 per liter or kilogram for other fuels to absorb the fuel price surge.

However, the Ministry of Industry and Trade and the Vietnam Chamber of Commerce and Industry proposed a greater reduction in the environmental protection tax on fuel to help local residents and enterprises recover and develop after the pandemic.

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