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Friday, August 12, 2022

Finance Ministry told to lower taxes, fees on fuels

By Le Hoang

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HCMC – Deputy Prime Minister Le Minh Khai has asked the Ministry of Finance to promptly consider slashing taxes and fees on fuels.

The Government wants to lower taxes and fees on fuels and relevant goods to prevent the costs of input materials and production from soaring, helping put inflation under control.

The ministry was asked to send a report on its study to the prime minister prior to July 30.

After reaching an all-time high level, domestic fuel prices have been reduced three consecutive times amid decreasing global fuel prices. Besides, the environmental protection tax on fuels has been cut to the lowest level in line with the National Assembly Standing Committee’s resolution.

In the latest adjustment on July 21, local fuel retail prices were cut by some 10%. Bio-fuel E5 RON92 fell by VND2,710 per liter to VND25,070, while the RON95-III gasoline now sells for VND26,070 per liter, down VND3,600. Various oil products also saw their prices fall by over VND1,100 per liter.

In Vietnam, fuels are now subject to value-added tax, import tax, excise tax and environmental protection tax.

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