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Fuel environment tax cut from Jan 1, 2024

The Saigon Times

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HCMC – The National Assembly Standing Committee has issued a resolution to cut the environmental protection tax on fuel by 50%. This resolution comes into force from January 1, 2024.

As per the resolution, the environmental protection tax will be as follows: VND2,000 per liter for gasoline, VND1,000 for jet fuel, diesel oil, heavy fuel oil, lubricating oil, and lubricant grease and VND600 for kerosene. These tax rates will remain in effect from January 1, 2024, to December 31, 2024.

Starting on January 1, 2025, the environmental protection tax for gasoline, oil, and grease will return to a price ceiling structure, ranging from VND1,000 to VND4,000, in accordance with Resolution 579/2018 of the National Assembly Standing Committee.

The Ministry of Finance highlights the crucial role of gasoline and oil as essential inputs for numerous manufacturing sectors, affecting various segments of the economy. Consequently, the reduction in environmental protection tax for fuel is expected to alleviate the economic burden on residents and businesses.

It is estimated that the reduction in environmental tax revenue from fuel will amount to VND38,929 billion, resulting in a total reduction in the state budget of VND42,822 billion, which includes portions subject to VAT cuts due to this reduction.

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