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Wednesday, September 28, 2022

Govt to submit plan to reduce environmental protection tax on fuel to NA

By Le Hoang

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HCMC – The Government has assigned the Minister of Finance to submit a plan to reduce the environmental protection tax on fuel to the National Assembly (NA) today, March 14.

The Government has approved a draft resolution on the tax reduction, which was expected to be applied until the end of this year.

The Ministries of Finance and Industry and Trade will take responsibility for the content and statistics in the draft resolution.

The tax reduction was aimed at cutting the domestic fuel retail prices that have been revised up for seven consecutive times to reach their records. The price of RON95 gasoline has neared VND30,000 per liter.

After garnering feedback from the relevant ministries and agencies, the Ministry of Finance has completed the draft resolution with a reduction of 50%-70% on the environmental protection tax on fuel.

In specifics, the ministry agreed to cut the tax by VND2,000 on each liter of gasoline, VND1,000 on each liter or kilogram of diesel oil, heavy fuel, lubricating oil and lubricant grease, and VND700 per liter of kerosene.

The ministry also proposed the draft resolution be applied from April 1 until the end of the year.

Earlier, the ministry had 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 some other agencies proposed a greater reduction in the environmental protection tax on fuel to help local residents and enterprises recover and develop after the pandemic.

With the reduction, the environmental protection tax revenue from fuel was estimated to be cut by some VND29 trillion per year.

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