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Sunday, June 16, 2024

Import duty cut proposed for ethanol, other petroleum liquids

The Saigon Times

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HCMC – The Ministry of Finance (MOF) has proposed cutting the most-favored-nation (MFN) import duty to 10% ethanol and petroleum liquids which have different octane ratings from those of unleaded gasoline and which are used as inputs by producers and industries.

The Government recently revised the MFN import duty on unleaded gasoline from 20% to 10% in line with Decree No. 51/2022/ND-CP, which came into force on August 8.

Unlike unleaded gasoline, other petroleum liquids are still subject to the import duty of 20%. Therefore, the MOF proposed cutting the duty on these petroleum liquids to 10%.

The import duty on ethanol should also be cut from 15% to 10%, instead of 12% as in the previous proposal, according to the ministry.

Ethanol, a product manufactured from corn, rice and sugarcane bagasse, is an input of bio-gasoline producers. The Government encourages the production of this environmentally friendly fuel.

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