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Tuesday, June 18, 2024

NA deputy proposes reducing import, special consumption taxes on fuel

The Saigon Times

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HCMC – Besides the environmental protection tax reduction, import and special consumption taxes on fuel should also be cut, even to zero, to increase the fuel supply, said National Assembly (NA) deputy Hoang Van Cuong, a member of the NA’s Finance and Budget Committee.


The fuel price hike will hit economic recovery, Cuong was cited by Tuoi Tre Online newspaper as saying.


In addition, the fuel prices were important to calculate macroeconomic indicators, such as inflation, so solutions must be worked out to reduce the fuel prices.


The local fuel prices have been much higher than those in other countries. 


Solutions to stabilize the local fuel prices without any consequences should be prioritized. Once the fuel prices are stabilized, production and business costs and goods prices will be stable, thereby harnessing inflation and helping realize the economic recovery target. The economic growth will help raise the State budget.


Meanwhile, the higher local fuel prices compared with those in other countries will result in smuggling, the State budget revenue reduction and high inflation, Cuong said. 


He said the fuel price hike was mainly due to the insufficient supply. Therefore, besides tax policies, Vietnam should enhance local fuel production by boosting the exploitation of crude oil and asking oil refineries to operate at their maximum capacities.


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