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Thursday, June 30, 2022

VCCI proposes erasing excise tax on gasoline

The Saigon Times

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HCMC – The Vietnam Chamber of Commerce and Industry (VCCI) has proposed the Ministry of Finance study the impact of eliminating excise tax on petrol and report it to the National Assembly at the next sitting.

VCCI made the proposal for the long-term growth, after garnering feedback and opinions from experts and enterprises, according to its recent dispatch sent to the ministry to give feedback to a draft resolution on reducing the environment tax on fuels.

Eliminating the excise tax and reducing the environment tax and import duties on fuels are aimed at controlling inflation, maintaining the macroeconomic stability, supporting companies and helping the post-pandemic economic recovery, according to VCCI.

Associate Professor Dr Nguyen Thuong Lang from the National Economics University told Nguoi Lao Dong Online that it is necessary to temporarily stop collecting the excise tax on gasoline and other oil products due to their soaring prices.

The ministries of Industry-Trade and Finance on June 21 decided to hike the domestic fuel retail prices for the seventh straight time this year. The bio-fuel E5 RON92 price rose by VND190 per liter to VND31,300, while the RON95 petrol price jumped by VND500 to VND32,870 per liter.

Fuels are now subject to a 7-10% special consumption tax.

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