From 11/7/2022, environmental protection tax on gasoline and oil will be reduced in Vietnam

On July 10, the Government Office has just issued Document No. 4280/VPCP-KTTH conveying the opinion of Deputy Prime Minister Le Minh Khai on the implementation of the Notice of the National Assembly Standing Committee on the project Resolution on environmental protection tax rates for gasoline, oil and grease, as a way to tackle the serious impact of inflation on all aspects of life.


Specifically: Petrol, excluding ethanol, decreased from 2,000 VND/liter to the floor level of 1,000 VND/liter; Flight fuel decreased from 1,500 VND/liter to the floor level of 1,000 VND/liter; Diesel oil decreased from 1,000 VND/liter to the floor level of 500 VND/liter; Fuel oil, lubricating oil, grease reduced from 1,000 VND/liter to the floor level of 300 VND less; Kerosene keeps the tax rate of 300 VND/liter (the floor level in the tax rate bracket).


The increase of price of pho and gasoline in the last 10 years in Vietnam
The increase of price of pho and gasoline in the last 10 years in Vietnam (vnexpress)

The National Assembly Chairman also proposed the Government to consider and study amendments and supplements to the Decree related to the MFN preferential import tax; urgently study issues related to value-added tax and special consumption tax on gasoline and oil products in case world prices continue to fluctuate at a high level, negatively impacting the economy. In the case of inflation index, macroeconomic stability and people's living standards, business activities, and economic growth, the Government needs to submit to the National Assembly for consideration and appropriate regulations.


In addition to tax reduction, the National Assembly Chairman also suggested that the Government study and have policies to support those directly affected in the case of gasoline price reduction but still facing difficulties such as fishermen fishing far from the shore, transportation, the poor, the low-income, etc. Along with that, it is necessary to continue to review the elements constituting the petrol price structure in accordance with the requirements of the National Assembly and the National Assembly Standing Committee in Resolutions on the past question-and-answer questions.

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