Deputy Minister of Finance: follow the situation to adjust taxes and reduce gasoline prices

By Huong Diu/ Huyen Trang

15:49 | 04/08/2022 Finance Follow english.haiquanonline.com.vn on

VCN - Responding to the press at the Government press conference on the evening of August 3, Deputy Minister of Finance Vo Thanh Hung said that the Ministry has reported to the competent authorities to adjust taxes and fees related to petroleum to remove difficulties for enterprises.

	Gasoline price reduction - reducing cost burden
	More solutions needed to support enterprises when costs are high
	Low quality petroleum products cause concern

Deputy Minister of Finance Vo Thanh Hung. Photo: VGP

For petrol and oil tax, green tax, facing a surge in world petrol and oil prices, affecting domestic prices, the Ministry of Finance has reported to the Government to report to the National Assembly Standing Committee. By July 6, Resolution 20/2022/UBTVQH15 on reducing green tax on petrol and oil within the framework in accordance with the provisions of the Law on Environmental Protection Tax was issued.

Resolution 20 takes effect from July 11, 2022. The Ministry of Finance has sent an official dispatch to ask the General Department of Taxation and the General Department of Customs to ensure the implementation of the Resolution.

As for import tax, according to Deputy Minister Vo Thanh Hung, we are importing petroleum products with a 0% import tax. For gasoline, the import tax in ASEAN is 8%, and outside ASEAN 20%. To remove difficulties and diversify supply, the Ministry of Finance has reported to the Government to reduce the 20% tax rate to 10%.

Reducing the impact of gasoline prices on the price level

VCN - Petrol prices are tending to rise due to the impact of world gasoline prices, putting ...

For special consumption tax and value-added tax, under Telegram 679/CD-TTg, the Deputy Minister of Finance said that the Ministry has reported to the Government to review and follow the market situation to have the plan to adjust value-added tax and special consumption tax, thereby reducing petroleum prices in the near future.

By Huong Diu/ Huyen Trang

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