Customs creates maximum facilitation for agricultural exports Goods imported from export processing enterprises must pay tax Saigontex 2023 attracts over 1,300 domestic, foreign businesses

Environmental protection tax for biofuel must comply with the principles of taxes

09:56 | 07/04/2018 Finance Follow english.haiquanonline.com.vn on
VCN- Facing to the proposal for more preferential environmental protection tax (EPT)  rates to promote the use of biofuel, the Ministry of Finance said that each tax has its own adjustable target, so this recommendation is not appropriate.
environmental protection tax for biofuel must comply with the principles of taxes Proposing the adjustment of environmental taxes contributes to limiting petrol smuggling
environmental protection tax for biofuel must comply with the principles of taxes What does the Ministry of Finance say about the increase of the environmental tax on oil and gas?
environmental protection tax for biofuel must comply with the principles of taxes Environmental protection tax: appropriate solution for environmental problems
environmental protection tax for biofuel must comply with the principles of taxes

In the Explanatory Statement on the draft Resolution on EPT, the Ministry of Finance stated that it was recommended that it is required to report to the Government on proposing the National Assembly to stipulate preferential environmental protection tax rates for biofuels in order to encourage the use of this fuel.

According to the Ministry of Finance, in the tax system, each tax has its own adjustable target. Currently, in order to encourage the production and use of biofuel, Law on special consumption tax (SST) stipulates the preferential tax rates for E5 (5% ethanol), E10 (10% ethanol) as follows: SST rate on mineral gasoline is 10%, on E5 biofuel is 8%, E10 biofuel is 7%. Thus, if the mineral gasoline and E5 biofuel have the same taxable price, the price of E5 biofuel is 3% lower than mineral gasoline’s

The current Law on EPT stipulates that the tax is only imposed on fossil fuels (mineral gasoline), not imposed on ethanol. At present, the EPT rate on mineral gasoline is VND 3,000/ liter. Accordingly, the EPT rate on E5 biofuel is VND 150/liter lower than the EPT on mineral gasoline. If the EPT rate on mineral gasoline is VND 4,000 / liter, the EPT rate on E5 biofuel is 200 VND / liter lower than the EPT rate on mineral gasoline (VND 50/ liter lower than the current rate). This will create more disparity between the price of E5 biofuel and mineral gasoline.

The upward revision of EPT rates on petroleum together with other measures (such as the preferential SCT rate on biofuel) will contribute to encouraging the production and use of biofuels, limiting the use of fossil fuels, causing environmental pollution.

environmental protection tax for biofuel must comply with the principles of taxes Difficult to reduce Environment Tax for gasoline under Euro 4 standard

VCN- Commenting on the draft Resolution on the Environmental protection tariff, it was proposed that the Environmental ...

Therefore, according to the Ministry of Finance, the proposal to supplement the provision on preferential EPT rates on biofuels into the draft Resolution of the National Assembly Standing Committee on Environmental Protection Tariff me

By Hong Van/ Huyen Trang
Tags:
tax E5 biofuel fossil fuel Environmental Protection Tax

Related News

Import tax exemption to benefit domestic ITC industry

Import tax exemption to benefit domestic ITC industry

14:35 | 31/03/2023 Import-Export

The information and communication technology sector has grown by 6-9% each year and has often exceeded the country’s GDP growth rate in recent years, attendees were told at workshop held by the Ministry of Information and Communications (MIC).
Vietnam adjusting policies to adapt to global minimum corporate income tax: Official

Vietnam adjusting policies to adapt to global minimum corporate income tax: Official

15:48 | 27/03/2023 Finance

Vietnam is studying and adjusting its investment policies to adapt to the global minimum corporate income tax which is scheduled to be applied from 2024, said Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc.
Goods imported from export processing enterprises must pay tax

Goods imported from export processing enterprises must pay tax

09:03 | 24/03/2023 Regulations

VCN - According to the Law on Import and Export Duties provisions, if a domestic enterprise imports products of export processing enterprises, they must pay tax.
Vietnam joins Multilateral Convention to tackle tax evasion and avoidance

Vietnam joins Multilateral Convention to tackle tax evasion and avoidance

15:22 | 23/03/2023 Finance

The Organisation for Economic Cooperation and Development (OECD) and Vietnam on March 22 signed the world’s most wide-reaching international treaty for multilateral tax cooperation, the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAAC), bringing the total number of jurisdictions that participate in the convention to 147.

Latest News

Corporate bonds worth 1.1 billion USD issued in March

Corporate bonds worth 1.1 billion USD issued in March

13:55 | 06/04/2023 Finance

The corporate bond market is showing signs of recovery with a notable increase in both the number of issuers and the value of issued bonds in March.
Tax revenue is estimated at VND 426,922 billion in the first quarter

Tax revenue is estimated at VND 426,922 billion in the first quarter

09:56 | 06/04/2023 Finance

VCN - In the first three months of the year, state budget revenue managed by the tax agency was estimated at VND426,922 billion, equaling 31.1% of the ordinance estimate and 104.6% over the same period. Domestic revenue is estimated at VND411,418 billion, equaling 30.9% of the estimate, up 5.3% over the same period in 2022.
Nearly 400 complaints about insurance distribution through banks on Ministry of Finance hotline

Nearly 400 complaints about insurance distribution through banks on Ministry of Finance hotline

14:47 | 04/04/2023 Finance

VCN - A representative of the Ministry of Finance said that the Ministry had organized a specialized inspection team on insurance distribution through banks for four insurance companies. The team is finalizing inspection conclusions.
Central bank starts huge credit package for social housing projects

Central bank starts huge credit package for social housing projects

14:42 | 04/04/2023 Finance

Developers of social housing projects buyers of this kind of houses are entitled to benefit from a credit package worth 120 trillion VND (5.1 billion USD) which was started by the State Bank of Vietnam (SBV) earlier this month.

More News

In Q1, State revenue estimated to rise by 1.3%

In Q1, State revenue estimated to rise by 1.3%

13:28 | 04/04/2023 Finance

VCN - Total state budget expenditure in the first quarter of 2023 is estimated at VND363.4 trillion, equaling 17.5% of the yearly estimate and rising by 7.2% year-on-year.
Consider raising the level of penalties to ensure fairness and transparency in the stock market

Consider raising the level of penalties to ensure fairness and transparency in the stock market

13:27 | 04/04/2023 Finance

VCN - Mr Pham Hong Son, Vice Chairman of the State Securities Commission, discussed solutions to improve the capacity, improve fairness and transparency of the stock market.
Central bank cuts policy interest rates to spur growth

Central bank cuts policy interest rates to spur growth

17:43 | 02/04/2023 Finance

The State Bank of Vietnam (SBV) announced it would reduce several policy interest rates from April 3, the second cut within one month, the regulator announced on its website March 31 night.
Ensure policies to attract investment when implementing global minimum tax

Ensure policies to attract investment when implementing global minimum tax

10:33 | 02/04/2023 Finance

VCN - On the afternoon of March 30, in Hanoi, the Ministry of Finance held a regular press conference in the first quarter of 2023, chaired by Deputy Minister of Finance Nguyen Duc Chi. Many issues related to the tax field were discussed and answered at the conference.
SBV asks to issue revised decree on foreign ownership cap at Vietnamese banks

SBV asks to issue revised decree on foreign ownership cap at Vietnamese banks

20:30 | 01/04/2023 Finance

The State Bank of Vietnam (SBV) has suggested the Government to issue a revised decree on foreign investors buying shares from Vietnamese credit institutions.
Solutions to attract FDI when implementing the global minimum CIT

Solutions to attract FDI when implementing the global minimum CIT

11:38 | 01/04/2023 Finance

VCN - On March 29, the Vietnam International Arbitration Center (VIAC) and the Center for International Integration, the Ho Chi Minh City Institute for Development Studies, jointly held a seminar on Global Minimum Corporate Tax – outlook and challenges in attracting foreign investment (FDI) in Ho Chi Minh City.
Effective implementation of tax incentives as driving force for growth in trade turnover between Vietnam and Cuba

Effective implementation of tax incentives as driving force for growth in trade turnover between Vietnam and Cuba

13:43 | 31/03/2023 Finance

VCN – The promulgation of Vietnam's Decree on Vietnam's special preferential import tariff to implement the Vietnam-Cuba Trade Agreement for 2022-2027 creates a stable and open legal framework, facilitates import and export activities, brings expected great benefits to the business community of the two sides, promote two-way trade turnover and develop Vietnam-Cuba trade relations.
Being many "hot" issues at the general meeting of shareholders of banks

Being many "hot" issues at the general meeting of shareholders of banks

09:24 | 30/03/2023 Finance

VCN - International Commercial Joint Stock Bank (VIB) will be the first bank to hold a general meeting of shareholders this week, and then April will be the "peak" for banks to deploy.
Bringing the policies on reducing land rent and water surface rent into life

Bringing the policies on reducing land rent and water surface rent into life

15:41 | 29/03/2023 Finance

VCN - The tax sector is drastically implementing dissemination and support to make the policy of reducing land rent and water surface rent in 2022 fully effective.
Read More

Your care

The system has not recorded your reading habits.

Please Login/Register so that the system can provide articles according to your reading needs.

Latest Most read
Corporate bonds worth 1.1 billion USD issued in March

Corporate bonds worth 1.1 billion USD issued in March

13:55 | 06/04/2023 Finance

The corporate bond market is showing signs of recovery with a notable increase in both the number of issuers and the value of issued bonds in March.
Tax revenue is estimated at VND 426,922 billion in the first quarter

Tax revenue is estimated at VND 426,922 billion in the first quarter

09:56 | 06/04/2023 Finance

VCN - In the first three months of the year, state budget revenue managed by the tax agency was estimated at VND426,922 billion, equaling 31.1% of the ordinance estimate and 104.6% over the same period. Domestic revenue is estimated at VND411,418 billion,
Nearly 400 complaints about insurance distribution through banks on Ministry of Finance hotline

Nearly 400 complaints about insurance distribution through banks on Ministry of Finance hotline

14:47 | 04/04/2023 Finance

VCN - A representative of the Ministry of Finance said that the Ministry had organized a specialized inspection team on insurance distribution through banks for four insurance companies. The team is finalizing inspection conclusions.
Central bank starts huge credit package for social housing projects

Central bank starts huge credit package for social housing projects

14:42 | 04/04/2023 Finance

Developers of social housing projects buyers of this kind of houses are entitled to benefit from a credit package worth 120 trillion VND (5.1 billion USD) which was started by the State Bank of Vietnam (SBV) earlier this month.
In Q1, State revenue estimated to rise by 1.3%

In Q1, State revenue estimated to rise by 1.3%

13:28 | 04/04/2023 Finance

VCN - Total state budget expenditure in the first quarter of 2023 is estimated at VND363.4 trillion, equaling 17.5% of the yearly estimate and rising by 7.2% year-on-year.
Mobile Version