Wednesday , June 29 2022

Government to seek house approval for gasoline tax cut

The government plans to seek lawmakers’ approval Monday to cut the environment tax on gasoline by half amid the surging prices.

The Ministry of Finance’s proposal to reduce the tax, currently at VND4,000 ($0.17), for the rest of this year will be reviewed by the Standing Committee of the National Assembly, and if approved will come into effect on April 1.

It will bring down reduce gasoline prices by around 7.4 percent.

Since December the prices have risen nearly 31 percent to an all-time high of VND29,820 now.

With tax cuts also planned for diesel and lubricating oil, the government’s revenues will take a VND29.04-trillion hit this year.

Gasoline prices in Vietnam include over 40 percent in special consumption tax, import tax, value-added tax, and environment tax and fees.

In Southeast Asia, gasoline in Vietnam is more expensive than in Cambodia, Malaysia, Indonesia, and the Philippines, according to Gas Petrol Price.

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