Tuesday , July 16 2024

Lower eco tax on fuel to continue

The environmental tax on fuel, which was halved in 2023, will still be applied in 2024.

The lowered tax stands at VND2,000 ($0.08) per liter on gasoline (except ethanol) and VND1,000 on diesel, lubricating oil and fuel oil.

It remains VND600 on kerosene and VND1,000 on jet fuel, according to a new resolution passed by the National Assembly’s Standing Committee.

The rates will apply through 2024 before returning in 2025 to VND4,000 on gasoline, VND3,000 on jet fuel, VND2,000 on diesel, fuel oil, lubricants, and grease, and VND1,000 on kerosene.

The reduction will help reduce the retail prices of fuels, and help businesses increase their resilience, especially those in transport, gas services, and fishing.

With the reduced environmental taxes, the retail prices of gasoline and oil will decrease by VND1,100-2,200 per liter (VAT included), and kerosene will drop by VND660 per liter.

According to Government calculations, state budget revenue will reduce by an average of VND38.924 trillion a month.

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