Vietnam Keeps Petrol Import Tax Unchanged at 20 per cent

The Vietnamese Ministry of Finance has recently issued a circular to guide application of import tax of 20 per cent for almost petroleum products.

 

The import tax rate for goods under the group 2710 including engine gasoline, naphtha, reformates and other products that will be used to make up gasoline and diesel will be kept unchanged at 20 per cent, the ministry said.

 

The tax rates for oil residues stays at 20 per cent and for lube products fluctuate between 3 per cent and 40 per cent

 

The ministry decided to cut import tax for fuel to 35 per cent from 40 per cent.

 

It also agreed to lower mazut import tariff to 30 per cent from current 35 per cent, effective from June 5, 2009 in order to help petrol importers avoid losses due to the increasing crude oil price in the world market at US$67/barrel, the highest over the past seven months.

 

Recently, the ministry rejected proposals by nine petrol wholesalers to raise domestic petrol retail price by VND500 per liter but pledged to cut petrol import tax upon the global petrol price hike. (Investment, The People)