Vietnam to Collect Environmental Taxes on Petroleum Products in Early 2012
Vietnam will start collecting environmental taxes on petroleum products from January 1, 2012 instead of the current fees.
The collection is in line with the Law on Environmental Protection approved on Nov 15 by the National Assembly, the country’s highest legislative body.
As a result, petroleum products, oil products, lubricants, coal and other products are subject to the environmental taxes.
Petroleum products that are produced or imported for trading will be imposed the taxes of between VND1,000 and VND4,000/liter on buyers on sales but ethanol-blended gasoline will be exempted.
The tax collection is aimed to change people behavior and improve their awareness of environmental protection rather than boost state budget collection, the NA’s Standing Committee attributed.
Currently, Vietnamese petroleum consumers are paying VND1,000 worth of transport fees per liter of gasoline A92, VND500/liter of diesel 0.05S and VND300/liter of kerosene and fuel oil 3.5S.
They are also contributing VND300/liter of the aforementioned products to the petroleum stabilization fund plus VAT, imported and excise taxes. All of those fees are included in the selling prices. (vneconomy.vn)
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