Vietnam Cuts Import Tax on Fuel Oil, Kerosene to Zero
The Ministry of Finance issued Circular 24/2011/TT-BTC to guide the implementation of import tax cuts for fuel oil and kerosene in 2710 group.
Accordingly, the import tax on some petroleum products in the group will be changed. The import taxes on both kerosene and fuel oil will be decreased to zero, from the current 2 percent.
The import tax of 0 percent is applied on gasoline, diesel, fuel oil and kerosene. This is among moves of the government’s to prevent retail petroleum price hikes. Currently, petroleum companies suffer from a loss of VND3 per litre.
Le Hien
Vietnamese
