Gasoline Import Tax Likely to Drop to 0 per cent

Gasoline Import Tax Likely to Drop to 0 per cent

Vietnam will likely slash the gasoline import tax to 0 per cent in an effort to stabilize the domestic market as world oil prices keep soaring, said a Trade Ministry official.

In the context of rising global oil prices, the Domestic Market Regulation Team of the Trade Ministry has proposed the ministry to decrease the gasoline import tax to 0 per cent from the current 5 per cent.

“The proposal is a normal reaction to the world price fluctuations,” said a member of the team.

The import prices of A92, diesel oil, kerosene and fuel oil have increased 10.98 per cent, 3.97 per cent, 3.15 per cent and 5.95 per cent in recent times, respectively, said Ms Le Thi Kim Ngan, head of the Domestic Markeet Regulation Team.

The ministry will issue a decision about the proposal next week, said Quach Duc Phap, head of the ministry’s tax policy department.

On February 26, the global oil price stood at US$51 per barrel and is forecast to be between US$42-45 a barrel in March.
Vietnam Economic Times