Gov’t reduces petrol import taxes by 10% (06/02)
06/08/2010 - 22 Lượt xem
The tax cut is a move to support petroleum importers at a time when global oil prices are predicted to rise.
The Ministry of Finance issued a circular yesterday as an implementation guide for the new tax level for items belonging to group 2710 on the General Department of Taxation's import list.
Under the circular, import taxes on some items, mostly leaded and non-leaded petrol, petrol for airplanes, lubricant, naphtha and reformatic petrol, will drop to 25 per cent.
The ministry said that the decrease in petroleum was based on current stabilised petroleum prices. The world oil price is currently US$42 per barrel. On January 24, the ministry decided to cut import tax on petroleum items from 40 per cent to 35 per cent in order to support petroleum importers.
Last year each company consumed about 7.5 million litters of petrol and about 15-16 million litres of kerosene. Now the demand has been reduced, according to Petrolimex.
When Dung Quat Oil Refinery comes into operation later this month, petroleum imports will reach about 12.2 million tonnes this year. Of that volume, 1 million tonnes will be re-exported and domestic consumption will account for 11.2 million tonnes.
Source: VietNamNet/Viet Nam News
