Gov’t approves draft resolution on environmental protection tax on petrol
The Government has passed a draft resolution on the environmental protection tax rates on gasoline, oil and lubricants, which will be submitted to the the National Assembly Standing Committee for approval on March 14.
Hanoi (VNA) – The Government has passed a draft resolution on the environmental protection tax rates on gasoline, oil and lubricants, which will be submitted to the the National Assembly Standing Committee for approval on March 14.
Under the draft, the Ministry of Finance proposes to cut the tax rates for gasoline by 2,000 VND (0.088 USD) per litre; diesel, fuel oil, and lubricant by 1,000 VND per litre; grease by 1,000 VND per kg; and kerosene by 700 VND per litre.
The ministry recommended that the resolution should take effect from April 1 to December 31, 2022.
With the adjustments, the estimated amount of environmental tax on the products will reduce by over 29 trillion VND (1.26 million USD) per year, leading to a fall in the State budget collection./.
The revenue from taxes that is meant to discourage the production and consumption of products hazardous to the environment is said to have yet to make up for the losses they cause.
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Illustrative image (Source: VNA) 
