Special consumption taxes on gasoline to stay in place: MoF
The Ministry of Finance said it does not support removing current special consumption taxes on petroleum in response to recent calls to drop taxes from the Vietnam Chamber of Commerce and Industry (VCCI).
Hanoi (VNS/VNA) - The Ministry of Finance said it doesnot support removing current special consumption taxes on petroleum in responseto recent calls to drop taxes from the Vietnam Chamber of Commerce and Industry(VCCI).
Petrol use should remain conservative according to theministry's proposal to the National Assembly, citing similar taxesworldwide.
The ministry cited France's 0.6829 euro per litre, Germany's0.3545 euro per litre and Italy's 0.4784 euro per litre. Similarly, theRepublic of Korea, Australia, Singapore, China, Laos and Cambodia alsomaintains fuel taxes ranging from 15% to 16%.
Vietnam's special consumption taxes on gasoline remains at 10% (8%for E5 and 7% for E10).
"Vietnam's current special consumption taxes can be consideredas mid to low, especially in comparison to neighbouring countries such as Laosand Cambodia," said a ministry spokesperson.
Meanwhile, the ministry said it supported other measures to bringdown fuel prices, including a 50% reduction of special consumption taxes ongasoline (E5 and E10 included), up to a 50% reduction of VAT on diesel,kerosene oil and Mazut oil.
However, how much of a reduction in special consumption taxes onfuel is a matter for the NA's Standing Committee to decide, according to theministry.
In March, fossil prices in the Southeast Asian country earlier hita record high at over 30,000 VND (1.256 USD) per litre. However, prices havesince come down after several fees and tax cuts to around 20,000 VND per litre.
However, economists predict that fuel prices will likely riseagain, at least in the short term, after a recent OPEC decision to cut outputby two million barrels daily./.
Retail prices of oil and petrol dropped from 3pm on October 3 following the latest adjustment by the Ministry of Industry and Trade, and the Ministry of Finance.
The Finance Ministry always offers all possible support to firms, especially distributors and retailers, to ensure stable petrol supplies, thus stimulating production-business and daily activities, said Minister Ho Duc Phoc.
Retail prices of oil and petrol increased starting from 3pm on October 11, following the latest adjustment by the Ministry of Industry and Trade, and the Ministry of Finance.
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Illustrative image (Photo: Internet) 
