Ministry reduces import taxes on gasoline and oil

By VNA   July 10, 2023 | 08:34 pm PT
The Ministry of Finance (MoF) has just announced the reduction of the gasoline import tax to 5.62% while increasing the standard cost of the gasoline base price by 30 VND per litre.

These changes were mentioned in a document regarding the average import tax applied in the formula for calculating the gasoline base price sent to the Ministry of Industry and Trade (MoIT).

The MoF said that the average import tax rate for gasoline products has been lowered to 5.62%, while the average import tax on diesel and mazut oil is down to 0.58% and 1.38%, respectively. No adjustment was made to paraffin.

The cuts are based on the proportion of gasoline, diesel, paraffin, and mazut oil imported by petroleum traders in the second quarter of 2023.

Previously, the import tax on gasoline was 10%. The cuts will support a reduction in gasoline prices in the near future.

From the fourth quarter of 2022 to the end of the second quarter of this year, enterprises did not import paraffin products, according to the ministry.

Due to the low sales of paraffin, the MoF asked the MoIT to review and calculate the paraffin price on the market and to announce the base price according to regulations.

Some of the standard costs in the gasoline base price have been changed. Specifically, business expenses in the base price of mazut oil decreased by VND184 to VND360 per kg, while unleaded gasoline and diesel oil increased by VND30 each to VND1,080 and VND1,030 per litre, respectively.

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