Finance ministry proposes tax cuts on gasoline

The plan was announced Thursday by a ministry official without disclosing further details.

Currently special consumption tax is at 8-10 percent and value-added tax is at 10 percent.

Gasoline prices rose to an all-time high of VND32,870 ($1.41) per liter last Tuesday.

Prices have surged by 65-70 percent since the end of 2021, burdening both consumers and businesses.

Earlier this month, the ministry had considered halving the environment tax on fuel, but critics said a cut of VND500-1,000 is too little to have an effect and called for reduction in other taxes.

Taxes and fees account for 35 percent of gasoline prices.