'Final' preferential import tax on gasoline is 20%

The Ministry of Finance has just issued a notice on amending preferential import tax rates for a number of gasoline and oil products.

Illustration

Specifically, based on the provisions of the Law on Export Tax and Import Tax; Resolution No. 295/2007 of the National Assembly Standing Committee on promulgating the Export Tax Schedule according to the list of taxable goods groups and tax rate brackets for each group of goods, the Preferential Import Tax Schedule according to the list of taxable goods groups and preferential tax rate brackets for each group of goods; Decree No. 87/2010 of the Government detailing the implementation of a number of articles of the Law on Export Tax and Import Tax, on March 17, 2016, the Minister of Finance signed and issued Circular No. 48/2016 amending the preferential import tax rates for a number of gasoline and oil products in group 27.10 in the Preferential Import Tax Schedule, effective from March 18, 2016.

According to Circular No. 48/2016, preferential import tax rates for some gasoline and oil products are stipulated as follows: Mineral gasoline and bio-gasoline 20%; Diesel oil and bio-diesel 7%; Madut oil 7%; Kerosene 7%; Aviation gasoline and aircraft engine fuel: 7%.

This tax rate is effective from March 18, 2016.

The Ministry of Finance also said that the regulation of preferential import tax rates for some gasoline and oil products in Circular No. 48/2016 aims to contribute to harmonizing the most-favored-nation preferential import tax rates (MFN Tariff) and the special preferential import tax rates of bilateral and regional trade agreements. This adjustment is in line with the policy of managing gasoline and oil prices according to the market mechanism under State management./.

According to VOV.VN