While most imported gasoline only pays 5-10% import tax and oil only 0-5%, the tax rate used to calculate the selling price to consumers is 10 and 20%.

2015 Summary Report, GroupGasolineVietnam Petrolimex has announced a record high pre-tax profit of VND3,766 billion, an increase of more than VND3,400 billion compared to 2014. Of which, pre-tax profit from petroleum trading activities of the whole group was VND1,989 billion, equivalent to 52.8% of total consolidated profit. With domestic sales and re-export output of 8,963 thousand m3/ton, pre-tax profit reached VND222/liter, kg in 2015.

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According to Petrolimex, the group's petroleum profit has increased due to changes in the method of calculating import purchase prices in line with market developments and rationalization of goods transportation routes and petroleum inventory structure. In addition, Petrolimex also reduced costs.financeand increased output, especially in retail…

However, many financial experts question: Is the main reason for the above huge profit figure due to the benefit from the 'difference' in the current calculation of gasoline prices by the Ministry of Industry and Trade - Ministry of Finance?

Specifically, in the formula for calculating the base price of gasoline used as the basis for adjusting domestic retail prices of gasoline, the Joint Ministry still applies the MFN import tax rates according to Circular 78 dated May 20, 2015 for gasoline at 20%, diesel and mazut at 10%, and kerosene at 13%.

But in reality, Petrolimex, like most otherbusinessOther contacts can flexibly take advantage of the leveltaxmuch lower when importing gasoline from ASEAN countries.

Circular 165 of the Ministry of Finance issued in November 2014, effective from January 1, 2015, stipulates that oil products such as diesel and kerosene from ASEAN are only 5%, mazut is 0% and from 2016, all oil products from this region will enjoy 0% tax. In particular, from this year, imported gasoline will only have a tax of 10%, less than half of the MFN tax and gasoline tax rate in ASEAN.

Therefore, many experts believe that this may be the reason why petroleum businesses make such large profits.

Speaking to reporters on the morning of March 11, Mr. Pham Dinh Thi, Director of the Tax Policy Department (Ministry of Finance), affirmed that what the press reported that "petroleum enterprises benefited thousands of billions" was not related to the tax policy on petroleum products but only related to the formula for determining the price of this product, which leads to the selling price for consumers.

“The government has committed to the petrol tax according to the trade agreements that Vietnam has signed, and has a roadmap for implementation. Businesses and management agencies cannot do whatever they want. The petrol tax policy has closely followed those contents,” Mr. Thi said.

Regarding the incident, in an interview with Tuoi Tre newspaper, expert Ngo Tri Long said that the main enterprise importing gasoline and oil has taken advantage of loopholes in policies, weaknesses, and laxity of management agencies to make profits. According to Mr. Long, if the tax rate is applied correctly according to reality, gasoline and oil prices will decrease and consumers and the economy will be better off.economybenefited

"If the Ministry of Finance and the Ministry of Industry and Trade delay in fixing this problem, consumers will suffer, while key petroleum import enterprises will continue to benefit," said Mr. Long.

According to Mr. Long, it is necessary to force petroleum key enterprises to return this import tax difference to consumers through the petroleum price stabilization fund.

According to Vietnamese Enterprises