Gasoline tax reduced to 18% from May 24th.

The Ministry of Finance has officially reduced the import tax rate on some gasoline products from 19% to 18%.

According to Circular No. 70/2013/TT-BTCOn May 23rd, the Ministry of Finance officially revised the preferential import tax rates for certain items under group 2710 in the Preferential Import Tariff Schedule.

Specifically, the items eligible for tax reduction are motor gasoline; tetrapropylene; white spirit; solvents with a low aromatic content of less than 1% by weight; other light solvents such as naphtha, reformate and other preparations for blending motor gasoline; and other alpha olefins.

This is the first time in 2013 that the Ministry of Finance has adjusted down the import tax on gasoline after three consecutive increases (from 12% to 19%).

The circular takes effect from May 23rd./.

According to (vov.vn) - LT