Submit to the National Assembly Standing Committee to reduce environmental tax on gasoline on July 4
On July 3, the Government issued a Resolution approving the Draft Resolution of the National Assembly Standing Committee on environmental protection tax rates for gasoline, oil, and grease, and is ready to submit it to the National Assembly Standing Committee on July 4.
Accordingly, the Government resolved to approve and submit to the National Assembly Standing Committee the draft Resolution of the National Assembly Standing Committee on environmental protection tax rates for gasoline, oil, and grease at the request of the Ministry of Finance. The Ministry of Finance is responsible for the content and data of the report.
The Government assigned the Minister of Justice, authorized by the Prime Minister, to sign on behalf of the Government a Submission to the National Assembly Standing Committee on July 4 to allow the addition of the draft Resolution to the 2022 Law and Ordinance Development Program, to submit it to the National Assembly Standing Committee according to the one-session process, and to draft it according to the shortened order and procedures. The Ministry of Finance promptly sends relevant documents and files to the Ministry of Justice according to regulations.
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The Government assigned the Minister of Finance, authorized by the Prime Minister, to sign on behalf of the Government a report to the National Assembly Standing Committee on July 4 on the above-mentioned draft Resolution for comments and approval according to the one-session process, drafted according to the shortened order and procedures as prescribed.
Previously, the Ministry of Finance proposed reducing environmental protection tax on gasoline and oil products by 500-1,000 VND/liter to stabilize domestic gasoline prices in the face of fluctuations in world prices.
Specifically, all items are proposed to have their tax brackets reduced to the floor level. That is, gasoline will be reduced by 1,000 VND/liter, from 2,000 VND/liter to 1,000 VND/liter. Jet fuel will be reduced by 500 VND/liter, from 1,500 VND/liter to 1,000 VND/liter.
Diesel oil decreased by 500 VND/liter, from 1,000 VND/liter to 500 VND/liter. Fuel oil and lubricant oil decreased by 700 VND/liter, from 1,000 VND/liter to 300 VND/liter.
Lubricants decreased by 700 VND/liter, from 1,000 VND/kg to 300 VND/kg. Kerosene remained at 300 VND/liter because this is the floor price in the tax bracket.
If passed in July 2022, the Resolution will take effect from August 1, 2022.
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