From January 7, gasoline tax increased to 35%

The Ministry of Finance has just issued Circular No. 03/2015/TT-BTC amending import tax rates for a number of items in group 2710 in the Preferential Import Tariff.

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Specifically, the import tax rate on gasoline increased from 27% to 35%; diesel from 23% to 30%; kerosene from 26% to 35%; and fuel oil from 24% to 35%.

The new tax rates will apply from January 7, 2015.

Exactly one month ago, on December 6, 2014, the Ministry of Finance decided to increase the tax rate on the above mentioned petroleum products from 14%-18% to the current tax rate.

This tax rate adjustment is made based on the preferential import tax rate framework for petroleum products in group 2710 in the Preferential Import Tax Schedule corresponding to the prices of petroleum products on the world market announced by the Ministry of Finance on December 4.

According to the new ceiling, the maximum preferential import tax rate can be up to 40% if the fuel price announced by Platt news agency on the Singapore market averages 15 days before the tax adjustment date at below 60 USD/barrel.

Similarly, with average fuel prices at 60-75 USD/barrel, the maximum tax rate on gasoline and kerosene is 35% and on diesel and mazut is 30%.

The maximum tax rate on gasoline and kerosene is 25% and 20% on diesel and mazut will be applied with fuel prices ranging from 75-95 USD/barrel.

From the price of 95 USD/barrel, the maximum import tax on gasoline and oil will fluctuate from 15-20%.

According to Editorial