Fuel import taxes, duties reduced

Fuel import taxes and duties will be reduced from next year to support petroleum enterprises which have not been able to increase prices despite global increases.

The Ministry of Finance yesterday issued a new circular guiding the implementation of preferential import duty rates applicable to some goods on the preferential import tariff list.

From January 1, 2011, fuel products will enjoy an import tax reduction of 5 percent compared to the current rate. Petrol import duty will decrease from 17 percent to 12%; diesel oil from 10 percent to 5%; and kerosene from15 percent to 10%.

 

Category: Legal