MoF to levy 5 pct import tax on gas in place of existing zero

Vietnamese Ministry of Finance (MoF) has said that gas import tariff is expected to resume to 5 percent instead of 0 percent currently.

According to MoF, the price of imported gas is tending to fall constantly from April 2012 and it is forecast that gas price will continue to go down in June 2012.

The statistics showed that in early April 2012, together with the downward trend of the world gas price, the domestic gas price also fell to about 405,000-416,000 dong/ 12 kilogram cylinder.

Till June 1, 2012, the gas price slipped to only 340,000 dong/12 kilogram cylinder, down 18.26 percent from two months earlier.

With these evolutions of gas prices in both local and global markets, to ensure the harmony interest of consumers, importers and state, MoF plans to resume gas import tax to 5 percent for liquefied petroleum gas (LPG) product.

Thus, after over three months of slipping to 0%, gas import tax will continue to have changes. Earlier, on March 3, MoF decided to cut gas import duty from 5 percent to 0 percent and asked gas traders to reduce gas price respectively.

In fact, according to the announcement of local gas traders, currently, the gas price of Petrolimex, Saigon Petro and Vinagas is at 340,000 dong/12 kilogram cylinder and Shell gas at 350,000 dong/12 kilogram cylinder.

However, many sources said that with the currently listed gas price level, the gas price in the market is not consistent with the world’s trend because since the middle of May so far, the price of imported gas continued to fall quite strongly by $100-120 per tone.

 

Category: Legal