Vietnam Raises Import Taxes for Petroleum from May 24th

The Ministry of Finance has just issued the circular No.84/2012/TT-BTC, guiding implementation of raising preferential import taxes to petroleum, the local news provider Gafin.vn reported.

Under the circular, import tax for diesel is raised to 3 percent (from 2 percent), new import tax rate for gasoline is 4 percent (from 2 percent) (including RON97 gasoline and higher, with or without lead; RON 90 and higher without lead but below RON 97); fuels for plane (except fuels for jet plane) is also applied the new import tax rate of 4 percent (from 2 percent). New import tax rate for fuel oil (FO) and kerosene is 5 percent (from 3 percent), the circular stated.

The circular is immediately effective from today, May 24th and replaces the circular No.72/2012/TT-BTC dated May 10th, 2012.

With effectiveness from 15:30 yesterday (May 23th) Vietnam cut petroleum prices for the second time this year. Accordingly, the country cut by VND600/litter for gasoline, VND400/litter for diesel and VND300/litter for fuel oil (FO) and kerosene.

 

Category: Legal