Deputy Prime Minister Le Minh Khai asked the Ministry of Finance to report to the Government plans to further reduce taxes and fees related to gasoline by the end of this month.
The Government Office has just sent a dispatch on the study and proposed reduction of taxes and fees. Specifically, following the direction of Prime Minister Pham Minh Chinh, Deputy Prime Minister Le Minh Khai assigned the Ministry of Finance to urgently study and propose to reduce taxes and fees related to gasoline and consumption. consumption, especially taxes that increase input costs for production and business…
Thereby helping to reduce costs, reduce product costs for export and business competition, contributing to curbing inflation, supporting monetary policy… for both the immediate and medium term.
The deadline for the Ministry of Finance to report to the Prime Minister is before July 30, 2022.
Currently, in the retail price structure of gasoline, there are four types of taxes: import, environmental protection, special consumption and value added. There are also other types of costs, such as standard profit, standard cost, transportation, etc. According to the calculation after reducing the environmental protection tax rate for gasoline, oil, grease to the floor level, the tax proportion in the base price of gasoline remains about 20.47% for gasoline E5RON92, about 21.41% for gasoline RON95 and about 11% for diesel.
On July 15, the Ministry of Finance completed and sent an official dispatch to the Ministry of Justice for comments on the project of the Decree amending the preferential import tax rates for gasoline products in group 27.10.
Specifically, according to the draft decree, the Ministry of Finance submitted to the Government to reduce the import tax rate of MFN for motor gasoline, unleaded (HS code from 2710.12.21 to 2710.12.29) from 2710.12.21 to 2710.12.29. 20% down to 10%, instead of the option of sending comments from 20% to 12%.
In the most recent adjustment period (July 21), domestic gasoline prices continued to decline sharply. Specifically, in the operating period on July 21, the price of E5RON92 gasoline decreased by 2,715 VND/liter; gasoline RON95-III decreased by 3,605 VND/liter; diesel oil decreased by 1,735 VND/liter; kerosene decreased by 1,099 VND/liter; fuel oil 180CST 3.5S reduced 1,164 VND/kg.