Fuel supply enough for last months of 2024 : MoIT
Total gasoline production and import estimated at 10.2 million cu m in the last four months of the year.
Topic: gasoline
PM calls for gasoline shortage to be tackled and goods prices stabilized
Macro-economic conditions were basically stable in November with inflation under control, but more measures are needed to reach targets.
Finance ministry proposes review of distribution amid gasoline shortage
Despite there being hundreds of petroleum distributors and 36 key petroleum importers, there is still a shortage of gasoline in the market. Minister of Finance Ho Duc Phoc has offered suggestions on ensuring supply and stabilizing prices.
The Ministry of Finance adjusts the cost of petrol
On October 7, the Ministry of Finance announced to adjust the domestic premium and the cost of bringing gasoline from the domestic refinery to the port, ensuring the interests of the three parties, and removing difficulties for businesses. The ministry also proposed the Ministry of Industry and Trade to have an appropriate plan to regulate domestic gasoline prices so that this increase in norm costs does not affect the increase in the base price.
MoF proposes cuts to oil and gasoline taxes
The Ministry of Finance (MoF) issued Official Letter No. 9691/BTC-CST to ministries and branches on September 23, seeking opinions on a draft Resolution from the National Assembly on reducing the special consumption tax (SCT) on gasoline and VAT on oil and gasoline.
Budget revenue to fall as taxes cut
The Ministry of Finance has reported that reductions to floor levels in environmental protection taxes for gasoline, oil, and grease will cut State budget revenue this year by more than VND33 trillion ($1.4 billion).
Preferential import tax on gasoline products cut by 10%
The government issued Decree No. 51/2022/ND-CP on August 8, amending preferential import tax rates on gasoline products (from HS codes 2710.12.21 to 2710.12.29) under the List of Taxable Goods issued together with Decree No. 57/2020/ND-CP dated May 25, 2020. The rate is adjusted downwards from 20 per cent to 10 per cent.
Cuts to gasoline excise taxes and VAT in pipeline
Deputy Prime Minister Le Minh Khai has directed the Ministry of Finance to continue calculating plans to cut excise taxes and VAT on gasoline, carefully assessing the impact on the State budget and making preparations if feasible.
VCCI calls for consideration of impact of abolishing and cutting taxes on gasoline
Contributing to a draft resolution on environmental protection tax rates for gasoline, oil, and grease from the Ministry of Finance, the Vietnam Chamber of Commerce and Industry (VCCI) has proposed the Ministry continue to study and evaluate the impact of an abolition of excise taxes on gasoline and to report in writing to the National Assembly. At the same time, the Ministry should carefully consider a plan to cut import taxes on gasoline.