Topic: MoF

Deputy Minister of Finance Vo Thanh Hung told a government press conference on August 3 that based on the market situation, the Ministry will propose cuts to VAT and excise taxes to help reduce gasoline prices.

The Ministry of Finance (MoF) has affirmed that the storage of goods in bonded warehouses can be extended for up to 12 months from the date the end of Covid-19 is announced, allaying concerns among businesses about having to destroy goods at the end of the original storage period if they face difficulties. Under regulations, Covid-19 can only be declared to have ended when no new cases are recorded for 28 days.

According to the Ministry of Finance (MoF), when unusual fluctuations appear in gasoline prices, many countries around the world cut VAT and excise tax rates and even introduce subsidies to help citizens. However, for many reasons, Vietnam has only reduced environmental protection taxes.

New draft resolution from Ministry of Finance recommends adjustments to taxes on oil and gas given rising prices.