The Ministry of Finance announced on June 30 that it has proposed the Prime Minister to consider a plan to reduce special consumption and value-added taxes on gasoline.
Hanoi (VNA) –The Ministry of Finance announced on June 30 that it has proposed the PrimeMinister to consider a plan to reduce special consumption and value-addedtaxes on gasoline.
According to theministry, the move aims to contribute to reducing the price of petroleumproducts, and supporting people and businesses to recover and develop theeconomy.
Previously, it said that in the coming time, there will be no adjustment toreduce special consumption tax on gasoline.
Each litre of gasoline is cur🦹rently subject to 9,500-10,000 VND (0.41 – 0.43USD) of import, special consumption, value-added and environmental taxes,🌸 equal to 30percent of its price./.
The revenue from taxes that is meant to discourage the production and consumption of products hazardous to the environment is said to have yet to make up for the losses they cause.
The automobile market is expected to boom this year as the Government mulls a number of favourable policies to help reduce costs, improve demand and increase output.
The Government has issued Decree No.104/2021/ND-CP on the extension of the deadline for special consumption tax payment on domestically-manufactured or assembled automobiles.
Cuts of the special consumption and environmental protection taxes on petroleum may be a suitable solution to the current petrol price issue, according to economists.
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Illustrative image (Photo: VNA) 
