Vietnam News Network

Vietnam News: Local, National, Business, Sport, Entertainment and Technology

Trade XRPUSD, Bitcoin and Cryptocurrencies

BUY & SELL XRPUSD | View XRPUSD News & Updates


Buy Sell XRPUSD, Bitcoin and Cryptocurrencies

Import tax on petrol reduced by 5 percent   2009-01-23 - VNA

The Government has decided to cut preferential tax rates on imported petroleum to 35 percent from 40 percent.

 

 
The new rate will be applied to imported petrol from January 24.

 

The Ministry of Finance (MoF) issued Circular No 15/2009/TT-BTC on Jan. 22 as an implementation guide for the new tax level for items belonging to group 2710 on the General Department of Taxation’s import list.

 

Under the circular, import taxes on some items, mostly leaded and non-leaded petrol, petrol for airplanes, naptha and reformatic petrol will drop to 35 percent.

 

The move to reduce taxes was made to support petrol importers at a time when world oil prices are slowly increasing.

 

According to the MoF, the tax cut was based on the stability of current global oil prices. Petrol importers make net profits of 3-4 percent when imported petrol prices are 40 USD per barrel.

In early December last year, the MoF and the Ministry of Industry and Trade decided to cut retail petrol prices by 1,000 VND per litre nationwide, and increase petrol import tax to 40 percent, replacing the previous level of 35 percent.



Other news

Turning on the power   2009-01-23

HCM City beefs up research investment   2009-01-23

Seafood sector must fish for opportunities   2009-01-23

Turning on the power   2009-01-23

January’s CPI surges after three-month fall   2009-01-23

Which opportunities for Vietnamese businesses in 2009?   2009-01-23

Many real estate trading floors, few real estate commodities   2009-01-23

The richest 30 families on the stock market in 2008   2009-01-22

2008 stock market, taking stock   2009-01-22

‘Garment, shoe industry vital for VN’   2009-01-22

Domestic firms eye M&A strategies   2009-01-22

BUSINESS IN BRIEF 22/1   2009-01-22

Markets, eateries relish Tet boom   2009-01-22

Banks asked to explain ATM fees   2009-01-22