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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.

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