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Vietnam resumes 5 percent import tax on gasoline   2008-09-14 - TN, Agencies

The Finance Ministry said last month it may consider decreasing fuel retail prices if the global crude price falls to lower than US$100 a barrel.  
The government will re-introduce 5 percent tax on imported gasoline to offset state subsidies as world oil prices hover around US$100 a barrel, according to a Finance Ministry decision.



The ministry cited a decline in prices for crude oil and refined products in international markets for re-imposing the duty, the decision, which was signed by Deputy Finance Minister Do Hoang Anh Tuan, said.

The new tax will take effect Monday.

The government cut the fuel import tariff to zero from 5 percent in May last year to lower the cost of fuel imports amid rising oil costs in world markets.

The move has cost the government VND25 trillion ($1.5 billion) in tax revenues, the VnExpress newswire said.

Soaring world prices have also forced the government to increase gasoline retail prices several times this year.

Local fuel importers lost VND14.5 trillion ($854 million) in the first six months of this year because of the difference between international fuel prices and the domestic retail prices set by the government, local media have reported.

All the losses will be covered by the government.

A Finance Ministry representative said last month the ministry may consider decreasing fuel retail prices if the global crude price falls to lower than $100 a barrel.

Light, sweet crude for October delivery fell $1.71 to settle at $100.87 a barrel on the New York Mercantile Exchange on Thursday.

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