(VOVWORLD) -The National Assembly Standing Committee’s extraordinary session on Wednesday approved the Government’s proposal on additional environmental protection tax cuts on petrol and oil from July 11.
 Retail prices of petrol and oil are expected to go down when further environmental protection tax cuts are in effect as of July 11. |
According to the decision, the tax rate on gasoline (except ethanol) is reduced from 2,000 VND/1 liter to the floor level of 1.000 VND/1 liter; the tax on jet fuel will be trimmed by a further VND500/liter to VND1,000/liter, and on mazut oil, lubricants and grease by a further VND700/liter to the floor level of VND300/liter. Kerosene holds a tax rate of 300 VND/liter which is the floor price in the tax rate bracket.
The National Assembly Standing Committee also asked the Government to consider amending the Decree on Most Favored Nation import tariff and value-added tax and special consumption tax for gasoline and oil products, in case the world prices of gasoline and oil continue to increase or remain at a high level.