Tuesday, December 1, 2020
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Petrol price may increase due to tax (24/08)

‘The Ministry of Finance still keep proposal to increase the environmental protection tax on petrol from 3,000 to 8,000 VND per liter.

Not only that, the Ministry of Finance has just proposed to increase the value added tax (VAT) for petroleum products from the current 10% to 12%.

Specifically, in the Amendment and Supplementation law of some articles of Environmental Protection Law, the Ministry of Finance still upholds the proposal to raise the environmental protection tax to a maximum of VND8,000 / liter; for petrol for aircrafts is 6,000 VND / liter, for oils is up to 4,000 VND / liter.

If this proposal is applied, the environmental protection tax rate for petroleum products will double, even triple compared to the current level. This is a burden on citizens and companies.

Source

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