The government is seeking lawmakers’ approval to waive taxes on fuel until June 30 to keep their retail prices down amid the Mideast conflict.
There are the environmental protection tax, value-added tax (VAT) and special consumption tax on gasoline (excluding ethanol), diesel, aviation fuel, kerosene, and mazut, Minister of Finance Ngo Van Tuan told the National Assembly Standing Committee Thursday.
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An employee refills a motorbike at a fuel station in HCMC in 2020. Photo by VnExpress/Quynh Tran |
The conflict, which has impacted global energy markets, including Vietnam, has caused retail gasoline prices to rise by 40% this year.
VAT accounts for 7.4% of the base fuel price, environmental protection tax for 2.7–6% and special consumption tax for 6.7%.
Temporarily scrapping these taxes would help achieve this year’s economic targets, including control of inflation. The proposal will be considered by the National Assembly in an upcoming session, vice chairwoman Nguyen Thi Hong said.
At a government media briefing last week, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan said the country’s two refineries, Dung Quat and Nghi Son, have sufficient crude stocks to maintain production this month.
