Under the draft, the Ministry of Finance proposes to cut the tax rates for gasoline by 2,000 VND (0.088 USD) per litre; diesel, fuel oil, and lubricant by 1,000 VND per litre; grease by 1,000 VND per kg; and kerosene by 700 VND per litre. The ministry recommended that the resolution should take effect from April 1 to December 31, 2022.
With the adjustments, the estimated amount of environmental tax on the products will reduce by over 29 trillion VND (1.26 million USD) per year, leading to a fall in the State budget collection.
