Gov’t approves draft resolution on environmental protection tax on petrol

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.