Import tax on petrol doubled in Vietnam
HANOI - Vietnam's Deputy Finance Minister Truong Chi Trung on November 30 signed a decision to double the import duty imposed on gasoline, from 5 to 10 per cent.
The new import duty will become effective tomorrow. This is the second time the Ministry of Finance has increased import duty within nearly a month. The ministry on November 30 increased import duty on gasoline from zero to 5 per cent.
The decision was made after crude oil prices went down in the world market. Crude oil on November 30 traded at US$56.2 a barrel, down more than 20 per cent from its late August peak.
A financial official, who declined to be named, said the MoF would reduce import tax if gasoline prices increase in the global market and vice versa. The Ministry of Trade on November 21 signed a decision to reduce retail petrol prices in the domestic market by VND500 per litre.
Vietnam News Agency - December 2, 2005.
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