Vietnam cuts import tax on mazut and kerosene to zero

The Ministry of Finance(MoF) has issued Circular No 24/2011/TT-BTC to guide the implementation of import tax cuts for mazut and kerosene in 2710 group.

In details, import tax on mazut and kerosene fell to 0% from previous 2%, MoF said.

Ealier, on January 14, MoF cut import tax on gasoline fell to 0% from previous 6%, kerosene to 2% from 6%, diesel to 0% from 2%; and fuel oil (mazut) to 2% from 5%.

The tax cut is a part of the efforts to tame inflation and stabilize its economy. The pressure on raising the domestic retail fuel prices is high as local domestic fuel traders are selling at loss of around VND2,700/liter or 17% while the world prices of petrol have continued to increase at above $100/barrel, Vuong Thai Dung, Deputy General Director of the state-owned Vietnam National Petroleum Corporation (Petrolimex), the national biggest petroleum trader said.

The country has spent VND11,000 billion to stabilize the domestic fuel prices including VND7,500 billion for tax cut and VND3,500 billion from fuel stabilization funds, Nguyen Tien Thoa, the Ministry of Finance’s Head of Price Control Department said.

Posted by VBN on Feb 23 2011. Filed under Oil-Gas & Petroleum. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry