VN cuts import tariffs on oil products
VGP – Viet Nam cut import taxes levied on oil products from countries which it does not have free trade agreements with, effective on April 15, the Ministry of Finance said.
April 15, 2015 2:16 PM GMT+7
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Import tariffs on gasoline and kerosene have been cut to 20% from 35%, diesel to 20% from 30%, fuel oil to 25% from 35%, and to 10% for jet fuel from 25% previously.
The adjustment aimed at preventing an increase in domestic oil product prices when the country tripled the environmental protection fees on petroleum products from May this year, a representative from the Finance Ministry said.
Under the new regulation, the environmental protection fee will be raised to VND3,000 from VND1,000 for petroleum and jet fuel, respectively, and to VND900 to 1,500 per litre for diesel and fuel oil, respectively.
On May 1, the country will raise environmental protection taxes on oil products, the ministry said.
By Vien Nhu
