The Ministry of Finance (MoF) has proposed to cut environmental protection tax on jet fuel by 30%, from VND3,000 to VND2,100 per litre.
The fifth session of the 14th National Assembly (NA) is scheduled to take place from May 21 to June 18, 2018, heard the December 13 sitting of the NA Standing Committee as part of its ongoing 19th meeting.
Vietnam’s Ministry of Finance has reaffirmed its stance that the ‘environmental protection’ tax on fuel should be capped at VND8,000 a liter, apparently turning a deaf ear to local experts and members of the public.
The Ministry of Finance wants to increase environmental protection tax on petrol and oil to ensure sufficient budget collection, as the country has to cut import taxes to fulfil international commitments.
The Finance Ministry (MoF)’s proposal to almost triple the environmental protection tax on oil and gas consumption would reduce businesses’ competitiveness against foreign firms, according to the Vietnam Chamber of Commerce and Industry (VCCI).
The customs sector collected VND261.49 trillion (US$12 billion) for the State budget this year to December 25, equal to 96.82% of the year target, according to the General Department of Vietnam Customs.