Vietnam extends fuel tax relief measures until end-2026
An employee pumps petrol for clients at a petrol station in Hanoi, Vietnam December 20, 2106. REUTERS/Kham
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HANOI, Oct 1 : Vietnam is extending a package of fuel-tax relief measures to the end of 2026, after having introduced them earlier this year to help stabilise the domestic market amid supply concerns due to war in the Middle East.
• Extending the package would help ensure energy security, stabilise the economy, contain inflation and support business activity, while allowing companies to diversify fuel import sources and reduce dependence on traditional suppliers, the government said in a statement on Thursday.
• Under a resolution signed on September 30, reduced import tariffs on gasoline, diesel, fuel oil, jet fuel and key refinery feedstocks were extended to December 31.
• The import tariff reductions include a cut in the preferential import duty on gasoline to 0 per cent from 10 per cent. Tariffs on diesel, fuel oil, kerosene and jet fuel remain at 0 per cent instead of 7 per cent, according to the government, and tariffs on several petrochemical feedstocks have also been reduced to zero.
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• An environmental protection tax rate and a value-added tax rate for gasoline and petroleum products will also remain at zero until the end of 2026.
• The measures were initially introduced in March and have since been extended several times.
Source: Reuters
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