Vietnam extends fuel tax cut

Yesterday, the Vietnamese Parliament approved a decision to extend the suspension of some taxes imposed on gasoline, oil and aviation fuel, until the end of next June, to help stabilize local fuel prices.

According to a statement published on the Vietnamese government website, Parliament agreed to reduce the environmental protection tax imposed on gasoline, diesel, kerosene and jet fuel to zero, as well as to reduce the special consumption tax on gasoline to zero as well.

At the same time, fuel products will benefit from reducing the value-added tax on inputs, and Bloomberg News Agency indicated that Vietnam’s freeze on fuel taxes came in the wake of the rise in oil and fuel prices in the world.