From April 1, reduce environmental protection tax on gasoline and oil
According to National Assembly Vice Chairman Nguyen Duc Hai, the National Assembly Standing Committee agreed to reduce environmental protection tax at the level proposed by the Government.
Previously, according to the Government’s report presented by Finance Minister Ho Duc Phuc, the Government submitted to the National Assembly Standing Committee to adjust the environmental protection tax rates for gasoline, oil and grease groups such as: the following: Reducing environmental protection tax on gasoline by 2,000 VND/liter (from 4,000 VND/liter to 2,000 VND/liter); Diesel oil, fuel oil, lubricant oil reduced by 1,000 VND/liter (from 2,000 VND/liter to 1,000 VND/liter); Grease and grease reduced by 1,000 VND/kg (from 2,000 VND/kg to 1,000 VND/kg); Kerosene decreased by 700 VND/liter (from 1,000 VND/liter to the floor level of 300 VND/liter).
With jet fuel kept at the current level, the discount is 1,500 VND/liter.
Environmental protection tax rates for gasoline, oil and grease from the effective date of this Resolution to the end of December 31, 2022
The tax reduction period starts from April 1, 2022 to December 31, 2022. After this time, the environmental protection tax on gasoline and oil will return to the applicable level, which is 3,800 – 4,000 VND for gasoline, 2,000 VND per liter for oil.
“The increase in gasoline prices will put great pressure on production and business costs of enterprises as well as consumer spending of the people. In the context of the complicated development of the Covid-19 epidemic, it is necessary to have an executive solution to stabilize the domestic petroleum market,” the resolution said.
Need a longer solution
Presenting the inspection report on the Resolution project on environmental protection tax rates for gasoline, oil and grease, Chairman of the Finance and Budget Committee Nguyen Phu Cuong said that the majority of opinions agreed with the reduction levels. tax as proposed in the Government’s report because tax reduction is a supportive policy, showing the State’s sharing with people and businesses in the context of both economic recovery after the COVID-19 pandemic, and affected by fluctuations in the world market today, contributing to curbing inflation and ensuring macroeconomic stability.
Similarly, the Chairman of the Economic Committee said, the reduction of petroleum environmental protection tax meets urgent and timely needs. However, in the long term, Mr. Vu Hong Thanh said that it is necessary to use tools such as import-export tax, special consumption tax … to control gasoline prices in the long term.
In addition, in the verification report, Mr. Nguyen Phu Cuong said that there was an opinion that the Government’s report did not clearly report the basis for calculating the tax reduction for each item, according to the respective operating scenarios. with the volatility of crude oil prices in the world. In fact, recently, crude oil prices on the world market have fluctuated unpredictably. At the time the Government drafted the Report, the oil price sometimes reached 130 USD/barrel, however, up to now, crude oil price has dropped to around 100-110 USD/barrel.
Therefore, the Government is requested to clearly explain the grounds to determine and propose a 50% reduction for all petroleum products, except kerosene and supplement data comparing petrol and oil prices with other countries. in the area to avoid smuggling and transferring petroleum to the outside.
Some opinions believe that the level of adjustment of environmental protection tax should be taken into account the fluctuations of crude oil prices on the world market in recent days and should not be reduced equally for all commodities (except crude oil). fire) at 50%. Accordingly, it is proposed to reduce gasoline products to 2,500 VND/liter, equivalent to a decrease of nearly 38% compared to the current level; oil products (diesel oil, fuel oil, lubricating oil, grease) reduced by 50%; kerosene is 70% lower than the current level.
Chairman of the Finance and Budget Committee Nguyen Phu Cuong
Proposing the management of gasoline prices in the coming time, the Standing Committee of Finance and Budget suggested the Government consider the possibility of reducing MFN import tax on gasoline as an additional measure to intervene in the future. in case crude oil prices in the world market continue to fluctuate.
Along with that, it is necessary to strengthen management, promptly inspect and take appropriate handling measures, to ensure that domestic petroleum wholesalers strictly use regulations on commercial reserves of petroleum. enterprise.
The Standing Committee for Finance and Budget also suggested that, in addition to setting up the petrol price stabilization fund in cash, the Government should study the possibility of supplementing the Fund’s tools in kind (petroleum) to diversify the services. tools can be used to participate in regulation and support for the goal of stabilizing the domestic petroleum market.
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