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Environmental tax reduction, gasoline price reduced by 2,200 VND/liter

On March 30, the General Department of Taxation (Ministry of Finance) issued a digital announcement on the application of environmental protection tax rates to gasoline, oil and grease.

According to the General Department of Taxation, the National Assembly Standing Committee has issued Resolution No. 18/2022/UBTVQH15 stipulating the environmental protection tax rate for gasoline, oil and grease.

Specifically, from April 1 to the end of 2022, the environmental protection tax on gasoline will be reduced from 4,000 VND/liter to 2,000 VND/liter; Diesel oil, fuel oil, lubricant oil reduced from 2,000 VND/liter to 1,000 VND/liter; Grease reduced from 2,000 VND/kg to 1,000 VND/kg; Kerosene fell from 1,000 VND/liter to a floor level of 300 VND/liter.

Reducing environmental tax, gasoline price reduced by 2,200 VND/liter - Photo 1.

Environmental protection tax on gasoline will be reduced from April 1

The General Department of Taxation requires Tax Departments to actively propagate, disseminate and guide taxpayers in their localities, and at the same time direct local Tax Departments to promptly implement and apply environmental protection tax rates. market for gasoline, oil and grease mentioned above in order to remove difficulties and support the recovery of production and business development of people and businesses in the context of rising crude oil prices, the situation of the Covid-19 epidemic. -19 is still complicated.

According to calculations by the Ministry of Finance, the reduction of the environmental protection tax rate on gasoline, oil and grease as above contributes directly to reducing the retail price of gasoline, oil and grease (including value-added tax). equivalent to 2,200 VND/liter for gasoline; VND 1,100/liter for diesel oil, fuel oil, lubricant oil; 1,100 VND/kg for grease; 770 VND/liter for kerosene.

With the tax reduction, the state budget revenue from April 1 to the end of 2022 will decrease by about 23,954 billion VND. However, the Ministry of Finance has calculated that the continuous increase in world crude oil prices and domestic gasoline prices in the past time and is forecasted to continue to increase in the near future will have an impact on revenue growth. budget, especially revenue from crude oil. Thereby, it will offset the reduction in revenue due to the reduction of environmental protection tax under the above plan.

On April 1, the Inter-Ministry of Industry and Trade – Finance will adjust the domestic gasoline price according to the cycle.

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