Fuel environment tax cut from Jan 1, 2024

December 30, 2023

HCMC – The National Assembly Standing Committee has issued a resolution to cut the environmental protection tax on fuel by 50%. As per the resolution, the environmental protection tax will be as follows: VND2,000 per liter for gasoline, VND1,000 for jet fuel, diesel oil, heavy fuel oil, lubricating oil, and lubricant grease and VND600 for kerosene. These tax rates will remain in effect from January 1, 2024, to December 31, 2024. Consequently, the reduction in environmental protection tax for fuel is expected to alleviate the economic burden on residents and businesses. It is estimated that the reduction in environmental tax revenue from fuel will amount to VND38,929 billion, resulting in a total reduction in the state budget of VND42,822 billion, which includes portions subject to VAT cuts due to this reduction.

The source of this news is from The Saigon Times