New guidelines determining 1% Import Tax Reduction of gasoline products

ANT Lawyers – a new Tax regulation in Vietnam has been issued by the Ministry of Finance.  In particular, to ensure stable prices for petro products import, the Ministry of Finance instituted a new import tax adjustment in its recent Circular 70/2013/TT-BTC. After three consecutive increases in import tax rates (12% up to 19%), the Ministry has decreased the import tax by 1% to stabilize commodity prices, especially gasoline engine products. Tetrapropylen, solvents, naphtha and reformat, as well as other compounds for petrol production will be included in the 1% import tax reduction from 19% to 18%.

The Circular took effect on May 23, 2012, amending Circular 58/2013/TT-BTC.

ANT Lawyers

Your lawyers in Vietnam