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.
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