Vietnam extends fuel tax suspensions and cuts until end of September
Vietnam Extends Fuel Tax Suspensions and Cuts Until End of September
Vietnam has prolonged fuel tax relief measures by three months to end-September, keeping in place suspensions of environment and special consumption taxes alongside reduced import tariffs on crude oil and refinery feedstocks as it manages market disruption from the Iran war.
What Readers Should Know
- Vietnam extended its suspension of some fuel taxes and cuts to other levies by three months, to the end of September.
- The government resolution, issued Tuesday, covers environment and special consumption taxes and import tariffs on crude oil and other refinery feedstocks.
- Refined petroleum products, crude oil and jet fuels are among the fuels covered by the measures.
- The tax suspension and cuts have been in place since late March.
- The measures aim to stabilise Vietnam's fuel market amid supply disruptions caused by the Iran war.
MONTREAL (Oil Monster): Vietnam's government has extended its suspension of some fuel taxes and cuts to other levies by three months until the end of September, the Ministry of Industry and Trade said on Wednesday.
The extensions of the suspension of environment and special consumption taxes and the cuts to import tariffs on crude oil and other feedstocks for refineries were set out in a government resolution issued on Tuesday, the ministry said in a statement.
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The fuels affected include refined petroleum products, crude oil and jet fuels, according to the ministry's statement.
Measures in Place Since Late March Due to Iran War Disruptions
The tax suspension and cuts have been in place since late March as the Southeast Asian country sought to stabilise its market given supply disruptions caused by the Iran war.
Frequently Asked Questions — Vietnam Fuel Tax Suspension Extended to September
How long has Vietnam extended its fuel tax relief?
Vietnam extended the suspension of some fuel taxes and cuts to other levies by three months, keeping the measures in place until the end of September.
Which taxes are being suspended or reduced?
The government is suspending environment and special consumption taxes on fuels and cutting import tariffs on crude oil and other feedstocks used by refineries.
Which fuels are covered by these measures?
The measures apply to refined petroleum products, crude oil and jet fuels, according to the ministry's statement.
When did Vietnam first introduce these tax changes?
The tax suspension and cuts have been in place since late March.
Why is Vietnam maintaining these fuel tax measures?
Vietnam introduced the measures to stabilise its domestic fuel market amid supply disruptions caused by the Iran war.
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Courtesy: www.reuters.com