{"id":14495,"date":"2020-10-28T23:49:43","date_gmt":"2020-10-28T16:49:43","guid":{"rendered":"https:\/\/dongtam.mywebico.com\/?p=14495"},"modified":"2020-10-28T23:49:43","modified_gmt":"2020-10-28T16:49:43","slug":"vietnam-ministry-insists-on-exorbitant-environmental-protection-tax-on-fuel","status":"publish","type":"post","link":"https:\/\/dongtam.com.vn\/en\/vietnam-ministry-insists-on-exorbitant-environmental-protection-tax-on-fuel\/","title":{"rendered":"Vietnam ministry insists on exorbitant \u2018environmental protection\u2019 tax on fuel"},"content":{"rendered":"<\/p>\n<div class=\"post-content\">\n<div style=\"text-align: justify\">Vietnam\u2019s Ministry of Finance has reaffirmed its stance that the \u2018environmental protection\u2019 tax on fuel should be capped at VND8,000 a liter, apparently turning a deaf ear to local experts and members of the public.<\/div>\n<div style=\"text-align: center\"> <img decoding=\"async\" src=\"https:\/\/dongtam.com.vn\/wp-content\/uploads\/2020\/10\/fr9jbtkq.jpg\" style=\"width: 500px;height: 295px\" title=\"fr9jbtkq\" alt=\"\"><br \/> A customer pays for her petrol refill at a filling station in Ho Chi Minh City.<\/div>\n<div style=\"text-align: justify\"> The VND8,000 a liter ceiling has been vehemently slammed shortly after the ministry announced the first draft of a new law on the environmental protection tax in January.<\/p>\n<p> In the third amendment to the bill announced earlier this week, the ministry sparked fresh outrage when it maintained the proposed high tax ceiling.<\/p>\n<p> According to the draft, the band for the environmental protection tax on petrol should be widened from VND1,000-3,000 a liter to VND4,000-8,000 a liter, starting July 2018.<\/p>\n<p> The proposed maximum tax for oil products is VND4,000.<\/p>\n<p> The current environmental protection rate for petrol is VND3,000 a liter.<\/p>\n<p> According to the finance ministry, the environmental protection tax will contribute to the state budget, allowing the government to allocate more money to different programs to resolve environment-related problems caused by fuel users.<\/p>\n<p> If the highest rate is applied, the tax will contribute some VND102 trillion (US$4.49 billion) annually to the state coffers, according to the Vietnam Petroleum Association.<\/p>\n<p> This amount is huge, accounting for nearly ten percent of Vietnam\u2019s state revenue, which topped $50 billion in 2016.<\/p>\n<p> With the current retail price revolving around VND17,000 a liter, the new environmental tax, once in place, will make up nearly 50 percent of petrol rates in Vietnam.<\/p>\n<p> As of Wednesday, A95 petrol sells at VND17,200 ($0.76) a liter in Vietnam, compared to $0.44 a liter in Malaysia and $1.97 a liter in Singapore.<\/p>\n<p> Even when the import duty on fuel remains unchanged, the VND8,000 a liter tax will send retail price to VND22,000 a liter, according to Nguyen Van Tiu, general director of the Tu Luc 1 fuel firm in Hanoi.<\/p>\n<p> \u201cThis will leave members of the public in shock,\u201d he said.<\/p>\n<p> The draft is scheduled to be submitted to the lawmaking National Assembly for approval in October. If ratified, the new tax band will be effective from July 2018.<\/p>\n<p> <em><strong>According to Tuoitrenews.vn<\/strong><\/em><\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Vietnam\u2019s Ministry of Finance has reaffirmed its stance that the \u2018environmental protection\u2019 tax on fuel should be capped at VND8,000 a liter, apparently turning a deaf ear to local experts and members of the public. A customer pays for her petrol refill at a filling station in Ho Chi Minh City. The VND8,000 a liter [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":13477,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[734],"tags":[],"class_list":["post-14495","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/dongtam.com.vn\/en\/wp-json\/wp\/v2\/posts\/14495"}],"collection":[{"href":"https:\/\/dongtam.com.vn\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dongtam.com.vn\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dongtam.com.vn\/en\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/dongtam.com.vn\/en\/wp-json\/wp\/v2\/comments?post=14495"}],"version-history":[{"count":1,"href":"https:\/\/dongtam.com.vn\/en\/wp-json\/wp\/v2\/posts\/14495\/revisions"}],"predecessor-version":[{"id":15337,"href":"https:\/\/dongtam.com.vn\/en\/wp-json\/wp\/v2\/posts\/14495\/revisions\/15337"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dongtam.com.vn\/en\/wp-json\/wp\/v2\/media\/13477"}],"wp:attachment":[{"href":"https:\/\/dongtam.com.vn\/en\/wp-json\/wp\/v2\/media?parent=14495"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dongtam.com.vn\/en\/wp-json\/wp\/v2\/categories?post=14495"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dongtam.com.vn\/en\/wp-json\/wp\/v2\/tags?post=14495"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}