Ministry of Finance to reduce import tax rates of fuel

On February 21st, 2012, Ministry of Finance has issued a Circular No. 25/2012/TT-BTC on guiding the implementation of preferential import tax rates for a number of commodity items of Heading 2710 in the Preferential Import Tariff.

Accordingly, the import tax rates of the iterms such as leaded and unleaded Ron 97 gasoline and higher; RON 90 and higher or less than leaded and unleaded 97 RON gasoline; aviation fuel, except the fuel use for jet fuel production; white solvent; aircraft engine fuel has a flash point above 23°C and below 23°C ... shall be reduced to 0% from current 4%. While import tax rates of products such as kerosene, diesel fuel for cars and other diesel fuels shall be reduced to 3% from 5%.

This Circular will take effect from February 21st, 2012 to replace the Circular No. 197/2011/TT-BTC dated on December 28th, 2011 of the Ministry of Finance on guiding the implementation of preferential import taxe rates for a number of commodity items of Heading 2710 in the Preferential Import Tariff.

As calculated by the major distributors, most of them shall lose more than VND1,000 dong per liter if not reduce the import tax rates.
 

Source: Xangdau.net