Environmental protection tax opposed by some economistsVietNamNet Bridge - The Ministry of Finance (MOF) has proposed raising the environmental protection tax to offset the decrease in tax collection caused by tariff cuts under foreign trade agreements (FTAs). MOF has proposed raising environmental protection taxes on oil and petroleum products, from VND3,000 (13 US cents) to the ceiling level of VND4,000 (17 cents) per liter, commencing on July 1, 2018. MONRE estimated that the GHG volume in Vietnam was 247 million tons in 2010 and would surge to 300 million in 2012, 423 million tons in 2016, and reach 466 million tons by 2020. Dang Dinh Dao, former head of the Institute Economics & Development Studies, said the reasons cited by MOF for the tax increase plan area is unreasonable, and it is not the right time to raise the environmental protection tax. “MOF is trying to impose an even higher tax when Vietnamese businesses are already burdened with taxes,” he said.

Source: VietNamNet News March 19, 2018 00:33 UTC