The Việt Nam National Petroleum Group (Petrolimex) said the calculation of environmental protection tax on fuel should encourage E5 bio-fuel consumption. The VINPA has suggested that the MoF hike environmental protection tax from the current VNĐ3,000 to VNĐ5,000 per litre for petrol; from VNĐ1,500 to VNĐ3,000 per litre for diesel; from VNĐ3,000 to VNĐ5,000 per litre for aviation fuel; and from VNĐ900 to VNĐ3,000 per kg for mazut. It asked the MoF to do an assessment on the impact of the tax hike on the economy and people’s lives. MoF’s deputy minister Trần Xuân Hà said the tax hike is one of the measures to better manage petroleum products while limiting smuggling. Last year, around VNĐ42.3 trillion ($1.9 billion) was collected in environmental protection tax, of which petroleum raked in VNĐ40.2 trillion.

Source: Viet Nam News July 24, 2017 01:52 UTC