17:06 | 05/05/2015 Finance - Banking
Since May 1, there will be an increase in environmental taxes on oil and gas products that take it three times higher than the current levels.
According to the Ministry of Finance, the environmental tax levied on petrol (except for ethanol) and aviation fuel will increase from VND1,000 to VND3,000 (0.47 to 1.4 US cents) per liter; on diesel from VND500 to VND1,500 per liter and on lubricating oil and grease from VND300 to VND900 per liter.
The State budget will increase the incomes of VND10,831 billion from increasing the environmental taxes on oil and gas products.
The increase in environmental taxes aims to adjust production and consumption in ways of protecting the environment, encouraging production, using clean and economical energy.
The nation also cuts import taxes levied on oil products from countries which it does not have free trade agreements with, effective on April 15.
Import tariffs on gasoline and kerosene have been cut to 20% from 35%, diesel to 20% from 30%, fuel oil to 25% from 35%, and to 10% for jet fuel from 25% previously.