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Ministry to re-impose gas import tax

Update: June, 16/2012 - 06:56

HA NOI — The Ministry of Finance plans to reimpose an import tax on gas as prices for the fuel have been falling on the global market.

In March, the Government scrapped the 5 per cent import tax on gas to help businesses and the public cope with fuel price hikes.

The 5 per cent tariff will be reimposed in a bid to help balance the State budget, according to a report from the ministry.

Since April, liquefied petroleum gas (LPG) prices have been falling, a trend expected to continue this month.

In early April, gas prices were at VND405,000-416,000 (US$19.29-19.81) per 12kg canister, with the retail price at local markets having now fallen by 18.26 per cent to about VND340,000 per canister.

The ministry also reported that it would adjust import taxes on construction materials and coconuts.

Coconut prices have fallen sharply recently, with many growers and processors in the southern province of Ben Tre suffering as a result.

Based on a petition from the provincial People's Committee, the Ministry of Finance is collecting opinions from relevant individuals, institutions, ministries and local authorities on reducing coconut export taxes from 3 per cent to zero per cent. The move aims to help coconut farmers and exporters overcome their current difficulties.

In addition, the ministry issued Circular No 11/2012/TT-BTC exempting construction materials that are used to build, repair and maintain infrastructure from import and export taxes.

The policy has assisted companies in improving infrastructure at non-tariff zones. — VNS

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