Finance ministry proposes tax cuts on gasoline
The Ministry of Finance has apprised the government of its plan to reduce special consumption tax and value-added tax on gasoline to bring its prices down.
The plan was announced Thursday by a ministry official without disclosing further details.
Currently special consumption tax is at 8-10 percent and value-added tax is at 10 percent.
Gasoline prices rose to an all-time high of VND32,870 ($1.41) per liter last Tuesday.
Prices have surged by 65-70 percent since the end of 2021, burdening both consumers and businesses.
Earlier this month, the ministry had considered halving the environment tax on fuel, but critics said a cut of VND500-1,000 is too little to have an effect and called for reduction in other taxes.
Taxes and fees account for 35 percent of gasoline prices.