HANOI: Vietnam's Ministry of Finance has proposed extending tax incentives on petroleum products, fuel production inputs and aviation fuel until Sept. 30 to help stabilise domestic energy prices amid global market uncertainties, local daily Nguoi Lao Dong reported Thursday (June 25).
Under the proposal, a zero-per cent preferential import tariff would remain in place for petroleum products and fuel production inputs, while the environmental protection tax would stay at zero and value-added tax would continue to be waived for those products and aviation fuel, according to the report.
The ministry said that risks to global oil markets remain due to ongoing Middle East tensions, with immediate restoration of fuel taxes likely to increase domestic fuel prices and inflationary pressures.
Vietnam initially cut import tariffs on selected petroleum products and production inputs to zero through April 30, and later extended the measures through June 30, the report added. - Xinhua
