VietNamNet Bridge – The Ministry of Finance (MoF) has announced the tariff on petrol imports, which consists of five tax rates, from 0% to 20%, to be applied at different times, depending on the world’s prices.
The tax rate of 0% will be applied if the world’s A92 petrol average import price is over $89/barrel. The rate of 5% will be imposed if the world’s price hovers between $83 and $89 per barrel. The rates of 10%, 15% and 20% will be imposed when the world’s prices are low, at $78-83, $72-78, and below $72 per barrel, respectively.
According to Deputy Minister of Finance Truong Chi Trung, petrol importers can refer to the tariff to make their business plans. Meanwhile, customers also can use the tariff to find out if petrol distributors are selling petrol dear.
With the tariff, petrol importers can easily calculate the import tax they have to pay for imports. This will also help management authorities to be more flexible with their management policies.
In addition to the tariff, MoF will also announce the formula to calculate the petrol price. Customers can apply the calculation method to know if the selling prices are reasonable. The main factors to calculate the retail price include import price, plus taxes (import tax, luxury tax, VAT, VND/US$ exchange rate, traffic toll at VND500/litre), management and distribution expenses, and some other kinds of fees.
In the latest news, MoF has decided to lower the import tax on petrol from 5% to 0%, applied to customs declarations as of May 30. The move aims to help ease the burden on petrol importers caused by the world’s petrol price increase, and to prevent importers from raising retail prices.
Key petrol importers said that before the decision was made to lower tax, they suffered the loss of VND500-800/litre.
Analysts say that the pressure to raise the retail price has been not been as hard as some days ago, when petrol importers sought to raise the selling price. On May 31 in the morning, the light sweet oil price in New York (delivery in July) was $63.30/barrel, a slight increase of UScent15. In Singapore, A92 is being offered at $87.38/barrel, just $3/barrel higher than that seen on May 8, when the price was raised from VND11,000 to VND11,800/litre. Tariff on petrol imports | No | Tax rates (%) | A92 import price ($/barrel) | | 1 | 0% | $89/barrel and higher | | 2 | 5% | $83-89 | | 3 | 10% | $78-83 | | 4 | 15% | $72-78 | | 5 | 20% | Below $78 |
(Source: VNE) | 
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