Illustrative photo (Source: VNA)

Hanoi – The Ministry of Finance said it has completed the National Assembly Standing Committee’s draft Resolution on the adjustment of environmental protection tax rates for gasoline, oil, and grease, which is set to become effective from April 1 to the end of December 31 this year.

It proposes to reduce the tax rates for gasoline by 2,000 VND (0.088 USD) per litre; diesel, fuel oil, and lubricating oil by 1,000 VND per litre; grease by 1,000 VND per kg; and kerosene by 700 VND per litre.

Given the complicated developments of the global petroleum market and COVID-19 situation, the Prime Minister on February 22 issued a dispatch on ensuring the supply of petroleum for the domestic market, directing the ministry to assume the prime responsibility for and coordinate with the Ministry of Industry and Trade and relevant agencies in urgently studying and proposing a plan to adjust policies on environmental protection tax.

Under the direction, the finance ministry conducted drafting the resolution following a shortened procedure.