Gas Import Tax Rate Reduced

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May 7 – Government authorities have reduced import tax rates for certain commodity items, including gas, according to Circular No. 59/2010/TT-BTC issued last month.

The import tax for gas has been reduced from 20 percent to 17 percent. The move is part of government efforts to contain rising gasoline prices and help affected gas companies.  The new tax rates shall be applied to import declaration forms submitted to customs agencies beginning April 21.

The reduced taxes aim to help businesses maintain current gasoline retail prices. Other goods affected by the circular include kerosene and diesel with lowered tax rates of 10 percent from 15 percent.